Form 4: IGM Biosciences Director Michael Lee Receives Stock as Quarterly Retainer

Michael Lee, a director at IGM Biosciences, acquired 1,734 shares of common stock as a quarterly retainer, while holding shares on behalf of Redmile Group, LLC.

Summary

• Michael Lee, a director of IGM Biosciences, acquired 1,734 shares of common stock on June 28, 2024.
• The acquisition was a payment for his quarterly retainer as an outside director, valued at $0.00 per share.
• Following the transaction, Lee directly owns 7,588 shares of IGM Biosciences common stock.
• Lee is a managing director of Redmile Group, LLC and holds the securities as a nominee for Redmile, assigning all economic and voting rights to them.
• Lee disclaims beneficial ownership of the securities, and the filing of the Form 4 is not an admission of beneficial ownership.
• Jeremy Green, as the principal of Redmile, may also be deemed a beneficial owner, but disclaims ownership except for their pecuniary interest.

Sentiment

Score: 6

Explanation: Neutral sentiment as the document primarily reports a routine transaction related to director compensation.

Positives

• The acquisition of shares by a director demonstrates alignment with shareholder interests.
• The stock grant is part of a pre-defined compensation policy, providing transparency.

Management Comments

• Mr. Lee disclaims beneficial ownership of the securities, and the filing of this Form 4 shall not be deemed an admission that Mr. Lee is the beneficial owner of the securities for purposes of Section 16 of the Securities Exchange Act of 1934, as amended, or for any other purpose.

Industry Context

Director compensation in the form of stock is a common practice in the biotech industry to align the interests of directors with those of shareholders.

Comparison to Industry Standards

• Granting stock as part of director compensation is a common practice among publicly traded biotech companies.
• Companies like Amgen, Gilead, and Biogen also utilize stock grants as part of their director compensation packages.
• The specific amount and vesting schedules vary based on company size, performance, and industry benchmarks.

Stakeholder Impact

• The transaction has a minor positive impact on shareholders as it aligns director interests with company performance.

Key Dates