Ikena Oncology

Ikena Oncology is a targeted oncology company developing novel therapies that target key signaling pathways that drive the formation and spread of cancer. The company uses a multifaceted approach centered around patients and biomarkers to broaden the array of therapies addressed by the targets. Furthermore, the company has two signaling pathways: 1) the Hippo pathway that regulates cell growth, proliferation, and apoptosis and is found in 10% of human cancers; and 2) the RAS pathway, which is found in 30% of human cancers. 

As of July 2023, the company had six drug candidates in its pipeline, including the following: 

1) IK-930, an oral small-molecule inhibitor of the transcriptional enhanced associate domain (TEAD), a transcription factor in the Hippo signaling pathway and in Phase I clinical trials,

2) IK-595, a novel MEK-RAF inhibitor at the preclinical stage, and 

3) IK-175, an aryl hydrocarbon receptor (AHR) inhibitor in collaboration with Bristol Myers Squibb (BMS), in Phase I clinical trials. 

Key customers and partnerships

The company has several key partners including BMS (March 2021) to develop IK-175, Vall d'Hebron Institute of Oncology (May 2022) to research biomarkers to support development of its Hippo- and RAS-targeted therapies and AstraZeneca (October 2022) to evaluate Tagrisso (osimertinib) with IK-930 to treat EGFR-mutated non-small cell lung cancer. 

Funding and financials

The company began trading on the Nasdaq in March 2021 under the ticker symbol “IKNA” and raised USD 125 million in an IPO. In May 2023, the company announced an underwritten public offering of 6.1 million common shares at a price of USD 6.55 per share, with expected gross proceeds to the company of USD 40 million. The funds raised were used to advance its ongoing clinical development of targeted oncology programs and for working capital, capital expenditures, and general corporate purposes.

For the six months ended June 2023, the company generated a collaboration revenue of USD 7.3 million, a 92.1% increase YoY. It also reported a 16.1% YoY improvement in the net loss to USD 31.3 million. Its cash and cash equivalent as of June 2023 was at USD 70.8 million, which extended the company’s cash runway until 2026.