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