IGM Biosciences(IGMS)2024-11-08 12:00Financial Performance - Cash and investments as of September 30, 2024 were $218.8 million, compared to $337.7 million as of December 31, 2023[6] - Collaboration revenue for the third quarter of 2024 was $0.5 million, unchanged from the third quarter of 2023[6] - Research and Development (R&D) expenses for the third quarter of 2024 were $46.1 million, compared to $54.8 million for the third quarter of 2023[6] - General and Administrative (G&A) expenses for the third quarter of 2024 were $18.8 million, compared to $12.5 million for the third quarter of 2023[6] - Net loss for the third quarter of 2024 was $61.4 million, or a loss of $1.01 per share, compared to a net loss of $62.0 million, or a loss of $1.04 per share, for the third quarter of 2023[6] - The Company expects full year 2024 GAAP operating expenses of $215 million to $225 million, including estimated non-cash stock-based compensation expense of approximately $40 million[7] - The Company expects to end 2024 with a balance of approximately $180 million in cash and investments, enabling it to fund operations into 2027[7] Clinical Development and Milestones - Initial clinical data for imvotamab in rheumatoid arthritis, systemic lupus erythematosus, and myositis is expected by mid-2025[3] - IGM-2644 is expected to enter a clinical study for generalized myasthenia gravis by the end of 2024[4] - The Company has successfully completed the third dose cohort in its placebo-controlled clinical study testing imvotamab in severe rheumatoid arthritis[3]