IK-595

Strong financial position with $145 million in cash and investments at close of second quarterBOSTON, Aug. 08, 2024 (GLOBE NEWSWIRE) -- Ikena Oncology, Inc. (Nasdaq: IKNA, “Ikena,” “Company”) today announced financial results for the second quarter ended June 30, 2024, and provided an update regarding its ongoing activities. Pipeline Updates Dose escalation in the Phase 1 study of IK-595 in patients with RAS and RAF mutant cancers continues, with multiple cohorts having cleared their safety evaluation period Promising early pharmacokinetics (PK) and pharmacodynamics (PD) activity has been observed, with dose dependent exposure and target modulation measured in the blood In May 2024, the Company announced the discontinuation of the IK-930 clinical program Corporate Updates In May 2024, the Company announced it was evaluating a range of potential strategic options to maximize shareholder value, and implemented a 53% workforce reductionIn July 2024, the Company announced the appointment of Jotin Marango to serve as Chief Operating Officer, in addition to his roles as the Company’s Chief Financial Officer and Head of Corporate Development Financial Results for the Quarter Ended June 30, 2024 As of June 30, 2024, the Company had cash, cash equivalents, and marketable securities of $145.4 million. Research and development expenses for the three months ended June 30, 2024 and 2023 were $9.8 million and $15.2 million, respectively. General and administrative expenses for the three months ended June 30, 2024 and 2023 were $5.3 million and $5.3 million, respectively. Restructuring and other costs for the three months ended June 30, 2024 were $0.7 million. The Company reported a net loss for the three months ended June 30, 2024 and 2023 of $13.7 million and $17.1 million, respectively. About Ikena OncologyIkena Oncology® develops differentiated therapies for patients in need that target nodes of cancer growth, spread, and therapeutic resistance. Ikena aims to utilize its depth of institutional knowledge and breadth of tools to efficiently develop the right drug using the right modality for the right patient. To learn more, visit www.ikenaoncology.com. Forward-Looking StatementsThis press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, as amended, including, without limitation, implied and express statements regarding: the timing and advancement of the targeted oncology program that the Company is pursuing; the Company’s expectations regarding the therapeutic benefit of its targeted oncology programs; and the Company’s ability to identify any potential strategic options and maximize shareholder value. The words “may,” “will,” “could,” “would,” “should,” “expect,” “plan,” “anticipate,” “intend,” “believe,” “estimate,” “predict,” “project,” “potential,” “continue,” “target” and similar expressions are intended to identify forward-looking statements, although not all forward-looking statements contain these identifying words. Any forward-looking statements in this press release are based on management’s current expectations and beliefs and are subject to a number of risks, uncertainties and important factors that may cause actual events or results to differ materially from those expressed or implied by any forward-looking statements contained in this press release, including, without limitation, those risks and uncertainties related to the timing, progress, results, and cost of the Company’s current research and development programs and clinical trials; the Company’s ability to identify, implement and realize the anticipated benefits from any strategic transaction; the Company’s ability to obtain funding for its operations necessary to complete further development and commercialization of its product candidates; the Company’s ability to obtain and maintain regulatory approval of its product candidates; the implementation of the Company’s business model, and strategic plans for its business and product candidates; and other factors discussed in the “Risk Factors” section of Ikena’s Quarterly Report on Form 10-Q for the quarter ended June 30, 2024, which is on file with the Securities and Exchange Commission (SEC), as updated by any subsequent SEC filings. You should not place undue reliance on any forward-looking statements, which speak only as of the date they are made. The Company disclaims any obligation to publicly update or revise any such statements to reflect any change in expectations or in events, conditions or circumstances on which any such statements may be based, or that may affect the likelihood that actual results will differ from those set forth in the forward-looking statements. Any forward-looking statements contained in this press release represent the Company’s views only as of the date hereof and should not be relied upon as representing its views as of any subsequent date. The Company explicitly disclaims any obligation to update any forward-looking statements. Investor and Media Contact:Rebecca Cohenrcohen@ikenaoncology.com Selected Financial Information(in thousands, except share and per share data)(unaudited) Selected Statement of Operations Items: Three Months Ended June 30, 2024 Six Months Ended June 30, 2024 2024 2023 2024 2023 Collaboration revenue $— $2,004 $— $7,316 Operating expenses: Research and development 9,832 15,172 19,477 30,723 General and administrative 5,308 5,322 11,307 10,598 Restructuring and other charges 683 — 3,265 — Total operating expenses 15,823 20,494 34,049 41,321 Loss from operations (15,823) (18,490) (34,049) (34,005)Other income (expense) 2,155 1,375 4,262 2,671 Loss before income taxes (13,668) (17,115) (29,787) (31,334)Income tax expense (62) — (89) — Net loss $(13,730) $(17,115) $(29,876) $(31,334)Net loss per share: Net loss per share- basic and diluted $(0.28) $(0.44) $(0.62) $(0.83)Weighted-average common shares outstanding, basic and diluted 48,258,111 39,292,710 48,258,111 37,783,486 Selected Balance Sheet Items: June 30,2024 December 31,2023Cash, cash equivalents, and marketable securities $145,419 $175,465 Total assets $157,485 $192,092 Total liabilities $14,626 $22,335 Total stockholders' equity $142,859 $169,757

Ikena will terminate approximately 18 employees, 53% of its workforce, by the end of Q3 this year. Image Credit: Zern Liew / Shutterstock. For the second time this year, US-based Ikena Oncology has announced plans for workforce reduction and pipeline prioritisation. Recommended Buyer's Guides Buyer's Guide Top Guide for Drug Delivery Systems Buyer's Guide Top Guide for Cleanrooms and Cleanroom Flooring The company plans to reduce its workforce by 53% by Q3 this year. The staff layoffs are expected to cost approximately $1.2m. Ikena reported cash reserves of $157m as of 31 March 2024, down $18m from the end of Q4 last year. Ikena has also discontinued developing its selective Hippo pathway inhibitor, IK-930, and will start “winddown activities”. The company added it will seek “strategic options” for the programme, including partnership agreements that could explore the “development of IK-930 in combination with other targeted agents”. In January, Ikena announced cash-saving measures , including a 35% reduction in its workforce and the stoppage of its exploratory research and discovery efforts. At that time, the company had focused on IK-930 as one of the two therapies for further development. See Also: Dupixent gets closer to EU approval as the FDA delays its decision on COPD Bristol Myers Squibb’s Breyanzi gains FDA approval for lymphoma IK-930 is a selective Hippo pathway inhibitor that targets TEA domain transcription factor 1 (TEAD1). The drug was being investigated in a Phase I trial (NCT05228015) in patients with solid tumours. The company planned to focus its development on treating epithelioid haemangioendothelioma (EHE) and mesothelioma. Following the latest round of pipeline reprioritisation, Ikena has one therapy in its pipeline – IK-595, a MEK-RAF molecular glue. It targets the RAS signalling pathway, responsible for cancer cell proliferation. The drug is currently in Phase I trial in patients with RAS and RAF mutant cancers. Early Phase I data with the drug showed an 80% pERK inhibition at four hours post-dosing, with an above 60% inhibition sustained through 24 hours. pERK is one of the major transducers of endoplasmic reticulum stress, participating in regulating fundamental cell functions. Multiple pharmaceutical companies have announced layoffs in recent months amid a difficult economic environment . Last month, Novartis announced plans to lay off approximately 680 staff members . The plans were separate from the company’s overall restructuring programme, which could involve up to 8,000 workers. Xilio Therapeutics also dismissed 21% of its staff in April. Additionally, the company terminated the development of XTX202, a tumour-activated beta-gamma biased interleukin (IL)-2. Similar to Ikena, Xilio did not outright dismiss the development of the therapy but instead stated that it would explore partnerships to develop the therapy as a combination treatment.