Ikena Oncology(IKNA) - 2025 Q4 - Annual Results

Financial Performance - The net loss for Q4 2025 was $6.9 million, compared to a net loss of $4.8 million in Q4 2024, attributed to higher operating costs post-merger[16]. - For the full year 2025, the company reported a net loss of $45.3 million, compared to a net loss of $36.6 million in 2024, with total operating expenses increasing to $49.3 million from $40.5 million[24]. Cash and Assets - As of December 31, 2025, the company had cash, cash equivalents, and marketable securities of $135.3 million, a significant increase from $12.1 million as of December 31, 2024, primarily due to a $75 million private placement following the merger with Ikena Oncology[13]. - Total assets increased significantly to $152,976 million in December 2025 from $15,922 million in December 2024, representing a growth of approximately 860%[26]. - Cash and cash equivalents rose to $94,532 million, up from $12,118 million, indicating a substantial increase of about 680%[26]. - Marketable securities were reported at $40,817 million, indicating a new asset category introduced in the current year[26]. - The company reported a notable increase in total current assets to $140,288 million from $12,468 million, representing a growth of approximately 1025%[26]. Liabilities - Total current liabilities decreased to $11,234 million from $17,209 million, reflecting a reduction of approximately 35%[26]. - Long-term liabilities increased to $8,603 million from $239 million, showing a significant rise of over 3500%[26]. - Total liabilities increased to $19,837 million from $17,448 million, which is an increase of about 14%[26]. Research and Development - Research and Development (R&D) expenses for Q4 2025 were $3.3 million, a decrease from $3.8 million in Q4 2024, reflecting continued investment in clinical trials[14]. - The IMG-007 Phase 2b ADAPTIVE trial is ongoing, with topline data expected in 2027, and a recent safety review indicated a favorable tolerability profile[5]. - Over 150 subjects have participated in clinical trials of IMG-007, with no cases of administration-associated pyrexia, chills, or malignancies reported to date[6]. - The company has submitted a protocol amendment for the ADAPTIVE trial to expand dosing regimens and evaluate patient-friendly dosing intervals[10]. - IMG-007 is positioned as a leading receptor-targeting OX40 antagonist, with a unique non-T cell depleting mechanism, differentiating it from competitors[3]. Leadership and Personnel - General and Administrative (G&A) expenses for Q4 2025 were $5.2 million, up from $2.4 million in Q4 2024, primarily due to increased professional fees and personnel costs related to the merger[15]. - The company added key executives in 2025, including Dr. Ben Porter-Brown as Chief Medical Officer, enhancing its leadership team[9]. Equity - Stockholders' equity improved to $133,139 million compared to a deficit of $(160,565) million in the previous year, marking a turnaround of over $293,704 million[26]. Other Assets - The operating lease right-of-use assets increased to $790 million from $547 million, reflecting a growth of about 44%[26]. - The company has a promissory note receivable from a related party amounting to $7,020 million, indicating potential future cash inflow[26].