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IGM Biosciences, Inc. has submitted its 10-Q filing for the quarterly period ended September 30, 2024.
The filing includes financial statements for the quarter, showing a net loss of $61,430,000, compared to $61,989,000 in the same quarter of the previous year. The company attributes the loss primarily to research and development expenses.
Research and development expenses for the quarter were $46,142,000, down from $54,762,000 in the previous year. The decrease was mainly due to reduced clinical and preclinical program expenses following the company's strategic restructuring.
General and administrative expenses increased to $18,761,000 from $12,507,000, largely due to higher stock-based compensation expenses related to restructuring activities.
Interest income for the quarter was $2,957,000, down from $5,011,000 in the previous year, reflecting lower invested capital.
The company reported collaboration revenue of $516,000 for the quarter, consistent with the previous year, primarily from its agreement with Sanofi (SNY-0.44%).
IGM Biosciences announced a strategic pivot in September 2024, focusing exclusively on autoimmunity, which included workforce reductions and a shift away from certain oncology programs.
As of September 30, 2024, the company had cash, cash equivalents, and marketable securities totaling $218.8 million, with management believing these resources are sufficient to fund operations for at least one year.
The company continues to face risks related to its early-stage development efforts, reliance on third-party manufacturers, and potential competition from other biotechnology companies.
IGM Biosciences is focused on developing IgM antibodies for the treatment of autoimmune and inflammatory diseases, with several product candidates currently in or planned for clinical testing.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the IGM Biosciences Inc. quarterly 10-Q report dated November 8, 2024. To report an error, please email earnings@qz.com.