IGM Biosciences Provides Strategic Update on Autoimmunity Pipeline Programs

Strategic Update - The company has decided to halt further development of imvotamab (CD20 x CD3) and IGM-2644 (CD38 x CD3) due to insufficient B cell depletion in Phase 1b studies for rheumatoid arthritis and systemic lupus erythematosus [1][2] - The decision to discontinue these programs is based on strategic considerations and the inability to meet the high bar for success in autoimmune disease treatment [2] Workforce Reduction - The company is implementing a significant workforce reduction of approximately 73% to preserve cash [2] - This reduction is part of the company's broader strategy to maximize shareholder value while evaluating internal options and potential strategic alternatives [2] Financial Position - As of December 31, 2024, the company reported cash and investments of approximately $183.8 million (unaudited) [1][2] - The company is taking immediate steps to preserve cash, including the workforce reduction, as it evaluates strategic alternatives [2] Company Overview - IGM Biosciences is a biotechnology company focused on developing and delivering medicines for autoimmune and inflammatory diseases [3] - The company has an exclusive worldwide collaboration agreement with Sanofi to develop IgM antibody agonists targeting immunology and inflammation [3]