Ikena Oncology Reports Third Quarter 2024 Financial Results

Rhea-AI Summary

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.

Positive

• 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

Negative

• Ongoing net loss of $10.2 million in Q3 2024
• Incurred $0.8 million in restructuring costs

Strong financial position with $138 million in cash and investments at close of third quarter

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 $138.0 million.

Research and development expenses for the three months ended September 30, 2024 and 2023 were $6.8 million and $14.7 million, respectively.

General and administrative expenses for the three months ended September 30, 2024 and 2023 were $4.8 million and $6.0 million, respectively.

Restructuring and other costs for the three months ended September 30, 2024 were $0.8 million.

The Company reported a net loss for the three months ended September 30, 2024 and 2023 of $10.2 million and $17.3 million, respectively.

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

What was Ikena Oncology's (IKNA) cash position in Q3 2024?

Ikena Oncology reported $138.0 million in cash, cash equivalents, and marketable securities as of September 30, 2024.

How much did Ikena Oncology (IKNA) lose in Q3 2024?

Ikena Oncology reported a net loss of $10.2 million for the third quarter of 2024.

What were Ikena Oncology's (IKNA) R&D expenses in Q3 2024?

Research and development expenses were $6.8 million in Q3 2024, down from $14.7 million in Q3 2023.

What is the status of Ikena Oncology's (IKNA) IK-595 clinical trial?

The Phase 1 study of IK-595 in RAS and RAF mutant cancers is continuing dose escalation, with multiple cohorts clearing safety evaluation and showing promising early PK/PD activity.