Ikena Oncology Announces Strategic Update
May 28 2024 - 4:15PM
Ikena Oncology, Inc. (Nasdaq: IKNA, “Ikena,” “Company”) today
announced discontinuation of the clinical IK-930 program, the
Company’s TEAD1- selective Hippo pathway inhibitor and continued
clinical development of IK-595, a novel MEK-RAF molecular glue.
Concurrently, Ikena is evaluating strategic options for both the
Company and its development pipeline.
“Ikena is dedicated to thoughtfully putting our
capital to work towards impactful treatments for patients, and in
doing so building value for our shareholders. Together with our
board of directors, we made the difficult decision to wind down the
IK-930 program. Going forward, we believe that IK-930’s profile may
enable combination opportunities with other targeted agents through
partnerships,” commented Mark Manfredi, PhD, Chief Executive
Officer of Ikena. “Our MEK-RAF molecular glue, IK-595, continues to
progress rapidly in the clinic with encouraging early PK and PD
data which supports a potentially differentiated therapeutic index.
This is key to treating the broad population of RAS and RAF mutant
cancer patients where other MEK inhibitors have failed.”
Pipeline & Corporate
Updates
IK-930: TEAD1-Selective Hippo Pathway
Inhibitor
- Based on a review of clinical data to date, available
resources, and the Company’s strategic priorities, the Company
decided to discontinue development of IK-930
- The IK-930 Phase 1 program will begin wind down activities;
treatment will continue for patients enrolled to date who have
derived benefit
- The Company will seek strategic options for the program,
including potential partners for development of IK-930 in
combination with other targeted agents
IK-595: MEK-RAF Molecular Glue
- The first two cohorts in the Phase 1 study of IK-595 in
patients with RAS and RAF mutant cancers have cleared; backfilling
in select cohorts is planned for the second half of 2024
- Promising early pharmacokinetics (PK) and pharmacodynamics (PD)
activity has been observed, with dose dependent exposure and target
modulation measured in the blood
- Reached above 80% pERK inhibition at 4 hours post dosing to
date, with above 60% inhibition sustained through 24 hours; dose
escalation continues
Corporate Updates
- In connection with the discontinuation of IK-930 development,
the Company is executing a workforce reduction of approximately
53%
- $157 million in cash and equivalents as of March 31, 2024;
Projecting cash and equivalents at December 31, 2024 to range from
$110 million to $120 million
- Concurrently with the continuation of IK-595 development
activities, Ikena has begun to explore, review and evaluate a range
of potential strategic options available to the Company, including
without limitation, an acquisition, merger, reverse merger, sale of
assets, strategic partnerships or other transactions
“Ikena is in a strong position to create value
through multiple avenues. We have been diligent with our capital
expenditure, fortifying a cash position that may unlock new
strategic opportunities for the company, in addition to the
parallel partnership potential of our pipeline,” said Jotin
Marango, MD, Ph.D., Ikena’s Chief Financial Officer.
About Ikena OncologyIkena
Oncology® develops differentiated therapies for patients in need
that target nodes of cancer growth, spread, and therapeutic
resistance. Ikena aims to utilize their depth of institutional
knowledge and breadth of tools to efficiently develop the right
drug using the right modality for the right patient. To learn more,
visit www.ikenaoncology.com.
Forward-Looking StatementsThis
press release contains forward-looking statements within the
meaning of the Private Securities Litigation Reform Act of 1995, as
amended, including, without limitation, implied and express
statements regarding: the timing and advancement of our targeted
oncology programs, including the timing of updates; our
expectations regarding the therapeutic benefit of our targeted
oncology programs; our ability to efficiently discover and develop
product candidates; our ability to obtain and maintain regulatory
approval of our product candidates; expectations with respect to
projected cash runway; the anticipated results of our
organizational changes; the implementation of our business model;
and strategic plans for our business and product candidates. The
words “may,” “will,” “could,” “would,” “should,” “expect,” “plan,”
“anticipate,” “intend,” “believe,” “estimate,” “predict,”
“project,” “potential,” “continue,” “target” and similar
expressions are intended to identify forward-looking statements,
although not all forward-looking statements contain these
identifying words. Any forward-looking statements in this press
release are based on management’s current expectations and beliefs
and are subject to a number of risks, uncertainties and important
factors that may cause actual events or results to differ
materially from those expressed or implied by any forward-looking
statements contained in this press release, including, without
limitation, those risks and uncertainties related to the timing and
advancement of our targeted oncology programs; our expectations
regarding the therapeutic benefit of our targeted oncology
programs; our ability to efficiently discover and develop product
candidates; the implementation of our business model, and strategic
plans for our business and product candidates, the sufficiency of
the Company’s capital resources to fund operating expenses and
capital expenditure requirements and the period in which such
resources are expected to be available, and other factors discussed
in the “Risk Factors” section of Ikena’s Quarterly Report on Form
10-Q for the quarter ended March 31, 2024, which is on file with
the Securities and Exchange Commission (SEC), as updated by any
subsequent SEC filings. We caution you not to place undue reliance
on any forward-looking statements, which speak only as of the date
they are made. We disclaim any obligation to publicly update or
revise any such statements to reflect any change in expectations or
in events, conditions or circumstances on which any such statements
may be based, or that may affect the likelihood that actual results
will differ from those set forth in the forward-looking statements.
Any forward-looking statements contained in this press release
represent our views only as of the date hereof and should not be
relied upon as representing its views as of any subsequent date. We
explicitly disclaim any obligation to update any forward-looking
statements.
Ikena Contact:Rebecca
Cohenrcohen@ikenaoncology.com
Media Contact:Mike
Tattorymtattory@lifescicomms.com
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