IGM Biosciences (IGMS) plans to slash its workforce by 73% to preserve cash and assess strategic alternatives to maximize value for shareholders.
Developments of the imvotamab and IGM-2644 autoimmunity pipeline programs are being halted, the company said Thursday in a statement.
"Interim data from the Phase 1b studies of imvotamab in rheumatoid arthritis and systemic lupus erythematosus show that the depth and consistency of B cell depletion is insufficient to meet our high bar for success," IGM Chief Executive Officer Mary Beth Harler said in the statement.
"Concurrent with discontinuation of the imvotamab program, IGM-2644 is also being terminated due to strategic considerations," Harler said.
The company said it had unaudited cash and investments of $183.8 million as of Dec. 31.
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