Ikena seeks sale after halting early cancer program and cutting workforce

Ikena Oncology, a biotech firm based in Boston, has announced significant changes to its operations, including the termination of its solid tumor candidate IK-930 and a substantial workforce reduction of 53%. This strategic shift leaves the company with only one active development program, IK-595, and positions it for potential acquisition or other corporate restructuring.

The decision to cease development of IK-930 follows a detailed clinical data review and an assessment of available resources. IK-930, a TEAD1-selective Hippo pathway inhibitor, was in the midst of a Phase I clinical trial. Despite discontinuing the program, patients who have shown positive responses to IK-930 will be allowed to continue their treatment under the ongoing study.

With IK-930 off the table, Ikena's focus narrows to IK-595, a MEK-RAF molecular glue that is currently in a Phase I dose escalation study. This candidate targets cancers with mutations in the RAS and RAF genes. CEO Mark Manfredi expressed optimism about IK-595, citing promising early pharmacokinetic (PK) and pharmacodynamic (PD) data that suggest it could offer a unique therapeutic profile. The program is reportedly progressing well in clinical trials.

As Ikena advances IK-595, the company is exploring several strategic options to ensure its future viability. These options include potential acquisition, merger, reverse merger, sale, or partnership. As of the end of March, Ikena had $157 million in available cash, providing some financial flexibility as it navigates these strategic pathways.

Overall, these moves reflect a significant pivot for Ikena Oncology, focusing its resources on a single promising asset while keeping its options open for future corporate strategies. This restructuring could pave the way for new opportunities, either through the successful development of IK-595 or through strategic corporate maneuvers in the biotech sector.