IGM Biosciences Inc · Q2 2024 earnings

Briefing

Announced second quarter 2024 financial results and provided a corporate update.

IGM Biosciences reported collaboration revenue of $1.3 million, R&D expenses of $42.0 million, G&A expenses of $10.6 million, and a net loss of $47.9 million for the second quarter of 2024. Enrollment is complete in the aplitabart randomized colorectal cancer clinical trial, and the second dose cohort has been cleared in the imvotamab rheumatoid arthritis clinical trial.

• Enrollment completed in aplitabart randomized colorectal cancer clinical trial; top-line PFS results expected by the end of 1Q25.
• Second dose cohort cleared in imvotamab rheumatoid arthritis clinical trial.
• First dose cohort cleared in imvotamab systemic lupus erythematosus clinical trial.
• Clinical development of IGM-2644 in autoimmune diseases to be initiated.

Headline financials

Revenue & EPS history

The Company expects full year 2024 GAAP operating expenses of $210 million to $220 million including estimated non-cash stock-based compensation expense of approximately $40 million, and full year collaboration revenue of approximately $2 million related to the Sanofi agreement. The Company expects to end 2024 with a balance of approximately $180 million in cash and investments and for the balance to enable it to fund its operating expenses and capital expenditure requirements into the second quarter of 2026.