IGM Biosciences, Inc. reported significant financial changes in its latest 10-Q filing for the quarter ending September 30, 2024. The company, which focuses on developing IgM antibody therapeutics for autoimmune and inflammatory diseases, experienced a notable decrease in total assets, which fell to $304.5 million from $423.4 million at the end of 2023. Current assets also declined to $229.6 million, primarily due to a reduction in cash and cash equivalents, which decreased to $42.9 million from $112.5 million.

The company reported collaboration revenue of $516,000 for Q3 2024, slightly up from $509,000 in Q3 2023. For the nine months ended September 30, 2024, collaboration revenue increased to $2.3 million from $1.5 million in the same period of the previous year. Total operating expenses for Q3 2024 were $64.9 million, down from $67.3 million in Q3 2023, reflecting a decrease in research and development (R&D) expenses, which fell to $46.1 million from $54.8 million. The net loss for Q3 2024 was $61.4 million, a slight improvement from a net loss of $61.9 million in Q3 2023.

For the nine months ended September 30, 2024, the net loss was $159.1 million, compared to $185.7 million for the same period in 2023. The accumulated deficit increased to $980.4 million as of September 30, 2024. The company’s cash position, including cash, cash equivalents, and marketable securities, totaled $218.8 million, down from $331.9 million at the end of 2023.

Strategically, IGM Biosciences announced a restructuring plan in September 2024, which included a workforce reduction of approximately 22% initiated in December 2023. This restructuring aims to extend the company’s cash runway and refocus its efforts on autoimmunity, following the termination of its oncology collaboration with Sanofi in April 2024. The company will now concentrate solely on immunology targets under the Sanofi Agreement, which could yield up to $1.065 billion in milestone payments.

Additionally, the company recognized $14 million in restructuring charges during Q3 2024, which included severance payments and stock-based compensation expenses. The restructuring is expected to be substantially complete by mid-2025. Despite these efforts, IGM Biosciences continues to face challenges, including the need for additional funding to support ongoing R&D and the uncertainty surrounding future financing.