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Mar 31, 2024
IGM Biosciences Q1 2024 Earnings Report
Announced financial results for the first quarter of 2024 and provided a corporate update.
Key Takeaways
IGM Biosciences reported a net loss of $49.8 million, or $0.83 per share, for the first quarter of 2024. The company's cash and investments totaled $293.8 million as of March 31, 2024. Enrollment targets were exceeded in the aplitabart randomized colorectal cancer clinical trial, and enrollment was completed in the first dose cohort of the imvotamab rheumatoid arthritis clinical trial.
Exceeded enrollment target in aplitabart randomized colorectal cancer clinical trial.
Completed enrollment in the first dose cohort of imvotamab rheumatoid arthritis clinical trial.
Collaboration revenue was $0.5 million for the first quarter of 2024.
Ended the quarter with $293.8 million in cash and investments.
Revenue by Segment
Revenue by Geographic Location
Forward Guidance
IGM Biosciences expects full year 2024 GAAP operating expenses of $210 million to $220 million, including approximately $40 million in non-cash stock-based compensation. Full year collaboration revenue is expected to be approximately $63 million, with $62 million recognized in the second quarter of 2024. The company expects to end 2024 with approximately $180 million in cash and investments, funding operations into the second quarter of 2026.
Positive Outlook
- Full year collaboration revenue expected to be approximately $63 million.
- Expects to recognize $62 million of collaboration revenue in Q2 2024.
- Cash balance expected to fund operations into the second quarter of 2026.
Challenges Ahead
- Full year 2024 GAAP operating expenses expected to be $210 million to $220 million.
- Includes approximately $40 million in non-cash stock-based compensation expense.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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