syahrir maulana 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 said it had $157M in cash and equivalents as of March 31.
It expects to end the year with cash and equivalents of $110M to $120M, according to a statement. More on Ikena Oncology Seeking Alpha’s Quant Rating on Ikena Oncology Historical earnings data for Ikena Oncology Financial information for Ikena Oncology.
