Ikena Oncology Inc. (IKNA) reports earnings

Ikena Oncology Inc. (IKNA) has submitted its Form 10-K filing for the fiscal year ended December 31, 2024.

The filing reports a net loss of $49.2 million for the year, compared to $68.2 million in the previous year. The decrease in net loss is attributed to reduced research and development expenses following workforce reductions and the discontinuation of certain discovery efforts.

Revenue for the year was nil, a decrease from $9.2 million in 2023, due to the completion of research activities under the collaboration with Bristol-Myers Squibb.

Research and development expenses decreased to $30.9 million from $59.7 million in 2023, primarily due to the prioritization of the IK-595 program and discontinuation of other programs.

General and administrative expenses were $23.7 million, down from $24.9 million in 2023, reflecting reductions in headcount and insurance costs.

Restructuring and other charges amounted to $4.4 million, related to employee separation costs and asset impairments following strategic workforce reductions.

Ikena Oncology reported cash, cash equivalents, and marketable securities of $124.4 million as of December 31, 2024, and anticipates these funds will support operations for at least 12 months.

The company is pursuing a merger with Inmagene Biopharmaceuticals, expected to close in mid-2025, and has entered into a loan agreement to lend up to $22.5 million to Inmagene.

Ikena Oncology continues to explore strategic alternatives for its IK-595 program and other legacy programs, with no assurance of future revenue or profitability.

This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Ikena Oncology Inc. annual 10-K report dated March 6, 2025. To report an error, please email [email protected].