Boston-based Ikena Oncology has announced an organizational streamlining, cutting its drug discovery efforts and its workforce in order to take its lead oncology assets to the clinic.
The company's renewed focus will be on the clinical development of two phase 1 targeted oncology assets — IK-930, a TEAD1-selective Hippo pathway inhibitor and IK-595, a MEK/RAF molecular glue.
The resource reallocation will include a shift away from exploratory research and discovery as well as a workforce reduction of approximately 35%, to be implemented over the first quarter of 2024.
In the same SEC filing, Ikena mentioned that Bristol Myers Squibb would not be opting in on either of the two clinical programs stemming from a 2019 collaboration. Back in January 2019, Celgene (later acquired by BMS) paid Ikena (then Kyn Therapeutics) $80 million upfront plus an equity investment for exclusive options for its AHR antagonist IK-175 and kynureninase IK-412 programs.
Now, Ikena plans to halt further investment in the clinical development of IK-175 or IK-412 but will pursue strategic business development opportunities, including out-licensing.
All said and done, Ikena is left with approximately $175 million in cash and cash equivalents — enough to extend its runway into the second half of 2026.
