Ikena Oncology Outlines Key Priorities and Provides Corporate Updates; Announces Workforce Reduction Of ~35%; Ended 2023 In Strong Financial Position With ~$175M In Cash; Runway Extended Into H2 2026

Author: Benzinga Newsdesk | January 18, 2024 05:14pm

IK-930 optimized formulation now in the clinic; on track to deliver additional monotherapy data in 2H 2024

 

IK-595 first cohort treated and cleared safety evaluation window

Focused execution on core targeted oncology clinical programs; organizational reallocation of resources from exploratory discovery to clinical development of IK-930 and IK-595

Ended 2023 in strong financial position with approximately $175 million in cash; runway extended into 2H 2026

BOSTON, Jan. 18, 2024 (GLOBE NEWSWIRE) -- Ikena Oncology, Inc. (NASDAQ:IKNA, "Ikena, " "Company"))))), a targeted oncology company forging new territory in patient-directed cancer treatment, today provided an organizational update outlining key objectives toward advancing the development of its lead targeted oncology assets, IK-930 and IK-595. The Company also announced an organizational streamlining that allows for the reallocation of resources from exploratory research and discovery towards the ongoing targeted oncology clinical programs. These efforts reinforce the Company's dedication to maximize impact and drive advancements in patient-directed treatments for cancer.

"We are laser focused on driving IK-930 and IK-595 forward in the next year to interpretable and clear data reads as we continue to build value for investors," commented Mark Manfredi, Ph.D., Chief Executive Officer of Ikena. "Our extended team has achieved many significant milestones together, and IK-930 and IK-595's clinical progress is evidence of these collective efforts. Ikena will be forever grateful for the impact that each of the members of our discovery and research team has had. The renewed focus on our lead assets, IK-930 and IK-595, underscores our dedication to delivering the full therapeutic potential of our clinical candidates that we believe could transform the lives of cancer patients."

IK-930: TEAD1-Selective Hippo Pathway Inhibitor

• An optimized formulation is now being dosed in the clinic concurrently with the original formulation
• The Company has expanded and accelerated targeted recruitment of mesothelioma patients and additional epithelioid hemangioendothelioma (EHE) patients
• A clinical data update is planned for the second half of 2024
  
   

IK-595: MEK-RAF Molecular Glue

• The initial cohort was dosed with IK-595 in December 2023 and has subsequently cleared the safety evaluation window
• Enrollment of targeted RAS and RAF mutant cancer patients in dose escalation continues, where multiple dosing schedules are being explored
• Backfill and expansion cohorts are planned in multiple indications where IK-595 may have differentiated advantages
  
   

Strategic and Corporate Updates

• With the advancement of IK-930 and IK-595, the Company has made the strategic decision to reallocate resources from the discovery organization to the clinical programs
• This includes a workforce reduction of approximately 35%, to be implemented over the course of the first quarter of 2024
  • With approximately $175 million in cash and cash equivalents as of December 31, 2023 (unaudited), and as a result of the organization changes the Company's runway is extended into the second half of 2026

Posted In: IKNA