0000950170-24-058715 | 10-Q | XBRL Viewer

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Commitments and Contingencies - Additional Information (Details) - USD ($) $ in Thousands		1 Months Ended	3 Months Ended	12 Months Ended
	Aug. 04, 2023	Mar. 31, 2024	Mar. 31, 2024	Dec. 31, 2015
Pionyr Immunotherapeutics, Inc
Loss Contingencies [Line Items]
Percentage of net proceeds from potential monetization of legacy programs receivable	50.00%
Business acquisition, contingent value right received for each share	1
UT Austin License \| University
Loss Contingencies [Line Items]
License maintenance fees				$ 40
Additional milestone payments payable upon meeting certain development milestones				$ 4,700
Royalties terms			The Company will pay the University royalties as defined in the UT Austin License on any commercialized product sales related to the licensed technology in a percentage in the low single digits.
License agreement, termination date		Jun. 27, 2024
AskAt License
Loss Contingencies [Line Items]
Royalties terms			The Company would have been obligated to make milestone payments to AskAt upon meeting certain development and sales milestones during the term of the AskAt License as well as royalties on any commercialized product sales related to the licensed technology.
License agreement, termination date			Mar. 20, 2024

Marketable Securities - Additional Information (Details) - USD ($)	Mar. 31, 2024	Dec. 31, 2023
Investments, Debt and Equity Securities [Abstract]
Allowance for credit losses for available for sale debt securities	$ 0	$ 0

Fair Value Measurements - Additional Information (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Fair Value Disclosures [Abstract]
Fair value, level 3 transfers out, amount	$ 0	$ 0

Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	Mar. 31, 2024
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

Restructuring and Other Charges - Summary of Restructuring and Other Charges and Balance of Restructuring Liability Included in Accrued Employee Compensation (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2024 USD ($)
Restructuring Cost and Reserve [Line Items]
Expense	$ 2,582
Payments	(929)
Non-cash	(1,005)
Accrued balance at March 31, 2024	648
Employee Separation Payments
Restructuring Cost and Reserve [Line Items]
Expense	1,577
Payments	(929)
Accrued balance at March 31, 2024	648
Non-cash Compensation
Restructuring Cost and Reserve [Line Items]
Expense	263
Non-cash	(263)
Asset Impairments
Restructuring Cost and Reserve [Line Items]
Expense	742
Non-cash	$ (742)

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References + Details

Nature of Business and Basis of Presentation

3 Months Ended

Mar. 31, 2024

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Nature of Business and Basis of Presentation

1. Nature of Business and Basis of Presentation

Ikena Oncology, Inc. (the “Company”) is a clinical stage targeted oncology company, focused on developing differentiated therapies for patients in need that target nodes of cancer growth, spread, and therapeutic resistance in the Hippo and RAS onco-signaling network. The Company’s approach in each of its programs is to target both cancer-driving targets and mechanisms of resistance to other therapies. The Company’s most advanced program, IK-930, is a selective inhibitor of the transcriptional enhanced associate domain 1 (“TEAD 1”). The TEAD transcription factors (TEAD 1-4) execute the ultimate step in the Hippo signaling pathway, a known oncogenic pathway that also drives resistance to multiple targeted and chemo therapies. The Company’s program in the RAS pathway, IK-595, is a molecular glue designed to trap MEK and RAF in an inactive complex, more completely inhibiting RAS signals than existing inhibitors. Since the Company commenced operations in 2016, it has advanced multiple product candidates into clinical development.

The Company’s condensed consolidated financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (“U.S. GAAP”) for interim financial reporting. Any reference in these notes to applicable guidance is meant to refer to the authoritative U.S. GAAP as found in the Accounting Standards Codification (“ASC”) and Accounting Standards Update (“ASU”) of the Financial Accounting Standards Board (“FASB”).

The accompanying condensed consolidated financial statements and footnotes to the financial statements have been prepared on the same basis as the most recently audited annual financial statements and, in the opinion of management, reflect all normal recurring adjustments necessary for the fair presentation of the Company’s financial position for the reported periods. The results of operations for any interim periods are not necessarily indicative of results to be expected for the year ending December 31, 2024, any other interim periods, or any future year or period. These condensed consolidated financial statements should be read in conjunction with, the Company’s audited consolidated financial statements for the year ended December 31, 2023, which were included in its Annual Report on Form 10-K that was filed with the Securities and Exchange Commission (“SEC”) on March 12, 2024.

Summary of Significant Accounting Policies - Additional Information (Details) - USD ($) $ in Millions	Mar. 31, 2024	Dec. 31, 2023
Accounting Policies [Abstract]
Restricted cash	$ 1.3	$ 1.3

Accrued Expenses and Other Current Liabilities

3 Months Ended

Mar. 31, 2024

Accrued Expenses And Other Current Liabilities [Abstract]

Accrued Expenses and Other Current Liabilities

5. Accrued Expenses and Other Current Liabilities

Accrued expenses and other current liabilities consisted of the following (in thousands):


	March 31, 2024		December 31, 2023
Employee compensation	$	1,589	$	3,311
Research and development expenses		2,263		3,964
Professional fees		919		1,221
Other		46		85
Total	$	4,817	$	8,581

Marketable Securities - Schedule of Fair Value of Available-for-Sale Securities By Contractual Maturity (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Investments, Debt and Equity Securities [Abstract]
Due in one year or less	$ 60,803
Due after one year through three years	43,694
Total	$ 104,497	$ 55,571

Collaboration Agreement and Stock Purchase Agreement with Bristol Myers Squibb

3 Months Ended

Mar. 31, 2024

Collaboration And Stock Purchase Agreement [Abstract]

Collaboration Agreement and Stock Purchase Agreement with Bristol Myers Squibb

6. Collaboration Agreement and Stock Purchase Agreement with Bristol-Myers Squibb

The Company has a 2019 collaboration agreement and associated stock purchase agreement (collectively the “Agreements”) with Celgene Corporation (acquired by Bristol-Myers Squibb), whereby the Company carried out initial research and development activities with the goal of identifying and developing drug candidates for certain cancer types. Bristol-Myers Squibb paid the Company a total of $95.0 million in aggregate upfront consideration related to the collaboration and stock purchase under the Agreements, of which $78.7 million was allocated to the collaboration. The Company was eligible to receive $50.0 million, in case of an exercise of an option with respect to IK-175, and $40.0 million, in case of an exercise of an option with respect to IK-412. Upon the exercise of the delivery of each license, the Company would have been eligible to receive up to $450 million in milestone payments, as well as a tiered royalty on worldwide sales from the high single to low teen digits.

On January 17, 2024, Bristol-Myers Squibb notified the Company of its decision not to opt-in on the IK-175 program. In addition, Bristol-Myers Squibb did not provide an opt-in exercise for the IK-412 program. As a result, the Company has regained full global rights to the IK-175 and IK-412 programs. Deferred revenue related to the collaboration had been fully recognized prior to December 31, 2023, as all obligations under the Agreements had been completed. As of March 31, 2024, all activities under the collaboration agreement have been concluded and there are no further amounts to be paid by Bristol-Myers Squibb under such agreement.

Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Cash flows from operating activities:
Net loss	$ (16,146)	$ (14,219)
Adjustments to reconcile net loss to net cash used in operating activities
Depreciation	219	231
Net accretion of discounts on marketable securities	(393)	(530)
Stock-based compensation	2,001	2,000
Non-cash operating lease expense	445	337
Loss on disposal of property and equipment	99
Impairment of assets held for sale	742
Changes in operating assets and liabilities:
Prepaid expenses and other current assets	(269)	308
Deposits and other assets	(102)
Accounts payable	(157)	666
Accrued expenses and other current liabilities	(3,764)	(2,919)
Operating lease liabilities	(993)	(345)
Deferred revenue		(5,313)
Other long term liabilities	14
Net cash used in operating activities	(18,304)	(19,784)
Cash flows from investing activities:
Purchases of property and equipment		(152)
Proceeds from sale of property and equipment	60
Purchase of marketable securities	(62,298)	(41,726)
Proceeds from maturities of marketable securities	13,500	31,072
Net cash used in investing activities	(48,738)	(10,806)
Net decrease in cash, cash equivalents and restricted cash	(67,042)	(30,590)
Cash, cash equivalents and restricted cash, beginning of period	121,172	60,791
Cash, cash equivalents and restricted cash, end of period	54,130	30,201
Reconciliation of cash, cash equivalents, and restricted cash to the condensed consolidated balance sheets:
Cash and cash equivalents	52,852	29,329
Restricted cash included in other assets	1,278	872
Cash, cash equivalents and restricted cash, end of period	$ 54,130	$ 30,201

Stock-Based Compensation

3 Months Ended

Mar. 31, 2024

Share-Based Payment Arrangement [Abstract]

Stock-Based Compensation

7. Stock-Based Compensation

The Company has outstanding awards under its 2016 Stock Incentive Plan, as amended (the “2016 Plan”), but is no longer granting awards under this plan. The Company’s 2021 Stock Incentive Plan (the “2021 Plan” and, together with the 2016 Plan, the “Plans”) allows the Company to make equity-based and cash-based incentive awards to officers, employees, directors and consultants. The number of shares initially reserved under the 2021 Plan was 3,119,514 shares of the Company’s common stock. Additionally, shares of the Company’s common stock subject to outstanding awards under the 2016 Plan that expire, terminate or are otherwise surrendered, cancelled, forfeited or repurchased by the Company at their original issuance price pursuant to a contractual repurchase right will be added back to the shares of common stock available for issuance under the 2021 Plan. The 2021 Plan contains an “evergreen” provision, which allows for an annual increase in the number of shares of common stock available for issuance under the 2021 Plan on the first day of each fiscal year during the period beginning in fiscal year 2022. The annual increase in the number of shares shall be equal to 4% of the number of shares of common stock outstanding on the immediately preceding December 31; or such lesser number of shares as determined by the Administrator as provided in the 2021 Plan. On January 1, 2024, the number of shares of common stock available for issuance under the 2021 Plan increased by 1,930,324 shares as a result of the automatic increase provision of the 2021 Plan. As of March 31, 2024, 3,735,648 shares of common stock remain available for future issuance under the 2021 Plan.

The vesting periods for equity awards, which generally are four years, are determined by the Company’s board of directors. The contractual term for stock option awards is ten years.

The Company recorded stock-based compensation expense in the following expense categories of its condensed consolidated statements of operations and comprehensive loss (in thousands):


	Three Months Ended March 31,
	2024		2023
Research and development	$	777	$	1,072
General and administrative		961		928
Restructuring and other charges		263		—
Total	$	2,001	$	2,000

As of March 31, 2024, the total unrecognized stock-based compensation balance for outstanding awards was $8.5 million, which is expected to be recognized over a weighted average period of 2.7 years.

The following table summarizes stock option activity under the 2021 Plan for the three months ended March 31, 2024:


	Number of Options			Weighted- Average Exercise Price		Weighted- Average Remaining Contractual Term (years)		Aggregate Intrinsic Value (thousands)
Outstanding as of December 31, 2023		7,088,261		$	6.35		6.92	$	94
Granted		1,834,533			1.41
Exercised		—			—
Cancelled or forfeited		(226,602	)		9.09
Outstanding as of March 31, 2024		8,696,192		$	5.23		7.51	$	96
Vested or expected to vest as of March 31, 2024		8,696,192		$	5.23		7.51	$	96
Options exercisable as of March 31, 2024		4,471,341		$	6.33		6.14	$	31

No options were exercised during the three months ended March 31, 2024 and 2023.

The weighted-average grant date fair value of the stock options granted during the three months ended March 31, 2024 and 2023 was $1.08 per share and $1.96 per share, respectively. The fair value of each option award granted is estimated on the date of grant using the Black-Scholes option pricing model and assumptions input into the model. The following table presents, on a weighted average basis, the assumptions used in the model to determine the grant-date fair value of stock options granted:


	Three Months Ended March 31,
	2024			2023
Risk-free interest rate		4.17	%		3.92	%
Expected dividend yield		0	%		0	%
Expected option term (in years)	6.04			6.08
Expected stock price volatility		91.11	%		86.45	%

Stock-Based Compensation - Additional Information (Details) - USD ($) $ / shares in Units, $ in Millions			3 Months Ended
	Jan. 01, 2024	Mar. 30, 2021	Mar. 31, 2024	Mar. 31, 2023
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Weighted-average fair value of the stock options granted			$ 1.08	$ 1.96
Total unrecognized stock-based compensation balance for outstanding awards			$ 8.5
Total unrecognized stock-based compensation balance for outstanding awards expected to be recognized period			2 years 8 months 12 days
Options exercised			0	0
2021 Stock Incentive Plan
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Common stock remain available for future issuance			3,735,648
Number of stock authorized		3,119,514
Number of shares reserved for issuance	1,930,324
Vesting period			4 years
Stock option contractual term			10 years
2021 Stock Incentive Plan \| Maximum
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Available for issuance percentage of annual increase in number of common stock outstanding		4.00%

Summary of Significant Accounting Policies

3 Months Ended

Mar. 31, 2024

Accounting Policies [Abstract]

Summary of Significant Accounting Policies

2. Summary of Significant Accounting Policies

The Company is an emerging growth company, as defined in the Jumpstart Our Business Startups Act of 2012 (the “JOBS Act”). Under the JOBS Act, emerging growth companies can delay adopting new or revised accounting standards issued subsequent to the enactment of the JOBS Act until such a time as those standards apply to private companies. The Company has elected to use this extended transition period for complying with new or revised accounting standards that have different effective dates for public and private companies until the earlier of the date that the Company no longer is an emerging growth company or affirmatively and irrevocably opt out of the extended transition period provided in the JOBS Act. As a result, these financial statements may not be comparable to companies that comply with the new or revised accounting pronouncements as of public company effective dates.

Principles of Consolidation

The accompanying condensed consolidated financial statements include the accounts of the Company and its wholly-owned subsidiaries. All intercompany balances and transactions have been eliminated in consolidation.

Use of Estimates

The preparation of the Company’s financial statements requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenue and expenses during the reporting period. Estimates and judgments are based on historical information and other market-specific or various relevant assumptions, including in certain circumstances, future projections, that management believes to be reasonable under the circumstances. Actual results could differ materially from estimates. Significant estimates and assumptions reflected in these condensed consolidated financial statements include but are not limited to the accruals for research and development expenses and collaboration revenue.

Concentration of Credit Risk and of Significant Suppliers

Financial instruments that potentially subject the Company to concentrations of credit risk consist principally of cash, cash equivalents, and marketable securities. Cash and cash equivalents are deposited with federally insured financial institutions in the United States and may, at times, exceed federally insured limits. The Company places marketable securities with a highly rated financial institution. As of March 31, 2024, the Company has not experienced any credit related losses on its cash, cash equivalents or marketable securities.

The Company is dependent on third-party manufacturers to supply products for research and development activities in its programs. In particular, the Company relies and expects to continue to rely on a small number of manufacturers to supply it with its requirements for the active pharmaceutical ingredients and formulated drugs related to these programs. The Company’s programs could be adversely affected if a third-party manufacturer is unable to successfully carry out their contractual obligations or meet expected deadlines. If a third-party manufacturer needs to be replaced, the Company may not be able to complete its program development on its anticipated timelines and may incur additional expenses as a result.

Restricted Cash

As of each of March 31, 2024 and December 31, 2023, the Company maintained restricted cash totaling $1.3 million, held in the form of a money market account as collateral for the Company’s facility lease obligations. This balance is included within deposits and other assets on the condensed consolidated balance sheets.

Net Income (Loss) Per Share

Basic net income (loss) per common share is computed by dividing the net income (loss) by the weighted average number of shares of common stock outstanding for the period. Diluted net income (loss) per common share is computed by dividing net income (loss) by the weighted average number of common shares outstanding for the period, including potential dilutive common shares assuming the dilutive effect of outstanding stock options. For periods in which the Company reported a net loss, diluted net loss per common share is the same as basic net loss per common share, since dilutive common shares are not assumed to have been issued if their affect is anti-dilutive.

The Company excluded the following potential common shares, presented based on amounts outstanding at each period end, from the computation of diluted net loss per share for the periods indicated because including them would have had an anti-dilutive effect:


	Three Months Ended March 31,
	2024		2023
Options to purchase common stock		8,696,192		7,646,307
Total		8,696,192		7,646,307

Recent Accounting Pronouncements

From time to time, new accounting pronouncements are issued by the FASB or other standard setting bodies and adopted by the Company as of the specified effective date. Unless otherwise discussed, the Company believes that the impact of recently issued standards that are not yet effective will not have a material impact on its consolidated financial statements and disclosures.

Restructuring and Other Charges - Additional Information (Details) $ in Thousands		3 Months Ended
	Jan. 17, 2024 Position	Mar. 31, 2024 USD ($)
Restructuring Cost and Reserve [Line Items]
Restructuring charges		$ 2,582
Impairment charge relating to assets held for sale		742
Prepaid Expenses and Other Current Assets
Restructuring Cost and Reserve [Line Items]
Assets held for sale		400
Employee Separation Payments
Restructuring Cost and Reserve [Line Items]
Restructuring charges		1,577
Non-cash Charges
Restructuring Cost and Reserve [Line Items]
Restructuring charges		263
Workforce Reduction Plan
Restructuring Cost and Reserve [Line Items]
Percentage of workforce reduction	35.00%
Number of employees terminated \| Position	20
Workforce Reduction Plan \| Employee Separation Payments
Restructuring Cost and Reserve [Line Items]
Restructuring charges		1,600
Workforce Reduction Plan \| Non-cash Charges
Restructuring Cost and Reserve [Line Items]
Restructuring charges		$ 300

Restructuring and Other Charges (Tables)

3 Months Ended

Mar. 31, 2024

Restructuring and Related Activities [Abstract]

Summary of Restructuring and Other Charges and Balance of Restructuring Liability Included in Accrued Employee Compensation

The Company’s Restructuring and other charges and balance of its Restructuring liability, which was included in accrued employee compensation, consisted of the following for the three months ended March 31, 2024 (in thousands):


	Three Months Ended March 31, 2024
	Employee
	Separation			Non-cash			Asset
	Payments			Compensation			Impairments			Total
Accrued balance at December 31, 2023	$	—		$	—		$	—		$	—
Expense		1,577			263			742			2,582
Payments		(929	)		—			—			(929	)
Adjustments		—			—			—			—
Non-cash		—			(263	)		(742	)		(1,005	)
Accrued balance at March 31, 2024	$	648		$	—		$	—		$	648

Marketable Securities (Tables)

3 Months Ended

Mar. 31, 2024

Investments, Debt and Equity Securities [Abstract]

Summary Of Marketable Securities

The following tables summarize the Company's marketable securities (in thousands):


	March 31, 2024
	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses			Fair Value
U.S. treasury securities	$	49,316	$	—	$	(184	)	$	49,132
Corporate debt securities		55,494		—		(129	)		55,365
Total	$	104,810	$	—	$	(313	)	$	104,497


	December 31, 2023
	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses			Fair Value
Corporate debt securities	$	55,624	$	27	$	(80	)	$	55,571
Total	$	55,624	$	27	$	(80	)	$	55,571

Schedule of Marketable Securities Fair Value By Contractual Maturity

The following table summarizes the fair value of the Company’s available-for-sale securities by contractual maturity (in thousands):


	March 31, 2024
Due in one year or less	$	60,803
Due after one year through three years		43,694
Total	$	104,497

Collaboration Agreement and Stock Purchase Agreement with Bristol Myers Squibb - Additional Information (Details) - BMS $ in Millions	Jan. 31, 2019 USD ($)
Bristol Myers Squibb Collaboration Agreement and Stock Purchase Agreement
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items]
Upfront consideration payment	$ 95.0
Bristol Myers Squibb Collaboration Agreement and Stock Purchase Agreement \| Maximum
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items]
Milestone payments eligible to receive	450.0
Bristol Myers Squibb Collaboration Agreement and Stock Purchase Agreement \| IK-175
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items]
Amount eligible to receive in case of exercise of options	50.0
Bristol Myers Squibb Collaboration Agreement and Stock Purchase Agreement \| IK-412
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items]
Amount eligible to receive in case of exercise of options	40.0
Bristol Myers Squibb Collaboration Agreement
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items]
Upfront consideration payment	$ 78.7

Marketable Securities

3 Months Ended

Mar. 31, 2024

Investments, Debt and Equity Securities [Abstract]

Marketable Securities

4. Marketable Securities

The following tables summarize the Company's marketable securities (in thousands):


	March 31, 2024
	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses			Fair Value
U.S. treasury securities	$	49,316	$	—	$	(184	)	$	49,132
Corporate debt securities		55,494		—		(129	)		55,365
Total	$	104,810	$	—	$	(313	)	$	104,497


	December 31, 2023
	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses			Fair Value
Corporate debt securities	$	55,624	$	27	$	(80	)	$	55,571
Total	$	55,624	$	27	$	(80	)	$	55,571

In accordance with the Company's investment policy, it places investments in investment grade securities with high credit quality issuers, and generally limits the amount of credit exposure to any one issuer. The Company evaluates securities for impairment at the end of each reporting period. Factors considered include whether a decline in fair value below the amortized cost basis is due to credit-related factors or non-credit-related factors, the financial condition and near-term prospects of the issuer, and the Company’s intent and ability to hold the investment to allow for an anticipated recovery in fair value. As of March 31, 2024 and December 31, 2023, there were no allowances for credit losses recorded.

The Company classifies its investments in marketable securities as available-for-sale and as current assets as they represent the investment of funds available for current operations. The following table summarizes the fair value of the Company’s available-for-sale securities by contractual maturity (in thousands):


	March 31, 2024
Due in one year or less	$	60,803
Due after one year through three years		43,694
Total	$	104,497

Condensed Consolidated Statements of Operations and Comprehensive Loss (Unaudited) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Revenues [Abstract]
Collaboration revenue		$ 5,313
Operating expenses:
Research and development	$ 9,645	15,552
General and administrative	5,999	5,276
Restructuring and other charges	2,582
Total operating expenses	18,226	20,828
Loss from operations	(18,226)	(15,515)
Other income (expense):
Investment income	2,114	1,296
Other income (expense)	(7)
Total other income, net	2,107	1,296
Loss before income taxes	(16,119)	(14,219)
Income tax expense	(27)
Net loss	(16,146)	(14,219)
Other comprehensive income (loss):
Unrealized gain (loss) on marketable securities	(265)	272
Total comprehensive loss	$ (16,411)	$ (13,947)
Net loss per share:
Net loss per share, basic	$ (0.33)	$ (0.39)
Net loss per share, diluted	$ (0.33)	$ (0.39)
Weighted-average common shares outstanding, basic	48,258,111	36,257,493
Weighted-average common shares outstanding, diluted	48,258,111	36,257,493

Stock-Based Compensation (Tables)

3 Months Ended

Mar. 31, 2024

Share-Based Payment Arrangement [Abstract]

Schedule of Stock-Based Compensation Expense

The Company recorded stock-based compensation expense in the following expense categories of its condensed consolidated statements of operations and comprehensive loss (in thousands):


	Three Months Ended March 31,
	2024		2023
Research and development	$	777	$	1,072
General and administrative		961		928
Restructuring and other charges		263		—
Total	$	2,001	$	2,000

Summary of Stock Option Activity

The following table summarizes stock option activity under the 2021 Plan for the three months ended March 31, 2024:


	Number of Options			Weighted- Average Exercise Price		Weighted- Average Remaining Contractual Term (years)		Aggregate Intrinsic Value (thousands)
Outstanding as of December 31, 2023		7,088,261		$	6.35		6.92	$	94
Granted		1,834,533			1.41
Exercised		—			—
Cancelled or forfeited		(226,602	)		9.09
Outstanding as of March 31, 2024		8,696,192		$	5.23		7.51	$	96
Vested or expected to vest as of March 31, 2024		8,696,192		$	5.23		7.51	$	96
Options exercisable as of March 31, 2024		4,471,341		$	6.33		6.14	$	31

Summary of Assumptions Used to Grant Date Fair Value Of Stock Options Granted

The fair value of each option award granted is estimated on the date of grant usingthe Black-Scholes option pricing model and assumptions input into the model. The following table presents, on a weighted average basis, the assumptions used in the model to determine the grant-date fair value of stock options granted:


	Three Months Ended March 31,
	2024			2023
Risk-free interest rate		4.17	%		3.92	%
Expected dividend yield		0	%		0	%
Expected option term (in years)	6.04			6.08
Expected stock price volatility		91.11	%		86.45	%

Fair Value Measurements (Tables)

3 Months Ended

Mar. 31, 2024

Fair Value Disclosures [Abstract]

Summary of Financial Assets Measured at Fair Value

The following tables present information about the Company’s financial assets measured or disclosed at fair value by level within the fair value hierarchy (in thousands):


	March 31, 2024		Quoted Prices in Active Markets (Level 1)		Significant Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
Cash equivalents:
Money market funds	$	23,123	$	23,123	$	—	$	—
Corporate debt securities		476		—		476		—
Marketable securities:
U.S. treasury securities		49,132		—		49,132		—
Corporate debt securities		55,365		—		55,365		—
Total assets	$	128,096	$	23,123	$	104,973	$	—


	December 31, 2023		Quoted Prices in Active Markets (Level 1)		Significant Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
Cash equivalents:
Money market funds	$	53,613	$	53,613	$	—	$	—
Marketable securities:
Corporate debt securities		55,571		—		55,571		—
Total assets	$	109,184	$	53,613	$	55,571	$	—

Subsequent Event - Additional Information (Details) - Pionyr Immunotherapeutics, Inc $ in Millions	1 Months Ended	37 Months Ended
	Apr. 30, 2024 Agreement	Apr. 30, 2027 USD ($)
Forecast
Subsequent Event [Line Items]
Sublease agreements amount \| $		$ 2.5
Subsequent Event
Subsequent Event [Line Items]
Number of sublease agreement \| Agreement	3

Stock-Based Compensation - Summary of Stock Option Activity (Details) - 2021 Plan - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended	12 Months Ended
	Mar. 31, 2024	Dec. 31, 2023
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Number of Options, Outstanding	7,088,261
Number of Options, Granted	1,834,533
Number of Options, Cancelled or forfeited	(226,602)
Number of Options, Outstanding	8,696,192	7,088,261
Number of Options, Vested or expected to vest	8,696,192
Number of Options, Options exercisable	4,471,341
Weighted- Average Exercise Price, Outstanding	$ 6.35
Weighted- Average Exercise Price, Granted	1.41
Weighted- Average Exercise Price, Cancelled or forfeited	9.09
Weighted- Average Exercise Price, Outstanding	5.23	$ 6.35
Weighted- Average Exercise Price, Vested or expected to vest	5.23
Weighted- Average Exercise Price, Options exercisable	$ 6.33
Weighted- Average Remaining Contractual Term, Outstanding	7 years 6 months 3 days	6 years 11 months 1 day
Weighted- Average Remaining Contractual Term, Vested or expected to vest	7 years 6 months 3 days
Weighted- Average Remaining Contractual Term, Option exercisable	6 years 1 month 20 days
Aggregate Intrinsic Value, Outstanding	$ 96	$ 94
Aggregate Intrinsic Value, Vested or expected to vest	96
Aggregate Intrinsic Value, Options exercisable as of March 31, 2024	$ 31

Fair Value Measurements

3 Months Ended

Mar. 31, 2024

Fair Value Disclosures [Abstract]

Fair Value Measurements

3. Fair Value Measurements

The following tables present information about the Company’s financial assets measured or disclosed at fair value by level within the fair value hierarchy (in thousands):


	March 31, 2024		Quoted Prices in Active Markets (Level 1)		Significant Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
Cash equivalents:
Money market funds	$	23,123	$	23,123	$	—	$	—
Corporate debt securities		476		—		476		—
Marketable securities:
U.S. treasury securities		49,132		—		49,132		—
Corporate debt securities		55,365		—		55,365		—
Total assets	$	128,096	$	23,123	$	104,973	$	—


	December 31, 2023		Quoted Prices in Active Markets (Level 1)		Significant Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
Cash equivalents:
Money market funds	$	53,613	$	53,613	$	—	$	—
Marketable securities:
Corporate debt securities		55,571		—		55,571		—
Total assets	$	109,184	$	53,613	$	55,571	$	—

During the three months ended March 31, 2024 and 2023, there were no transfers into or out of Level 3.

- Definition

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

+ References + Details

Marketable Securities - Summary Of Marketable Securities (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Marketable Securities [Line Items]
Amortized Cost	$ 104,810	$ 55,624
Gross Unrealized Gains		27
Gross Unrealized Losses	(313)	(80)
Fair Value	104,497	55,571
U.S. Treasury Securities
Marketable Securities [Line Items]
Amortized Cost	49,316
Gross Unrealized Losses	(184)
Fair Value	49,132
Corporate Debt Securities
Marketable Securities [Line Items]
Amortized Cost	55,494	55,624
Gross Unrealized Gains		27
Gross Unrealized Losses	(129)	(80)
Fair Value	$ 55,365	$ 55,571

Summary of Significant Accounting Policies (Policies)

3 Months Ended

Mar. 31, 2024

Accounting Policies [Abstract]

Emerging Growth Company Status

Principles of Consolidation

Use of Estimates

Concentration of Credit Risk and of Significant Suppliers

Restricted Cash

Net Income (Loss) Per Share


	Three Months Ended March 31,
	2024		2023
Options to purchase common stock		8,696,192		7,646,307
Total		8,696,192		7,646,307

Recent Accounting Pronouncements

Condensed Consolidated Balance Sheets (Unaudited) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Current assets:
Cash and cash equivalents	$ 52,852	$ 119,894
Marketable securities	104,497	55,571
Prepaid expenses and other current assets	3,817	3,197
Total current assets	161,166	178,662
Property and equipment, net	864	2,335
Right-of-use asset	5,241	5,686
Deposits and other assets	5,511	5,409
Total assets	172,782	192,092
Current liabilities:
Accounts payable	1,909	2,066
Accrued expenses and other current liabilities	4,817	8,581
Operating lease liability	3,443	3,558
Total current liabilities	10,169	14,205
Long-term portion of operating lease liability	6,302	7,180
Other long-term liabilities	964	950
Total liabilities	17,435	22,335
Commitments and contingencies (Note 8)
Stockholders equity
Preferred stock, $0.001 par value - 10,000,000 shares authorized as of March 31, 2024 and December 31, 2023; No shares issued and outstanding as of March 31, 2024 or December 31, 2023
Common stock, $0.001 par value, 150,000,000 shares authorized and 48,258,111 shares issued and outstanding at March 31, 2024 and December 31, 2023	48	48
Additional paid-in capital	454,143	452,142
Accumulated other comprehensive loss	(313)	(48)
Accumulated deficit	(298,531)	(282,385)
Total stockholders' equity	155,347	169,757
Total liabilities and stockholders' equity	$ 172,782	$ 192,092

Summary of Significant Accounting Policies (Tables)

3 Months Ended

Mar. 31, 2024

Accounting Policies [Abstract]

Summary of Outstanding Potential Common Shares Excluded in Computation of Diluted Net Loss Per Share


	Three Months Ended March 31,
	2024		2023
Options to purchase common stock		8,696,192		7,646,307
Total		8,696,192		7,646,307

Condensed Consolidated Statements of Stockholders' Equity (Unaudited) - USD ($) $ in Thousands	Total	Common Stock	Additional Paid-in Capital	Accumulated Other Comprehensive Loss	Accumulated Deficit
Beginning Balance, Shares at Dec. 31, 2022		36,257,493
Beginning Balance at Dec. 31, 2022	$ 146,969	$ 36	$ 361,915	$ (763)	$ (214,219)
Stock-based compensation	2,000		2,000
Other comprehensive income (loss)	272			272
Net loss	(14,219)				(14,219)
Ending Balance, Shares at Mar. 31, 2023		36,257,493
Ending Balance at Mar. 31, 2023	135,022	$ 36	363,915	(491)	(228,438)
Beginning Balance, Shares at Dec. 31, 2023		48,258,111
Beginning Balance at Dec. 31, 2023	169,757	$ 48	452,142	(48)	(282,385)
Stock-based compensation	2,001		2,001
Other comprehensive income (loss)	(265)			(265)
Net loss	(16,146)				(16,146)
Ending Balance, Shares at Mar. 31, 2024		48,258,111
Ending Balance at Mar. 31, 2024	$ 155,347	$ 48	$ 454,143	$ (313)	$ (298,531)

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

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+ Details

Document and Entity Information - shares	3 Months Ended
Document and Entity Information - shares	Mar. 31, 2024	May 01, 2024
Cover [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Mar. 31, 2024
Entity Registrant Name	IKENA ONCOLOGY, INC.
Entity Central Index Key	0001835579
Entity Incorporation, State or Country Code	DE
Entity File Number	001-40287
Entity Tax Identification Number	81-1697316
Entity Address, Address Line One	645 Summer Street
Entity Address, Address Line Two	Suite 101
Entity Address, City or Town	Boston
Entity Address, State or Province	MA
Entity Address, Postal Zip Code	02210
City Area Code	857
Local Phone Number	273-8343
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	Q1
Entity Current Reporting Status	Yes
Current Fiscal Year End Date	--12-31
Entity Filer Category	Non-accelerated Filer
Entity Small Business	true
Entity Shell Company	false
Entity Interactive Data Current	Yes
Title of 12(b) Security	Common Stock, par value $0.001 per share
Trading Symbol	IKNA
Security Exchange Name	NASDAQ
Document Quarterly Report	true
Document Transition Report	false
Entity Emerging Growth Company	true
Entity Ex Transition Period	false
Entity Common Stock, Shares Outstanding		48,258,111

Fair Value Measurements - Summary of Financial Assets Measured at Fair Value (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Total Marketable Securities	$ 104,497	$ 55,571
Fair Value On Recurring Basis
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Total assets	128,096	109,184
Fair Value On Recurring Basis \| Level 1
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Total assets	23,123	53,613
Fair Value On Recurring Basis \| Level 2
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Total assets	104,973	55,571
Money Market Funds \| Fair Value On Recurring Basis
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Total Cash Equivalents	23,123	53,613
Money Market Funds \| Fair Value On Recurring Basis \| Level 1
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Total Cash Equivalents	23,123	53,613
U.S. Treasury Securities \| Fair Value On Recurring Basis
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Total Marketable Securities	49,132
U.S. Treasury Securities \| Fair Value On Recurring Basis \| Level 2
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Total Marketable Securities	49,132
Corporate Debt Securities \| Fair Value On Recurring Basis
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Total Cash Equivalents	476
Total Marketable Securities	55,365	55,571
Corporate Debt Securities \| Fair Value On Recurring Basis \| Level 2
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Total Cash Equivalents	476
Total Marketable Securities	$ 55,365	$ 55,571

Subsequent Event

3 Months Ended

Mar. 31, 2024

Subsequent Events [Abstract]

Subsequent Event

10. Subsequent Event

In April 2024, the Company entered into three sublease agreements with third parties for the use of office and laboratory space in San Francisco, California that the Company assumed in connection with its acquisition of Pionyr. Total fixed payments to be received by the Company under the three sublease agreements amount to $2.5 million and will be received through April 2027.

Accrued Expenses and Other Current Liabilities (Tables)

3 Months Ended

Mar. 31, 2024

Accrued Expenses And Other Current Liabilities [Abstract]

Summary of Accrued Expenses and Other Current Liabilities

Accrued expenses and other current liabilities consisted of the following (in thousands):


	March 31, 2024		December 31, 2023
Employee compensation	$	1,589	$	3,311
Research and development expenses		2,263		3,964
Professional fees		919		1,221
Other		46		85
Total	$	4,817	$	8,581

Accrued Expenses and Other Current Liabilities - Summary of Accrued Expenses and Other Current Liabilities (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Accrued Expenses And Other Current Liabilities [Abstract]
Employee compensation	$ 1,589	$ 3,311
Research and development expenses	2,263	3,964
Professional fees	919	1,221
Other	46	85
Total	$ 4,817	$ 8,581

Summary of Significant Accounting Policies - Summary of Outstanding Potential Common Shares Excluded in Computation of Diluted Net Loss Per Share (Details) - shares	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share amount	8,696,192	7,646,307
Employee Stock Option
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share amount	8,696,192	7,646,307

Restructuring and Other Charges

3 Months Ended

Mar. 31, 2024

Restructuring and Related Activities [Abstract]

Restructuring and Other Charges

9. Restructuring and Other Charges

On January 17, 2024, the board of directors of the Company approved a plan to reduce the Company’s workforce by approximately 35% (the “Workforce Reduction”) and discontinue discovery efforts. The Workforce Reduction is designed to align the Company’s workforce with its strategy to focus on its clinical stage, targeted oncology programs, IK-930 and IK-595. In connection with the Workforce Reduction, the Company terminated approximately 20 employees. During the three months ended March 31, 2024, the Company recorded severance charges in connection with the Workforce Reduction, consisting of cash expenditures for employee separation costs of $1.6 million, most of which are expected to be paid by June 30, 2024, and non-cash charges of $0.3 million for the modification of certain equity awards. In March 2024, the Company committed to a plan to sell laboratory equipment related to its discovery efforts and therefore has classified the net amount of assets held for sale of $0.4 million in prepaid expenses and other current assets on the condensed consolidated balance sheet as of March 31, 2024. The assets held for sale are carried at the lower of the carrying amount or fair value, less costs to sell. The Company recorded an impairment charge of $0.7 million relating to the assets held for sale during the three months ended March 31, 2024.

The Workforce Reduction and discontinuation of discovery efforts are referred to as the “Restructuring” and were completed by March 31, 2024. The Company’s Restructuring and other charges and balance of its Restructuring liability, which was included in accrued employee compensation, consisted of the following for the three months ended March 31, 2024 (in thousands):


	Three Months Ended March 31, 2024
	Employee
	Separation			Non-cash			Asset
	Payments			Compensation			Impairments			Total
Accrued balance at December 31, 2023	$	—		$	—		$	—		$	—
Expense		1,577			263			742			2,582
Payments		(929	)		—			—			(929	)
Adjustments		—			—			—			—
Non-cash		—			(263	)		(742	)		(1,005	)
Accrued balance at March 31, 2024	$	648		$	—		$	—		$	648

Stock-Based Compensation - Schedule of Stock-Based Compensation Expense (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Total stock-based compensation expense	$ 2,001	$ 2,000
Research and Development
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Total stock-based compensation expense	777	1,072
General and Administrative
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Total stock-based compensation expense	961	$ 928
Restructuring and Other Charges
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Total stock-based compensation expense	$ 263

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

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+ Details

Condensed Consolidated Balance Sheets (Unaudited) (Parenthetical) - $ / shares	Mar. 31, 2024	Dec. 31, 2023
Statement of Financial Position [Abstract]
Preferred stock, par value	$ 0.001	$ 0.001
Preferred stock, shares authorized	10,000,000	10,000,000
Preferred stock, shares issued	0	0
Preferred stock, shares outstanding	0	0
Common stock, par value	$ 0.001	$ 0.001
Common stock, shares authorized	150,000,000	150,000,000
Common stock, shares issued	48,258,111	48,258,111
Common stock, shares outstanding	48,258,111	48,258,111

Pay vs Performance Disclosure - USD ($) $ in Thousands	3 Months Ended
Pay vs Performance Disclosure - USD ($) $ in Thousands	Mar. 31, 2024	Mar. 31, 2023
Pay vs Performance Disclosure
Net Income (Loss)	$ (16,146)	$ (14,219)

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

+ References

+ Details

Commitments and Contingencies

3 Months Ended

Mar. 31, 2024

Commitments and Contingencies Disclosure [Abstract]

Commitments and Contingencies

8. Commitments and Contingencies

Leases

The Company’s commitments under its leases are described in Note 15 Lease Obligations, to the consolidated financial statements in the Company's Annual Report on Form 10-K for the year ended December 31, 2023. There have been no material changes to the Company’s leases during the three months ended March 31, 2024.

In April 2024, the Company entered into sublease agreements for office and laboratory space in San Francisco, California (see Note 10).

License Agreements

UT Austin

The Company has an exclusive patent license agreement (the “UT Austin License”) entered into in 2015, to license certain technologies and intellectual property rights from the University of Texas at Austin (the “University”), an entity affiliated with a director of the Company at the time of the agreement. The UT Austin License shall remain in effect until the expiration or abandonment of the last to expire technologies and intellectual property rights. The Company shall pay License Maintenance fees annually of $40 thousand. Additionally, the Company shall make additional milestone payments to the University upon meeting certain development milestones in the aggregate of $4.7 million during the term of the UT Austin License. The Company will pay the University royalties as defined in the UT Austin License on any commercialized product sales related to the licensed technology in a percentage in the low single digits. The Company will also be responsible for reimbursing the University for certain patent-related costs incurred on its behalf. A Notice of Termination was sent by the Company in March 2024 and the UT Austin License will be terminated as of June 27, 2024, at which time all assets will be returned to the University and no further costs will be incurred by the Company in connection with the UT Austin License.

Arrys

The Company acquired in-process research and development in 2018 on an Arrys Therapeutics, Inc.’s (“Arrys”) immune-oncology candidate based on the intellectual property associated with Arrys’ AskAt License as part of the Company’s acquisition of Arrys. The AskAt License was intended to be used by the Company in its future development of therapeutic drug candidates for eventual clinical development and commercialization. The Company would have been obligated to make milestone payments to AskAt upon meeting certain development and sales milestones during the term of the AskAt License as well as royalties on any commercialized product sales related to the licensed technology. The AskAt Agreement was terminated as of March 20, 2024 and all assets were returned to AskAt. No further costs will be incurred by the Company in connection with the AskAt License.

Other Agreements

The Company is also party to various agreements, principally relating to licensed technology, that require future payments relating to milestones not met as of March 31, 2024 or royalties on future sales of specified products that have not yet occurred as of March 31, 2024.

Contingent Value Rights

In connection with the acquisition of Pionyr Immunotherapeutics, Inc. (“Pionyr”) on August 4, 2023, the Company issued one contractual contingent value right (“CVR”) to the former Pionyr stockholders for each share of Pionyr stock held at closing. The CVR entitles the holder to receive 50% of net proceeds, outside of royalties, for any potential monetization of Pionyr legacy programs within two years. The Company accounts for the CVRs as contingent liabilities. As of March 31, 2024 and December 31, 2023, the contingent consideration cannot be reasonably estimated, and the contingency was not resolved.

Stock-Based Compensation - Summary of Assumptions Used to Grant Date Fair Value Of Stock Options Granted (Details)	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Share-Based Payment Arrangement [Abstract]
Risk-free interest rate	4.17%	3.92%
Expected dividend yield	0.00%	0.00%
Expected option term (in years)	6 years 14 days	6 years 29 days
Expected stock price volatility	91.11%	86.45%