Exhibit 99.1
IGM Biosciences Announces First Quarter 2024 Financial Results and Provides Corporate Update
– Enrollment target exceeded in aplitabart randomized colorectal cancer clinical trial –
– Enrollment completed in first dose cohort in imvotamab rheumatoid arthritis clinical trial –
MOUNTAIN VIEW, Calif., May 8, 2024 – IGM Biosciences, Inc. (Nasdaq: IGMS), a clinical-stage biotechnology company creating and developing engineered IgM antibodies, today announced its financial results for the fiscal quarter ended March 31, 2024 and provided an update on recent developments.
“We are pleased to have exceeded our enrollment target of 110 patients in our randomized study of 3 mg/kg of aplitabart plus FOLFIRI and bevacizumab in second line colorectal cancer," said Fred Schwarzer, Chief Executive Officer of IGM Biosciences. "While we are still scheduling first doses for a few patients, we expect that final enrollment in this clinical trial will exceed 120 patients. We are also pleased that we have completed enrollment in the first dose cohort of our clinical trial of imvotamab in severe rheumatoid arthritis."
Pipeline Updates
Aplitabart (DR5 agonist)
Imvotamab (CD20 x CD3)
IGM-2644 (CD38 x CD3)
First Quarter 2024 Financial Results
2024 Financial Guidance
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. As a result of the refocusing of the Sanofi collaboration announced in April 2024, the Company expects to recognize full year collaboration revenue of approximately $63 million, of which $62 million is expected to be recognized in the second quarter of 2024. This collaboration revenue relates to accounting recognition of the upfront $150 million payment received from Sanofi in 2022 and will not impact the Company's cash balance or runway. 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.
About IGM Biosciences, Inc.
IGM Biosciences is a clinical-stage biotechnology company committed to developing and delivering a new class of medicines to treat patients with cancer and autoimmune and inflammatory diseases. IGM’s pipeline of clinical and preclinical assets is based on the IgM antibody, which has 10 binding sites compared to conventional IgG antibodies with only 2 binding sites. IGM also has an exclusive worldwide collaboration agreement with Sanofi to create, develop, manufacture, and commercialize IgM antibody agonists against immunology and inflammation targets. For more information, please visit www.igmbio.com.
Cautionary Note Regarding Forward-Looking Statements
This press release contains forward-looking statements. Such forward-looking statements are not based on historical fact and include, but are not limited to: the potential of, and expectations regarding, IGM’s technology platform and its IgM antibodies and product candidates, including aplitabart, imvotamab, and IGM-2644; IGM’s plans and expectations regarding its clinical development efforts and activities; statements regarding the clinical development of aplitabart, imvotamab, and IGM-2644, including the timing of clinical trial initiation, expected patient enrollment, expected dosing, expected expansion to international clinical trial sites, and the timing of the release of data; IGM’s expectations regarding its financial position and projected cash runway; expected impact of the refocusing of the Sanofi collaboration on the Company's recognition of revenue; and statements by IGM’s Chief Executive Officer. Such
statements are subject to numerous important factors, risks and uncertainties that may cause actual events or results to differ materially, including but not limited to: IGM’s early stages of clinical drug development; risks related to the use of engineered IgM antibodies, which is a novel and unproven therapeutic approach; IGM’s ability to demonstrate the safety and efficacy of its product candidates; IGM's ability to successfully and timely advance its product candidates through clinical trials; IGM’s ability to enroll patients in its clinical trials; the potential for the results of clinical trials to differ from preclinical, preliminary, initial or expected results; the risk of significant adverse events, toxicities or other undesirable side effects; IGM's ability to successfully manufacture and supply its product candidates for clinical trials; the potential impact of continuing or worsening supply chain constraints; the risk that all necessary regulatory approvals cannot be obtained; the potential market for IGM’s product candidates, and the progress and success of alternative therapeutics currently available or in development; IGM’s ability to obtain additional capital to finance its operations; uncertainties related to the projections of the size of patient populations suffering from the diseases IGM is targeting; IGM’s ability to obtain, maintain and protect its intellectual property rights; developments relating to IGM’s competitors and its industry, including competing product candidates and therapies; any potential delays or disruptions resulting from catastrophic events, including epidemics or other outbreaks of infectious disease; general economic and market conditions, including inflation; uncertainties related to IGM's ability to realize the contemplated benefits of its pipeline prioritization efforts and related reduction in force; and other risks and uncertainties, including those more fully described in IGM’s filings with the Securities and Exchange Commission (SEC), including IGM’s Quarterly Report on Form 10-Q filed with the SEC on May 8, 2024 and in IGM’s future reports to be filed with the SEC. Any forward-looking statements contained in this press release speak only as of the date hereof, and IGM specifically disclaims any obligation to update any forward-looking statement, except as required by law.
Contact:
Argot Partners
David Pitts
212-600-1902
igmbio@argotpartners.com
IGM Biosciences, Inc.
Selected Statement of Operations Data
(unaudited)
(in thousands, except share and per share data)
|
|
Three Months Ended |
|
|||||
|
|
March 31, |
|
|||||
|
|
2024 |
|
|
2023 |
|
||
Collaboration revenue |
|
$ |
497 |
|
|
$ |
522 |
|
|
|
|
|
|
|
|
||
Operating expenses: |
|
|
|
|
|
|
||
Research and development (1) |
|
|
43,815 |
|
|
|
50,894 |
|
General and administrative (1) |
|
|
10,538 |
|
|
|
13,002 |
|
Total operating expenses |
|
|
54,353 |
|
|
|
63,896 |
|
Loss from operations |
|
|
(53,856 |
) |
|
|
(63,374 |
) |
|
|
|
|
|
|
|
||
Other income (expense): |
|
|
|
|
|
|
||
Interest income |
|
|
4,040 |
|
|
|
4,172 |
|
Other expense |
|
|
— |
|
|
|
(20 |
) |
Total other income (expense) |
|
|
4,040 |
|
|
|
4,152 |
|
Loss before income tax expense |
|
|
(49,816 |
) |
|
|
(59,222 |
) |
Income tax expense |
|
|
— |
|
|
|
(87 |
) |
Net loss |
|
$ |
(49,816 |
) |
|
$ |
(59,309 |
) |
|
|
|
|
|
|
|
||
Net loss per share, basic and diluted |
|
$ |
(0.83 |
) |
|
$ |
(1.33 |
) |
Weighted-average common shares outstanding, basic and diluted |
|
|
60,114,409 |
|
|
|
44,466,764 |
|
(1) Amounts include stock-based compensation expense as follows:
Research and development |
|
$ |
4,362 |
|
|
$ |
6,439 |
|
General and administrative |
|
|
3,560 |
|
|
|
4,608 |
|
Total stock-based compensation expense |
|
$ |
7,922 |
|
|
$ |
11,047 |
|
IGM Biosciences, Inc.
Selected Balance Sheet Data
(unaudited)
(in thousands)
|
|
March 31, |
|
|
December 31, |
|
||
|
|
2024 |
|
|
2023 |
|
||
Cash and investments |
|
$ |
293,768 |
|
|
$ |
337,677 |
|
Total assets |
|
|
376,132 |
|
|
|
423,411 |
|
Accounts payable |
|
|
3,995 |
|
|
|
1,326 |
|
Accrued liabilities |
|
|
23,652 |
|
|
|
31,544 |
|
Deferred revenue |
|
|
146,304 |
|
|
|
146,801 |
|
Total liabilities |
|
|
214,879 |
|
|
|
220,177 |
|
Accumulated deficit |
|
|
(871,058 |
) |
|
|
(821,242 |
) |
Total stockholders' equity |
|
|
161,253 |
|
|
|
203,234 |
|