Executive Summary

Q2 2024 showed disciplined expense control and operational progress: collaboration revenue was $1.254M, net loss narrowed to $(47.9)M with EPS of $(0.79), reflecting lower R&D and G&A versus prior year .
Management completed enrollment (127 patients vs 110 target) in the randomized aplitabart + FOLFIRI/bevacizumab colorectal cancer study; top-line PFS data are expected by end of Q1 2025, a key stock catalyst .
Autoimmune pipeline advanced: imvotamab cleared RA dose cohorts 1–2 and SLE cohort 1; myositis enrollment initiated, reinforcing the T-cell engager strategy .
Guidance was mixed: FY24 GAAP OpEx maintained ($210–$220M), but collaboration revenue guidance was revised down to ~$2M from ~$63M previously; the change materially reduces expected reported revenue, and warrants close monitoring of accounting updates tied to the Sanofi collaboration .

What Went Well and What Went Wrong

What Went Well

Enrollment progress exceeded plan: “We are pleased to have completed enrollment of 127 patients… in second line colorectal cancer,” enhancing statistical power and advancing the timeline to a PFS readout by end of Q1 2025 .
Autoimmune execution strengthened: RA cohorts 1–2 cleared and SLE cohort 1 cleared, demonstrating dose progression and operational continuity across indications; myositis recruitment initiated .
Expense discipline improved the P&L: R&D fell to $42.0M and G&A to $10.6M, driving a narrower net loss year-over-year (EPS $(0.79) vs $(1.43)), aided by lower operating expenses .

What Went Wrong

Collaboration revenue guidance reset: FY24 collaboration revenue cut to ~$2M from ~$63M (with $62M previously expected in Q2), eliminating a sizable non-cash revenue recognition tailwind contemplated in Q1 and constraining reported revenue trajectory .
Reported collaboration revenue in Q2 remained small at $1.254M, highlighting continued reliance on financing and careful cash management until clinical milestones convert to value .
No earnings call transcript available for Q2, limiting visibility into management’s real-time commentary, Q&A clarifications, and potential accounting rationale behind guidance changes (no transcript found) [ListDocuments: earnings-call-transcript None].

Financial Results

Metric (USD)	Q2 2023 (oldest)	Q4 2023	Q1 2024	Q2 2024 (newest)
Collaboration Revenue ($M)	$0.448	$0.651	$0.497	$1.254
Research & Development ($M)	$55.673	$54.190	$43.815	$41.962
General & Administrative ($M)	$12.983	$11.580	$10.538	$10.649
Total Operating Expenses ($M)	$68.656	$65.770	$54.353	$52.611
Loss from Operations ($M)	$(68.208)	$(65.119)	$(53.856)	$(51.357)
Interest Income ($M)	$3.894	$4.666	$4.040	$3.455
Net Loss ($M)	$(64.423)	$(60.695)	$(49.816)	$(47.902)
EPS (Basic & Diluted)	$(1.43)	$(1.01)	$(0.83)	$(0.79)
Cash & Investments ($M)	N/A	$337.677	$293.768	$256.381
Deferred Revenue ($M)	N/A	$146.801	$146.304	$145.050
Stockholders’ Equity ($M)	N/A	$203.234	$161.253	$122.358

Notes:

No consensus estimates were available via S&P Global for IGMS in our tool due to a missing CIQ mapping; therefore, beats/misses versus Street were not assessed [GetEstimates error].
Q2 YOY improvement in EPS and net loss driven by reduced operating expenses (R&D and G&A) .

Segment breakdown: Collaboration revenue only; no commercial product revenue disclosed .

KPIs and Pipeline Progress

KPI	Q4 2023 (prev)	Q1 2024 (prev)	Q2 2024 (current)
Aplitabart randomized CRC trial enrollment	Ongoing; targeting 110 patients	Target exceeded (>120 expected)	Enrollment completed at 127 patients; PFS top-line by end Q1 2025
Aplitabart 10 mg/kg single-arm cohort	Expected to complete 1H24	Target of 20 patients met	Not updated in Q2 PR
Imvotamab RA (placebo-controlled)	Initiated; expanding sites	First cohort fully enrolled	Cohorts 1–2 cleared; cohort 3 enrolling
Imvotamab SLE (open-label)	Initiated	First cohort enrolling	First cohort cleared; second cohort enrolling; plan third
Imvotamab Myositis (IIM)	IND cleared; preparing to initiate	Initiating; recruiting expected this quarter	Enrollment initiated
IGM-2644 (CD38xCD3)	Planning for autoimmune	Planning continues	gMG study expected to begin by end 2024

Guidance Changes

Metric	Period	Previous Guidance	Current Guidance	Change
GAAP Operating Expenses	FY 2024	$210–$220M	$210–$220M	Maintained
Stock-based Compensation	FY 2024	~$40M	~$40M	Maintained
Collaboration Revenue	FY 2024	~$3M (Mar) ; then ~$63M with ~$62M in Q2 (May)	~$2M (Aug)	Lowered (material reset from ~$63M to ~$2M)
Ending Cash & Investments	FY 2024	~$180M	~$180M	Maintained
Cash Runway	Through	Into Q2 2026	Into Q2 2026	Maintained

Observation: The collaboration revenue guidance was materially revised downward in Q2 versus Q1, removing the previously signaled accounting recognition of $62M in Q2 related to the Sanofi upfront; the Q2 filing does not provide explanatory detail beyond the updated guidance .

Earnings Call Themes & Trends

(No Q2 earnings call transcript available; themes synthesized from company releases.)

Topic	Previous Mentions (Q4 2023)	Previous Mentions (Q1 2024)	Current Period (Q2 2024)	Trend
Aplitabart CRC randomized trial	Enrollment ongoing; target 110; PFS evaluation by year-end if control PFS ~6 months	Target exceeded (>120 expected)	Enrollment completed at 127; PFS top-line by end Q1 2025	Accelerating to data readout
Autoimmune TCE strategy (imvotamab)	RA & SLE trials initiated; expanding sites; myositis preparing	RA cohort 1 fully enrolled; SLE cohort 1 enrolling; myositis initiation expected	RA cohorts 1–2 cleared; SLE cohort 1 cleared; myositis enrollment initiated	Execution momentum
Sanofi collaboration focus	Oncology + immunology/inflammation framework	Refocused exclusively to immunology/inflammation	FY24 collaboration revenue guidance revised to ~$2M	Strategic refocus; accounting reset
R&D execution and OpEx	FY24 OpEx $210–$220M	Reiterated	Reiterated; lower Q2 R&D and G&A vs prior year	Discipline maintained
Near-term catalysts	Aim for meaningful initial imvotamab data by end-2024	Targeting same	PFS top-line by end Q1 2025; autoimmune dose progress	Visibility improving

Management Commentary

“We continue to make significant progress in the clinical development of our two lead product candidates… completed enrollment of 127 patients… and successfully cleared the first two cohorts [RA] and the first cohort [SLE].” — Fred Schwarzer, CEO .
“This randomized trial is designed to assess the benefit of 3 mg/kg of aplitabart… with a primary endpoint of progression-free survival (PFS)… Company expects to release top-line PFS results by the end of the first quarter of 2025.” .
“Enrollment initiated in myositis… expected to begin enrolling patients in a single arm, open-label clinical study testing IGM-2644 in generalized myasthenia gravis (gMG) by the end of 2024.” .

Q&A Highlights

No Q2 2024 earnings call transcript found; Q&A highlights and clarifications are unavailable in our corpus [ListDocuments: earnings-call-transcript None].

Estimates Context

S&P Global consensus estimates (EPS, revenue) were unavailable in our tool for IGMS due to a missing CIQ mapping, so we could not assess beats/misses versus Street. We will re-attempt once mapping is updated to evaluate estimate comparisons [GetEstimates error].

Implication: Without Street estimates, investors should gauge momentum via operational milestones (aplitabart PFS timing; autoimmune dose progression) and updated FY24 guidance.

Key Takeaways for Investors

The aplitabart CRC randomized study completed enrollment at 127 patients (above plan), setting up a pivotal top-line PFS readout by end Q1 2025 — a binary, high-impact catalyst for the stock .
Autoimmune TCE pipeline is advancing across RA, SLE, and myositis; multi-indication progress diversifies risk and broadens potential value creation beyond oncology .
Q2 reported P&L improved vs prior year with lower R&D and G&A; continued OpEx discipline supports extended runway guidance (ending cash ~$180M, runway into Q2 2026) .
Collaboration revenue guidance reset to ~$2M from ~$63M reduces reported revenue tailwinds; monitor future disclosures for accounting updates tied to the Sanofi collaboration .
Near-term trading focus: watch for autoimmune initial data by late 2024, any interim updates on the CRC trial event accrual, and clarity on collaboration revenue recognition; absence of a Q2 call elevates importance of subsequent disclosures .
Strategic narrative is tilting toward autoimmunity T-cell engagers while oncology (aplitabart) remains an imminent catalyst; balanced exposure to both could re-rate the story on positive PFS or early autoimmune efficacy .

Sources: Q2 2024 8-K and press release ; Q2 2024 press release ; Q1 2024 8-K press release ; Q4 2023 8-K press release ; April 17, 2024 Sanofi refocus 8-K .

IGM Biosciences, Inc. (IGMS)·Q2 2024 Earnings Summary