iKena discontinues IK-930 and reduces workforce by 53%, to review alternatives

Ikena Oncology 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. 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. For IK-595, 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. In connection with the discontinuation of IK-930 development, the company is executing a workforce reduction of approximately 53%. The company has $157M in cash and equivalents as of March 31, 2024; projecting cash and equivalents at December 31 to range from $110M to $120M. 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