Ikena Oncology Reports Third Quarter 2024 Financial Results
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) ha riportato i risultati finanziari del terzo trimestre 2024, mantenendo una solida posizione di liquidità di 138,0 milioni di dollari. Lo studio di Fase 1 di IK-595 nei tumori mutanti RAS e RAF continua a progredire, mostrando promettenti attività precoci di farmacocinetica e farmacodinamica. I punti salienti finanziari includono una riduzione delle spese di R&S a 6,8 milioni di dollari rispetto ai 14,7 milioni di dollari dell'anno precedente e una diminuzione delle spese generali e amministrative a 4,8 milioni di dollari rispetto ai 6,0 milioni di dollari nel terzo trimestre del 2023. La perdita netta è migliorata a 10,2 milioni di dollari rispetto ai 17,3 milioni di dollari nello stesso periodo dell'anno scorso.
Ikena Oncology (NASDAQ: IKNA) reportó los resultados financieros del tercer trimestre de 2024, manteniendo una sólida posición de efectivo de 138,0 millones de dólares. El estudio de Fase 1 de IK-595 en cánceres mutantes RAS y RAF continúa progresando, mostrando prometedora actividad temprana en farmacocinética y farmacodinamia. Los aspectos financieros destacados incluyen una reducción en los gastos de I+D a 6,8 millones de dólares desde 14,7 millones de dólares en comparación con el año anterior, y una disminución de los gastos generales y administrativos a 4,8 millones de dólares en comparación con los 6,0 millones de dólares del tercer trimestre de 2023. La pérdida neta mejoró a 10,2 millones de dólares desde 17,3 millones de dólares en el mismo período del año pasado.
아이케나 온콜로지(Ikena Oncology) (NASDAQ: IKNA)는 2024년 3분기 재무 결과를 발표했으며, 1억 3,800만 달러의 강력한 현금 위치를 유지하고 있습니다. RAS 및 RAF 변이 암에 대한 IK-595의 1상 연구는 지속적으로 진행되고 있으며, 초기 약리학적 활성 및 약리 동태에서 유망한 결과를 보이고 있습니다. 재무 주요 내용으로는 연구개발 비용이 작년 대비 680만 달러에서 1,470만 달러로 감소했으며, 일반 관리 비용은 작년 3분기 600만 달러에서 480만 달러로 줄어들었습니다. 순손실은 작년 동기 대비 1,020만 달러에서 1,730만 달러로 개선되었습니다.
Ikena Oncology (NASDAQ: IKNA) a annoncé les résultats financiers du troisième trimestre 2024, maintenant une solide position de liquidités de 138,0 millions de dollars. L'étude de Phase 1 de l'IK-595 dans les cancers mutés RAS et RAF continue de progresser, montrant une activité précoce prometteuse en termes de pharmacocinétique et de pharmacodynamique. Les points forts financiers incluent une réduction des dépenses de R&D à 6,8 millions de dollars, contre 14,7 millions de dollars l'année précédente, et une diminution des frais généraux et administratifs à 4,8 millions de dollars par rapport à 6,0 millions de dollars au troisième trimestre 2023. La perte nette s'est améliorée à 10,2 millions de dollars contre 17,3 millions de dollars au même période de l'année dernière.
Ikena Oncology (NASDAQ: IKNA) hat die Finanzergebnisse für das dritte Quartal 2024 bekannt gegeben und hält eine starke Liquiditätsposition von 138,0 Millionen Dollar. Die Phase-1-Studie von IK-595 bei RAS- und RAF-mutierten Krebsarten wird weiterhin vorangetrieben und zeigt vielversprechende frühe Ergebnisse in der Pharmakokinetik und Pharmakodynamik. Zu den finanziellen Höhepunkten gehören reduzierte F&E-Ausgaben von 6,8 Millionen Dollar im Vergleich zu 14,7 Millionen Dollar im Vorjahr sowie niedrigere allgemeine und administrative Ausgaben von 4,8 Millionen Dollar im Vergleich zu 6,0 Millionen Dollar im dritten Quartal 2023. Der Nettverlust hat sich auf 10,2 Millionen Dollar gegenüber 17,3 Millionen Dollar im gleichen Zeitraum des Vorjahres verbessert.
- Strong cash position of $138.0 million
- Reduced R&D expenses by 54% year-over-year
- Decreased G&A expenses by 20% year-over-year
- Improved net loss by 41% compared to Q3 2023
- Promising early PK/PD activity in Phase 1 IK-595 study
- Ongoing net loss of $10.2 million in Q3 2024
- Incurred $0.8 million in restructuring costs
Insights
The Q3 financial results reveal a mixed picture for Ikena Oncology. The company maintains a strong cash position of
Notable cost reductions are evident with R&D expenses decreasing by
The company's strategic review signals potential M&A activity or partnership opportunities, which could significantly impact valuation. Early positive PK/PD data from IK-595 trials could attract potential partners or buyers, though more definitive clinical data would be needed to drive substantial value.
Strong financial position with
BOSTON, Nov. 07, 2024 (GLOBE NEWSWIRE) -- Ikena Oncology, Inc. (Nasdaq: IKNA, “Ikena,” “Company”) today announced financial results for the third quarter ended September 30, 2024, and provided an update regarding its ongoing activities.
Pipeline and Corporate Updates
- Dose escalation in the Phase 1 study of IK-595 in patients with RAS and RAF mutant cancers continues, with multiple cohorts having cleared their safety evaluation period
- Promising early pharmacokinetics (PK) and pharmacodynamics (PD) activity has been observed, with dose dependent exposure and target modulation measured in the blood
- The Company continues to evaluate a range of potential strategic options to maximize shareholder value
Financial Results for the Quarter Ended September 30, 2024
As of September 30, 2024, the Company had cash, cash equivalents, and marketable securities of
Research and development expenses for the three months ended September 30, 2024 and 2023 were
General and administrative expenses for the three months ended September 30, 2024 and 2023 were
Restructuring and other costs for the three months ended September 30, 2024 were
The Company reported a net loss for the three months ended September 30, 2024 and 2023 of
About Ikena Oncology
Ikena Oncology® develops differentiated therapies for patients in need that target nodes of cancer growth, spread, and therapeutic resistance. Ikena aims to utilize its depth of institutional knowledge and breadth of tools to efficiently develop the right drug using the right modality for the right patient. To learn more, visit www.ikenaoncology.com.
Forward-Looking Statements
This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, as amended, including, without limitation, implied and express statements regarding: the timing and advancement of the targeted oncology program that the Company is pursuing; and the Company’s expectations regarding the therapeutic benefit of its targeted oncology programs. The words “may,” “will,” “could,” “would,” “should,” “expect,” “plan,” “anticipate,” “intend,” “believe,” “estimate,” “predict,” “project,” “potential,” “continue,” “target” and similar expressions are intended to identify forward-looking statements, although not all forward-looking statements contain these identifying words. Any forward-looking statements in this press release are based on management’s current expectations and beliefs and are subject to a number of risks, uncertainties and important factors that may cause actual events or results to differ materially from those expressed or implied by any forward-looking statements contained in this press release, including, without limitation, those risks and uncertainties related to the timing, progress, results, and cost of the Company’s current research and development programs and clinical trials; the Company’s ability to identify, implement and realize the anticipated benefits from any strategic transaction; the Company’s ability to obtain funding for its operations necessary to complete further development and commercialization of its product candidates; the Company’s ability to obtain and maintain regulatory approval of its product candidates; the implementation of the Company’s business model, and strategic plans for its business and product candidates; and other factors discussed in the “Risk Factors” section of Ikena’s Quarterly Report on Form 10-Q for the quarter ended September 30, 2024, which is on file with the Securities and Exchange Commission (SEC), as updated by any subsequent SEC filings. You should not place undue reliance on any forward-looking statements, which speak only as of the date they are made. The Company disclaims any obligation to publicly update or revise any such statements to reflect any change in expectations or in events, conditions or circumstances on which any such statements may be based, or that may affect the likelihood that actual results will differ from those set forth in the forward-looking statements. Any forward-looking statements contained in this press release represent the Company’s views only as of the date hereof and should not be relied upon as representing its views as of any subsequent date. The Company explicitly disclaims any obligation to update any forward-looking statements.
Investor and Media Contact:
Rebecca Cohen
rcohen@ikenaoncology.com
| Selected Financial Information | ||||||||||||||||
| (in thousands, except share and per share data) | ||||||||||||||||
| (unaudited) | ||||||||||||||||
| Selected Statement of Operations Items: | Three Months Ended September 30, 2024 | Nine Months Ended September 30, 2024 | ||||||||||||||
| 2024 | 2023 | 2024 | 2023 | |||||||||||||
| Collaboration revenue | $ | — | $ | 1,185 | $ | — | $ | 8,501 | ||||||||
| Operating expenses: | ||||||||||||||||
| Research and development | 6,818 | 14,654 | 26,295 | 45,378 | ||||||||||||
| General and administrative | 4,777 | 6,034 | 16,084 | 16,632 | ||||||||||||
| Restructuring and other charges | 812 | — | 4,077 | — | ||||||||||||
| Total operating expenses | 12,407 | 20,688 | 46,456 | 62,010 | ||||||||||||
| Loss from operations | (12,407 | ) | (19,503 | ) | (46,456 | ) | (53,509 | ) | ||||||||
| Other income (expense) | 2,183 | 2,160 | 6,445 | 4,832 | ||||||||||||
| Loss before income taxes | (10,224 | ) | (17,343 | ) | (40,011 | ) | (48,677 | ) | ||||||||
| Income tax expense | (10 | ) | — | (99 | ) | — | ||||||||||
| Net loss | $ | (10,234 | ) | $ | (17,343 | ) | $ | (40,110 | ) | $ | (48,677 | ) | ||||
| Net loss per share: | ||||||||||||||||
| Net loss per share- basic and diluted | $ | (0.21 | ) | $ | (0.40 | ) | $ | (0.83 | ) | $ | (1.23 | ) | ||||
| Weighted-average common shares outstanding, basic and diluted | 48,258,111 | 43,437,844 | 48,258,111 | 39,688,984 | ||||||||||||
| Selected Balance Sheet Items: | September 30, 2024 | December 31, 2023 | |||||
| Cash, cash equivalents, and marketable securities | $ | 138,033 | $ | 175,465 | |||
| Total assets | $ | 148,988 | $ | 192,092 | |||
| Total liabilities | $ | 14,756 | $ | 22,335 | |||
| Total stockholders' equity | $ | 134,232 | $ | 169,757 | |||
FAQ
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