Ikena Oncology Reports Second Quarter 2024 Financial Results

Core Viewpoint - Ikena Oncology, Inc. reported its financial results for Q2 2024, highlighting ongoing clinical activities and strategic corporate updates Pipeline Updates - The Phase 1 study of IK-595 for RAS and RAF mutant cancers is progressing with multiple cohorts passing safety evaluations [2] - Early pharmacokinetics and pharmacodynamics show promising results with dose-dependent exposure and target modulation [2] - The IK-930 clinical program was discontinued in May 2024 [2] Corporate Updates - In May 2024, the company announced a strategic review to maximize shareholder value and implemented a 53% workforce reduction [2] - Jotin Marango was appointed as Chief Operating Officer in July 2024, in addition to his existing roles [2] Financial Results for Q2 2024 - As of June 30, 2024, the company had cash, cash equivalents, and marketable securities totaling $145.4 million [3][9] - Research and development expenses decreased to $9.8 million in Q2 2024 from $15.2 million in Q2 2023 [3][8] - General and administrative expenses remained stable at $5.3 million for both Q2 2024 and Q2 2023 [3][8] Loss and Expenses - Restructuring and other costs for Q2 2024 were reported at $0.7 million [4] - The net loss for Q2 2024 was $13.7 million, down from $17.1 million in Q2 2023 [4][8] - Total operating expenses for Q2 2024 were $15.8 million, compared to $20.5 million in Q2 2023 [8] Selected Financial Information - Collaboration revenue was $0 in Q2 2024, down from $2.0 million in Q2 2023 [8] - The net loss per share for Q2 2024 was $0.28, an improvement from $0.44 in Q2 2023 [8] - Total assets as of June 30, 2024, were $157.5 million, with total liabilities of $14.6 million [9]