For the second time this year, US-based has announced plans for workforce reduction and pipeline prioritisation. 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 , 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.
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.
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