Financial Performance and Losses - Net losses for the nine months ended September 30, 2024 and 2023 were $159.1 million and $185.7 million, respectively, with an accumulated deficit of $980.4 million as of September 30, 2024[76] - The company expects to continue incurring significant expenses and operating losses, with fluctuating R&D and general administrative expenses as it advances clinical programs and expands its pipeline[76][82][83] - Net cash used in operating activities was $118.2 million for the nine months ended September 30, 2024, compared to $144.2 million in the same period in 2023[96] Collaboration Revenue and Agreements - Collaboration revenue for the three months ended September 30, 2024 and 2023 was $0.5 million, solely from the Sanofi Agreement[86] - The Sanofi Agreement was refocused on immunology targets, with the company eligible to receive up to $1.065 billion in milestones per target and tiered royalties on global net sales[79] - Collaboration revenue increased to $2.3 million for the nine months ended September 30, 2024, up by $0.8 million from $1.5 million in the same period in 2023, driven by a cumulative catch-up adjustment related to the Sanofi Refocusing[89] Research and Development Expenses - Research and development expenses decreased by $8.6 million to $46.1 million for the three months ended September 30, 2024, driven by lower personnel and program expenses[87] - Clinical stage direct program expenses decreased by $2.6 million due to the wind down of deprioritized clinical programs, including imvotamab in oncology[87] - Preclinical stage program expenses decreased by $2.1 million due to reduced research activities and professional services[87] - Research and development expenses decreased to $131.9 million for the nine months ended September 30, 2024, down by $29.4 million from $161.3 million in 2023, primarily due to lower personnel and program expenses[91] - Clinical stage direct program expenses decreased by $7.5 million, driven by the wind down of deprioritized clinical programs, partially offset by the advancement of Phase 1 clinical trials for imvotamab in autoimmune diseases[91] - Preclinical stage program expenses decreased by $9.4 million, primarily due to reduced research activities and professional services following the 2023 Restructuring[91] Personnel and Restructuring Costs - Personnel-related expenses decreased by $3.9 million primarily due to the 2023 Restructuring, partially offset by one-time expenses from the 2024 Restructuring[87] - Personnel-related expenses decreased by $13.7 million, primarily due to the 2023 Restructuring, partially offset by one-time expenses from the 2024 Restructuring[91] - General and administrative expenses increased to $18.8 million for Q3 2024, up by $6.3 million from $12.5 million in Q3 2023, primarily due to higher stock-based compensation from the 2024 Restructuring[88] Strategic Pivot and Cash Runway - The company announced a strategic pivot to focus exclusively on autoimmunity in September 2024, extending its cash runway through workforce reduction and reduced R&D spending on oncology candidates[79] - Cash, cash equivalents, and marketable securities totaled $218.8 million as of September 30, 2024, with an accumulated deficit of $980.4 million[92] Interest Income and Other Expenses - Interest income decreased to $3.0 million for Q3 2024, down by $2.1 million from $5.0 million in Q3 2023, due to lower invested capital[88] - Depreciation and facilities expenses increased by $1.2 million, primarily due to additional equipment and infrastructure[91] Future Commitments and Contingencies - Future minimum lease commitments for offices and facilities in Mountain View, California, and Doylestown, Pennsylvania, total $58.2 million as of September 30, 2024[99] - Potential future milestone and royalty payments for product candidates in development stages could reach up to $361.9 million, contingent on achieving specific milestones[99] Accounting and Reporting - No off-balance sheet arrangements were reported during the periods presented[100] - The company's financial statements are prepared in accordance with U.S. GAAP, requiring significant estimates and assumptions[102] - No material changes to critical accounting policies were reported during the nine months ended September 30, 2024[102] - The company is classified as a "smaller reporting company" and is not required to provide market risk disclosures under Item 305 of Regulation S-K[104] Third-Party Service Providers - The company plans to use third-party service providers, including CROs and CMOs, for preclinical and clinical development and manufacturing[78]

Stock Performance - IGM Biosciences shares ended the last trading session 11.6% higher at $17.68, driven by higher-than-average trading volume [1] - The stock has gained 65.2% over the past four weeks [1] - Allogene Therapeutics shares closed 4.4% higher at $2.88 in the last trading session and have returned 4.2% over the past month [4] Financial Results and Estimates - IGM Biosciences announced robust financial results for Q2 2024 [2] - The company is expected to post a quarterly loss of $0.82 per share, representing a year-over-year improvement of +21.2% [3] - Revenues are expected to be $0.27 million, down 47.1% from the year-ago quarter [3] - The consensus EPS estimate for IGM Biosciences has been revised 0.9% lower over the last 30 days [4] - Allogene Therapeutics' consensus EPS estimate for the upcoming report has changed +0.5% over the past month to -$0.34, representing a year-over-year improvement of +8.1% [5] Pipeline and Industry - IGM Biosciences has a promising pipeline of Immunoglobin M antibody-based candidates for treating cancer, autoimmune, and inflammatory diseases [2] - Both IGM Biosciences and Allogene Therapeutics belong to the Zacks Medical - Biomedical and Genetics industry [4] - Both companies currently carry a Zacks Rank of 3 (Hold) [4][5]

Zacks Rating Upgrade - IGM Biosciences upgraded to Zacks Rank 2 (Buy) due to upward trend in earnings estimates, a key driver of stock prices [1] - Zacks rating system tracks consensus EPS estimates from analysts for current and future years to assess earnings outlook [2] - Rating upgrades reflect positive earnings outlook, potentially leading to buying pressure and stock price increase [4] Earnings Estimate Revisions - Changes in earnings estimates strongly correlate with near-term stock price movements, influenced by institutional investors' valuation models [5] - Rising earnings estimates and rating upgrade indicate improvement in IGM Biosciences' underlying business [6] - Empirical research shows strong correlation between earnings estimate revisions and stock movements, making tracking revisions rewarding [7] Zacks Rank System - Zacks Rank system classifies stocks into 5 groups based on 4 earnings estimate factors, with Zacks Rank 1 stocks averaging +25% annual return since 1988 [8] - Zacks system maintains balanced 'buy' and 'sell' ratings, with only top 5% of stocks receiving 'Strong Buy' and next 15% receiving 'Buy' ratings [10] - IGM Biosciences' Zacks Rank 2 places it in top 20% of Zacks-covered stocks, indicating superior earnings estimate revisions and potential for market-beating returns [11] IGM Biosciences Earnings Outlook - IGM Biosciences expected to earn -$2 44 per share for fiscal year ending December 2024, representing 48 2% year-over-year change [9] - Zacks Consensus Estimate for IGM Biosciences increased 1 1% over past three months, reflecting steady upward revisions by analysts [9]

Earnings Performance - IGM Biosciences reported a quarterly loss of $0.79 per share, significantly missing the Zacks Consensus Estimate of a $0.03 loss, representing an earnings surprise of -2,733.33% [1] - The company's loss per share improved from $1.43 a year ago [1] - Over the last four quarters, the company has surpassed consensus EPS estimates three times [2] Revenue Performance - IGM Biosciences posted revenues of $1.25 million for the quarter ended June 2024, missing the Zacks Consensus Estimate by 97.58% [2] - This compares to year-ago revenues of $0.45 million [2] - The company has not been able to beat consensus revenue estimates over the last four quarters [2] Stock Performance - IGM Biosciences shares have added about 6.9% since the beginning of the year, underperforming the S&P 500's gain of 13.9% [3] - The stock's immediate price movement will depend on management's commentary on the earnings call [3] Earnings Outlook - The current consensus EPS estimate is -$0.84 on $0.5 million in revenues for the coming quarter [7] - For the current fiscal year, the consensus EPS estimate is -$2.31 on $53.23 million in revenues [7] - The estimate revisions trend for IGM Biosciences is mixed, translating into a Zacks Rank 3 (Hold) [6] Industry Context - IGM Biosciences belongs to the Zacks Medical - Biomedical and Genetics industry, which is currently in the top 29% of the 250 plus Zacks industries [8] - The top 50% of the Zacks-ranked industries outperform the bottom 50% by a factor of more than 2 to 1 [8] Peer Comparison - Oculis Holding AG (OCS), another company in the same industry, is expected to post a quarterly loss of $0.41 per share, representing a year-over-year change of +2.4% [9] - Oculis Holding AG's revenues are expected to be $0.28 million, unchanged compared to the year-ago quarter [10]

Clinical Trials Progress - Enrollment completed in randomized colorectal cancer clinical trial with 127 patients, exceeding the target of 110 patients[3] - Top-line PFS results from the aplitabart colorectal cancer trial expected by the end of Q1 2025[3] - First and second dose cohorts in imvotamab rheumatoid arthritis trial successfully completed, with third cohort currently enrolling[4] - First dose cohort in imvotamab systemic lupus erythematosus trial completed, with second cohort enrolling[4] Financial Performance - Cash and investments as of June 30, 2024, were $256.4 million, down from $337.7 million as of December 31, 2023[7] - Q2 2024 collaboration revenue was $1.3 million, up from $0.4 million in Q2 2023[7] - Q2 2024 R&D expenses were $42.0 million, down from $55.7 million in Q2 2023[7] - Q2 2024 net loss was $47.9 million, or $0.79 per share, compared to a net loss of $64.4 million, or $1.43 per share, in Q2 2023[7] Financial Outlook - Full-year 2024 GAAP operating expenses expected to be $210 million to $220 million, with collaboration revenue of approximately $2 million[8] - Company expects to end 2024 with approximately $180 million in cash and investments, funding operations into Q2 2026[8]

Financial Performance - Net losses for the six months ended June 30, 2024 and 2023 were $97.7 million and $123.7 million, respectively, with an accumulated deficit of $919.0 million as of June 30, 2024[79] - Net loss improved by $26.0 million to $97.7 million for the six months ended June 30, 2024[93] - Cash, cash equivalents, and marketable securities totaled $256.4 million as of June 30, 2024, with an accumulated deficit of $919.0 million[97] - Net cash used in operating activities was $79.8 million, primarily due to a net loss of $97.7 million and a net change of $3.9 million in operating assets and liabilities[101] - Net cash provided by investing activities was $33.2 million, driven by $153.9 million in maturities of marketable securities[102] - Net cash provided by financing activities was $0.8 million, primarily from employee stock purchase plans and stock option exercises[103] Collaboration and Revenue - Collaboration revenue for the three months ended June 30, 2024 increased by $0.8 million to $1.3 million, primarily due to a cumulative catch-up adjustment related to the Sanofi Refocusing[89] - Collaboration revenue increased by $0.8 million to $1.8 million for the six months ended June 30, 2024, primarily due to a cumulative catch-up adjustment related to the Sanofi Refocusing[94] - The company expects to receive up to $1.065 billion in aggregate development, regulatory, and commercial milestones per immunology target from Sanofi, along with tiered royalties on global net sales[82] - Potential future milestone and royalty payments related to license agreements could total up to $361.9 million, contingent on achieving certain milestones[104] Research and Development Expenses - Research and development expenses decreased by $13.7 million to $42.0 million for the three months ended June 30, 2024, driven by lower personnel and program expenses[90] - Clinical stage direct program expenses decreased by $4.0 million, primarily due to the wind down of deprioritized clinical programs[90] - Preclinical stage program expenses decreased by $4.1 million, primarily due to reduced research activities and professional services[90] - Personnel-related expenses decreased by $5.7 million due to the Strategic Refocusing[90] - Research and development expenses decreased by $20.8 million to $85.8 million, driven by lower personnel, preclinical, and clinical stage program expenses[95] General and Administrative Expenses - General and administrative expenses decreased by $2.4 million to $10.6 million for the three months ended June 30, 2024, driven by lower personnel costs[90] - General and administrative expenses decreased by $4.8 million to $21.2 million, primarily due to reduced headcount[96] Interest Income and Other Financials - Interest income decreased by $0.4 million to $3.5 million for the three months ended June 30, 2024, due to lower invested capital[91] - Future minimum lease commitments for facilities totaled $59.9 million as of June 30, 2024[104] Accounting and Reporting - The company's condensed consolidated financial statements are prepared in accordance with U.S. GAAP, requiring estimates and assumptions that affect reported amounts of assets, liabilities, revenue, and expenses[107] - No material changes were made to the company's critical accounting policies during the six months ended June 30, 2024[107] - The company is classified as a "smaller reporting company" and is not required to provide quantitative and qualitative disclosures about market risk[109] Strategic Plans and Investments - The company plans to continue investing in its IgM antibody technology platform, expand its pipeline, and build out in-house manufacturing capabilities[79]

IGM Biosciences, Inc. (IGMS) shares ended the last trading session 32.7% higher at $9.30. The jump came on an impressive volume with a higher-than-average number of shares changing hands in the session. This compares to the stock's 13.2% loss over the past four weeks. This company is expected to post quarterly earnings of $0.03 per share in its upcoming report, which represents a year-over-year change of +102.1%. Revenues are expected to be $51.75 million, up 11400% from the yearago quarter. For IGM Bioscie ...

IGM Biosciences, Inc. (IGMS) came out with a quarterly loss of $0.83 per share versus the Zacks Consensus Estimate of a loss of $0.84. This compares to loss of $1.33 per share a year ago. These figures are adjusted for non-recurring items.This quarterly report represents an earnings surprise of 1.19%. A quarter ago, it was expected that this company would post a loss of $1.06 per share when it actually produced a loss of $1.01, delivering a surprise of 4.72%.Over the last four quarters, the company has surp ...

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 Executi ...

Financial Performance - Net losses for the three months ended March 31, 2024, were $49.8 million, compared to $59.3 million for the same period in 2023, reflecting a decrease of $9.5 million [131]. - The accumulated deficit as of March 31, 2024, was $871.1 million, indicating significant ongoing losses since inception [131]. - The company reported a net loss of $49.8 million for the three months ended March 31, 2024, compared to a net loss of $59.3 million for the same period in 2023, indicating an improvement of approximately 16% [165][166]. - Interest income for the three months ended March 31, 2024, was $4.0 million, a decrease from $4.2 million in 2023 [153]. - For the three months ended March 31, 2024, net cash used in operating activities was $42.4 million, compared to $51.0 million for the same period in 2023, reflecting a decrease of approximately 17% [165][166]. - Net cash provided by investing activities for the three months ended March 31, 2024, was $8.7 million, a decrease from $69.8 million in the same period of 2023 [167][168]. Expenses - Research and development expenses decreased to $43.8 million for the three months ended March 31, 2024, from $50.9 million in 2023, a reduction of $7.1 million [150]. - General and administrative expenses were $10.5 million for the three months ended March 31, 2024, down from $13.0 million in 2023, a decrease of $2.5 million [152]. - Personnel-related expenses decreased by $4.1 million due to strategic refocusing efforts [159]. Future Outlook - The company expects to incur significant expenses and increasing operating losses for the foreseeable future as it continues its research and development activities [131]. - Future funding requirements may reach up to $361.9 million for development, regulatory, and commercial milestone payments associated with optioned technologies [172]. - The company anticipates that its current cash resources will be sufficient to fund operations for at least one year from the issuance date of the financial statements [157]. - The company may seek additional funding through public or private equity offerings, debt financings, and collaborations, depending on various factors including product development progress and regulatory approvals [158][163]. Collaboration and Revenue - Collaboration revenue was $0.5 million for both the three months ended March 31, 2024, and 2023, attributed to the Sanofi Agreement [149]. - The termination of the oncology collaboration with Sanofi is expected to result in recognizing deferred revenue of $62.2 million in the quarter ending June 30, 2024 [137]. - The company retains worldwide commercial rights to its product candidates, except those developed in partnership with Sanofi [129]. Cash and Assets - As of March 31, 2024, the company had cash, cash equivalents, and marketable securities totaling $293.8 million, with an accumulated deficit of $871.1 million [156]. - Future minimum lease commitments as of March 31, 2024, were $62.1 million for office and laboratory spaces [170]. - The company did not have any off-balance sheet arrangements during the periods presented [173]. Strategic Focus - The company plans to focus on treating colorectal cancer and autoimmune diseases, deprioritizing hematologic oncology clinical development [128].