Ikena Oncology Announces Strategic Update

Core Insights - Ikena Oncology has decided to discontinue the development of its IK-930 program, a TEAD1-selective Hippo pathway inhibitor, while continuing the clinical development of IK-595, a novel MEK-RAF molecular glue [1][2][3] - The company ended the first quarter of 2024 with $157.3 million in cash and equivalents and is exploring strategic options to maximize shareholder value [1][5] IK-930 Program Update - The decision to wind down the IK-930 program was based on a review of clinical data, available resources, and the company's strategic priorities [3] - The Phase 1 program for IK-930 will begin wind down activities, but treatment will continue for patients who have benefited from it [3] - The company is seeking strategic options for IK-930, including potential partnerships for its development in combination with other targeted agents [3][5] IK-595 Program Update - The Phase 1 study of IK-595 in patients with RAS and RAF mutant cancers has progressed, with the first two cohorts cleared and backfilling planned for the second half of 2024 [4] - Promising early pharmacokinetics (PK) and pharmacodynamics (PD) data have been observed, including over 80% pERK inhibition at 4 hours post-dosing and sustained over 60% inhibition through 24 hours [4] Corporate Strategy and Financial Position - In connection with the discontinuation of IK-930, the company is executing a workforce reduction of approximately 53% [5] - The company projects cash and equivalents to range from $110 million to $120 million by December 31, 2024 [5] - Ikena is exploring a range of potential strategic options, including acquisitions, mergers, and partnerships, to create value and unlock new opportunities [5]