Ikena rolls over on Hippo

When Ikena reported zero remissions with its Tead1 inhibitor IK-930 last November it looked like a pivot could be imminent, and this came yesterday: the group has canned the project, and shifted to its MEK-RAF “molecular glue” IK-595. One question is what took Ikena so long; it had clearly hoped for better results with an “optimised formulation” of IK-930, and even earlier this month was promising an update in the second half. Ikena’s withdrawal leaves Vivace Therapeutics’ VT3989 as the lead blocker of the Hippo/Yap/Tead pathway, but that project has been linked with adverse events. Novartis, Orion, Springworks and Betta Pharmaceuticals have phase 1 assets, according to OncologyPipeline. As for MEK/RAF inhibition, Verastem recently disappointed with its dual-acting project avutometinib. Ikena, which went public in 2021, hasn’t had much luck with its targets, with a long line of discontinued assets. Last year it bought Pionyr Immunotherapeutics, apparently just for Pionyr's cash balance, and Pionyr’s projects were immediately earmarked for partnering. Ikena’s stock opened up 16% today, but the company, which has halved its headcount and is exploring strategic alternatives, is worth a mere $64m. The pressure is now on IK-595.

The ups and downs of Ikena’s pipeline

Source: OncologyPipeline.