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Ikena Oncology (IKNA) investor relations material
Ikena Oncology Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Executive summary
Completed a reverse recapitalization merger with Ikena Oncology, Inc. on July 25, 2025, and a $75M private placement, resulting in a new public entity focused on immunological, autoimmune, and inflammatory diseases, with $142.6M in cash and marketable securities as of September 30, 2025.
Strengthened leadership with new CEO, CSO, CTO, and independent director appointments.
Lead asset IMG-007, a non-depleting anti-OX40 monoclonal antibody, is the sole clinical-stage product after divestiture of non-OX40 assets, advancing in atopic dermatitis and alopecia areata.
Initiated a Phase 2b study for IMG-007 in atopic dermatitis, with topline data expected in 2027.
Financial highlights
Net loss of $24.8 million for Q3 2025, up from $3.2 million in the prior year, with $142.6 million in cash, cash equivalents, and marketable securities as of September 30, 2025.
Research and development expenses were $15.6 million for Q3 2025, up 300% year-over-year, mainly due to increased stock-based compensation and clinical trial costs.
General and administrative expenses rose to $11.0 million for Q3 2025, up 568% year-over-year, reflecting higher stock-based compensation and professional services.
Net cash used in operating activities was $40.6 million for the nine months ended September 30, 2025.
Outlook and guidance
Current cash position expected to fund operations for at least the next 12 months.
Substantial additional funding will be required to advance IMG-007 and any future product candidates through development and commercialization.
Ongoing Phase 2b ADAPTIVE trial in atopic dermatitis continues with protocol amendment planned to optimize dosing and study design; topline data anticipated in 2027.
Upcoming data presentations at ISDS 2025 to highlight IMG-007's activity in alopecia areata and atopic dermatitis.
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