Exhibit 99.1
IGM Biosciences Announces Second Quarter 2023 Financial Results
– Continued progress in clinical development across portfolio –
– Public equity offering and concurrent private placement with gross proceeds of $120.0 million –
MOUNTAIN VIEW, Calif., August 3, 2023 – IGM Biosciences, Inc. (Nasdaq: IGMS), a clinical-stage biotechnology company focused on creating and developing engineered IgM antibodies, today announced its financial results for the quarter ended June 30, 2023.
“We continued to make good progress in the development of our IgM platform in the second quarter, as reflected in our announcement of encouraging data from the clinical trials of IGM-8444, now known as aplitabart,and in the clearance by the FDA of two Investigational New Drug applications to begin clinical trials of imvotamab, our IgM-based CD20 x CD3 bispecific antibody T cell engager, in severe systemic lupus erythematosus and severe rheumatoid arthritis,” said Fred Schwarzer, Chief Executive Officer of IGM Biosciences. “Building on this progress, during the third quarter we expect to initiate these two Phase 1b autoimmune clinical trials and to continue to build enrollment in our randomized clinical trial of aplitabart in combination with standard of care FOLFIRI chemotherapy and bevacizumab in second-line metastatic colorectal cancer patients.”
Pipeline Progress
Aplitabart (IGM-8444) (DR5 agonist)
Imvotamab (CD20 x CD3)
IGM-7354 (IL-15 x PD-L1)
IGM-2644 (CD38 x CD3)
Financing
Second Quarter 2023 Financial Results
2023 Financial Guidance
The Company expects full year 2023 GAAP operating expenses of $275 million to $285 million, including estimated non-cash stock-based compensation expense of approximately $45 million, and full year collaboration revenue of approximately $3 million related to the Sanofi agreement. The Company expects to end 2023 with more than $325 million in cash and investments, and the Company expects its existing cash and investments and anticipated collaboration payments to fund operations into the second half of 2025.
About IGM Biosciences, Inc.
IGM Biosciences is a clinical-stage biotechnology company committed to developing and delivering a new class of medicines to treat patients with cancer, autoimmune and inflammatory diseases and infectious diseases. IGM’s pipeline of clinical and preclinical assets is based on the IgM antibody, which has 10 binding sites compared to conventional IgG antibodies with only 2 binding sites. IGM also
has an exclusive worldwide collaboration agreement with Sanofi to create, develop, manufacture, and commercialize IgM antibody agonists against oncology and immunology and inflammation targets. For more information, please visit www.igmbio.com.
Cautionary Note Regarding Forward-Looking Statements
This press release contains forward-looking statements. Such forward-looking statements are not based on historical fact and include, but are not limited to: the potential of, and expectations regarding, IGM’s technology platform and its IgM antibodies and product candidates, including aplitabart and imvotamab; IGM’s plans and expectations regarding its clinical development efforts and activities; statements regarding the clinical development of aplitabart, imvotamab, IGM-7354 and IGM-2644, including the timing of initiation of clinical trials, patient enrollment and availability of clinical data; IGM’s expectations regarding its financial position and guidance, including collaboration revenue, operating expenses, stock-based compensation expense, ending 2023 cash and investments and projected cash runway; and statements by IGM’s Chief Executive Officer. Such statements are subject to numerous important factors, risks and uncertainties that may cause actual events or results to differ materially, including but not limited to: IGM’s early stages of clinical drug development; risks related to the use of engineered IgM antibodies, which is a novel and unproven therapeutic approach; IGM’s ability to demonstrate the safety and efficacy of its product candidates; IGM's ability to successfully and timely advance its product candidates through clinical trials; IGM’s ability to enroll patients in its clinical trials; the potential for the results of clinical trials to differ from preclinical, preliminary, initial or expected results; the risk of significant adverse events, toxicities or other undesirable side effects; IGM's ability to successfully manufacture and supply its product candidates for clinical trials; the potential impact of continuing or worsening supply chain constraints; the risk that all necessary regulatory approvals cannot be obtained; the potential market for IGM’s product candidates, and the progress and success of alternative therapeutics currently available or in development; IGM’s ability to obtain additional capital to finance its operations, if needed; uncertainties related to the projections of the size of patient populations suffering from the diseases IGM is targeting; IGM’s ability to obtain, maintain and protect its intellectual property rights; developments relating to IGM’s competitors and its industry, including competing product candidates and therapies; any potential delays or disruptions resulting from catastrophic events, including epidemics or other outbreaks of infectious disease; general economic and market conditions, including inflation; and other risks and uncertainties, including those more fully described in IGM’s filings with the Securities and Exchange Commission (SEC), including IGM’s Quarterly Report on Form 10-Q filed with the SEC on August 3, 2023 and in IGM’s future reports to be filed with the SEC. Any forward-looking statements contained in this press release speak only as of the date hereof, and IGM specifically disclaims any obligation to update any forward-looking statement, except as required by law.
Contact:
Argot Partners
David Pitts
212-600-1902
igmbio@argotpartners.com
IGM Biosciences, Inc.
Selected Statement of Operations Data
(unaudited)
(in thousands, except share and per share data)
|
|
Three Months Ended |
|
|
Six Months Ended |
|
||||||||||
|
|
June 30, |
|
|
June 30, |
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||||||||||
|
|
2023 |
|
|
2022 |
|
|
2023 |
|
|
2022 |
|
||||
Collaboration revenue |
|
$ |
448 |
|
|
$ |
366 |
|
|
$ |
970 |
|
|
$ |
366 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Operating expenses: |
|
|
|
|
|
|
|
|
|
|
|
|
||||
Research and development (1) |
|
|
55,673 |
|
|
|
47,218 |
|
|
|
106,567 |
|
|
|
86,093 |
|
General and administrative (1) |
|
|
12,983 |
|
|
|
12,372 |
|
|
|
25,985 |
|
|
|
25,453 |
|
Total operating expenses |
|
|
68,656 |
|
|
|
59,590 |
|
|
|
132,552 |
|
|
|
111,546 |
|
Loss from operations |
|
|
(68,208 |
) |
|
|
(59,224 |
) |
|
|
(131,582 |
) |
|
|
(111,180 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Other income (expense): |
|
|
|
|
|
|
|
|
|
|
|
|
||||
Interest income |
|
|
3,894 |
|
|
|
760 |
|
|
|
8,066 |
|
|
|
814 |
|
Other expense |
|
|
— |
|
|
|
(131 |
) |
|
|
(20 |
) |
|
|
(123 |
) |
Total other income (expense) |
|
|
3,894 |
|
|
|
629 |
|
|
|
8,046 |
|
|
|
691 |
|
Loss before income tax expense |
|
|
(64,314 |
) |
|
|
(58,595 |
) |
|
|
(123,536 |
) |
|
|
(110,489 |
) |
Income tax expense |
|
|
(109 |
) |
|
|
— |
|
|
|
(196 |
) |
|
|
— |
|
Net loss |
|
$ |
(64,423 |
) |
|
$ |
(58,595 |
) |
|
$ |
(123,732 |
) |
|
$ |
(110,489 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Net loss per share, basic and diluted |
|
$ |
(1.43 |
) |
|
$ |
(1.33 |
) |
|
$ |
(2.76 |
) |
|
$ |
(2.84 |
) |
Weighted-average common shares outstanding, basic and diluted |
|
|
45,122,900 |
|
|
|
43,919,092 |
|
|
|
44,796,644 |
|
|
|
38,906,839 |
|
(1) Amounts include stock-based compensation expense as follows:
Research and development |
|
$ |
8,248 |
|
|
$ |
6,335 |
|
|
$ |
14,687 |
|
|
$ |
12,942 |
|
General and administrative |
|
|
6,061 |
|
|
|
4,951 |
|
|
|
10,669 |
|
|
|
9,843 |
|
Total stock-based compensation expense |
|
$ |
14,309 |
|
|
$ |
11,286 |
|
|
$ |
25,356 |
|
|
$ |
22,785 |
|
IGM Biosciences, Inc.
Selected Balance Sheet Data
(unaudited)
(in thousands)
|
|
June 30, |
|
|
December 31, |
|
||
|
|
2023 |
|
|
2022 |
|
||
Cash and investments |
|
$ |
386,869 |
|
|
$ |
427,162 |
|
Total assets |
|
|
480,658 |
|
|
|
513,499 |
|
Accounts payable |
|
|
4,936 |
|
|
|
2,512 |
|
Accrued liabilities |
|
|
27,737 |
|
|
|
33,621 |
|
Deferred revenue |
|
|
147,961 |
|
|
|
148,931 |
|
Total liabilities |
|
|
222,051 |
|
|
|
226,236 |
|
Accumulated deficit |
|
|
(698,558 |
) |
|
|
(574,826 |
) |
Total stockholders' equity |
|
|
258,607 |
|
|
|
287,263 |
|