On Tuesday, IGM Biosciences Inc. (NASDAQ:IGMS) announced a strategic pivot and pipeline transformation to accelerate and deepen its leadership in developing T cell-engaging IgM antibodies for autoimmune diseases.

The company's lead candidates include imvotamab, which is being developed for rheumatoid arthritis, systemic lupus erythematosus, and myositis, and IGM-2644, which is expected to enter a clinical study for generalized myasthenia gravis by the end of 2024.

IGM to minimize future spending on aplitabart and other oncology candidates.

In light of the emerging data from the company's ongoing randomized clinical trial of aplitabart in second-line metastatic colorectal cancer, together with the significant opportunity in autoimmunity, the company has decided to reduce workforce and minimize its future spending on the research and clinical development of aplitabart and other oncology candidates.

The company expected to release aplitabart top-line progression-free survival results from randomized colorectal cancer trial by the end of the first quarter of 2025.

As a result of these actions, IGM believes it can extend its current cash runway into 2027.

As part of the company's strategic pivot to autoimmunity, Fred Schwarzer, CEO, President, and Director, and Bruce Keyt, chief scientific officer, will step down from their current roles.

IGM has appointed ex-Bristol Myers Squibb & Co's executive (NYSE:BMY) Mary Beth Harler as the CEO.

Chris Takimoto, Chief Medical Officer, has also announced to step down.

Price Action: IGMS stock is down 13.20% at $14.36 at the last check on Tuesday.

• Eli Lilly Eyes New Trials For Weight-Loss Drugs In Non-Obese Patients.