Shahrir Maulana
Ikena Oncology (NASDAQ: IKNA) plans to lay off approximately 53% of its workforce and cease development of its drug candidate IK-930 while it evaluates the company’s strategic options, which could include a merger or asset sale.
The Boston-based biotech company said Based on a review of its available resources and the drug’s clinical data, the company has decided to discontinue use of IK-930. It plans to pursue strategic options for the program, including looking for potential partners to develop the drug in combination with other drugs.
Ikena plans to advance its drug candidate IK-595. The company said the first two cohorts of the Phase 1 study have been completed and it expects to backfill selected cohorts 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 a filing with the SEC on Tuesday, Ikena said it planned to incur about $1.2 million in costs related to its restructuring plan in the three months ended June 30.
(Updates include information from SEC filings and an updated press release issued by the company late Tuesday.)
