IGM Biosciences (IGMS) announced a strategic update to halt further development of imvotamab, an IgM-based CD20 X CD3 bispecific antibody T cell engager, and IGM-2644, an IgM-based CD38 X CD3 bispecific antibody T cell engager, for autoimmune diseases. 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. The company reported cash and investments of approximately $183.8M unaudited as of December 31, 2024. “I want to thank our colleagues who will be departing from IGM as part of the restructuring and acknowledge their many contributions to our programs. We are grateful for their support and wish them all the best in their future endeavors,” said Mary Beth Harler, M.D., Chief Executive Officer of IGM Biosciences.
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