Ikena Oncology Stock Price, News & Analysis

Ikena Oncology, Inc. (historically trading on Nasdaq under the ticker IKNA) was a targeted oncology company focused on developing differentiated therapies that address key nodes of cancer growth, spread, and therapeutic resistance. The company described itself as a patient-directed, targeted oncology organization working in the Hippo and RAS onco-signaling networks, seeking to develop the right drug using the right modality for the right patient.

According to company disclosures, Ikena’s lead targeted oncology program was IK-930, a TEAD1-selective Hippo pathway inhibitor. The Hippo pathway is characterized in Ikena’s materials as a tumor suppressor pathway that also drives resistance to multiple targeted therapies, making it a central focus of the company’s research. Ikena’s second clinical-stage program was IK-595, described as a novel MEK-RAF molecular glue targeting the RAS signaling pathway in patients with RAS and RAF mutant cancers.

In a strategic update, Ikena announced that it would discontinue development of IK-930 after reviewing clinical data, available resources, and corporate priorities. The company indicated that it would wind down the IK-930 Phase 1 program while continuing treatment for patients who had derived benefit, and that it would seek strategic options for IK-930, including potential partnerships for combination development with other targeted agents. At the same time, Ikena emphasized continued clinical development of IK-595, highlighting encouraging early pharmacokinetics and pharmacodynamics data, including dose-dependent exposure and target modulation in the blood in patients with RAS and RAF mutant cancers.

Throughout 2024, Ikena reported that dose escalation in the Phase 1 study of IK-595 was ongoing, with multiple cohorts having cleared their safety evaluation periods. The company characterized the observed pharmacodynamic profile as supporting a potentially differentiated therapeutic index in the context of RAS and RAF mutant cancers, an area where it stated other MEK inhibitors have failed. Ikena also undertook corporate restructuring, including a workforce reduction, and repeatedly noted that it was evaluating a range of potential strategic options for the company and its development pipeline.

Ikena Oncology described its broader institutional approach as leveraging a depth of internal knowledge and a breadth of tools to efficiently develop targeted therapies. Historically, the company had also engaged in collaboration activities, including a Bristol-Myers Squibb collaboration agreement for the IK-175 and IK-412 programs, which it reported as completed, with no further revenue expected from that agreement.

Transformation into neBio, Inc.

A significant corporate transformation occurred following an Agreement and Plan of Merger dated December 23, 2024, between Ikena Oncology, Inc. and Inmagene Biopharmaceuticals. Multiple SEC filings and press releases report that on July 25, 2025, Ikena completed its previously announced merger with Inmagene. In connection with the closing of this merger and a concurrent private placement, the combined company adopted the name neBio, Inc. and its common stock began trading on The Nasdaq Capital Market under the ticker symbol IMA at market open on July 28, 2025.

Post-merger SEC filings identify neBio, Inc. (formerly Ikena Oncology, Inc.) as a Delaware corporation with its common stock registered on Nasdaq under the symbol IMA. The filings also note that Inmagene became a wholly owned subsidiary through a two-step merger structure. As part of the transaction, Ikena implemented a 1-for-12 reverse stock split of its common stock, which reduced the number of issued and outstanding shares prior to the merger and facilitated the transition to trading under the new name and ticker.

Following the merger, the combined company’s focus, as described in press releases, shifted toward immunological and inflammatory (“I&I”) diseases under the neBio, Inc. identity. The lead asset of the combined company is identified as -007, a non-depleting anti-OX40 monoclonal antibody with extended half-life and a silenced antibody-dependent cell-mediated cytotoxicity function. neBio reports that -007 is being developed for immunological and inflammatory indications, including atopic dermatitis and alopecia areata, and that a Phase 2b clinical trial in moderate-to-severe atopic dermatitis is ongoing.

As part of the merger and related transactions, Ikena established contingent value rights (CVR) agreements for its legacy pipeline assets, including IK-595, and for certain Inmagene assets other than -007. SEC filings explain that Ikena stockholders and Inmagene shareholders received CVRs entitling them to specified portions of net proceeds, if any, from future contingent payments or disposition agreements related to these legacy assets, subject to deductions and conditions described in the CVR agreements.

Because of this merger and name change, the ticker IKNA now represents the historical trading symbol and corporate identity of Ikena Oncology, Inc. Investors researching IKNA are effectively examining the pre-merger oncology-focused company and its legacy programs, while current trading and ongoing operations are conducted under neBio, Inc. with ticker IMA.

Business Focus Before the Merger

Prior to the completion of the merger with Inmagene and the transition to neBio, Ikena characterized itself as a targeted oncology company “forging new territory in patient-directed cancer treatment.” Its work centered on:

• Hippo pathway targeting via IK-930, a TEAD1-selective inhibitor in a Phase 1 program for tumors harboring Hippo pathway mutations, including a focus on mesothelioma patients.
• RAS pathway targeting via IK-595, a MEK-RAF molecular glue in a Phase 1 study in patients with RAS and RAF mutant cancers, with reported dose escalation and early PK/PD data.
• Legacy collaborations, including the completed Bristol-Myers Squibb collaboration on IK-175 and IK-412.

Subsequent strategic updates in 2024 and 2025 show a pivot away from IK-930, a continued emphasis on IK-595 as a legacy asset, and the exploration of strategic alternatives that ultimately culminated in the merger with Inmagene and the formation of neBio, Inc.

IKNA as a Historical Ticker

Given the completed merger and rebranding, IKNA should be viewed as the former ticker symbol for Ikena Oncology, Inc. Historical financial results, clinical program updates, and corporate announcements under IKNA document the company’s evolution from a targeted oncology developer into part of a broader clinical-stage biotechnology entity focused on immunological and inflammatory diseases under the neBio, Inc. name.