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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.