UPDATE – Ikena Oncology Announces Strategic Update

Core Viewpoint - Ikena Oncology has decided to discontinue the development of its IK-930 program while continuing the clinical development of IK-595, a novel MEK-RAF molecular glue, and is exploring strategic options to maximize shareholder value [1][2][5] Pipeline Updates - The IK-930 program, a TEAD1-selective Hippo pathway inhibitor, is being wound down based on clinical data review and available resources [3] - Patients currently enrolled in the IK-930 program who have benefited will continue to receive treatment [3] - The company is seeking strategic options for IK-930, including potential partnerships for its development in combination with other targeted agents [3] IK-595 Development - 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 above 60% inhibition through 24 hours [4] Corporate Updates - In connection with the discontinuation of IK-930, the company is executing a workforce reduction of approximately 53% [5] - As of March 31, 2024, the company reported $157.3 million in cash, cash equivalents, and marketable securities [5] - The company is exploring a range of strategic alternatives while continuing the development of IK-595 [5]