IGM Biosciences (NASDAQ:IGMS) said it was slashing its workforce by about 22% as it shuts down its hematologic oncology development programs in order to focus on therapeutics for colorectal cancer and autoimmune diseases.
The biotech company said the move is expected to extend its cash runway into Q2 2026.
IGM CEO Fred Schwarzer said in a statement that while the company was encouraged by data generated by the programs to be closed, “given the difficult conditions in the capital markets for our industry, we have decided to focus our capital resources on those opportunities we believe have the most potential to produce significant near-term value.”
As part of its shift in strategy, IGM plans to file with the FDA to begin clinical testing of its drug candidate IGM-2644 for the treatment of autoimmune diseases. It also plans to cease development of its targeted cytokine candidate.
The drug programs that IGM plans to shut down include aplitabart in acute myeloid leukemia and in combination with birinapant, IGM-2644 in multiple myeloma, IGM-2537 and IGM-7354.
IGM will continue work on its oncology, immunology and inflammation product candidates under its collaboration agreement Sanofi (SNY), it added.