Ikena Oncology, a drug discovery and development 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. This brings the total funds raised to USD 209 million. 

The financing was co-led by H. C. Wainwright & Co and included participation from new investors Acuta Capital Partners, Adage Capital, and Vestal Point Capital, as well as existing investors. 

The net proceeds will be used to advance its ongoing clinical development of targeted oncology programs and achieve clinical data readouts for the monotherapy portion of the ongoing IK-930 Phase I clinical trial and initial clinical data for IK-595. The company also plans to allocate funds for working capital, capital expenditures, and general corporate purposes.

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 has six drug candidates in its pipeline. IK-930 is an oral small-molecule inhibitor of the transcriptional enhanced associate domain (TEAD), a transcription factor in the Hippo signaling pathway. The Hippo pathway is genetically altered in approximately 10% of human cancers and is widely accepted as a prevalent driver of cancer pathogenesis and a mediator of poor outcomes for patients. Its other product candidates include IK-175 and IK-595.