Ikena Oncology Reports Second Quarter 2024 Financial Results
Rhea-AI Summary
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
Positive
- Strong cash position with $145.4 million in cash and investments
- Promising early pharmacokinetics and pharmacodynamics activity observed in IK-595 Phase 1 study
- Reduced net loss to $13.7 million from $17.1 million in Q2 2023
- Decreased R&D expenses to $9.8 million from $15.2 million in Q2 2023
Negative
- Discontinuation of IK-930 clinical program
- 53% workforce reduction implemented
- Evaluating strategic options, indicating potential challenges
- Restructuring costs of $0.7 million incurred in Q2 2024
News Market Reaction 1 Alert
On the day this news was published, IKNA declined 0.31%, reflecting a mild negative market reaction.
Data tracked by StockTitan Argus on the day of publication.
Strong financial position with
BOSTON, Aug. 08, 2024 (GLOBE NEWSWIRE) -- Ikena Oncology, Inc. (Nasdaq: IKNA, “Ikena,” “Company”) today announced financial results for the second quarter ended June 30, 2024, and provided an update regarding its ongoing activities.
Pipeline 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
- In May 2024, the Company announced the discontinuation of the IK-930 clinical program
Corporate Updates
- In May 2024, the Company announced it was evaluating a range of potential strategic options to maximize shareholder value, and implemented a
53% workforce reduction - In July 2024, the Company announced the appointment of Jotin Marango to serve as Chief Operating Officer, in addition to his roles as the Company’s Chief Financial Officer and Head of Corporate Development
Financial Results for the Quarter Ended June 30, 2024
As of June 30, 2024, the Company had cash, cash equivalents, and marketable securities of
Research and development expenses for the three months ended June 30, 2024 and 2023 were
General and administrative expenses for the three months ended June 30, 2024 and 2023 were
Restructuring and other costs for the three months ended June 30, 2024 were
The Company reported a net loss for the three months ended June 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; the Company’s expectations regarding the therapeutic benefit of its targeted oncology programs; and the Company’s ability to identify any potential strategic options and maximize shareholder value. 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 June 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 June 30, 2024 | Six Months Ended June 30, 2024 | ||||||||||||||
| 2024 | 2023 | 2024 | 2023 | |||||||||||||
| Collaboration revenue | $ | — | $ | 2,004 | $ | — | $ | 7,316 | ||||||||
| Operating expenses: | ||||||||||||||||
| Research and development | 9,832 | 15,172 | 19,477 | 30,723 | ||||||||||||
| General and administrative | 5,308 | 5,322 | 11,307 | 10,598 | ||||||||||||
| Restructuring and other charges | 683 | — | 3,265 | — | ||||||||||||
| Total operating expenses | 15,823 | 20,494 | 34,049 | 41,321 | ||||||||||||
| Loss from operations | (15,823 | ) | (18,490 | ) | (34,049 | ) | (34,005 | ) | ||||||||
| Other income (expense) | 2,155 | 1,375 | 4,262 | 2,671 | ||||||||||||
| Loss before income taxes | (13,668 | ) | (17,115 | ) | (29,787 | ) | (31,334 | ) | ||||||||
| Income tax expense | (62 | ) | — | (89 | ) | — | ||||||||||
| Net loss | $ | (13,730 | ) | $ | (17,115 | ) | $ | (29,876 | ) | $ | (31,334 | ) | ||||
| Net loss per share: | ||||||||||||||||
| Net loss per share- basic and diluted | $ | (0.28 | ) | $ | (0.44 | ) | $ | (0.62 | ) | $ | (0.83 | ) | ||||
| Weighted-average common shares outstanding, basic and diluted | 48,258,111 | 39,292,710 | 48,258,111 | 37,783,486 | ||||||||||||
| Selected Balance Sheet Items: | June 30, 2024 | December 31, 2023 | ||||||
| Cash, cash equivalents, and marketable securities | $ | 145,419 | $ | 175,465 | ||||
| Total assets | $ | 157,485 | $ | 192,092 | ||||
| Total liabilities | $ | 14,626 | $ | 22,335 | ||||
| Total stockholders' equity | $ | 142,859 | $ | 169,757 | ||||
FAQ
What was Ikena Oncology's (IKNA) cash position at the end of Q2 2024?
How did Ikena Oncology's (IKNA) R&D expenses change in Q2 2024 compared to Q2 2023?
What major corporate changes did Ikena Oncology (IKNA) announce in Q2 2024?
What is the status of Ikena Oncology's (IKNA) IK-595 clinical trial?
