Ikena Oncology, Inc. reported significant financial changes in its latest 10-Q filing for the quarter ending September 30, 2024. The company, which focuses on developing targeted therapies for cancer, experienced a notable decline in cash and cash equivalents, dropping to $45.2 million from $119.9 million at the end of 2023. Total current assets also decreased to $141.5 million from $178.7 million, while total assets fell to $149.0 million from $192.1 million over the same period.

The company reported no collaboration revenue for the three and nine months ended September 30, 2024, a stark contrast to $1.2 million and $8.5 million for the same periods in 2023, respectively. This 100% decrease in collaboration revenue reflects the conclusion of activities under the collaboration agreement with Bristol-Myers Squibb, which ended in January 2024 when the latter opted not to pursue further development of certain programs.

Operating expenses for the three months ended September 30, 2024, were $12.4 million, down 40% from $20.7 million in the prior year. Research and development expenses also saw a significant reduction, totaling $6.8 million compared to $14.7 million in 2023, primarily due to workforce reductions and the discontinuation of certain programs. The company reported a loss from operations of $12.4 million for the quarter, an improvement from a loss of $19.5 million in the same quarter of the previous year.

Net loss for the three months ended September 30, 2024, was $10.2 million, down from $17.3 million in 2023, marking a 41% improvement. For the nine months ended September 30, 2024, the net loss was $40.1 million, compared to $48.7 million in the same period of 2023, reflecting an 18% decrease in losses.

Strategically, Ikena implemented significant workforce reductions, first by approximately 35% in January 2024 and then by an additional 53% in May 2024, as part of a restructuring plan to focus on its clinical stage oncology programs, particularly IK-595. The company also terminated the clinical development of IK-930 and has been seeking strategic options for potential partnerships.

As of September 30, 2024, Ikena's total stockholders' equity stood at $134.2 million, down from $169.8 million at the end of 2023, with an accumulated deficit of $322.5 million. The company anticipates continued operating losses and may require additional funding to support ongoing operations and research and development efforts.