IGM Biosciences, Inc. (Nasdaq: IGMS), a biotechnology company committed to developing and delivering medicines to treat patients with autoimmune and inflammatory diseases, has announced a strategic update to halt further development of imvotamab and IGM-2644 for autoimmune diseases. The company is also reducing its workforce by approximately 73% to preserve cash and extend its cash runway into the second quarter of 2026. As of December 31, 2024, the company reported cash and investments of approximately $183.8 million (unaudited).

Interim data from the Phase 1b studies of imvotamab in rheumatoid arthritis and systemic lupus erythematosus showed that the depth and consistency of B cell depletion was insufficient to meet the company's high bar for success. Consequently, IGM Biosciences has decided to discontinue further development of imvotamab. Concurrent with the discontinuation of the imvotamab program, IGM-2644 is also being terminated due to strategic considerations.

The company is currently evaluating internal options as well as potential strategic alternatives with the goal of maximizing value for its shareholders. While this internal evaluation and strategic exploration are ongoing, the company is immediately taking steps, including an approximately 73% reduction in force, to preserve cash.

IGM Biosciences is a biotechnology company committed to developing and delivering medicines to treat patients with autoimmune and inflammatory diseases. The company has an exclusive worldwide collaboration agreement with Sanofi to create, develop, manufacture, and commercialize IgM antibody agonists against immunology and inflammation targets.