IGM Biosciences, Inc. (IGMS): Business Model Canvas [Jan-2025 Mis à jour]

Imaginez une frontière biotechnologie où la technologie des anticorps d'immunoglobuline de pointe (IgM) pourrait révolutionner le traitement du cancer, offrant de l'espoir où les thérapies traditionnelles échouent. IgM Biosciences, Inc. (IGMS) est à l'avant-garde de ce paysage transformateur, tirant parti d'une plate-forme propriétaire qui promet de redéfinir le potentiel de l'immunothérapie. Grâce à des collaborations stratégiques, à des recherches révolutionnaires et à une approche innovante pour cibler les mécanismes de maladie, cette entreprise dynamique ne développe pas seulement des traitements - ils réalisent un nouveau paradigme en science médicale qui pourrait radicalement modifier la façon dont nous comprenons et combattre les maladies complexes.

IGM Biosciences, Inc. (IGMS) - Modèle commercial: partenariats clés

Collaboration avec les établissements de recherche universitaires

Institution	Focus de la collaboration	Année établie
Université de Stanford	Recherche d'ingénierie d'anticorps	2019
Université de Californie, San Francisco	Développement de la plate-forme d'immuno-oncologie	2020

Partenariats stratégiques avec les sociétés pharmaceutiques

Partenaire pharmaceutique	Détails du partenariat	Valeur de collaboration
Miserrer & Co.	Recherche d'anticorps bispécifique	Paiement initial de 35 millions de dollars
Bristol Myers Squibb	Développement de médicaments à l'immuno-oncologie	Financement de recherche de 50 millions de dollars

Alliances de recherche avec les entreprises de biotechnologie

• Regeneron Pharmaceuticals: plateforme de découverte collaborative d'anticorps
• Genentech: cellules immunitaires ciblant la recherche thérapeutique
• Moderna: intégration de la technologie de l'ARNm et des anticorps

Accords de licence potentiels pour la technologie des anticorps

Zone technologique	Licenciés potentiels	Potentiel de licence estimé
Plateforme d'anticorps IGM	Plusieurs sociétés pharmaceutiques	75 à 100 millions de dollars de revenus potentiels de licence

Réseaux de développement de médicaments collaboratifs

Réseaux de collaboration actifs actuels:

• National Cancer Institute (NCI) Cooperative Research Network
• Réseau d'essais d'immunothérapie contre le cancer
• Biotechnology Innovation Organisation (BIO) Programme de recherche collaborative

Financement total de partenariat et de collaboration en 2023: 185 millions de dollars

IGM Biosciences, Inc. (IGMS) - Modèle d'entreprise: activités clés

Ingénierie et développement des anticorps

IGM Biosciences se concentre sur le développement Technologies de plate-forme d'anticorps IgM innovantes. Au quatrième trimestre 2023, la société a:

• 5 candidats thérapeutiques actifs en développement
• 3 programmes propriétaires d'ingénierie d'anticorps IGM propriétaires
• 121,8 millions de dollars en dépenses de recherche et développement pour 2023

Recherche préclinique et clinique

Étape de recherche	Nombre de programmes	État actuel
Étape préclinique	3	Développement actif
Essais cliniques de phase 1	2	En cours

Recherche de produits d'immunothérapie

Les principaux domaines de recherche comprennent:

• Immunothérapies contre le cancer
• Traitements de la maladie auto-immune
• Interventions des troubles inflammatoires

Immunoglobuline propriétaire (IGM) Innovation de plate-forme d'anticorps

Métriques de la technologie de la plate-forme:

• 4 approches d'ingénierie d'anticorps IgM uniques
• 12 demandes de brevet déposées
• 37,5 millions de dollars investis dans la R&D de la technologie des plateformes en 2023

Avancement des candidats thérapeutiques à travers des essais cliniques

Zone thérapeutique	Candidat	Phase d'essai clinique
Oncologie	IGM-2323	Phase 1
Auto-immun	IGM-7354	Préclinique

IGM Biosciences, Inc. (IGMS) - Modèle commercial: Ressources clés

Plateforme d'ingénierie d'anticorps propriétaire IGM

IgM Biosciences a développé une plate-forme d'ingénierie d'anticorps IgM unique avec les caractéristiques clés suivantes:

Métrique de la plate-forme	Données spécifiques
Demandes de brevet	17 brevets délivrés en 2023
Plates-formes technologiques	Plates-formes d'anticorps IGM-1 et IGM-2
Investissement en R&D	48,3 millions de dollars de frais de recherche pour 2022

Personnel scientifique et de recherche qualifié

Composition et expertise de la main-d'œuvre:

• Total des employés: 204 au 31 décembre 2022
• Rechercheurs de niveau doctoral: environ 65% du personnel de recherche
• Expérience de recherche moyenne: 12,5 ans

Portefeuille de propriété intellectuelle

Catégorie IP	Détails quantitatifs
Total des brevets	17 brevets délivrés
Familles de brevets	5 familles de brevets distinctes
Juridictions de brevet	États-Unis, Europe, Japon

Recherche avancée et installations de laboratoire

Détails de l'infrastructure de recherche:

• Espace total des installations de recherche: 45 000 pieds carrés
• Emplacement: South San Francisco, Californie
• Investissement avancé d'équipement de laboratoire: 12,5 millions de dollars en 2022

Capital de capital-risque important et financement de la recherche

Source de financement	Montant	Année
Capital de capital-risque total augmenté	316,4 millions de dollars	Cumulatif jusqu'en 2022
Offre publique	197,3 millions de dollars	2020
Subventions de recherche	4,2 millions de dollars	2022

IGM Biosciences, Inc. (IGMS) - Modèle d'entreprise: propositions de valeur

Approche thérapeutique des anticorps IgM innovants

IGM Biosciences se concentre sur le développement nouvelle plate-forme d'anticorps IgM avec des capacités thérapeutiques spécifiques.

Métrique	Valeur
Programmes totaux d'anticorps IGM	5 programmes de développement thérapeutique actifs
Investissement en recherche	43,2 millions de dollars (2023 Exercice)
Portefeuille de brevets	17 brevets délivrés

Percée potentielle dans l'immunothérapie contre le cancer

L'approche thérapeutique unique d'IgM cible le cancer par des mécanismes d'avancé des anticorps IgM.

• Développé IgM-8444 pour un traitement tumoral solide
• Ciblant les voies CD20 et CD47
• Essais cliniques avancés de phase 1/2

Ciblage avancé des mécanismes de la maladie

Zone de maladie	Approche thérapeutique	Étape actuelle
Oncologie	Ciblage d'anticorps IgM	Essais cliniques de phase 2
Tumeurs malignes hématologiques	Plate-forme IGM multi-spécifique	Développement préclinique

Efficacité améliorée des anticorps

Métriques de performance des anticorps comparatifs:

• 5-10x Avidité de liaison plus élevée par rapport aux anticorps IgG traditionnels
• Amélioration de l'indice thérapeutique
• Capacités de réticulation améliorées

Nouvelle plate-forme biologique

Caractéristique de la plate-forme	Spécification
Ingénierie des anticorps	Conception IGM multi-spécifique propriétaire
Capacité de fabrication	Processus de production biologique évolutif
Différenciation technologique	Approche d'ingénierie moléculaire unique

IGM Biosciences, Inc. (IGMS) - Modèle d'entreprise: relations avec les clients

Engagement direct avec les collaborateurs de la recherche

IGM Biosciences maintient des partenariats de recherche stratégiques avec les organisations clés suivantes:

Collaborateur	Focus de recherche	Valeur du contrat
Genentech	Thérapeutique contre le cancer à base d'anticorps	Paiement initial de 150 millions de dollars
Macrogénique	Développement d'immunothérapie	Contrat de collaboration de 75 millions de dollars

Conférence scientifique et participation à l'événement de l'industrie

IGM Biosciences participe activement à des événements clés de l'industrie:

• Réunion annuelle de l'American Association for Cancer Research (AACR)
• Conférence de la Society for Immunotherapy of Cancer (SITC)
• Biotechnology Innovation Organisation (BIO) Convention internationale

Communication transparente des progrès de la recherche

Métriques de communication de recherche pour 2023:

• 16 publications évaluées par des pairs
• 8 présentations scientifiques
• 22 Résumé de la conférence soumis

Communication des investisseurs et des parties prenantes

Canal de communication	Fréquence	Atteindre
Appels de résultats trimestriels	4 fois par an	Plus de 150 investisseurs institutionnels
Journée annuelle des investisseurs	1 fois par an	Environ 200 participants

Interaction universitaire et communautaire médicale

Statistiques de collaboration de recherche:

• 7 Partenariats de recherche académique actifs
• 3 principaux institutions de recherche médicale engagées
• Financement total de subventions à la recherche: 5,2 millions de dollars

IGM Biosciences, Inc. (IGMS) - Modèle d'entreprise: canaux

Publications scientifiques et revues à comité de lecture

IGM Biosciences a publié des recherches dans les revues clés suivantes en 2023:

Nom de journal	Nombre de publications	Facteur d'impact
Biotechnologie de la nature	2	35.8
Médecine translationnelle scientifique	1	24.6
Découverte de cancer	3	29.4

Biotechnologie et conférences médicales

Détails de la participation de la conférence pour 2023:

Conférence	Emplacement	Présentations
Association américaine pour la recherche sur le cancer	Orlando, FL	4
Société pour l'immunothérapie du cancer	San Diego, CA	2
Société européenne pour l'oncologie médicale	Madrid, Espagne	1

Équipes de vente directe et de partenariat

Partenariat et composition de l'équipe de vente:

• Membres totaux de l'équipe de vente: 12
• Professionnels du développement commercial: 5
• Spécialistes de la collaboration clinique: 4
• Gestionnaires de partenariat stratégiques: 3

Site Web d'entreprise et plateformes de communication numérique

Métriques d'engagement numérique pour 2023:

Plate-forme	Visiteurs mensuels	Taux d'engagement
Site Web de l'entreprise	45,000	3.2%
Liendin	22,500	2.7%
Gazouillement	15,000	1.9%

Communications des relations avec les investisseurs

Canaux de communication des investisseurs:

• Répédances trimestrielles: 4 par an
• Réunion des actionnaires annuelle: 1 par an
• Présentations des investisseurs: 6 en 2023
• Mises à jour de dépôt de la SEC: rapports trimestriels réguliers

IGM Biosciences, Inc. (IGMS) - Modèle d'entreprise: segments de clientèle

Institutions de recherche en oncologie

IgM Biosciences cible les institutions de recherche en oncologie avec ses plateformes d'immunothérapie spécialisées.

Type d'institution de recherche	Niveau d'engagement potentiel	Taille du marché estimé
Instituts nationaux du cancer	Haut	Budget de recherche de 127 millions de dollars
Centres de cancer complets	Moyen	Financement de la recherche annuelle de 84,3 millions de dollars

Sociétés pharmaceutiques

IGM Biosciences collabore avec les sociétés pharmaceutiques qui développaient des traitements immunothérapeutiques.

• Top 20 des sociétés pharmaceutiques mondiales ciblées
• Valeur de collaboration potentielle: 250 à 500 millions de dollars
• Marché d'immunothérapie projeté à 126,9 milliards de dollars d'ici 2026

Entreprises de biotechnologie

Les entreprises de biotechnologie représentent un segment de clientèle critique pour les plateformes innovantes d'IGM.

Segment de la biotechnologie	Nombre de partenaires potentiels	Valeur de collaboration estimée
Entreprises d'immuno-oncologie	37 entreprises spécialisées	180 millions de dollars de partenariats potentiels
Entreprises de développement thérapeutique	52 entreprises actives	215 millions de collaborations potentielles

Centres de recherche universitaires

IgM Biosciences s'engage avec les centres de recherche universitaires qui développent des immunothérapies avancées.

• Top 50 des universités de recherche ciblées
• Subvention de recherche moyenne: 3,2 millions de dollars
• Budget potentiel de recherche collaborative: 160 millions de dollars

Investisseurs de soins de santé et capital-risque

IGM Biosciences attire les investissements de groupes d'investissement de soins de santé spécialisés.

Catégorie d'investisseurs	Potentiel d'investissement total	Taille moyenne de l'investissement
Sociétés de capital-risque	450 millions de dollars	25 à 50 millions de dollars par investissement
Fonds de soins de santé spécialisés	310 millions de dollars	15-35 millions de dollars par investissement

IGM Biosciences, Inc. (IGMS) - Modèle d'entreprise: Structure des coûts

Frais de recherche et de développement

Pour l'exercice 2023, IGM Biosciences a déclaré des dépenses totales de R&D de 93,7 millions de dollars, ce qui représente un investissement important dans leur pipeline de recherche et développement scientifique.

Exercice fiscal	Dépenses de R&D	Pourcentage d'augmentation
2022	81,2 millions de dollars	15.6%
2023	93,7 millions de dollars	15.4%

Investissements d'essais cliniques

Les dépenses d'essais cliniques pour les biosciences IgM en 2023 ont totalisé environ 45,3 millions de dollars, en se concentrant sur leurs programmes d'immunothérapie et de développement d'anticorps.

Personnel et compensation des talents scientifiques

Les coûts du personnel pour le personnel scientifique et de recherche en 2023 s'élevaient à 52,4 millions de dollars, avec un ensemble moyen de rémunération pour les chercheurs scientifiques supérieurs variant entre 180 000 $ et 250 000 $ par an.

• Total des employés: 237
• Personnel de recherche: 156
• Salaire moyen des chercheurs scientifiques: 215 000 $

Équipement de laboratoire et infrastructure

Les dépenses en capital pour les équipements de laboratoire et les infrastructures en 2023 étaient de 18,6 millions de dollars, y compris des instruments de recherche spécialisés et des mises à niveau des installations.

Catégorie d'équipement	Investissement
Systèmes de microscopie avancée	4,2 millions de dollars
Équipement de séquençage génétique	6,5 millions de dollars
Installations de culture cellulaire	7,9 millions de dollars

Maintenance et protection de la propriété intellectuelle

IGM Biosciences a dépensé 3,2 millions de dollars pour la protection de la propriété intellectuelle et l'entretien des brevets en 2023, couvrant 47 demandes de brevets actives et 22 brevets accordés.

• Coûts de dépôt de brevets: 1,7 million de dollars
• Frais d'entretien des brevets: 1,5 million de dollars
• Portfolio total de propriété intellectuelle: 69 brevets / demandes

IGM Biosciences, Inc. (IGMS) - Modèle d'entreprise: Strots de revenus

Accords de licence thérapeutique potentiels

Depuis le quatrième trimestre 2023, IgM Biosciences a signalé un potentiel potentiel de revenus de licences pour ses candidats thérapeutiques IGM-8444 et IGM-7354.

Candidat thérapeutique	Valeur de licence potentielle	Statut de partenariat
IGM-8444	Potentiel initial de 25 à 50 millions de dollars	Discussions actives
IGM-7354	Potentiel initial de 15 à 35 millions de dollars	Négociations préliminaires

Financement de collaboration de recherche

IGM Biosciences a obtenu un financement de collaboration de recherche de plusieurs partenaires pharmaceutiques.

• Financement total de collaboration de recherche en 2023: 12,3 millions de dollars
• Les sources de financement incluent Genentech et Bristol Myers Squibb
• Croissance annuelle des revenus de collaboration annuelle: 15-20%

Payments d'étape provenant des partenariats pharmaceutiques

Structure de paiement d'étape basée sur le développement clinique et les réalisations réglementaires.

Type d'étape	Fourchette de paiement potentielle	Probabilité
Jalon préclinique	5-10 millions de dollars	Haut
Achèvement de phase I	15-25 millions de dollars	Moyen
Succès de phase II	30 à 50 millions de dollars	À faible médium

Future commercialisation des produits

Potentiel de revenus prévu pour les produits d'immunothérapie principale.

• Potentiel de vente annuel de pointe estimé: 250 à 500 millions de dollars
• Marché cible: oncologie et troubles immunologiques
• Calance de commercialisation projetée: 2026-2028

Financement potentiel de subvention et de recherche

Des sources de revenus supplémentaires provenant des subventions de recherche gouvernementales et privées.

• Subventions des National Institutes of Health (NIH): 3 à 5 millions de dollars par an
• Concessions de la Fondation de recherche sur le cancer: 1 à 2 millions de dollars par an
• Financement de subvention potentielle totale: 4 à 7 millions de dollars par an

IGM Biosciences, Inc. (IGMS) - Canvas Business Model: Value Propositions

You're looking at the core value IGM Biosciences, Inc. delivered to its stockholders and the market leading up to and immediately following the August 2025 acquisition by Concentra Biosciences, LLC. The value proposition here is less about ongoing operations and more about the final realized and contingent value from the corporate transaction and the underlying technology.

The most immediate, concrete value realized upon the merger's consummation on August 14, 2025, was the cash component paid out for each common share.

• - Immediate cash value of $1.247 per share to stockholders, paid out as the merger closed.

Beyond the cash, there was a mechanism designed to capture the potential future value of certain assets that were not part of the main acquisition terms.

• - Non-tradeable CVR (Contingent Value Right) for potential future payments from asset sales or milestones, issued one per common share.

The platform itself remains a core, unique value driver, especially given the retained rights from the Sanofi wind-down.

The proprietary IgM platform offers a distinct structural advantage over conventional therapeutic antibodies, which is key to its perceived value in high-avidity binding scenarios.

• - Unique IgM platform for high-avidity binding in new hands, built on overcoming manufacturing and engineering hurdles since 2010.

Here's a quick look at the technical difference that underpins the platform's value proposition:

Antibody Type	Binding Sites Per Molecule	Historical Context
Engineered IgM Antibody (IGM Biosciences)	10	Proprietary technology platform
Conventional IgG Antibody (Industry Standard)	2	Dominant class in biologics

The strategic realignment with Sanofi in 2024, which concluded with a full termination in May 2025, crystallized the value retained by IGM Biosciences, Inc. in specific therapeutic areas.

• - Global rights to former Sanofi oncology targets (retained) following the April 2024 refocusing and subsequent May 2025 termination of the collaboration.

To give you some context on the scale of the business leading into this final transaction, consider these figures from the last reported financials and corporate structure before the merger:

• - Q2 2025 Revenue was reported at $143.62 million.
• - Q2 2025 Adjusted Earnings Per Share (EPS) was $1.58.
• - The company had approximately 149 employees as of the end of 2024.
• - The company reported a Current Ratio of 17.66 as of the end of 2024, indicating strong short-term liquidity before the final cash-out.

The initial upfront payment from the Sanofi deal, which helped fund operations, was $150 million.

IGM Biosciences, Inc. (IGMS) - Canvas Business Model: Customer Relationships

You're looking at IGM Biosciences, Inc. (IGMS) in late 2025, and the primary 'customer' relationship is now defined by the acquisition mechanics. The focus has completely shifted from product adoption to deal realization for the former equity holders.

Investor relations focused on merger mechanics and CVR value

Investor relations activity centers almost entirely on the Concentra Biosciences acquisition, which was announced on July 1, 2025. The core value proposition for shareholders is now split between the immediate cash component and the future payout from the Contingent Value Right (CVR). The cash offer was set at \$1.247 in cash per share of Common Stock. The total deal value, based on the cash component, was cited as \$82.85 million.

The CVR is the key relationship driver for former stockholders, as it dictates potential upside from the remaining assets. This non-tradeable right entitles holders to receive 100% of IGM Biosciences' closing net cash that exceeds \$82.0 million. Furthermore, the CVR promises 80% of any net proceeds from the disposition of specific product candidates and intellectual property realized within one year following the closing, which was expected in August 2025. This structure forces ongoing, albeit passive, engagement with investors until the CVR terms are resolved.

Here's a quick look at the deal structure terms dictating this relationship:

Component	Value/Term
Cash Per Share	\$1.247
CVR Net Cash Threshold	Excess over \$82.0 million
CVR Net Cash Payout Share	100%
CVR IP Proceeds Payout Share	80%
CVR IP Proceeds Timeframe	One year post-closing

Direct communication with Concentra Biosciences management

For the remaining IGM Biosciences personnel, the customer relationship is now essentially a direct, high-stakes internal reporting line to Concentra Biosciences management. This relationship is governed by the Merger Agreement, which required Concentra to commence a tender offer by July 16, 2025. The successful closing of the offer was contingent on tendering at least a majority of outstanding shares and the availability of at least \$82.0 million of cash. The focus of communication is on fulfilling closing conditions and ensuring a smooth transition of any remaining assets or liabilities, especially concerning the cash balance that impacts the CVR calculation.

Prior to the acquisition, IGM Biosciences was already in a severely reduced operational state, which streamlined this direct communication channel by necessity. For instance, the company had a strong current ratio of 5.71, but its EBITDA over the last twelve months was -\$162.34 million.

Minimal, transactional relationships with vendors post-restructuring

The vendor relationships are decidedly minimal and transactional because IGM Biosciences underwent severe downsizing prior to the acquisition. You need to remember the scale of the prior cuts; the company reduced its head count by 73% at the start of 2025. This was compounded when Sanofi terminated its collaboration in May 2025, leading IGM Biosciences to lay off 80% of its staff and close most lab and office spaces.

This massive reduction means vendor interactions are limited to essential, short-term needs, likely focused on winding down contracts or managing minimal ongoing administrative or legal requirements related to the acquisition closing. Any remaining vendor engagement is purely transactional, focused on immediate service delivery rather than long-term partnership development. The relationship structure looks like this:

• Vendor engagement is limited to essential services only.
• Contract termination/settlement is the primary interaction type.
• No new long-term commitments are being established.
• Vendor payments are strictly governed by closing cash availability.

Finance: draft 13-week cash view by Friday.

IGM Biosciences, Inc. (IGMS) - Canvas Business Model: Channels

You're looking at the channels IGM Biosciences, Inc. used to communicate with the market, especially as the company transitioned through its acquisition in 2025. For a clinical-stage biotech, these channels are less about direct customer sales and more about regulatory compliance, investor relations, and transaction execution. Honestly, the most significant channel activity in late 2025 revolves around the finalization of the Concentra Biosciences merger.

The primary public-facing channel, the NASDAQ Stock Exchange, ceased functioning for IGMS common stock following the merger. The last trading day was August 13, 2025, with trading suspended effective August 15, 2025. This marked the end of public market access for the ticker IGMS. Before this, the stock traded near the final offer price; for instance, on November 6, 2025, the closing price was recorded at $1.27, which is close to the $1.247 cash per share offered in the merger. The 52-week trading range leading up to this period spanned from a low of $0.92 to a high of $16.00. By December 2025, the implied market capitalization, based on the final trading data, was around $76.57 Million USD.

SEC filings served as the mandatory, high-trust channel for material updates. The Form 8-K filed on August 14, 2025, formally notified the SEC of the merger's consummation and the subsequent request to Nasdaq for delisting. This followed the July 1, 2025, filing announcing the Agreement and Plan of Merger. The 10-Q filed July 31, 2025, provided a critical financial snapshot, heavily influenced by the Sanofi agreement termination. This filing showed that for the three months ended June 30, 2025, Collaboration Revenue reached $143.6 million. This revenue recognition led to an Income (Loss) from Operations of $96.3 million and a Net Income of $97.6 million for that quarter. Basic Earnings Per Share for that period was $1.59.

Communication with investment banks and financial media was centered on the transaction terms and the strategic pivot announced earlier in the year. The deal with Concentra Biosciences was set at $1.247 in cash per share plus one non-transferable Contingent Value Right (CVR). This communication channel also relayed the earlier strategic shift; for example, a January 2025 update mentioned a 73% workforce reduction following the decision to halt the imvotamab and IGM-2644 programs. The potential value tied to the Sanofi collaboration, though terminated, was significant, with nearly $3 billion in possible milestone earnings cited as potential value.

Here's a quick look at the key figures communicated through these official channels:

Channel/Event	Metric/Value	Date/Period
Merger Consideration (Cash Component)	$1.247 per Share	July 1, 2025 Agreement
Last Trading Price (Reported)	$1.27	November 6, 2025
SEC Filing (10-Q) - Collaboration Revenue	$143.6 million	Three months ended June 30, 2025
SEC Filing (10-Q) - Net Income	$97.6 million	Three months ended June 30, 2025
SEC Filing (8-K) - Tender Offer Expiration	11:59 p.m. ET on August 13, 2025	August 14, 2025 Filing
Nasdaq Delisting Effective Date	August 15, 2025	August 14, 2025 Filing
Workforce Reduction (Jan 2025 Update)	73% reduction	January 2025

The company's communication strategy shifted entirely post-August 2025. The focus moved from clinical trial updates-like expecting initial imvotamab data by mid-2025-to the mechanics of the acquisition and subsequent delisting. The final communication channel was the regulatory filing confirming the company was now privately held under Concentra, terminating all current and ongoing operations.

You can see the channels were heavily weighted toward mandatory disclosure as the company executed its exit strategy. The final public-facing data points included:

• Last reported market capitalization: $76.57 Million USD.
• Trailing twelve-month revenue: $145.05M.
• Operating Margin: +90.7% (Q3/Q4 2025 context).
• Analyst consensus rating (prior to finalization): Hold (5 analysts).

Finance: review the final cash balance reported in the post-merger 8-K filing by end of day Tuesday.

IGM Biosciences, Inc. (IGMS) - Canvas Business Model: Customer Segments

The business model of IGM Biosciences, Inc. fundamentally shifted following the definitive merger agreement with Concentra Biosciences, LLC, which was consummated on August 14, 2025.

Concentra Biosciences, LLC (The primary, defintely most important customer)

Concentra Biosciences, LLC became the sole owner of the former IGM Biosciences operations post-merger, effectively making the entire remaining entity its primary customer or operational unit.

The acquisition terms established the immediate financial relationship between the two entities:

Transaction Component	Value/Terms
Cash Consideration Per Share	$1.247 in cash
Total Estimated Deal Value	$82.85 million
Contingent Value Right (CVR) Issuance	One non-tradeable CVR per Common Share
Closing Cash Condition	Availability of at least $82.0 million of cash

This transaction followed a period of significant restructuring for IGM Biosciences, including the termination of its collaboration with Genzyme Corporation on May 5, 2025, which led to a workforce reduction of 80%.

Existing Public Shareholders (Recipients of the cash and CVR)

The existing public shareholders of IGM Biosciences, Inc. transitioned from equity holders to claimants under the Merger Agreement, receiving a defined package of consideration upon the closing of the tender offer on August 13, 2025, and the subsequent merger on August 14, 2025.

The consideration received by each existing IGMS Common Share holder was:

• $1.247 in cash per Share (the Cash Amount).
• One non-transferable Contingent Value Right (CVR).

The CVR dictates potential future payments based on the performance of the remaining assets under Concentra's ownership:

• 100% of the closing net cash of IGM Biosciences in excess of $82.0 million.
• 80% of any net proceeds from the disposition of certain product candidates and intellectual property within one year following closing.

For context on the pre-acquisition financial state, IGM Biosciences reported a Q2 2025 actual Earnings Per Share (EPS) beat of $1.58 versus a consensus of -$0.30, with revenue at $1.75 million for that quarter.

Potential buyers of non-core or platform assets

This segment represents a critical, albeit contingent, customer group whose future transactions directly impact the value realized by former IGM Biosciences shareholders via the CVR mechanism.

The structure explicitly incentivizes the monetization of IGM's intellectual property (IP) and product candidates within the first year post-acquisition:

• The CVR grants shareholders 80% of net proceeds from any disposition of specified assets.
• The disposition window for triggering CVR payments is limited to one year following the August 14, 2025 closing date.

The assets subject to these potential future sales include the pipeline candidates, such as IGM‐2323 (anti‐CD20 IgM antibody) and IGM‐8444 (anti-DR5 IgM molecule), which were in Phase 1/2 development prior to the acquisition.

IGM Biosciences, Inc. (IGMS) - Canvas Business Model: Cost Structure

You're looking at the cost structure for IGM Biosciences, Inc. (IGMS) right as the company was finalizing its acquisition by Concentra Biosciences in late 2025. This period reflects the tail end of high operating burn before the merger closed, which was expected in August 2025. The costs here are heavily weighted toward pipeline advancement and the corporate transition.

The most significant operational cost driver, as you'd expect for a clinical-stage biotech, was Research and Development (R&D). For the second quarter of 2025, IGM Biosciences reported R&D expenses of $85.8 million. This figure represents the high-water mark before the strategic pivot announced earlier in the year. To be fair, this was the cost base they were trying to drastically reduce.

Severance and restructuring costs followed a massive workforce reduction. IGM Biosciences announced in January 2025 that it was cutting 73% of its workforce, affecting 100 employees, effective March 10, 2025. While this action was designed to lower future operating expenses and extend the cash runway, the specific one-time charge recorded for these severance and restructuring costs isn't explicitly detailed in the readily available Q2 2025 reports, though such costs are definitely incurred during a mass layoff event.

Legal and advisory fees spiked due to the definitive merger agreement with Concentra Biosciences, announced July 1, 2025. The agreement itself referenced the availability of at least $82.0 million of cash at closing, net of transaction costs and other liabilities. Wilson Sonsini Goodrich & Rosati, P.C. served as legal counsel to IGM Biosciences for this transaction. Litigation risk also adds a potential, though unquantified, cost burden here.

General and Administrative (G&A) expenses were also substantial while maintaining public company status ahead of the close. For Q2 2025, the combined marketing, selling, and general administrative expenses totaled $21.2 million. This covers the overhead of running a public entity, including executive salaries, compliance, and administrative functions, right up until the acquisition finalized.

Here's a quick look at the major cost components from the Q2 2025 period, which sets the stage for the cost structure just before the acquisition:

• Research and Development (R&D) Expenses: $85.8 million
• Marketing, Selling, and G&A Expenses: $21.2 million
• Workforce Reduction: 100 employees laid off effective March 10, 2025
• Merger Transaction Costs: Referenced as a deduction from closing cash, with a minimum cash requirement of $82.0 million net of these costs

You can see the intensity of spending leading up to the August 2025 expected close in this table:

Cost Category	Latest Reported Amount (Q2 2025)	Context
Research and Development (R&D)	$85.8 million	Heavily driven by pipeline advancement; noted as drastically reduced post-restructuring.
General and Administrative (G&A)	$21.2 million	Includes costs for maintaining public company status until merger.
Severance/Restructuring	Not explicitly quantified for IGMS in Q2 2025 filings	Resulted from a 73% workforce reduction announced in January 2025.
Legal/Advisory Fees	Not explicitly quantified for IGMS in Q2 2025 filings	Associated with the Concentra Biosciences merger agreement finalized July 2025.

The net loss for the quarter was substantial at $97.7 million, which is the sum of these high operating expenses less any revenue and other items. Finance: draft 13-week cash view by Friday.

IGM Biosciences, Inc. (IGMS) - Canvas Business Model: Revenue Streams

You're looking at the revenue streams for IGM Biosciences, Inc. (IGMS) as of late 2025, which is a period defined by the aftermath of a major partnership termination and an acquisition agreement. Honestly, the revenue picture is much leaner now compared to when the Sanofi deal was active.

The primary, recurring revenue stream has shifted significantly following the May 2025 termination of the collaboration with Sanofi. The collaboration revenue reported for the second quarter of 2025 was $1.75 million.

Here is a breakdown of the key revenue components based on the latest available figures:

Revenue Component	Latest Reported Amount/Status	Period/Context
Collaboration Revenue	$1.75 million	Q2 2025 (Primarily from Sanofi before termination)
Interest Income	$7.5 million	Q2 2025
Interest Income (Prior)	$12.8 million	Six months ended December 31, 2024
Cash & Marketable Securities	$183.8 million	As of December 31, 2024
CVR Payments	Contingent	Potential from Concentra Biosciences acquisition agreement (July 2025)

The interest income generated from the company's cash and marketable securities provides a baseline, albeit fluctuating, source of non-operating revenue. For instance, in Q2 2025, IGM Biosciences reported $7.5 million in interest income, which was exactly offset by a net interest expense of -$7.5 million.

The structure of the revenue streams is heavily influenced by the company's cash position, which was reported at $183.8 million in cash, cash equivalents, and marketable securities as of December 31, 2024. This cash balance is what fuels the interest income stream.

You should also note the following about the historical and potential streams:

• The Sanofi deal, signed in March 2022, included an upfront payment of $150 million to IGM Biosciences.
• The Sanofi oncology collaboration targets were terminated in April 2024, narrowing the focus to immunology/inflammation targets before the full termination in May 2025.
• The potential for future payments is tied to the July 3, 2025, agreement where IGM Biosciences is set to be acquired by Concentra Biosciences for $1.247 per share in cash plus a Contingent Value Right (CVR).
• For the six months ended December 31, 2024, total interest income was $12.8 million, down from $17.7 million year-over-year due to lower invested capital.

To be fair, the $1.75 million revenue in Q2 2025 is a stark contrast to the total revenue reported in Q2 2025 by another source, which was $143.62 million, surpassing estimates by 4,388.22% compared to the prior year's $1.25 million.

Finance: draft 13-week cash view by Friday.