BOSTON, MA - Ikena Oncology, Inc. (Nasdaq: IKNA), a leading targeted oncology company, has provided a significant organizational update, unveiling key objectives for advancing the development of its lead targeted oncology assets, IK-930 and IK-595. The company also announced a strategic organizational streamlining aimed at reallocating resources from exploratory research and discovery towards ongoing targeted oncology clinical programs. This move is part of Ikena's commitment to maximizing impact and propelling advancements in patient-directed cancer treatments.
Mark Manfredi, Ph.D., Chief Executive Officer of Ikena, emphasized the company's laser focus on advancing IK-930 and IK-595 in the coming year to yield interpretable and clear data reads, ultimately building value for investors. The streamlining effort includes a reduction in the workforce by approximately 35%, to be implemented throughout the first quarter of 2024.
"We are grateful for the impact our discovery and research team has had, but the renewed focus on our lead assets, IK-930 and IK-595, underscores our dedication to delivering the full therapeutic potential of our clinical candidates that we believe could transform the lives of cancer patients," stated Dr. Manfredi.
IK-930, a TEAD1-Selective Hippo Pathway Inhibitor, is making progress with an optimized formulation being dosed in the clinic alongside the original formulation. The company has expanded targeted recruitment of mesothelioma and epithelioid hemangioendothelioma (EHE) patients, with a clinical data update planned for the second half of 2024.
IK-595, a MEK-RAF Molecular Glue, has successfully passed the safety evaluation window for the initial cohort dosed in December 2023. Ongoing enrollment of targeted RAS and RAF mutant cancer patients in dose escalation is taking place, exploring multiple dosing schedules. Backfill and expansion cohorts are also planned in multiple indications where IK-595 may have differentiated advantages.
The strategic decision to reallocate resources from the discovery organization to clinical programs has been driven by the significant progress of IK-930 and IK-595. This includes a reduction in the workforce to enhance operational efficiency. With approximately $175 million in cash and cash equivalents as of December 31, 2023 (unaudited), the company's runway is extended into the second half of 2026.
Ikena Oncology, with a focus on developing differentiated therapies targeting nodes of cancer growth, spread, and therapeutic resistance, aims to efficiently develop innovative drugs for patients in need. The company's commitment to advancing its lead programs while optimizing its organizational structure reflects its dedication to addressing critical challenges in cancer treatment.
