Ikena Oncology(US:IKNA) Newsfilterยท2024-05-13 20:45Core Viewpoint - Ikena Oncology, Inc. reported a strong financial position with $157.3 million in cash and equivalents, sufficient to fund operations into the second half of 2026, while providing updates on its clinical programs, IK-930 and IK-595, which are progressing as planned [1][3][2]. Financial Results - As of March 31, 2024, the company had cash, cash equivalents, and marketable securities totaling $157.3 million, down from $175.5 million at the end of 2023 [3][10]. - Collaboration revenue for the first quarter of 2024 was $0, compared to $5.3 million in the same period of 2023, due to the completion of the Bristol-Myers Squibb collaboration [4][10]. - Research and development expenses decreased to $9.6 million in Q1 2024 from $15.6 million in Q1 2023 [5][11]. - General and administrative expenses increased to $6.0 million in Q1 2024 from $5.3 million in Q1 2023 [5][11]. - The company reported a net loss of $16.1 million for Q1 2024, compared to a net loss of $14.2 million in Q1 2023 [5][11]. Pipeline Progress - The IK-930 program, a TEAD1-selective Hippo pathway inhibitor, is on track to deliver a clinical update in the second half of 2024 [1][6]. - The IK-595 program, a MEK-RAF molecular glue, continues dose escalation in patients with RAS and RAF mutant cancers, with plans for backfilling in select cohorts in the second half of 2024 [2][6]. - The company is focused on recruiting patients with tumors harboring mutations in the Hippo pathway, particularly mesothelioma patients, for the IK-930 clinical program [6][8]. Corporate Update - In January 2024, the company announced a renewed focus on advancing its core targeted oncology clinical programs, IK-930 and IK-595 [7]. - Dr. Caroline Germa was appointed as Chief Medical Officer in February 2024 [7].