IGM Biosciences, Inc. (NASDAQ:IGMS) Q4 2022 Earnings Conference Call March 30, 2023 4:30 PM ET Company Participants Fred Schwarzer – Chief Executive Officer Misbah Tahir – Chief Financial Officer Chris Takimoto – Chief Medical Officer Mary Beth Harler – President-IGM Autoimmunity and Inflammation Bruce Keyt – Chief Scientific Officer Conference Call Participants Stephen Willey – Stifel Greg Harrison – Bank of America Michael Schmidt – Guggenheim Roger Song – Jefferies Joel Beatty – Baird Noah Eisenberg – J ...

Table of Contents Index to Financial Statements UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-K (Mark One) ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2022 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 FOR THE TRANSITION PERIOD FROM TO Commission File Number 001-39045 IGM Biosciences, Inc. (Exact name of Registrant as specified in its Charter) De ...

Financial Performance - The company reported a net loss of $168.5 million for the nine months ended September 30, 2022, compared to a net loss of $114.5 million for the same period in 2021, resulting in an accumulated deficit of $522.3 million as of September 30, 2022[113]. - Total operating expenses for the three months ended September 30, 2022, were $60.8 million, an increase of $16.6 million from $44.2 million in the same period of 2021[129]. - General and administrative expenses increased to $38.1 million for the nine months ended September 30, 2022, up from $26.8 million in 2021, representing an increase of $11.3 million[144]. - Research and development expenses rose to $134.3 million for the nine months ended September 30, 2022, compared to $87.9 million in 2021, an increase of $46.4 million[139]. - The company expects to continue incurring significant expenses and operating losses for the foreseeable future as it advances its research and development efforts[146]. Revenue and Collaboration - Collaboration revenue was $0.3 million for the three months ended September 30, 2022, attributed to the Sanofi Agreement, with no revenue recognized in the same period of 2021[130]. - Collaboration revenue was $0.7 million for the nine months ended September 30, 2022, attributed to the Sanofi Agreement, with no revenue recognized in the same period of 2021[137]. - The Sanofi Agreement includes a $150 million upfront payment and potential milestone payments exceeding $6 billion, with profit-sharing arrangements for oncology products[119]. Cash Flow and Financing - Net cash provided by operating activities was $32.0 million for the nine months ended September 30, 2022, compared to a net cash used of $89.7 million in 2021[154]. - Net cash used in investing activities was $206.8 million for the nine months ended September 30, 2022, primarily due to purchases of marketable securities[156]. - Net cash provided by financing activities was $218.9 million for the nine months ended September 30, 2022, mainly from the issuance of common stock in a public offering[158]. - The company completed a public offering in April 2022, raising approximately $218 million from the sale of 10 million shares of common stock[120]. Assets and Liabilities - As of September 30, 2022, the company had cash, cash equivalents, and marketable securities totaling $469.1 million, with an accumulated deficit of $522.3 million[147]. - As of September 30, 2022, the company held $469.1 million in cash, cash equivalents, and marketable securities, which included money market funds, U.S. Treasury securities, corporate bonds, commercial paper, and U.S. government agency securities[165]. - The company had no interest-bearing liabilities as of September 30, 2022, and historical fluctuations in interest rates have not been significant for its operations[165]. - An immediate 1% relative change in interest rates would not have a material effect on the fair market value of the company's cash equivalents and marketable securities[165]. Expenses and Future Outlook - Research and development expenses increased to $48.2 million for the three months ended September 30, 2022, up from $34.2 million in 2021, primarily due to advancements in clinical product candidates[131]. - Personnel-related expenses in research and development increased by $6.2 million, driven by additional headcount and stock compensation[133]. - The company expects significant increases in expenses and capital requirements as it advances clinical-stage product candidates and expands its pipeline[114]. - Future funding requirements will depend on various factors, including the costs associated with clinical trials and the need for additional capital to support product development[151]. Accounting and Compliance - The company did not have any off-balance sheet arrangements during the periods presented[161]. - There were no material changes to the company's critical accounting policies from those discussed in its Annual Report on Form 10-K filed on March 29, 2022[164]. - The company’s financial statements are prepared in accordance with U.S. GAAP, requiring estimates and assumptions that affect reported amounts of assets and liabilities[163]. - The primary objectives of the company's investment activities are to ensure liquidity and preserve capital, with exposure primarily to interest rate sensitivities[165]. - The company has the ability to hold its marketable securities until maturity, mitigating the impact of market interest rate changes on operating results[165]. - No recently adopted accounting pronouncements were reported by the company[162].

Global Leaders in IgM Antibodies Corporate Overview September 2022 Forward-looking statements This presentation contain "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995 that reflect the current views of IGM Biosciences, Inc. (the "Company," "we" or "our") with respect to the Company's future financial condition, results of operations, business strategy, expectations, milestones and plans, including our expectations regarding the transaction with Sanofi, ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, DC 20549 FORM 10-Q (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended June 30, 2022 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission File Number: 001-39045 IGM Biosciences, Inc. (Exact Name of Registrant as Specified in its Charter) Delaware 77-0349194 (State or other jurisdictio ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, DC 20549 FORM 10-Q (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended March 31, 2022 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission File Number: 001-39045 IGM Biosciences, Inc. (Exact Name of Registrant as Specified in its Charter) Delaware 77-0349194 (State or other jurisdicti ...

Financial Performance and Projections - The company has incurred significant losses since inception and anticipates continuing to incur losses for the foreseeable future, with no products approved for commercial sale and no revenue generated from product sales [175]. - The company reported a net loss of $165.2 million for the year ended December 31, 2021, compared to $81.4 million in 2020 and $43.1 million in 2019, with an accumulated deficit of approximately $353.7 million as of December 31, 2021 [314]. - The company has not generated any revenue from product sales and does not anticipate achieving profitability in the foreseeable future [317]. - As of December 31, 2021, the company had $229.5 million in cash and investments, which is expected to fund operations for at least one year from the issuance date of the financial statements [321]. - The company expects to incur significant additional funding needs to complete the development and commercialization of its product candidates, which may not be available on acceptable terms [320]. - The company has net operating loss (NOL) carryforwards of approximately $300.5 million for federal and $284.6 million for state income tax purposes as of December 31, 2021 [330]. - The company completed a public offering of 1,221,224 shares on December 11, 2020, raising approximately $215.4 million in net proceeds [324]. - The company has a maximum aggregate amount of $400 million available for future offerings under its new shelf registration statement declared effective in August 2021 [324]. - Future capital raising efforts may cause dilution to stockholders and could restrict operations or require relinquishing substantial rights [324]. - Unstable market conditions could adversely affect the company's ability to secure necessary financing, impacting growth strategies and financial performance [328]. Product Development and Clinical Trials - All product candidates are currently in preclinical development or early-stage clinical development, with ongoing trials for IGM-2323, IGM-8444, and IGM-6268, but no completed trials or marketing approvals yet [179]. - The COVID-19 pandemic has caused delays in clinical trials and manufacturing, affecting the anticipated filing date of the IND application for IGM-7354 [172]. - The company is currently conducting multiple clinical trials, including Phase 2 for IGM-2323 and Phase 1 for IGM-8444 and IGM-6268, with expectations to file INDs for IGM-7354 and IGM-2644 in 2022 [196]. - Delays in clinical trials may arise from various factors, including FDA discussions, patient recruitment challenges, and manufacturing issues, potentially impacting the timeline for regulatory approval [197]. - The company has not yet demonstrated the safety and efficacy of its product candidates in clinical trials, which is necessary for regulatory approval and marketability [184]. - The company’s product candidates are still in preclinical or early-stage clinical development, with no regulatory agency confirming their safety or efficacy for public use [212]. - The company may need to perform new clinical trials if there are material changes in manufacturing methods or formulations [234]. - The company must successfully complete clinical trials and obtain regulatory approvals to commercialize its product candidates, which involves substantial uncertainty [319]. Regulatory and Compliance Challenges - The FDA has limited experience with IgM antibody-based therapeutics, which may complicate the regulatory approval process for the company's product candidates [185]. - Changes in regulatory requirements may necessitate modifications to clinical development plans, impacting costs and timelines [199]. - Regulatory approval for product candidates may not be obtained even if primary endpoints are achieved in clinical trials [237]. - The company will be subject to ongoing regulatory obligations and extensive oversight, which could result in significant additional expenses post-approval [254]. - Compliance with new healthcare laws and regulations may involve substantial costs and could expose the company to significant penalties if found in violation [305]. - The company is subject to various regulatory compliance risks, including those related to FDA regulations and anti-corruption laws, which could adversely affect its operations [308]. Market Competition and Risks - The company faces significant competition from entities developing novel treatments and technology platforms, which could negatively impact commercial opportunities [170]. - The company faces significant competition from larger pharmaceutical firms with more resources, which may hinder patient enrollment in clinical trials [204]. - The company competes with numerous entities developing cancer treatments, including major pharmaceutical companies and smaller biotech firms, which may affect its market opportunities [213]. - The company is aware of competing clinical stage therapeutics targeting CD20, DR5, IL-15, CD38, and CD123 from various established companies [217][218][219][220][221]. - The company anticipates facing competition for its product candidates sooner than expected due to the approval of biosimilars, which may be submitted to the FDA four years after the reference product's approval [265]. - Market acceptance of approved products among physicians, patients, and payors is uncertain, which could limit revenue generation [238]. - The company may not successfully capitalize on viable commercial products or profitable market opportunities due to resource allocation decisions [228]. Manufacturing and Supply Chain Issues - Manufacturing complexities and supply chain shortages may limit access to raw materials, potentially delaying the ability to manufacture drug substances or supply product candidates [170]. - The manufacturing process for IgM antibodies is complex and historically difficult, with risks of contamination and production yield variability [224]. - The company has completed construction and began operating a cGMP manufacturing facility for clinical trial drug materials in 2021 [223]. - Significant investments will be required to expand manufacturing facilities for commercial supply of approved products [223]. - The company currently relies on third-party manufacturers for product candidates, which poses risks related to compliance with regulatory standards and potential supply disruptions [336]. - The company relies on third parties for the manufacturing of product candidates, which may affect future profit margins and timely commercialization [342]. Strategic Partnerships and Collaborations - The company has entered into a Collaboration Agreement with Sanofi to develop and commercialize IgM antibodies targeting six primary targets, including oncology and immunology [362]. - Strategic partnerships are essential for the company, but competition for these partnerships is intense and may limit future opportunities [354]. - The company may need to undertake development or commercialization activities independently if suitable strategic partnerships are not established [357]. - The company must ensure that its strategic partners fulfill their obligations, as any failure could hinder the development and commercialization of product candidates [358]. Intellectual Property and Legal Risks - The company's commercial success is significantly dependent on its ability to operate without infringing third-party patents and proprietary rights [363]. - There is an increasing risk of patent infringement claims as the biotechnology and pharmaceutical industries expand, which could impair the company's competitive position [364]. - The company may face costly litigation regarding patents and intellectual property rights, which could divert management's attention and affect operational results [367]. - An adverse outcome in any intellectual property litigation could result in significant liabilities, including potential treble damages and attorneys' fees [367]. - The ability to obtain, maintain, and enforce patent and trade secret protection is crucial for the company's business viability [368].

Global Leaders in IgM Antibodies Corporate Overview February 10, 2022 Forward-looking statements This presentation contains "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995 that reflect the current views of IGM Biosciences, Inc. (the "Company," "we" or "our") with respect to the Company's future financial condition, results of operations, business strategy, expectations, milestones and plans. All statements other than statements of historical fact could ...

Pioneering the Development of Engineered IgM Antibodies IGM Corporate Presentation November 2021 Forward-Looking Statements This presentation contains "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995 that reflect the current views of IGM Biosciences, Inc. (the "Company," "we" or "our") with respect to the Company's future financial condition, results of operations, business strategy, expectations, milestones and plans. All statements other than statemen ...

Financial Performance - The company reported a net loss of $114.5 million for the nine months ended September 30, 2021, compared to a net loss of $56.7 million for the same period in 2020, reflecting an increase of $57.8 million [91]. - The total operating expenses for the nine months ended September 30, 2021, were $114.6 million, compared to $58.5 million for the same period in 2020, an increase of $56.1 million [111]. - As of September 30, 2021, the company had an accumulated deficit of $303.1 million, primarily due to research and development costs [91]. - Net cash used in operating activities was $89.4 million for the nine months ended September 30, 2021, compared to $44.5 million in 2020, indicating a significant increase in cash outflow [122]. - Other income, net decreased to $0.1 million for the nine months ended September 30, 2021, from $1.8 million in 2020, primarily due to lower interest earned [116]. Research and Development - Research and development expenses for the three months ended September 30, 2021, were $34.2 million, up from $15.8 million in the same period in 2020, representing an increase of $18.4 million [106]. - Research and development expenses increased to $87.9 million for the nine months ended September 30, 2021, up from $45.4 million in 2020, representing a $42.4 million increase [112]. - Preclinical stage program expenses rose by $20.1 million, driven by an $8.4 million increase in activities related to IGM-6268 and an $11.7 million increase in discovery and other programs [113]. - The company has created a proprietary IgM antibody technology platform aimed at developing treatments for various diseases, including oncology and infectious diseases [88]. - The company plans to continue advancing the development of multiple product candidates, including IGM-2323 and IGM-8444, which are currently in clinical trials [92]. Administrative Expenses - General and administrative expenses increased to $10.0 million for the three months ended September 30, 2021, from $4.7 million in the same period in 2020, an increase of $5.3 million [109]. - General and administrative expenses were $26.8 million for the nine months ended September 30, 2021, compared to $13.1 million in 2020, reflecting a $13.7 million increase primarily due to personnel-related expenses [115]. Funding and Capital Requirements - The company expects significant increases in expenses and capital requirements as it expands its pipeline and manufacturing capabilities [92]. - The company plans to seek additional funding through public or private equity offerings, debt financings, and collaborations, with a maximum aggregate amount of $400 million available under a shelf registration statement [119]. - The company entered into a lease amendment in July 2021, committing to minimum payments totaling $31.8 million through June 2032 [128]. Cash and Investments - As of September 30, 2021, the company had cash and investments totaling $265.6 million and an accumulated deficit of $303.1 million [117]. - Net cash provided by investing activities was $13.0 million for the nine months ended September 30, 2021, down from $37.1 million in 2020 [124].