Ikena Oncology Reports Third Quarter 2024 Financial Results

Core Viewpoint - Ikena Oncology, Inc. reported its financial results for Q3 2024, highlighting ongoing clinical activities and strategic evaluations to enhance shareholder value [1][2]. Pipeline and Corporate 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 data show promising dose-dependent exposure and target modulation in blood [2]. - The company is exploring various strategic options to maximize shareholder value [2]. Financial Results for the Quarter Ended September 30, 2024 - As of September 30, 2024, the company had cash, cash equivalents, and marketable securities totaling $138.0 million [3][8]. - Research and development expenses decreased to $6.8 million in Q3 2024 from $14.7 million in Q3 2023 [3][7]. - General and administrative expenses also decreased to $4.8 million in Q3 2024 from $6.0 million in Q3 2023 [3][7]. Loss and Expenses - Restructuring and other costs for Q3 2024 were reported at $0.8 million [4]. - The net loss for Q3 2024 was $10.2 million, down from $17.3 million in Q3 2023 [4][7]. - The net loss per share for Q3 2024 was $0.21 compared to $0.40 in Q3 2023 [7]. Selected Financial Information - Total operating expenses for Q3 2024 were $12.4 million, a decrease from $20.7 million in Q3 2023 [7]. - The company reported total assets of $149.0 million and total liabilities of $14.8 million as of September 30, 2024 [8].