UPDATE – Ikena Oncology Announces Strategic Update

Core Viewpoint - Ikena Oncology has decided to discontinue the development of IK-930, a TEAD1-selective Hippo pathway inhibitor, while continuing the clinical development of IK-595, a novel MEK-RAF molecular glue, and is exploring strategic options to maximize shareholder value [2][3][8]. Pipeline & Corporate Updates - 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 [8]. - The Phase 1 program for IK-930 will begin winddown activities, but treatment will continue for patients who have benefited from it [8]. - The first two cohorts in the Phase 1 study of IK-595 have cleared, with plans to backfill in select cohorts in the second half of 2024 [8]. - Promising early pharmacokinetics (PK) and pharmacodynamics (PD) activity have been observed for IK-595, with over 80% pERK inhibition at 4 hours post-dosing and over 60% sustained inhibition through 24 hours [8]. - The company has a cash position of $157 million as of March 31, 2024, which may unlock new strategic opportunities [6][8]. Strategic Direction - The company is evaluating strategic options for both its development pipeline and the IK-930 program, including potential partnerships for combination therapies [3][8]. - Ikena aims to create value through diligent capital expenditure and exploring various strategic alternatives [6].