UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
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Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
Securities registered pursuant to Section 12(b) of the Act:
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Trading |
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Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§ 230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§ 240.12b-2 of this chapter).
Emerging growth company
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.
Item 2.02 Results of Operations and Financial Condition.
On August 8, 2022, IGM Biosciences, Inc. (the “Company”) issued a press release announcing its financial results for the quarter ended June 30, 2022. The full text of the press release is attached hereto as Exhibit 99.1 and is incorporated herein by reference.
All of the information furnished in this Item 2.02 and Item 9.01 (including Exhibit 99.1) shall not be deemed to be “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, and shall not be incorporated by reference in any filing under the Securities Act of 1933, as amended, or the Securities Exchange Act of 1934, as amended, except as shall be expressly set forth by specific reference in such a filing.
Item 9.01 Financial Statements and Exhibits.
(d) Exhibits.
Exhibit |
Description |
99.1 |
Press Release of IGM Biosciences, Inc., dated August 8, 2022. |
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104 |
Cover Page Interactive Data file (embedded within the Inline XBRL document) |
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.
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IGM BIOSCIENCES, INC. |
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Date: |
August 8, 2022 |
By: |
/s/ Misbah Tahir |
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Misbah Tahir |
Exhibit 99.1
IGM Biosciences Announces Second Quarter 2022 Financial Results and Provides Corporate Update
– Continued Advancement in Clinical Development of Imvotamab (IGM-2323) and IGM-8444 –
– Received $150 Million Upfront Payment in Connection with Closing of Collaboration Agreement with Sanofi –
MOUNTAIN VIEW, Calif., August 08, 2022 – IGM Biosciences, Inc. (Nasdaq: IGMS), a clinical-stage biotechnology company focused on creating and developing IgM antibodies, today announced its financial results for the second quarter ended June 30, 2022 and provided an update on recent developments.
“We continued to make good progress in the second quarter in our two Phase 2 clinical trials of our IgM T cell bispecific antibody, imvotamab, and in our Phase 1 clinical trial of our IgM Death Receptor 5 (DR5) agonist, IGM-8444, in multiple combination treatment regimens. We also made good progress across our preclinical pipeline in the second quarter, and we continue to expect to file INDs for our targeted IL‑15 IgM antibody, IGM-7354, and our CD38 x CD3 bispecific IgM antibody, IGM-2644, this year,” said Fred Schwarzer, Chief Executive Officer of IGM Biosciences. “In the second quarter, we also initiated our research collaboration with Sanofi for the development of agonist IgM antibodies against three oncology targets and three autoimmune/inflammation targets.”
Pipeline Updates
Imvotamab (CD20 x CD3)
IGM-8444 (DR5)
IGM-7354 (IL-15 x PD-L1)
IGM-2644 (CD38 x CD3)
Corporate Updates
Second Quarter 2022 Financial Results
2022 Financial Guidance
IGM expects to end 2022 with a balance of approximately $400 million in cash and investments. IGM estimates full year collaboration revenue of approximately $1 million related to the Sanofi agreement. IGM reiterates its previously issued financial guidance expecting full year GAAP operating expenses of $250 million to $260 million including estimated non-cash stock-based compensation expense of approximately $50 million.
About IGM Biosciences, Inc.
IGM Biosciences is a clinical-stage biotechnology company committed to developing and delivering a new class of medicines to treat patients with cancer, infectious diseases and autoimmune and inflammatory diseases. The Company’s pipeline of clinical and preclinical assets is based on the IgM antibody, which has 10 binding sites compared to conventional IgG antibodies with only 2 binding sites. The Company also has an exclusive worldwide collaboration agreement with Sanofi to create, develop, manufacture, and commercialize IgM antibody agonists against oncology and immunology/inflammation targets. For more information, please visit www.igmbio.com.
Cautionary Note Regarding Forward-Looking Statements
This press release contains forward-looking statements, including statements relating to IGM’s plans, expectations and forecasts and to future events. Such forward-looking statements include, but are not limited to: the potential of, and expectations regarding, IGM’s technology platform and its IgM antibodies and product candidates, including IGM-2323, IGM-8444, IGM-7354 and IGM-2644; expectations regarding the transaction with Sanofi, including all financial aspects of the collaboration; the potential benefits and results of the transaction with Sanofi, including goals of the collaboration; IGM’s plans and expectations regarding its clinical development efforts and activities; statements regarding the clinical development of IGM-2323, including the timing of reporting data; statements regarding the clinical development of IGM-8444, including the timing of reporting data and patient enrollment; the
expected timing of filing INDs for IGM-7354 and IGM-2644; IGM’s expectations regarding its financial position and guidance, including collaboration revenue, operating expenses, stock-based compensation expense, and ending 2022 cash and investments; and statements by IGM’s Chief Executive Officer. Such statements are subject to numerous important factors, risks and uncertainties that may cause actual events or results to differ materially, including but not limited to: potential delays and disruption resulting from the COVID-19 pandemic and governmental responses to the pandemic, including any future impacts to IGM’s operations, the manufacture of its product candidates, the progression of its clinical trials, enrollment in its current and future clinical trials and progression of its collaborations and related efforts; the risk of the occurrence of any event, change or other circumstance that could give rise to the termination of collaborations with third parties, including the agreement with Sanofi; IGM’s early stages of clinical drug development; risks related to the use of engineered IgM antibodies, which is a novel and unproven therapeutic approach; IGM’s ability to demonstrate the safety and efficacy of its product candidates; IGM’s ability to successfully and timely advance its product candidates through preclinical studies and clinical trials; IGM’s ability to enroll patients in its clinical trials; the potential for the results of clinical trials to differ from preclinical, preliminary, initial or expected results; the risk of significant adverse events, toxicities or other undesirable side effects; IGM’s ability to successfully manufacture and supply its product candidates for clinical trials; the potential impact of continuing or worsening supply chain constraints; the risk that all necessary regulatory approvals cannot be obtained; the potential market for IGM’s product candidates, and the progress and success of alternative therapeutics currently available or in development; IGM’s ability to obtain additional capital to finance its operations, if needed; uncertainties related to the projections of the size of patient populations suffering from the diseases IGM is targeting; IGM’s ability to obtain, maintain and protect its intellectual property rights; developments relating to IGM’s competitors and its industry, including competing product candidates and therapies; general economic and market conditions; and other risks and uncertainties, including those more fully described in IGM’s filings with the Securities and Exchange Commission (SEC), including IGM’s Quarterly Report on Form 10-Q filed with the SEC on August 8, 2022 and in IGM’s future reports to be filed with the SEC. Any forward-looking statements contained in this press release speak only as of the date hereof, and IGM specifically disclaims any obligation to update any forward-looking statement, except as required by law.
Contact:
Argot Partners
David Pitts
212-600-1902
igmbio@argotpartners.com
IGM Biosciences, Inc.
Selected Statement of Operations Data
(unaudited)
(in thousands, except share and per share data)
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Three Months Ended |
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Six Months Ended |
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June 30, |
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June 30, |
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2022 |
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2021 |
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2022 |
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2021 |
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Collaboration revenue |
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$ |
366 |
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$ |
- |
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$ |
366 |
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$ |
- |
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Operating expenses: |
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Research and development (1) |
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47,218 |
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30,089 |
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86,093 |
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53,661 |
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General and administrative (1) |
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12,372 |
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8,649 |
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25,453 |
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16,783 |
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Total operating expenses |
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59,590 |
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38,738 |
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111,546 |
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70,444 |
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Loss from operations |
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(59,224 |
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(38,738 |
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(111,180 |
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(70,444 |
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Other income, net |
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629 |
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24 |
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691 |
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86 |
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Net loss |
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$ |
(58,595 |
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$ |
(38,714 |
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$ |
(110,489 |
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$ |
(70,358 |
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Net loss per share, basic and diluted |
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$ |
(1.33 |
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$ |
(1.16 |
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$ |
(2.84 |
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$ |
(2.11 |
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Weighted-average common shares outstanding, basic and diluted |
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43,919,092 |
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33,371,753 |
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38,906,839 |
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33,350,492 |
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(1) Amounts include stock-based compensation expense as follows:
Research and development |
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$ |
6,335 |
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$ |
2,645 |
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$ |
12,942 |
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$ |
4,510 |
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General and administrative |
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4,951 |
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2,964 |
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9,843 |
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6,603 |
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Total stock-based compensation expense |
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$ |
11,286 |
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$ |
5,609 |
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$ |
22,785 |
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$ |
11,113 |
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IGM Biosciences, Inc.
Selected Balance Sheet Data
(unaudited)
(in thousands)
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June 30, |
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December 31, |
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2022 |
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2021 |
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Cash and investments |
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$ |
513,205 |
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$ |
229,542 |
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Total assets |
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582,197 |
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298,127 |
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Accounts payable |
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3,459 |
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5,584 |
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Accrued liabilities |
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24,568 |
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18,876 |
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Deferred revenue |
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149,634 |
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— |
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Total liabilities |
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206,786 |
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53,219 |
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Accumulated deficit |
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(464,213 |
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(353,724 |
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Total stockholders' equity |
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375,411 |
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244,908 |
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