IGM Biosciences Halts Autoimmune Projects Amid Layoffs Following Disappointing Trial Data

Layoffs and Pipeline Reduction:
IGM Biosciences is cutting 73% of its workforce and halting development of two autoimmune drug candidates, imvotamab and IGM-2644, due to disappointing data from Phase Ib studies2.

Reason for Halting Projects:
The company cited that the depth and consistency of B cell depletion in rheumatoid arthritis and systemic lupus erythematosus did not meet their expectations2.

Financial Impact:
The layoffs will leave the company with fewer than 55 employees, down from 198. IGM has about $183.8 million in cash and investments as of December 312.

Strategic Reevaluation:
IGM is considering its next business move to maximize shareholder value, including evaluating internal options and potential strategic alternatives2.

Industry Context:
This is part of a broader trend in the biotech industry, with several companies announcing layoffs and pipeline adjustments in recent months34.

Sources:

2. https://www.biospace.com/job-trends/igm-biosciences-lays-off-73-of-staff-shrinks-pipeline

3. https://www.fiercebiotech.com/biotech/fierce-biotech-layoff-tracker-2025

4. https://www.fiercebiotech.com/biotech/fierce-biotech-layoff-tracker-2023