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IGM Biosciences Inc. (IGMS+7.55%) has submitted its Form 10-K filing for the fiscal year ended December 31, 2024.
The filing includes financial statements showing a net loss of $195.8 million for the year, compared to a net loss of $246.4 million in the previous year. The decrease in net loss is attributed to reduced research and development expenses.
Research and development expenses were $160.9 million, down from $215.5 million in the prior year. This decrease was mainly due to the wind down of certain clinical programs and reductions in personnel expenses following restructuring efforts.
General and administrative expenses remained relatively stable at $50.4 million, compared to $50.1 million in the previous year, with slight increases attributed to stock-based compensation expenses.
Interest income decreased to $12.8 million from $17.7 million, primarily due to lower invested capital.
As of December 31, 2024, IGM Biosciences reported cash, cash equivalents, and marketable securities totaling $183.8 million, with an accumulated deficit of $1.0 billion.
The company highlighted its ongoing collaboration with Sanofi, noting a focus shift to immunology targets following the termination of oncology collaboration targets in April 2024.
IGM Biosciences is evaluating internal options and potential strategic alternatives following a strategic restructuring to maximize value for stockholders.
The filing also details various risks and uncertainties, including the company's dependence on successful development and commercialization of its product candidates, competition in the biotechnology industry, and the need for additional funding.
IGM Biosciences does not anticipate cash dividend payments to stockholders in the near future, as it intends to retain earnings to support operations and growth.
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. annual 10-K report dated March 6, 2025. To report an error, please email earnings@qz.com.