The company is currently evaluating internal options as well as potential strategic alternatives with the goal of maximizing value for its shareholders. The company also announced that it is reducing its workforce by about 73% to preserve cash.

IGM Biosciences has decided to halt development of imvotamab and IGM-2644, two IgM-based bispecific antibody T cell engagers for autoimmune diseases, and cut its staff by 73%. The biotechnology company said interim data from Phase 1b studies showed insufficient B cell depletion for imvotamab in treating rheumatoid arthritis and lupus.

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IGM Biosciences (NASDAQ:IGMS) announced that it is currently evaluating internal options as well as potential strategic alternatives. Under these changes, it will halt further development of imvotamab,

IGM Biosciences shares dived 69% in premarket trading a day after the company said it would halt development of two of its treatments. Shares were trading around $1.94. The stock is up 1.5% on the year.

IGM Biosciences (NASDAQ:IGMS) is slashing its workforce by 73% and discontinuing development of two of its lead drug candidates, imvotamab and IGM-2644, in the wake of disappointing data. The biotech company said it decided to halt further work on imvotamab due to disappointing Phase 1b results of the drug in the treatment of rheumatoid arthritis