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

Rhea-AI Filing Summary

Perfect Moment Ltd. (PMNT) – Form 4 insider transaction

On 30 June 2025, reporting person Reeve Benaron—identified on the filing as a 10% owner—purchased 1,000,000 shares of Perfect Moment Ltd. common stock at $0.30 per share (Transaction Code P). The shares were acquired indirectly through Kahala19 LLC, an entity managed by the reporting person.

Following the purchase, Benaron’s indirect beneficial ownership increased to 5,851,995 shares. This total includes 861,995 common shares that could be issued upon conversion of 172,399 shares of the company’s 12% Series AA Convertible Preferred Stock already held by Kahala19 LLC. The preferred stock is convertible at the holder’s option without additional consideration, subject to customary adjustment mechanisms.

The Form 4 reports no sales or derivative security transactions, and no transactions were executed under a Rule 10b5-1 trading plan.

Positive

• 10% owner purchased 1,000,000 common shares, indicating increased insider confidence.
• Indirect ownership rises to 5,851,995 shares, strengthening insider alignment with shareholders.

Negative

• None.

Insights

Securities Analyst

TL;DR: 10% owner Reeve Benaron bought 1 M PMNT shares at $0.30, lifting indirect stake to 5.85 M shares.

The filing shows open‐market (Code P) accumulation by a control shareholder. A $300 k cash outlay at a micro-cap price point signals confidence in valuation and liquidity. Ownership now exceeds 5.8 M shares, augmented by convertible preferred that could further increase voting power upon conversion. No concurrent sales or hedging instruments were disclosed, and the purchase was not under a pre-arranged 10b5-1 plan, underscoring discretionary intent. While insider buying is generally viewed as bullish, investors should weigh the relatively small dollar value versus the company’s total float and the dilutive potential of outstanding preferred shares.

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
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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^*

Topsoe Christina Teng

(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	X	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		1,284(1)	A	$0	54,235	D
Common Stock								10,400,564	I	See footnote(2)
Common Stock								9,800	I	See footnote(3)

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 payment of a quarterly retainer in common stock pursuant to the Issuer's Outside Director Compensation Policy. Vested RSUs will be delivered to the Reporting Person on the earlier of (i) immediately prior to a change in control of the Issuer or (ii) following the Reporting Person's retirement or separation from service with the Issuer.

2. The shares are held directly by Topsoe Holding A/S. Jakob Haldor Topsoe, Christina Teng Topsoe, Anne Haugwitz-Hardenberg-Reventlow, Emil Oigaard, Thomas Schleicher and Birgitte Nielsen, members of the board of directors of Topsoe Holding A/S, may be deemed to share voting and investment power with respect to the shares reported herein and disclaim beneficial ownership of such shares, except to the extent of his or her pecuniary interest therein, if any.

3. The shares are held by Pillarcater LLC. The Reporting Person is the sole manager of Pillarcater LLC, which is wholly owned by CT Foundation (a South Dakota Trust) of which the Reporting Person is the sole beneficiary.

	/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

Who bought Perfect Moment (PMNT) shares in this Form 4?

10% owner Reeve Benaron acquired the shares through Kahala19 LLC.

How many PMNT shares were purchased and at what price?

The filing reports a purchase of 1,000,000 shares at $0.30 per share.

What is Reeve Benaron's total share ownership after the transaction?

He now indirectly owns 5,851,995 common shares, including shares issuable upon preferred conversion.

Were any shares sold or derivatives exercised in this filing?

No. The Form 4 lists only a single purchase; no sales or derivative transactions were reported.

Does the filing mention a Rule 10b5-1 trading plan?

No. The report states the transaction was not executed under a 10b5-1 plan.