Welcome to our dedicated page for Ikena Oncology news (Ticker: IKNA), a resource for investors and traders seeking the latest updates and insights on Ikena Oncology stock.
Ikena Oncology, Inc. (Nasdaq: IKNA) is a clinical-stage biotechnology company dedicated to discovering and developing patient-directed, biomarker-driven therapies for cancer patients. Formerly known as Kyn Therapeutics, Ikena focuses on understanding what drives cancer in each patient and tailoring treatments accordingly.
Core Business: The company is advancing several innovative programs targeting crucial pathways in oncology:
- IK-930: An oral small-molecule inhibitor targeting the TEAD transcription factor in the Hippo signaling pathway, a pathway implicated in oncogenic resistance.
- IK-595: A MEK-RAF complexing inhibitor expected to have an IND submitted soon, aiming to treat RAS and RAF mutant cancers.
- IK-175: An AHR antagonist developed in collaboration with Bristol Myers Squibb.
Strategic Collaborations: Ikena has entered into a global strategic collaboration with Celgene for its AHR antagonist and kynase programs. The company's approach is supported by top-tier investors, including OrbiMed Advisors and Atlas Venture.
Recent Achievements and Financial Health: Ikena recently acquired Pionyr Immunotherapeutics, Inc., which added approximately $43 million in net cash to its balance sheet. This acquisition strengthens Ikena's financial position, enabling the company to accelerate and expand its clinical programs. As of the latest reports, Ikena had substantial cash reserves to fund operations into the second half of 2026. The company is focused on advancing its IK-930 and IK-595 programs while exploring new strategic options.
Pipeline Progress: Ikena's IK-930 program showed promising initial clinical data, but the company decided to discontinue it to focus on other strategic areas. IK-595 continues to progress rapidly, showing encouraging early pharmacokinetic and pharmacodynamic data.
Mission and Vision: Ikena Oncology is committed to efficiently developing the right drug for the right patient, utilizing its depth of institutional knowledge and advanced tools.
For more information, visit the Ikena Oncology website or follow the company on LinkedIn.
Ikena Oncology (NASDAQ: IKNA) and Inmagene Biopharmaceuticals have announced a definitive merger agreement, along with a $75 million private placement. The transaction, expected to close in mid-2025, will result in approximately $175 million to support the development of IMG-007, a non-depleting anti-OX40 monoclonal antibody.
The private placement includes investments from Deep Track Capital, Foresite Capital, RTW Investments, and existing Ikena investors. The combined company will operate as ImageneBio, Inc. and trade under the ticker 'IMA', focusing on developing IMG-007 for atopic dermatitis treatment.
IMG-007 features an extended half-life compared to other OX40-targeting mAbs in Phase 2 and later development, with silenced ADCC function. A Phase 2b clinical trial in atopic dermatitis is planned for early 2025.
Ikena Oncology (NASDAQ: IKNA) reported Q3 2024 financial results, maintaining a strong cash position of $138.0 million. The company's Phase 1 study of IK-595 in RAS and RAF mutant cancers continues progressing, showing promising early pharmacokinetics and pharmacodynamics activity. Financial highlights include reduced R&D expenses to $6.8 million from $14.7 million year-over-year, and lower G&A expenses at $4.8 million compared to $6.0 million in Q3 2023. Net loss improved to $10.2 million from $17.3 million in the same period last year.
Ikena Oncology (Nasdaq: IKNA) reported Q2 2024 financial results, highlighting a strong cash position of $145.4 million. The company's Phase 1 study of IK-595 in RAS and RAF mutant cancers is progressing, showing promising early PK and PD activity. However, Ikena discontinued the IK-930 clinical program in May 2024. The company also announced a 53% workforce reduction and is evaluating strategic options to maximize shareholder value. Financial highlights include:
- R&D expenses decreased to $9.8 million from $15.2 million in Q2 2023
- G&A expenses remained stable at $5.3 million
- Net loss reduced to $13.7 million from $17.1 million in Q2 2023
- Restructuring costs of $0.7 million were reported for Q2 2024
Ikena Oncology announced the discontinuation of its IK-930 program, a TEAD1-selective Hippo pathway inhibitor, to focus resources on other strategic priorities. This includes the ongoing development of IK-595, a MEK-RAF molecular glue, which has shown promising early pharmacokinetic (PK) and pharmacodynamic (PD) data. Ikena ended Q1 2024 with $157.3 million in cash and is exploring strategic options to maximize shareholder value. The company is also executing a workforce reduction of approximately 53% in connection with the IK-930 winddown.
Ikena Oncology announced they are discontinuing the development of IK-930, their TEAD1-selective Hippo pathway inhibitor. The company will continue the clinical development of IK-595, a MEK-RAF molecular glue showing promising PK and PD data in RAS and RAF mutant cancers. Ikena ended Q1 with $157.3 million in cash and is projecting $110-$120 million by year-end 2024. The company is exploring strategic options, including partnerships, mergers, or asset sales. A workforce reduction of approximately 53% will occur in connection with the discontinuation of IK-930.
Ikena Oncology (Nasdaq: IKNA) reported its Q1 2024 financial results, highlighting a strong financial position with $157.3 million in cash and equivalents, sufficient to fund operations into H2 2026. The IK-930 program is on track for a clinical update in H2 2024, focusing on mesothelioma patients. The IK-595 program continues dose escalation in RAS and RAF mutant cancer patients, with more updates expected later in the year.
Financially, the company reported no collaboration revenue in Q1 2024, down from $5.3 million in Q1 2023 due to the completion of the Bristol-Myers Squibb collaboration. R&D expenses decreased to $9.6 million from $15.6 million, while general and administrative expenses increased to $6.0 million from $5.3 million. The net loss grew to $16.1 million, up from $14.2 million in the previous year.
Notable corporate updates include a renewed focus on core oncology programs and the appointment of Dr. Caroline Germa as Chief Medical Officer.
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