IGM Biosciences, Inc. reported a net loss of $195.795 million for the year ended December 31, 2024, compared to a net loss of $246.416 million in 2023. This improvement of $50.621 million resulted primarily from a decrease in research and development expenses, partially offset by lower interest income. Collaboration revenue increased from $2.1 million in 2023 to $2.7 million in 2024, primarily due to a cumulative catch-up adjustment related to the termination of oncology collaboration targets under the Sanofi Agreement. Research and development expenses decreased by $54.7 million, largely due to lower personnel and deprioritized clinical program expenses.
Significant changes occurred during the fiscal year, most notably the 2024 and 2025 Restructurings. The 2024 Restructuring, announced in September 2024, involved a strategic pivot to focus exclusively on autoimmunity, workforce reduction, and reduced spending on oncology candidates. The 2025 Restructuring, announced in January 2025, further reduced the workforce by approximately 73% and halted development of imvotamab and IGM-2644 for autoimmune diseases. The company is currently evaluating internal options and potential strategic alternatives to maximize stockholder value. As of December 31, 2024, IGM Biosciences had 149 full-time employees.
The company's ongoing IgM-related efforts are now exclusively focused on immunology targets under the Sanofi Agreement. This agreement, effective May 2022, initially included six targets (three oncology and three immunology) but the oncology targets were terminated by Sanofi in June 2024. IGM Biosciences received a $150 million upfront payment in May 2022 under this agreement and is eligible for up to $1,065 million in development, regulatory, and commercialization milestones for each immunology target, along with tiered royalties on global net sales. The company also terminated its license agreement with Medivir AB for birinapant in February 2025.
IGM Biosciences' operations rely significantly on third-party manufacturers for product candidates and other services. The company's internal manufacturing operations have been suspended. The company's cash, cash equivalents, and marketable securities totaled $183.8 million as of December 31, 2024, which the company believes will fund operations for at least one year. The company's accumulated deficit was approximately $1.0 billion as of December 31, 2024. The company has historically financed operations through equity and debt securities and collaboration agreements.
The company's outlook involves continued losses for the foreseeable future, pending the successful development and commercialization of product candidates. The company's future funding requirements will depend on various factors, including clinical trial progress, regulatory approvals, manufacturing costs, and market conditions. The company intends to continue funding operations through a combination of equity offerings, debt financings, and strategic partnerships. The company has not declared or paid any cash dividends on its capital stock and does not anticipate doing so in the foreseeable future.
About IGM Biosciences, Inc.
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