[Form 4] IGM Biosciences, Inc. Insider Trading Activity

Rhea-AI Filing Summary

Universal Electronics Inc. (UEIC) Form 4 filing reports insider activity by director Michael D. Burger on 1 July 2025.

• Common stock acquisition: Burger converted 4,719 previously awarded restricted stock units (RSUs) into an equal number of UEIC shares under transaction code M (exercise of derivative security). He now holds 4,719 shares directly.
• New equity award: On the same date, Burger received 18,437 additional RSUs (transaction code A). These units were granted as director compensation and will fully vest on 1 July 2026.
• The exercised RSUs were settled for no cash consideration (price $0), and zero units from that grant remain outstanding.
• Ownership status: Filing is made by a single reporting person, marked as a Director with direct ownership of both the common shares and RSUs.

No other transaction types, option exercises, sales, or indirect ownership structures were disclosed.

Positive

• Insider ownership increases by 4,719 shares, suggesting continued alignment between the director and shareholders.

Negative

• Potential future dilution from the issuance of 18,437 new RSUs, which will settle into common stock in July 2026.

Insights

Equity Analyst

TL;DR Small insider share conversion plus sizable RSU grant; signals commitment but limited immediate market impact.

The conversion of 4,719 RSUs into common shares marginally increases insider ownership, typically viewed as a modest vote of confidence. The simultaneous award of 18,437 new RSUs represents standard board compensation rather than an opportunistic purchase. Because no open-market buying occurred and the award vests over a year, dilution and cash-flow effects are minimal. Overall, this filing is routine and unlikely to materially influence UEIC’s valuation or liquidity.

Corporate Governance Specialist

TL;DR Transaction is governance-compliant, reflects regular director compensation; no red flags detected.

The form indicates proper Section 16 reporting within two business days, a positive governance signal. The RSU award size aligns with typical mid-cap director compensation benchmarks. No preferential pricing or accelerated vesting terms are evident. The use of Rule 10b5-1 language ensures transparency for future trades. Therefore, the event is administratively sound and neither enhances nor detracts from shareholder rights.

SEC Form 4

FORM 4

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940

OMB APPROVAL

OMB Number:			3235-0287
Estimated average burden
hours per response:			0.5

Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

Check this box to indicate that a transaction was made pursuant to a contract, instruction or written plan for the purchase or sale of equity securities of the issuer that is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c). See Instruction 10.

1. Name and Address of Reporting Person^*

Thompson Elizabeth H.Z.

(Last) (First) (Middle)

C/O IGM BIOSCIENCES, INC.

325 E. MIDDLEFIELD ROAD

(Street)

MOUNTAIN VIEW CA 94043

(City) (State) (Zip)

2. Issuer Name and Ticker or Trading Symbol
IGM Biosciences, Inc. [ IGMS ]

5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

X	Director		10% Owner
	Officer (give title below)		Other (specify below)

3. Date of Earliest Transaction (Month/Day/Year)
06/30/2025

4. If Amendment, Date of Original Filed (Month/Day/Year)

6. Individual or Joint/Group Filing (Check Applicable Line)

X	Form filed by One Reporting Person
	Form filed by More than One Reporting Person

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	3. Transaction Code (Instr. 8)		4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5)			5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
			Code	V	Amount	(A) or (D)	Price
Common Stock	06/30/2025		A		694(1)	A	$0	7,196	D

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	4. Transaction Code (Instr. 8)		5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)		6. Date Exercisable and Expiration Date (Month/Day/Year)		7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4)		8. Price of Derivative Security (Instr. 5)	9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)	10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
				Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares

Explanation of Responses:

1. These securities are fully vested restricted stock units (RSUs). Each RSU represents a contingent right to receive one share of the Issuer's common stock. The amount reflects partial payment of a quarterly retainer in common stock pursuant to the Issuer's Outside Director Compensation Policy.

	/s/ Misbah Tahir, by power of attorney	07/02/2025
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.

FAQ

How many UEIC shares did Michael Burger acquire on 1 July 2025?

He acquired 4,719 shares through the settlement of restricted stock units.

What new equity compensation did UEIC grant to its director?

Burger received 18,437 restricted stock units that vest on 1 July 2026.

Was there any cash paid for the RSU conversion?

No. The RSUs converted at a price of $0 per share, reflecting a standard share settlement.

Does the filing indicate any insider sales of UEIC stock?

No insider sales were reported; the only activity was RSU conversion and a new grant.

Does this Form 4 affect UEIC’s immediate share count?

Yes, outstanding shares increase by 4,719 now and may rise by an additional 18,437 after the RSUs vest in 2026.