UPDATE – Ikena Oncology Announces Strategic Update
May 28 2024 - 4:42PM
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, Ph.D., 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 patients suffering
from RAS and RAF mutant cancers 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 winddown 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, cash equivalents and marketable
securities as of March 31, 2024
- Concurrently with the continuation of IK-595 development
activities, Ikena has begun to explore a range of available
strategic alternatives
“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, M.D.,
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
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