Igm Biosciences, Inc. (NASDAQ: IGMS) has released its financial results for the second quarter ending June 30, 2024, and provided updates on its recent developments. The company's CEO, Fred Schwarzer, highlighted significant progress in the clinical development of their two lead product candidates.
In terms of their pipeline updates, Igm Biosciences announced the completion of enrollment in a randomized clinical trial for Aplitabart, their death receptor 5 agonist, in second-line metastatic colorectal cancer. A total of 127 patients were enrolled across multiple clinical trial sites in the United States, Asia, and Europe, surpassing the trial design target of 110 patients. The trial aims to assess the benefit of Aplitabart when administered in combination with Folfiri and Bevacizumab compared to the current standard of care treatment, with a primary endpoint of progression-free survival (PFS). The company expects to release top-line PFS results from this study by the end of the first quarter of 2025.
Regarding their product Imvotamab, a CD20 x CD3 T cell engager, the company successfully completed the first and second dose cohorts in a placebo-controlled clinical study testing Imvotamab in severe rheumatoid arthritis and also cleared the first dose cohort in a clinical study of Imvotamab in severe systemic lupus erythematosus. Additionally, they initiated the recruitment of patients in an open-label clinical study testing Imvotamab in moderate-severe idiopathic inflammatory myopathies (myositis).
In terms of financial results, the company reported that cash and investments as of June 30, 2024, were $256.4 million, compared to $337.7 million as of December 31, 2023. Collaboration revenues for the second quarter of 2024 were $1.3 million, up from $0.4 million for the same period in 2023. Research and development (R&D) expenses for the second quarter of 2024 were $42.0 million, down from $55.7 million for the second quarter of 2023. General and administrative (G&A) expenses for the second quarter of 2024 were $10.6 million, down from $13.0 million for the second quarter of 2023. The net loss for the second quarter of 2024 was $47.9 million, or a loss of $0.79 per share, compared to a net loss of $64.4 million, or a loss of $1.43 per share for the second quarter of 2023.
Looking ahead, Igm Biosciences expects full-year 2024 GAAP operating expenses of $210 million to $220 million, including estimated non-cash stock-based compensation expense of approximately $40 million, and full-year collaboration revenue of approximately $2 million related to the Sanofi agreement. The company anticipates ending 2024 with a balance of approximately $180 million in cash and investments, which it believes will enable it to fund its operating expenses and capital expenditure requirements into the second quarter of 2026.
As of the end of the second quarter, Igm Biosciences holds a strong financial position and continues to advance its pipeline of clinical and preclinical assets, based on the IgM antibody, to develop new class of medicines for cancer and autoimmune and inflammatory diseases. Following these announcements, the company's shares moved 0.6%, and are now trading at a price of $8.88. If you want to know more, read the company's complete 8-K report here.
