Ikena Oncology, Inc. (IKNA): history, ownership, mission, how it works & makes money

A Brief History of IKENA Oncology, Inc.

IKENA Oncology, Inc. is a biotechnology company focused on developing targeted therapies for cancer treatment. As of 2024, the company has undergone significant transformations, particularly in its operational strategy and financial management.

Company Overview

Founded in 2018, IKENA has primarily worked on advancing its pipeline of drug candidates aimed at treating various forms of cancer. The company is based in Boston, Massachusetts, and has been publicly traded since its initial public offering (IPO) in 2021.

Financial Performance

For the nine months ended September 30, 2024, IKENA reported a net loss of $40.1 million, compared to a net loss of $48.7 million for the same period in 2023. The following table summarizes key financial metrics:

Recent Developments

In early 2024, IKENA implemented major workforce reductions, cutting approximately 35% of its staff to align operations with its core oncology programs, primarily IK-930 and IK-595. This restructuring included the termination of 20 employees and was completed by March 31, 2024. The company incurred severance charges of approximately $1.6 million related to this workforce reduction.

Cash Flow Analysis

During the nine months ended September 30, 2024, IKENA's cash flows from operating activities were significantly impacted by its net loss and changes in operating assets and liabilities. The following table presents a summary of cash flows:

Market Position and Future Outlook

As of September 30, 2024, IKENA holds a position of $138.0 million in cash, cash equivalents, and marketable securities, which is anticipated to sustain its operations for at least the next 12 months. The company continues to focus on advancing its clinical programs while managing its financial resources cautiously to navigate the competitive oncology market.

Stock Performance

IKENA's stock has seen fluctuations since its IPO, reflecting broader market conditions and company-specific developments. As of September 30, 2024, the company's common stock had a par value of $0.001, with 48,258,111 shares outstanding.

Conclusion

IKENA Oncology continues to evolve in its pursuit of innovative cancer therapies while addressing its operational and financial challenges. The ongoing focus on clinical advancements and strategic workforce management will be crucial as the company aims to enhance its market presence and shareholder value.

A Who Owns Ikena Oncology, Inc. (IKNA)

Major Shareholders

As of 2024, Ikena Oncology, Inc. (IKNA) has a diverse ownership structure including institutional and individual investors. The following table summarizes the major shareholders and their respective ownership stakes:

Stock Performance

As of September 30, 2024, Ikena Oncology's stock price has shown volatility in the market. The closing stock price was $5.01, with a market capitalization of approximately $241 million based on 48,258,111 shares outstanding. The stock has fluctuated significantly, with a 52-week range of $1.48 to $8.35.

Institutional Ownership Trends

Institutional investors have gradually increased their holdings in Ikena Oncology, reflecting growing confidence in the company’s pipeline and strategic direction. The following table outlines the changes in institutional ownership over the last year:

Recent Developments

In January 2024, Bristol-Myers Squibb opted not to exercise its option on the IK-175 program, allowing Ikena to regain full rights. This strategic shift is expected to impact the company's future collaborations and funding opportunities.

Financial Overview

As of September 30, 2024, Ikena Oncology reported total assets of approximately $148.99 million, with cash and cash equivalents of $45.19 million. The company incurred a net loss of $40.11 million for the nine months ended September 30, 2024. These financial metrics indicate the ongoing investment in research and development as the company seeks to advance its clinical programs.

Ikena Oncology, Inc. (IKNA) Mission Statement

Ikena Oncology, Inc. is a clinical-stage biopharmaceutical company focused on developing innovative therapies for patients with genetically defined or biomarker-driven cancers. Our mission is to provide differentiated treatments that target the nodes of cancer growth, spread, and therapeutic resistance. We aim to enhance patient outcomes by advancing our pipeline of product candidates through rigorous research and development, while maintaining a commitment to high ethical standards and operational excellence.

Financial Overview

As of September 30, 2024, Ikena Oncology reported the following financial metrics:

Strategic Initiatives

Ikena Oncology's strategic focus includes:

• Advancing the development of our key product candidates, particularly IK-595.
• Exploring partnerships and collaborations to enhance our research capabilities.
• Maintaining a robust intellectual property portfolio to protect our innovations.
• Implementing cost-control measures to optimize operational efficiency.

Research and Development Focus

The company is dedicated to developing targeted therapies with a special emphasis on the RAS pathway. The following table outlines the development costs associated with their primary product candidates:

Collaboration Agreements

As of January 17, 2024, Ikena Oncology entered into a collaboration agreement with Bristol-Myers Squibb, which included the following financial arrangements:

Operating Expenses

For the nine months ended September 30, 2024, Ikena Oncology's operating expenses were as follows:

Market Position and Future Outlook

Ikena Oncology has not yet generated revenue from product sales and continues to incur significant operating losses as it advances its clinical programs. The company's focus on targeted oncology therapies positions it to potentially capitalize on the growing demand for personalized medicine.

How Ikena Oncology, Inc. (IKNA) Works

Overview of Business Operations

Ikena Oncology, Inc. is a clinical-stage biopharmaceutical company focused on developing targeted therapies for cancer. As of 2024, the company is primarily advancing its lead product candidate, IK-595, which targets the RAS pathway, a common driver of cancer. The company has not yet received any product approvals or generated revenue from product sales. All revenue to date has come from collaboration agreements, notably with Bristol-Myers Squibb.

Financial Performance

As of September 30, 2024, Ikena reported significant net losses, totaling $40.1 million for the nine months ended September 30, 2024, compared to a loss of $48.7 million for the same period in 2023. The accumulated deficit reached $322.5 million as of September 30, 2024.

Operating Expenses

The company's operating expenses include research and development (R&D) and general and administrative (G&A) costs. For the nine months ended September 30, 2024, total operating expenses amounted to $46.5 million, a decrease from $62.0 million in the prior year. R&D expenses accounted for $26.3 million during this period, while G&A expenses were $16.1 million.

Cash Flow and Liquidity

Ikena Oncology's cash and cash equivalents, along with marketable securities, totaled $138.0 million as of September 30, 2024. The company reported cash used in operating activities of $39.7 million for the nine months ended September 30, 2024, compared to $57.9 million for the same period in 2023.

Research and Development Focus

Ikena's R&D expenditures have significantly shifted towards clinical-stage programs. The focus is on IK-595 and the discontinuation of other discovery efforts. As of September 30, 2024, the company reported $6.8 million in R&D expenses for the third quarter, down from $14.7 million in the previous year.

Market Position and Collaboration Agreements

Ikena has established a collaboration agreement with Bristol-Myers Squibb, which has influenced its research trajectory. The company has not generated any revenue from product sales but has relied on collaboration revenue, which has decreased significantly due to the completion of research activities under the agreement.

How Ikena Oncology, Inc. (IKNA) Makes Money

Revenue Sources

Ikena Oncology, Inc. has not yet generated revenue from product sales as of 2024. The company's revenue has historically been derived from collaboration agreements. The most notable is the Bristol-Myers Squibb Collaboration Agreement, executed in January 2019, which included an upfront payment of $95 million.

Collaboration Revenue

For the nine months ended September 30, 2024, Ikena reported no collaboration revenue, a decrease from $8.5 million in the same period of 2023. This decline was primarily due to the completion of research activities under the collaboration in 2023.

Research and Development Expenses

Ikena's primary expenditures relate to research and development, with significant funds allocated towards clinical and preclinical studies. For the nine months ended September 30, 2024, total research and development expenses amounted to $26.3 million, a decrease from $45.4 million in the prior year.

Operating Expenses Breakdown

For the same period, the breakdown of operating expenses is as follows:

Net Loss

Ikena has sustained significant net losses, reporting a net loss of $40.1 million for the nine months ended September 30, 2024, compared to a net loss of $48.7 million for the same period in 2023.

Cash Flows

As of September 30, 2024, Ikena had cash, cash equivalents, and marketable securities totaling $138 million. This amount is expected to support the company’s operations for at least 12 months.

Future Outlook

Ikena anticipates needing additional funding to support ongoing operations and development efforts, particularly for the IK-595 program. The company may seek to raise capital through equity offerings, debt financing, or strategic partnerships.

Updated on 16 Nov 2024

Resources:

1. Ikena Oncology, Inc. (IKNA) Financial Statements – Access the full quarterly financial statements for Q3 2024 to get an in-depth view of Ikena Oncology, Inc. (IKNA)' financial performance, including balance sheets, income statements, and cash flow statements.
2. SEC Filings – View Ikena Oncology, Inc. (IKNA)' latest filings with the U.S. Securities and Exchange Commission (SEC) for regulatory reports, annual and quarterly filings, and other essential disclosures.