IGM Biosciences Inc.
11/08/2024 | Press release | Distributed by Public on 11/08/2024 05:52
Amendment to Current Report Form 8 K/A
8-K/A
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 8-K/A
(Amendment No.1)
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
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Date of Report (Date of earliest event reported): September 27, 2024 |
IGM Biosciences, Inc.
(Exact name of Registrant as Specified in Its Charter)
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Delaware |
001-39045 |
77-0349194 |
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(State or Other Jurisdiction |
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(IRS Employer |
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325 E. Middlefield Road |
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Mountain View, California |
94043 |
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(Address of Principal Executive Offices) |
(Zip Code) |
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Registrant's Telephone Number, Including Area Code: (650) 965-7873 |
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Not Applicable |
(Former Name or Former Address, if Changed Since Last Report)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
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Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
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Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
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Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
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Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
Securities registered pursuant to Section 12(b) of the Act:
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Trading |
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Common Stock, par value $0.01 per share |
IGMS |
The Nasdaq Global Select Market |
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§ 230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§ 240.12b-2 of this chapter).
Emerging growth company ☒
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Explanatory Note
On October 3, 2024, IGM Biosciences, Inc. (the "Company") filed a Current Report on Form 8-K (the "Original Form 8-K") disclosing, among other items, a commitment to a strategic pivot and pipeline transformation, pursuant to which the Company has decided to begin taking steps, including a reduction in force, to minimize its future spending on the research and clinical development of aplitabart and its other oncology candidates (the "2024 Restructuring").
At the time of the filing of the Original Form 8-K, the Company was unable in good faith to make a determination of an estimate or range of estimates required by paragraphs (b), (c) and (d) of Item 2.05 of Form 8-K with respect to the 2024 Restructuring. This Amendment No. 1 to the Original Form 8-K (the "Amendment") is being filed by the Company to provide such information. Except as set forth herein, the remainder of the Original Form 8-K is unchanged.
Item 2.05 Costs Associated with Exit or Disposal Activities.
As a result of the 2024 Restructuring, the Company estimates it will incur total restructuring charges between $11.7 million and $14.4 million, consisting of cash expenditures between $3.4 million to $5.7 million for severance and one-time termination costs and between $0.1 million to $0.3 million in contract termination and other costs, along with non-cash incentive and stock-based compensation expense between $8.2 million to $8.4 million. The Company expects to recognize substantially all restructuring charges in the third quarter of 2024. The 2024 Restructuring activities are expected to be substantially complete by the second quarter of 2025.
The estimates of costs and expenses that the Company currently expects to incur in connection with the 2024 Restructuring are subject to a number of assumptions, and actual results may differ materially. The Company may also incur additional costs not currently contemplated due to events that may occur as a result of, or that are associated with, the 2024 Restructuring.
Cautionary Note Regarding Forward-Looking Statements
This Current Report on Form 8-K contains forward-looking statements. Such forward-looking statements are not based on historical fact and include, but are not limited to, the expected charges and costs of the 2024 Restructuring, the recognition of such restructuring charges, and the expected completion of the 2024 Restructuring activities. Such statements are subject to numerous important factors, risks and uncertainties that may cause actual events or results to differ materially, including but not limited to: the Company's early stages of clinical drug development; risks related to the use of engineered IgM antibodies, which is a novel and unproven therapeutic approach; the Company's ability to demonstrate the safety and efficacy of its product candidates; the Company's ability to successfully and timely advance its product candidates through clinical trials; the Company's ability to enroll patients in its clinical trials; the potential for the results of clinical trials to differ from preclinical, preliminary, initial or expected results; the risk of significant adverse events, toxicities or other undesirable side effects; the risk of the occurrence of any event, change or other circumstance that could give rise to the termination of collaborations with third parties; the Company's ability to successfully manufacture and supply its product candidates for clinical trials; the potential impact of continuing or worsening supply chain constraints; the risk that all necessary regulatory approvals cannot be obtained; the potential market for the Company's product candidates, and the progress and success of alternative therapeutics currently available or in development; the Company's ability to obtain additional capital to finance its operations; uncertainties related to the projections of the size of patient populations suffering from the diseases the Company is targeting; the Company's ability to obtain, maintain and protect its intellectual property rights; developments relating to the Company's competitors and its industry, including competing product candidates and therapies; any potential delays or disruptions resulting from catastrophic events, including epidemics or other outbreaks of infectious disease; general economic and market conditions, including inflation; uncertainties related to the Company's ability to realize the contemplated benefits of its strategic pivot and pipeline transformation and related reduction in force; and other risks and uncertainties, including those more fully described in the Company's filings with the Securities and Exchange Commission (SEC), including in the Company's Annual Report on Form 10-K filed with the SEC on March 7, 2024, the Company's Quarterly Report on Form 10-Q filed with the SEC on November 8, 2024, and any future reports the Company files with the SEC. Any forward-looking statements contained in this Current Report on Form 8-K speak only as of the date hereof, and the Company specifically disclaims any obligation to update any forward-looking statement, except as required by law.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
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IGM BIOSCIENCES, INC. |
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Date: |
November 8, 2024 |
By: |
/s/ Misbah Tahir |
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Misbah Tahir |