Executive Summary

IGMS exceeded its enrollment target in the randomized aplitabart (DR5 agonist) + FOLFIRI + bevacizumab 2L metastatic colorectal cancer trial and now expects final enrollment to exceed 120 patients; top-line PFS results are expected by the end of Q1 2025, a clear binary catalyst for the stock .
Q1 2024 revenue was $0.5M and diluted EPS was -$0.83, with R&D down year over year; net loss improved to -$49.8M, and cash and investments were $293.8M at quarter-end .
IGMS raised 2024 collaboration revenue guidance to approximately $63M (with $62M recognized in Q2) following the refocusing of the Sanofi collaboration; OpEx guidance was maintained at $210–$220M, with year-end 2024 cash of ~$180M and runway into Q2 2026; the collaboration revenue is non-cash (accounting recognition of the 2022 upfront) .
Sanofi collaboration was narrowed to immunology/inflammation targets (IGMS retains oncology target rights), aligning external partnership resources with IGMS’s autoimmune focus and supporting higher 2024 revenue recognition from the agreement .

What Went Well and What Went Wrong

What Went Well

Enrollment momentum: “We are pleased to have exceeded our enrollment target of 110 patients” in the randomized aplitabart CRC trial and expect to exceed 120 patients, setting up a PFS readout by end of Q1 2025 .
Autoimmune progress: “We…completed enrollment in the first dose cohort of our clinical trial of imvotamab in severe rheumatoid arthritis,” with international site expansion underway; SLE cohort enrollment continues and myositis trial initiation expected in the current quarter .
2024 revenue outlook uplift (non-cash): Collaboration revenue raised to ~$63M (with $62M in Q2) due to Sanofi collaboration refocus, while OpEx guidance and cash runway were maintained, signaling disciplined spend with improved reported revenue optics .

What Went Wrong

Minimal revenue base: Collaboration revenue remained de minimis at $0.5M in Q1 (flat vs. $0.5M in Q1 2023), reflecting no product revenue contribution and ongoing reliance on external collaboration accounting .
Continued losses, though improving: Net loss was -$49.8M (vs. -$59.3M in Q1 2023), with total OpEx of $54.4M; absolute investment in R&D remains high despite YoY decline, which can weigh on valuation sensitivity ahead of readouts .
Non-cash revenue recognition: The large 2024 collaboration revenue uplift tied to Sanofi is accounting-only and “will not impact the Company’s cash balance or runway,” limiting near-term cash flow relief despite headline revenue increase .

Financial Results

P&L and Operating Metrics (USD Millions, except per-share and shares)

Metric	Q3 2023	Q4 2023	Q1 2024
Collaboration Revenue	$0.509	$0.651	$0.497
R&D Expense	$54.762	$54.190	$43.815
G&A Expense	$12.507	$11.580	$10.538
Total Operating Expenses	$67.269	$65.770	$54.353
Operating Loss	-$66.760	-$65.119	-$53.856
Interest Income	$5.011	$4.666	$4.040
Net Loss	-$61.989	-$60.695	-$49.816
Diluted EPS ($)	-$1.04	-$1.01	-$0.83
Weighted-Average Shares (MM)	59.580	59.829	60.114

Balance Sheet and Liquidity

Metric	Q3 2023	Q4 2023	Q1 2024
Cash & Investments	$387.0	$337.7	$293.8
Total Assets	$474.350	$423.411	$376.132
Total Liabilities	$220.488	$220.177	$214.879
Deferred Revenue	$147.452	$146.801	$146.304
Total Stockholders’ Equity	$253.862	$203.234	$161.253

Note: Margins are not meaningful at this stage given de minimis revenue; operating and net loss trends are the more relevant indicators .

Estimates vs. Actuals

Metric (Q1 2024)	Actual	S&P Global Consensus
Collaboration Revenue	$0.497M	N/A – consensus unavailable via SPGI tool
Diluted EPS	-$0.83	N/A – consensus unavailable via SPGI tool

Consensus estimates from S&P Global were not available for IGMS in our system at the time of analysis (SPGI mapping error). We will update when accessible.

Guidance Changes

Metric	Period	Previous Guidance (as of Q4 2023 PR)	Current Guidance (Q1 2024 PR)	Change
GAAP Operating Expenses	FY 2024	$210–$220M	$210–$220M	Maintained
Stock-Based Compensation (Included in OpEx)	FY 2024	~ $40M	~ $40M	Maintained
Collaboration Revenue	FY 2024	~ $3M (Sanofi)	~ $63M (accounting) with $62M in Q2	Raised (non-cash)
Ending Cash & Investments	FY 2024	~ $180M	~ $180M	Maintained
Cash Runway	—	Fund into Q2 2026	Fund into Q2 2026	Maintained

Context: In April, IGMS and Sanofi refocused their collaboration to immunology/inflammation; IGMS retains oncology rights. This strategic change underpins the 2024 collaboration revenue recognition uplift but does not affect cash (non-cash accounting recognition of 2022 upfront) .

Earnings Call Themes & Trends

(Transcript not available in our document set; themes below synthesize the last two earnings press releases and the Q1 PR.)

Topic	Q3 2023 (Prior-2)	Q4 2023 (Prior-1)	Q1 2024 (Current)	Trend
Aplitabart CRC randomized trial	Goal to enroll ~110 by end Q1 2024; expansion to U.S., Asia, Europe sites .	Enrollment “continues”; target completion anticipated expeditiously .	Enrollment target (110) exceeded; expect >120; top-line PFS by end Q1 2025 .	Accelerating, approaching data catalyst.
Aplitabart 10 mg/kg single-arm CRC	Dosing ongoing; complete enrollment 1H 2024 expected .	Expect complete enrollment 1H 2024 .	Enrollment target met (20 pts) .	Executed per plan.
Imvotamab (RA/SLE)	Two Phase 1b trials initiated; myositis IND cleared .	Two Phase 1b ongoing; expanding to int’l; myositis prep .	RA first dose cohort enrollment completed; SLE enrollment continues; myositis initiation this quarter; int’l expansion .	Advancing dose/escalation and breadth.
Sanofi collaboration	Active; background in pipeline .	Guides ~$3M 2024 collab revenue .	Refocused to immunology/inflammation; IGMS retains oncology rights; ~ $63M 2024 revenue recognition (non-cash) .	Strategic narrowing; accounting uplift.
Cash runway/OpEx	Expect >$325M end-2023; fund into 2H 2025 .	End-2024 cash ~$180M; fund into Q2 2026 .	Reaffirmed end-2024 ~$180M; fund into Q2 2026 .	Runway extended and maintained.

Management Commentary

“We are pleased to have exceeded our enrollment target of 110 patients in our randomized study of 3 mg/kg of aplitabart… We…expect that final enrollment…will exceed 120 patients.” – CEO Fred Schwarzer .
“We are also pleased that we have completed enrollment in the first dose cohort of our clinical trial of imvotamab in severe rheumatoid arthritis.” – CEO Fred Schwarzer .
On strategy with Sanofi: “The…collaboration agreement with Sanofi…will now focus exclusively on immunology/inflammation targets. IGM will retain global rights to…oncology targets nominated by Sanofi…” – CEO Fred Schwarzer .

Q&A Highlights

The Q1 2024 earnings call transcript was not available in our document set (no transcript found). We will update this section with Q&A themes and clarifications once the transcript becomes accessible.

Estimates Context

S&P Global consensus estimates for IGMS Q1 2024 revenue and EPS were not available in our system due to a mapping issue; as a result, we cannot characterize beats/misses versus consensus at this time. We will update when S&P Global data becomes accessible.
Actual Q1 2024 results: Revenue $0.497M; EPS -$0.83 .
Given the collaboration revenue uplift is non-cash accounting recognition (primarily in Q2), Street models may need to adjust GAAP revenue trajectories for 2024 while leaving cash runway and OpEx expectations largely unchanged based on management guidance .

Key Takeaways for Investors

The aplitabart CRC randomized trial hit and exceeded its 110-patient enrollment target; top-line PFS data by end of Q1 2025 is a major binary catalyst pathfinder for the equity narrative .
Autoimmune execution continues: RA first dose cohort fully enrolled; SLE enrollment ongoing; myositis trial initiation expected this quarter—an expanding clinical footprint that broadens potential news flow through 2024–2025 .
2024 collaboration revenue raised to ~$63M (with $62M recognized in Q2), but this is non-cash revenue recognition of the 2022 Sanofi upfront; it will not extend cash runway, which remains guided into Q2 2026 with ~ $180M YE 2024 cash .
Q1 operating discipline: R&D and G&A declined YoY, improving net loss versus Q1 2023; combined with interest income, this supports maintaining runway while advancing key programs .
Strategic focus with Sanofi now exclusively on immunology/inflammation, while IGMS retains oncology rights—simplifying collaboration scope and sharpening internal prioritization .
Near-term stock catalysts: accounting-related revenue recognition in Q2 2024 (headline GAAP lift, no cash), trial enrollments and dose escalations in autoimmune, and the 1Q25 PFS readout for aplitabart .

Appendix: Additional Data Points from Q1 2024 PR

Cash & investments at 3/31/24: $293.8M .
Collaboration revenue: $0.5M (Q1 2024 and Q1 2023) .
R&D expense: $43.8M (Q1 2024) vs $50.9M (Q1 2023) .
G&A expense: $10.5M (Q1 2024) vs $13.0M (Q1 2023) .
Net loss: -$49.8M; EPS: -$0.83 (Q1 2024) vs -$1.33 (Q1 2023) .
2024 guidance reiterated/updated: OpEx $210–$220M (incl. ~$40M SBC); collab revenue ~$63M (mostly Q2); YE cash ~$180M; runway into Q2 2026 .

Sources: Q1 2024 earnings press release and 8-K ; Q4/FY 2023 press release ; Q3 2023 press release ; Sanofi collaboration refocus press release (April 17, 2024) .

IGM Biosciences, Inc. (IGMS)·Q1 2024 Earnings Summary