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Ikena Oncology (NASDAQ:IKNA) plans to cut approximately 53% of its workforce and discontinue development of its drug candidate IK-930 as it evaluates strategic options for the company, which could include a merger or asset sale.
The Boston-based biotech company said it made the decision to discontinue IK-930 based on a review of its available resources and the drug’s clinical data. It plans to seek strategic options for the program, including a potential partner to develop the drug in combination with other agents.
Ikena plans to move forward with its drug candidate IK-595. It said that the first two cohorts of a Phase 1 study have cleared, with backfilling in select cohorts expected in the second half of 2024.
The company added that it had $157.3M in cash and equivalents as of March 31, 2024.
In an SEC filing made Tuesday, Ikena said it planned to incur costs of approximately $1.2M for the three-month period ended June 30 related to its restructuring program.
(Updates to include information from an SEC filing and an updated press release issued by the company Tuesday evening.)
