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IGM issued a press release on January 9, 2025, “announc[ing] a strategic update to halt further development of imvotamab, an IgM-based CD20 X CD3 bispecific antibody T cell engager, and IGM-2644, an IgM-based CD38 X CD3 bispecific antibody T cell engager, for autoimmune diseases.” The press release quoted Mary Beth Harler, M.D., the Company’s Chief Executive Officer, as stating that “[i]nterim data from the Phase 1b studies of imvotamab in rheumatoid arthritis and systemic lupus erythematosus show that the depth and consistency of B cell depletion is insufficient to meet our high bar for success[.]”
Following this news, IGM’s stock price fell over 66% on January 10, 2025.