Why Is Cancer Firm Ikena Oncology Stock Trading Lower Today?

Ikena Oncology Inc IKNA shared initial data from twenty-six patients treated in the ongoing dose escalation portion of the Phase 1 trial of IK-930.

IK-930 selectively binds TEAD1 and broadly represses oncogenic TEAD signaling as a potent Hippo-pathway inhibitor, a known suppressor pathway in cancers such as epithelioid hemangioendothelioma (EHE), mesothelioma, meningioma, and others. 

26 patients have been treated with IK-930 in dose escalation as of October 31, 2023. IK-930 is in the final stages of dose optimization.

Treatment-related proteinuria was recorded in 3 out of 26 dose escalation patients and was limited to grade 1-2.

Seven patients with EHE have been treated with IK-930 in the dose escalation portion of the trial.

• 7 out of 7 EHE patients reached stable disease as a best response so far as measured by RECIST.
• 3 out of the 7 patients experienced tumor shrinkage in multiple target and non-target lesions.

Based on preclinical data indicating IK-930 synergy with EGFR inhibitors to combat therapeutic resistance, a combination cohort for IK-930 and osimertinib in patients with EGFR-mutant non-small cell lung cancer (NSCLC) is planned to initiate in 2024.

An additional data update from the IK-930 clinical program is planned for the second half of 2024.

The company had $196.9 million in cash and cash equivalents, expected to provide a cash runway into 2026.

Price Action: IKNA shares are down 64.90% at $1.45 on the last check Thursday.