IGM Biosciences(IGMS) - 2023 Q4 - Annual Results

Financial Performance - Cash and investments as of December 31, 2023, were $337.7 million, down from $427.2 million as of December 31, 2022[12]. - Collaboration revenue for the fourth quarter of 2023 was $0.7 million, compared to $0.4 million in the same quarter of 2022, and for the full year 2023, it was $2.1 million, up from $1.1 million in 2022[12]. - The net loss for the fourth quarter of 2023 was $60.7 million, or a loss of $1.01 per share, compared to a net loss of $52.6 million, or a loss of $1.19 per share, in Q4 2022[12]. - For the full year 2023, the net loss was $246.4 million, or a loss of $4.71 per share, compared to a net loss of $221.1 million, or a loss of $5.32 per share, in 2022[12]. Expenses - Research and Development (R&D) expenses for the fourth quarter of 2023 were $54.2 million, compared to $45.0 million in Q4 2022, and for the full year 2023, R&D expenses totaled $215.5 million, up from $179.3 million in 2022[12]. - General and Administrative (G&A) expenses for the fourth quarter of 2023 were $11.6 million, consistent with Q4 2022, while for the full year 2023, G&A expenses were $50.1 million, slightly up from $49.7 million in 2022[12]. - The company expects full year 2024 GAAP operating expenses to be between $210 million and $220 million, including approximately $40 million in non-cash stock-based compensation[9]. Cash Projections - The company anticipates ending 2024 with approximately $180 million in cash and investments, which is expected to fund operations into the second quarter of 2026[9]. Clinical Trials - Enrollment in the randomized clinical trial of aplitabart in metastatic colorectal cancer is ongoing, with a target of 110 patients[2]. - Two Phase 1b clinical trials of imvotamab in severe systemic lupus erythematosus and severe rheumatoid arthritis have been initiated, with expectations to generate meaningful initial clinical data by the end of 2024[2].