Ikena Oncology NasdaqGM:IKNA Stock Report

Second quarter 2022 earnings: EPS and revenues miss analyst expectations

Second quarter 2022 results: US$0.57 loss per share (down from US$0.35 loss in 2Q 2021). Revenue: US$382.0k (down 89% from 2Q 2021). Net loss: US$20.5m (loss widened 62% from 2Q 2021). Revenue missed analyst estimates by 90%. Earnings per share (EPS) also missed analyst estimates by 17%. Over the next year, revenue is expected to shrink by 20% compared to a 16% growth forecast for the industry in the US.

Ikena Oncology, Inc.(NasdaqGM:IKNA) dropped from Russell 2500 Value Index

Ikena Oncology Receives FDA Fast Track Designation for Novel TEAD Inhibitor IK-930 to Treat Unresectable NF2-Deficient Mesothelioma

Ikena Oncology, Inc. announced that the U.S. Food and Drug Administration (FDA) has granted Fast Track designation for IK-930, the Company's novel TEAD inhibitor targeting the Hippo signaling pathway, in patients with unresectable NF2-deficient malignant pleural mesothelioma (MPM). Fast Track designation granted by FDA facilitates the development and expedites the review of drugs intended to treatserious or life-threatening diseases. Features of Fast Track designation include opportunities for more frequent interactions with the FDA review team and, if supported by clinical data, the therapy could potentially be eligible for priority review. Earlier in 2022, the FDA granted IK-930 Orphan Drug designation, which supports development of drugs for rare disorders, as a potential novel therapeutic option for patients with malignant pleural mesothelioma. This milestone, combined with the Orphan Drug designation in mesothelioma, further validates targeted oncology approach to address significant unmet medical needs for difficult-to-treat cancers and supports goal to advance the development of IK-930 for the patients who potentially could benefit most." IK-930 binds to TEAD transcription factors to prevent transcription of multiple genes in the Hippo pathway that are known to cause cancer progression. Patients with NF2-deficient malignant pleural mesothelioma account for approximately 40% of mesothelioma patients worldwide and are generally treated through a combination of standard-of-care options, including surgery, chemotherapy, immunotherapy, and radiation. IK-930 provides a novel targeted approach to address the underlying biology driven by the genetic alterations that cause cancer pathogenesis. IK-930 is currently being studied in a Phase 1 clinical trial as a monotherapy in patients with advanced solid tumors with or without gene alterations in the Hippo pathway, including NF2-deficient malignant mesothelioma, Epithelial Hemangioendothelioma (EHE) with documented TAZ/CAMTA1 fusion genes as well as other solid tumors with either NF2 deficiency or with YAP/TAZ genetic fusions (NCT05228015).