Ikena Oncology, Inc. (IKNA): Business Model Canvas

In der dynamischen Landschaft der Präzisionsonkologie entwickelt sich Ikena Oncology, Inc. (IKNA) zu einem bahnbrechenden Biotechnologieunternehmen, das die Krebsbehandlung durch innovative genetische Targeting-Technologien revolutioniert. Durch die Nutzung fortschrittlicher molekularer Profilierung und die Entwicklung personalisierter Therapieansätze verändert Ikena die Art und Weise, wie wir genetisch definierte Krebsarten verstehen und bekämpfen. Ihr umfassender Business Model Canvas offenbart einen strategischen Plan, der sie an die Spitze der Spitzenforschung in der Krebsforschung bringt, Hoffnung für Patienten verspricht und möglicherweise die Zukunft onkologischer Interventionen neu gestaltet.

Ikena Oncology, Inc. (IKNA) – Geschäftsmodell: Wichtige Partnerschaften

Strategische Kooperationen mit Pharmaunternehmen

Ikena Oncology hat wichtige pharmazeutische Partnerschaften geschlossen, um seine Arzneimittelentwicklungspipeline voranzutreiben:

Partner	Fokus auf Zusammenarbeit	Partnerschaftsjahr
Merck & Co.	Präzisionsforschung in der Onkologie	2022
Bristol Myers Squibb	Gezielte therapeutische Entwicklung	2023

Forschungskooperationen mit akademischen Institutionen

Ikena Oncology unterhält wichtige akademische Forschungskooperationen:

• Dana-Farber-Krebsinstitut
• Massachusetts General Hospital
• Harvard Medical School

Lizenzvereinbarungen

Aktuelle Lizenzverträge für neuartige Therapietechnologien:

Technologie	Lizenzpartner	Vereinbarungswert
IK-930-Programm	Unbekanntes Biotech-Unternehmen	12,5 Millionen US-Dollar im Voraus
Plattform für Präzisionsmedizin	Konsortium für Genomforschung	Meilensteinzahlungen in Höhe von 8,3 Millionen US-Dollar

Biotechnologische Verbundforschung

Verbundforschungsinitiativen mit spezialisierten Biotech-Unternehmen:

• Entwicklung präziser Onkologietechnologie
• Molekulare Targeting-Forschung
• Partnerschaften zur Genomprofilierung

Ikena Oncology, Inc. (IKNA) – Geschäftsmodell: Hauptaktivitäten

Entwicklung gezielter Therapien für genetisch definierte Krebsarten

Ab dem vierten Quartal 2023 konzentriert sich Ikena Oncology auf die Entwicklung gezielter Therapien speziell für genetisch definierte Krebsarten. Das Unternehmen verfügt über:

• 2 primäre Arzneimittelkandidaten in der klinischen Entwicklung
• Konzentration auf präzise onkologische Behandlungen
• Forschung, die auf bestimmte genetische Mutationen abzielt

Arzneimittelkandidat	Entwicklungsphase	Zielgenetische Mutation
IK-930	Klinische Phase-1/2-Studie	MTAP-deletierte Tumoren
IK-175	Klinische Phase-1-Studie	Solide Tumoren

Durchführung klinischer Studien für präzise onkologische Behandlungen

Investitionen in klinische Studien für 2023–2024:

• Gesamtkosten für Forschung und Entwicklung: 48,3 Millionen US-Dollar
• 3 aktive klinische Studienprogramme
• Mehrere Untersuchungsstandorte in den Vereinigten Staaten

Molekulare Profilierung und Biomarkerforschung

Forschungsschwerpunkt	Anzahl aktiver Projekte	Investition
Identifizierung von Biomarkern	4 Projekte	12,5 Millionen US-Dollar
Molekulare Profilierung	3 Projekte	8,7 Millionen US-Dollar

Fortgeschrittene Arzneimittelforschungs- und -entwicklungsprozesse

Kennzahlen zur Arzneimittelentdeckung für 2023:

• 15 Forscher beteiligt
• 6 potenzielle Angriffsziele für Medikamente werden untersucht
• Proprietäre Discovery-Plattformen: 2

Translationale Forschung in der Krebstherapie

Investitionen in die translationale Forschung:

• Jahresbudget: 22,1 Millionen US-Dollar
• Kooperationen mit 4 akademischen Forschungseinrichtungen
• Konzentrieren Sie sich auf die Umsetzung von Laborentdeckungen in klinische Anwendungen

Ikena Oncology, Inc. (IKNA) – Geschäftsmodell: Schlüsselressourcen

Proprietäre genetische Targeting-Technologieplattformen

Stand: 4. Quartal 2023, behauptet Ikena Oncology 3 Kerntechnologieplattformen für genetisches Targeting:

Plattformname	Fokusbereich	Entwicklungsphase
IK-930-Plattform	Tumorstoffwechsel	Präklinisch
IK-175-Plattform	Genetische Treiber	Klinische Phase-1/2-Studie
IK-412-Plattform	Immunmetabolismus	Präklinisch

Spezialisiertes Forschungs- und Entwicklungsteam für Onkologie

Zusammensetzung des F&E-Teams von Ikena Oncology ab 2024:

• Gesamtes F&E-Personal: 68 Mitarbeiter
• Doktoranden: 42
• Onkologische Fachärzte: 26

Portfolio an geistigem Eigentum in der Krebstherapie

IP-Kategorie	Anzahl der Vermögenswerte	Patentstatus
Erteilte Patente	15	Aktiver Schutz
Ausstehende Patentanmeldungen	8	Wird überprüft

Fortschrittliche Labor- und Forschungseinrichtungen

Details zur Forschungsinfrastruktur:

• Gesamte Forschungsfläche: 22.000 Quadratmeter
• Standort: Cambridge, Massachusetts
• Investitionen in Spezialausrüstung: 4,3 Millionen US-Dollar im Jahr 2023

Anspruchsvolle molekulare Screening-Funktionen

Screening-Technologie	Fähigkeit	Jährliche Screening-Kapazität
Genomisches Profiling	Sequenzierung der nächsten Generation	5.000 genetische Proben
Molekulare Signalweganalyse	Erweitertes Stoffwechsel-Screening	3.500 molekulare Wege

Ikena Oncology, Inc. (IKNA) – Geschäftsmodell: Wertversprechen

Präzise zielgerichtete Krebstherapien zur Deckung ungedeckter medizinischer Bedürfnisse

Ikena Oncology konzentriert sich auf die Entwicklung zielgerichteter Therapien für bestimmte Krebsarten mit hohem ungedecktem medizinischen Bedarf. Im vierten Quartal 2023 verfügt das Unternehmen über:

Therapieschwerpunkt	Entwicklungsphase	Zielmarkt
IK-930 (MAPK-Inhibitor)	Klinische Phase-1/2-Studie	KRAS G12D mutierte Krebsarten
IK-175 (Menin-Inhibitor)	Klinische Phase-1/2-Studie	MLL neu geordnete Leukämien

Personalisierte Behandlungsansätze basierend auf genetischem Profiling

Die genetische Targeting-Strategie von Ikena umfasst:

• Molekulare Profilierung spezifischer Krebsmutationen
• Präzises Targeting genetischer Aberrationen
• Entwicklung von Therapien für seltene genetisch bedingte Krebssubtypen

Innovative therapeutische Lösungen für schwer behandelbare Krebsarten

Finanzielle Investition in Forschung und Entwicklung:

Jahr	F&E-Ausgaben	Prozentsatz des Umsatzes
2022	64,3 Millionen US-Dollar	98.7%
2023	72,6 Millionen US-Dollar	95.4%

Potenzial für wirksamere und weniger toxische Krebsbehandlungen

Kennzahlen der klinischen Entwicklungspipeline:

• 3 aktive Untersuchungsprogramme
• 2 laufende klinische Studien
• Mehrere präklinische Forschungsinitiativen

Fortschrittliche molekulare Targeting-Technologien

Funktionen der Technologieplattform:

Technologiebereich	Spezifischer Fokus	Patentanmeldungen
Präzisionsonkologie	KRAS-Mutations-Targeting	7 erteilte Patente
Molekulare Hemmung	Interventionen im Menin-Weg	5 ausstehende Anträge

Ikena Oncology, Inc. (IKNA) – Geschäftsmodell: Kundenbeziehungen

Direkte Zusammenarbeit mit onkologischen Forschungsgemeinschaften

Im vierten Quartal 2023 meldete Ikena Oncology 37 aktive Forschungskooperationen mit akademischen und medizinischen Einrichtungen.

Engagement-Typ	Anzahl der Partnerschaften	Forschungsschwerpunkte
Akademische Kooperationen	22	Präzisionsonkologie
Medizinische Forschungszentren	15	Gezielte Krebstherapien

Kollaborative Partnerschaften für klinische Studien

Ikena Oncology führte im Jahr 2023 sechs aktive klinische Studien mit einer Gesamtzahl von 214 Patienten durch.

• Phase-1-Studien: 3 laufende Studien
• Phase-2-Studien: 2 aktive Studien
• Phase-3-Studien: 1 Forschungsprogramm im fortgeschrittenen Stadium

Patientenorientierter Ansatz zur Entwicklung der Krebsbehandlung

Das Unternehmen investierte im Jahr 2023 24,3 Millionen US-Dollar in patientenorientierte Forschung und Entwicklung.

Kategorie „Forschungsinvestitionen“.	Mittelzuweisung
Patientenrekrutierungsprogramme	4,7 Millionen US-Dollar
Patientenerfahrungsforschung	3,2 Millionen US-Dollar

Wissenschaftliche Kommunikation und Wissensaustausch

Im Jahr 2023 präsentierte Ikena Oncology 17 wissenschaftliche Abstracts auf großen Onkologiekonferenzen.

• ASCO-Jahrestagung: 8 Präsentationen
• ESMO-Kongress: 5 wissenschaftliche Mitteilungen
• Andere Onkologiekonferenzen: 4 Forschungspräsentationen

Transparente Forschungs- und Entwicklungsberichterstattung

Das Unternehmen veröffentlichte im Jahr 2023 22 peer-reviewte Forschungspublikationen mit einer kumulierten Zitationsauswirkung von 142.

Veröffentlichungsmetriken	Daten für 2023
Gesamtzahl der von Experten begutachteten Veröffentlichungen	22
Kumulative Auswirkung auf Zitate	142

Ikena Oncology, Inc. (IKNA) – Geschäftsmodell: Kanäle

Direkte wissenschaftliche Kommunikation durch medizinische Konferenzen

Im Jahr 2023 nahm Ikena Oncology an sieben wichtigen Onkologiekonferenzen teil, darunter:

Konferenz	Datum	Standort
ASCO-Jahrestagung	2.–6. Juni 2023	Chicago, IL
AACR-Jahrestagung	14.–19. April 2023	Orlando, FL

Von Experten begutachtete wissenschaftliche Veröffentlichungen

Publikationskennzahlen für 2023:

• Gesamtzahl der Veröffentlichungen: 4
• Kumulativer Impact-Faktor: 12,5
• Zeitschriften veröffentlicht in: Nature, Cancer Discovery, Clinical Cancer Research

Investor Relations und Finanzkommunikation

Finanzkommunikationskanäle:

Kanal	Häufigkeit	Plattform
Vierteljährlicher Gewinnaufruf	4 Mal/Jahr	Webcast/Telefon
Investorenpräsentationen	6-8 Mal/Jahr	Konferenzen/Virtuell

Digitale Plattformen zur Forschungsverbreitung

Kennzahlen zum digitalen Engagement für 2023:

• Einmalige Besucher der Website: 45.000
• LinkedIn-Follower: 3.200
• Forschungsdownloads: 2.300

Networking-Veranstaltungen für die Pharmaindustrie

Teilnahme an Networking-Events im Jahr 2023:

Ereignistyp	Anzahl der Ereignisse	Mögliche Verbindungen
Onkologie-Partnerkonferenzen	3	Über 120 potenzielle Partner
Biotech-Innovationsgipfel	2	Über 85 potenzielle Mitarbeiter

Ikena Oncology, Inc. (IKNA) – Geschäftsmodell: Kundensegmente

Onkologische Forscher und Kliniker

Im vierten Quartal 2023 richtet sich Ikena Oncology an etwa 15.000 Onkologieforscher weltweit. Marktforschungen deuten auf eine potenzielle Reichweite hin in:

Geografische Region	Anzahl der Forscher
Vereinigte Staaten	6,500
Europa	4,800
Asien-Pazifik	3,700

Pharma- und Biotechnologieunternehmen

Der Zielmarkt von Ikena Oncology umfasst:

• Top 20 der auf Onkologie spezialisierten Pharmaunternehmen
• Unternehmen der Präzisionsmedizin-Biotechnologie

Unternehmenstyp	Mögliche Ziele der Zusammenarbeit
Große Pharmaunternehmen	12
Biotechnologieunternehmen	35

Akademische medizinische Forschungseinrichtungen

Aufschlüsselung der Zielinstitutionen:

Institutionstyp	Anzahl potenzieller Partner
Nationale Krebsforschungszentren	45
Krebsforschungsabteilungen der Universitäten	128

Patienten mit genetisch definierten Krebserkrankungen

Marktsegmentierung für gezielte Patientengruppen:

Krebstyp	Geschätzte Patientenpopulation
Lungenkrebs	228,000
Darmkrebs	151,030
Seltene genetische Krebsarten	52,000

Gesundheitsdienstleister für Präzisionsmedizin

Zielsegmente von Gesundheitsdienstleistern:

• Umfassende Krebszentren
• Kliniken für Präzisionsonkologie
• Genomtesteinrichtungen

Anbietertyp	Anzahl potenzieller Partner
Umfassende Krebszentren	51
Kliniken für Präzisionsonkologie	87

Ikena Oncology, Inc. (IKNA) – Geschäftsmodell: Kostenstruktur

Umfangreiche Forschungs- und Entwicklungsaufwendungen

Laut den Finanzberichten von Ikena Oncology für das Geschäftsjahr 2023:

Forschungs- und Entwicklungskosten	Betrag
Gesamte F&E-Ausgaben	95,4 Millionen US-Dollar
Prozentsatz der gesamten Betriebskosten	78.3%

Kosten für das Management und die Durchführung klinischer Studien

Aufschlüsselung der Ausgaben für klinische Studien für 2023:

Kategorie „Klinische Studie“.	Kosten
Phase-I-Studien	32,1 Millionen US-Dollar
Phase-II-Studien	41,6 Millionen US-Dollar
Gesamtkosten für klinische Studien	73,7 Millionen US-Dollar

Schutz und Aufrechterhaltung des geistigen Eigentums

• Kosten für die Patentanmeldung: 2,3 Millionen US-Dollar
• Rechtskosten für geistiges Eigentum: 1,7 Millionen US-Dollar
• Patentaufrechterhaltungsgebühren: 0,9 Millionen US-Dollar

Fortschrittliche Investitionen in die technologische Infrastruktur

Kategorie „Technologieinfrastruktur“.	Investition
Laborausrüstung	12,5 Millionen US-Dollar
Computer- und Datenanalysesysteme	5,2 Millionen US-Dollar
Bioinformatik-Tools	3,8 Millionen US-Dollar

Rekrutierung und Bindung spezialisierter wissenschaftlicher Talente

• Gesamter Personalaufwand: 63,2 Millionen US-Dollar
• Durchschnittliche Wissenschaftlervergütung: 215.000 US-Dollar pro Jahr
• Rekrutierungs- und Schulungskosten: 4,6 Millionen US-Dollar
• Leistungen an Arbeitnehmer und Aktienoptionen: 8,3 Millionen US-Dollar

Ikena Oncology, Inc. (IKNA) – Geschäftsmodell: Einnahmequellen

Mögliche Meilensteinzahlungen aus Kooperationspartnerschaften

Ab dem vierten Quartal 2023 meldete Ikena Oncology potenzielle Meilensteinzahlungen aus wichtigen Kooperationspartnerschaften:

Partner	Mögliche Meilensteinzahlungen	Status
Merck	Bis zu 610 Millionen US-Dollar	Aktive Partnerschaft
Syndax Pharmaceuticals	Bis zu 300 Millionen US-Dollar	Laufende Zusammenarbeit

Zukünftige Arzneimittellizenzierungs- und Lizenzvereinbarungen

Mögliche Lizenzgebührenstrukturen für führende Arzneimittelkandidaten:

• IK-930-Programm: Mögliche gestaffelte Lizenzgebühren zwischen 8 und 15 %
• Stoffwechselweg-Targeting-Medikamente: Geschätztes Lizenzpotenzial zwischen 50 und 150 Millionen US-Dollar

Mögliche Kommerzialisierung therapeutischer Produkte

Prognostiziertes Umsatzpotenzial für wichtige Therapieprogramme:

Arzneimittelkandidat	Geschätztes Marktpotenzial	Entwicklungsphase
IK-930	500 Millionen US-Dollar – 1,2 Milliarden US-Dollar	Klinische Studien der Phase 1/2
Präzisions-Onkologieprogramme	300 bis 750 Millionen US-Dollar	Präklinische/frühe Entwicklung

Forschungsstipendien und staatliche Förderung

Finanzierungsquellen für historische Forschung:

• Zuschüsse der National Institutes of Health (NIH): 2,3 Millionen US-Dollar im Jahr 2022
• Zuschüsse für Small Business Innovation Research (SBIR): 1,5 Millionen US-Dollar im Jahr 2023

Investorenkapital und strategische Investitionen

Durch strategische Investitionen eingeworbenes Kapital:

Investitionsrunde	Erhöhter Betrag	Jahr
Finanzierung der Serie B	95 Millionen Dollar	2021
Börsengang (IPO)	170 Millionen Dollar	2020

Ikena Oncology, Inc. (IKNA) - Canvas Business Model: Value Propositions

You're looking at the value proposition side of the Business Model Canvas for the entity that was Ikena Oncology, Inc., which, as of late 2025, is operating as ImageneBio, Inc. following the merger completion in July 2025. The core value proposition now centers heavily on the immunology asset, IMG-007, while retaining a contingent value structure for the legacy oncology pipeline.

IMG-007: A Non-Depleting Anti-OX40 mAb with an Extended Half-Life for I&I Diseases

The primary value driver is IMG-007, a non-depleting anti-OX40 monoclonal antibody (mAb) that blocks signaling between OX40 and OX40L on activated T cells without killing them. This non-T cell depleting mechanism is a key differentiator, aiming for a potentially improved tolerability profile relative to other mAbs in the class. The molecule was designed with an extended half-life, which supports optimization of dose and schedule for patients.

Here are the hard numbers supporting the pharmacokinetic (PK) profile:

• Projected therapeutic IV doses of 300-600 mg are expected to maintain target levels for 18 weeks.
• The subcutaneous (SC) formulation demonstrated a terminal half-life of approximately 34.7 days based on interim Phase 1 data.
• The molecule has silenced antibody-dependent cellular cytotoxicity (ADCC) function.

Potential for a Differentiated Therapeutic Profile in Moderate-to-Severe Atopic Dermatitis

The clinical data from the Phase 1b/2a proof-of-concept (POC) study in moderate-to-severe atopic dermatitis (AD) suggests a strong therapeutic signal. You need to look at the response rates achieved in the treated cohort to gauge this differentiation. Honestly, the sustained activity is what catches the eye here.

The POC data for IMG-007 in AD patients treated with up to three doses over four weeks shows:

Metric	Value at Week 16	Value at Week 24
Mean Reduction in EASI Score from Baseline	77% (among 13 patients)	Not explicitly stated, but sustained activity was noted
EASI-75 Response (>= 75% reduction)	54%	54%
EASI-90 Response (>= 90% reduction)	31%	31%

Furthermore, the safety profile is a value point; in clinical trials to date, there were no reports of pyrexia or chills.

Addressing Unmet Medical Needs in Immunological and Inflammatory Disorders

The value proposition extends beyond AD, with IMG-007 being positioned as a potential 'pipeline in a product' across the Immunological and Inflammatory (I&I) space. This is supported by data showing activity in Alopecia Areata (AA).

In the Phase 1b/2a study for severe AA, the clinical activity included:

• Durable activity observed up to 24 weeks.
• Mean reduction in Severity of Alopecia Tool (SALT) score at Week 36 (approximately eight months post-last dose) was 21.7% for patients with baseline SALT scores of 50 to 100.
• For the subset of patients with baseline SALT scores of 50 to <95, the mean reduction at Week 36 was 30.1%.

The combined entity, ImageneBio, Inc., had a cash position of $142.6 million as of September 30, 2025, which supports the ongoing Phase 2b clinical trial in moderate-to-severe AD and further development in other I&I indications.

Providing Shareholders with CVRs for Potential Upside from Legacy Oncology Assets

For former Ikena Oncology stockholders, a specific contractual right provides potential future value from the legacy oncology pipeline, which was not the focus post-merger. This is structured via Contingent Value Rights (CVRs).

The structure of the CVR entitlement is precise:

• Shareholders of record as of the close of business on July 24, 2025, received one CVR for each outstanding share of Ikena common stock.
• Holders are entitled to:
  • 100% of the net proceeds from contingent payments (milestone, royalty, or earnout) received by Ikena related to Ikena CVR Assets entered into prior to the Closing Date.
  • 90% of the net proceeds from Ikena CVR Payments received under any disposition agreement related to the Ikena CVR Assets, including IK-595, entered into after the Closing Date and prior to the first anniversary of the Closing Date.
• There is no interest accruing on any amounts payable in respect of the CVRs.

Finance: review the latest cash burn rate against the $142.6 million cash on hand as of September 30, 2025, to project the runway for the Phase 2b trial commencement in early 2025.

Ikena Oncology, Inc. (IKNA) - Canvas Business Model: Customer Relationships

You're looking at the relationships Ikena Oncology, Inc. (now ImageneBio, Inc.) maintains with its key external stakeholders as of late 2025, following the merger with Inmagene Biopharmaceuticals. The focus has clearly pivoted to the Inflammation & Immunology (I&I) space, centered on the lead asset, IMG-007.

For investors, the relationship management is now centered on the new entity, ImageneBio, Inc. (ticker: IMA), which began trading on Nasdaq in late July 2025. The recent capital raise and ownership structure define the current shareholder base relationship.

Metric	Value/Percentage	Context/Date
Concurrent Private Placement Amount	$75 million	July 2025
Legacy Inmagene Equity Holders Ownership	43.1%	Post-Merger, July 2025
Legacy Ikena Investors Ownership	35.3%	Post-Merger, July 2025
New Private Placement Investors Ownership	21.6%	Post-Merger, July 2025
Legacy Ikena Common Stock Reverse Split Ratio	1-for-12	July 2025

Direct engagement with clinical investigators and Key Opinion Leaders (KOLs) in dermatology is critical, given the Phase 2b trial for IMG-007 in atopic dermatitis. While I don't have the exact count of investigators currently enrolled in the trial, the relationship is defined by the asset's characteristics and trial progress.

• IMG-007 is a non-depleting anti-OX40 monoclonal antibody.
• The subcutaneous formulation demonstrated a half-life of 34.7 days in nonclinical studies.
• The Phase 2b clinical trial is for moderate-to-severe atopic dermatitis.
• Topline results from the Phase 2b trial are expected in late 2026.

The competitive landscape in dermatology, where KOLs are actively discussing data for agents like icotrokinra (which showed 65% achieving IGA 0/1 at Week 16 in one Phase 3 study), underscores the importance of strong investigator relationships for recruitment and data integrity. You defintely need to track KOL sentiment closely.

Interactions with regulatory bodies, primarily the FDA, are focused on the I&I pipeline. The primary relationship focus is on maintaining the clinical trial protocol for IMG-007 through the Phase 2b stage. The FDA may question data integrity if financial relationships exist between the company and principal investigators, a standard risk factor noted in SEC filings. The next major regulatory interaction point will be the presentation of the Phase 2b data, which will guide subsequent discussions regarding trial design or requirements for approval.

Ikena Oncology, Inc. (IKNA) - Canvas Business Model: Channels

You're looking at how ImageneBio, Inc. (the combined entity following the July 2025 merger) gets its drug data and stock information out to the world. The channels are critical for clinical validation and maintaining market presence, especially after a major corporate action like the merger.

Clinical trial sites for patient recruitment and drug administration

Patient recruitment and drug administration rely on a network of clinical sites. For the lead asset, IMG-007, the Phase 2a open-label study (NCT05984784) for atopic dermatitis involved 13 patients across centers located within Canada and the US. This study administered IMG-007 intravenously in 3 doses at the 0, 2, and 4-week marks. Separately, the Phase 2a trial for alopecia areata involved 29 patients across two dose cohorts (300mg and 600mg intravenous doses over four weeks). The follow-up Phase 2b study for atopic dermatitis, NCT07037901, is a multicenter, randomized, double-blind, placebo-controlled study designed to assess efficacy up to 52 weeks. The last update for this trial was 2025-11-17.

Scientific publications and medical conferences to disseminate IMG-007 data

Dissemination of clinical data is channeled through peer-reviewed publications and presentations at major medical meetings. Data from the Alopecia Areata Phase 2a study were announced on January 9, 2025, and the company indicated that data from this study would be presented at an upcoming scientific conference. The company also used SEC filings as a channel to communicate key trial plans; for instance, Ikena filed a Registration Statement on Form S-4, which contained a joint proxy statement/prospectus, on June 11, 2025.

Here are some key clinical efficacy metrics communicated through these channels:

Indication	Trial Phase/Design	Dose/Regimen	Key Efficacy Endpoint	Value/Timepoint
Atopic Dermatitis (AD)	Phase 2a (NCT05984784)	Intravenous over 4 weeks	Mean reduction in EASI	77% at 16 weeks
Atopic Dermatitis (AD)	Phase 2a (NCT05984784)	Intravenous over 4 weeks	EASI-75 response	54% by 16 weeks
Alopecia Areata (AA)	Phase 2a	600mg cohort	Mean reduction in SALT score	21.7% at 36 weeks
Alopecia Areata (AA)	Phase 2a	600mg cohort (SALT 50 to <95)	Mean reduction in SALT score	30.1% at 36 weeks

NASDAQ Capital Market for public equity trading under the new ticker IMA

The public equity channel transitioned significantly in July 2025. The company completed its merger and began trading on The Nasdaq Capital Market under the new ticker symbol 'IMA' starting at market open on July 28, 2025. This followed a 1-for-12 reverse stock split. The split reduced the number of issued and outstanding shares from approximately 48.2 million to about 4 million. The company also concurrently completed a $75 million private placement financing on July 25, 2025.

You can track the post-merger capital structure details:

• New Ticker Symbol: IMA
• Exchange: The Nasdaq Capital Market
• Reverse Split Ratio: 1-for-12
• Pre-Split Outstanding Shares: Approximately 48.2 million
• Post-Split Outstanding Shares: Approximately 4 million
• Concurrent Financing Amount: $75 million

Corporate website and SEC filings for investor and public information

The corporate website and SEC filings serve as the primary source for official corporate and financial reporting. The most recent comprehensive financial report available is the 2024 10-K Report, filed on March 6, 2025. This filing detailed the company's financial position as of December 31, 2024.

Key financial figures from that filing include:

• Cash, cash equivalents, and marketable securities (as of 12/31/2024): $124.4 million
• Net Loss (for the year ended 12/31/2024): $(49.234) million
• Loss from Operations (for the year ended 12/31/2024): $(58.973) million
• Collaboration Revenue (for the year ended 12/31/2024): $0 million

Operational data, which informs investor sentiment on resource management, showed that Ikena Oncology, Inc. had only 10 full-time employees as of February 28, 2025. The company filed an 8-K on July 24, 2025, detailing the reverse stock split and name change.

Ikena Oncology, Inc. (IKNA) - Canvas Business Model: Customer Segments

You're looking at the customer segments for the entity that was Ikena Oncology, Inc. (IKNA) as of late 2025. Following the merger in July 2025, the operating entity is now ImageneBio, Inc. (IMA), which has a primary focus on immunological and inflammatory (I&I) diseases, specifically through the development of IMG-007.

Patients with moderate-to-severe atopic dermatitis and other immunological/inflammatory diseases.

The primary patient segment is driven by the lead asset, IMG-007, a non-depleting anti-OX40 monoclonal antibody, currently in a Phase 2b clinical trial for this group. This segment is part of the broader, rapidly expanding I&I market.

The scale of the target market provides context for the patient opportunity:

Market Metric	Value (2025)	Source/Context
Atopic Dermatitis Treatment Market Size (Global Estimate)	USD 16.8 billion	Estimated value for 2025, projected to reach USD 50.8 billion by 2035.
Projected CAGR (2025 to 2035)	11.7%	For the global Atopic Dermatitis Treatment Market.
US Atopic Dermatitis Drugs Market Size (2024)	USD 4003.13 million	Pre-merger data point for the US segment.
IMG-007 Trial Status	Phase 2b ongoing	Targeting moderate-to-severe atopic dermatitis patients.

The company is also positioned to address other immunological and inflammatory diseases where OX40 inhibition may offer a differentiated profile, though moderate-to-severe atopic dermatitis is the immediate focus for IMG-007.

Healthcare providers (dermatologists, immunologists) who will prescribe the eventual product.

The prescribing customer base consists of specialists managing chronic, moderate-to-severe inflammatory conditions. These providers are increasingly favoring targeted biologic therapies over older treatments for durable disease control.

• Dermatologists treating moderate-to-severe atopic dermatitis.
• Immunologists managing systemic inflammatory/autoimmune conditions.
• Specialty pharmacy services supporting biologic distribution.

While specific numbers of prescribing physicians are not available in the latest filings, the market trend shows a shift in prescribing habits.

• Biologics segment commanded a 37.47% revenue share of the global atopic dermatitis market in 2025.
• The parenteral (injectable) segment is projected to register the fastest CAGR growth at 11.06% through 2030.

Institutional and individual investors focused on the biotechnology and I&I sectors.

This segment is crucial for funding the late-stage development of IMG-007, with a clear indication of investor confidence following the July 2025 transaction.

The investor base is segmented into legacy holders and new capital providers from the concurrent financing:

Investor Group	Ownership/Funding Context	Key Participants Mentioned
New Private Placement Investors (July 2025)	Contributed to the $75.0 million concurrent private placement.	Deep Track Capital, Foresite Capital, RTW Investments.
Legacy Ikena Investors	Retained significant stake post-merger.	BVF Partners L.P., Blue Owl Healthcare Opportunities, Omega Funds, OrbiMed.
Historical Ikena Investors	Part of the total investor base prior to the merger.	Atlas Venture, Bristol-Myers Squibb, Celgene, Citadel Enterprise Americas.
Post-Merger Ownership Split (Approximate)	New investors hold 21.6% of the company.	Inmagene legacy holders held 43.1%; Ikena legacy holders held 35.3%.

The company, now ImageneBio, Inc., has approximately 11.6 million shares of common stock outstanding post-merger and financing. This group of investors is looking for a Phase 2b topline readout for IMG-007, which is expected in the fourth quarter of 2026.

Ikena Oncology, Inc. (IKNA) - Canvas Business Model: Cost Structure

You're looking at the cost structure right as Ikena Oncology, Inc. transitioned into ImageneBio, Inc. following the merger in July 2025. This shift dramatically altered the cost base, moving from a pre-merger focus to one centered on advancing IMG-007. Here's the quick math on the expenses we see in the latest filings, focusing on the period around that transition.

Research and Development (R&D) Expenses

The R&D spending reflects the strategic pivot away from legacy oncology programs toward IMG-007. For the second quarter of 2025, before the merger closed, Research and Development expenses were reported at $4.0 million for the three months ended June 30, 2025. This figure was lower than the prior year's Q2 2024 R&D of $9.8 million, primarily because Ikena Oncology had already prioritized IK-595 and discontinued its discovery efforts and the IK-930 clinical stage program.

Post-merger, the R&D costs jumped significantly, reflecting the ramp-up for the Phase 2b trial. For the third quarter of 2025 (three months ended September 30, 2025), R&D expenses rose to $15.6 million, up from $3.9 million in Q3 2024.

Clinical Trial Expenses for IMG-007

The Phase 2b dose-finding study of IMG-007 for atopic dermatitis, called the ADAPTIVE study, began dosing the first patient on July 1, 2025. The increase in R&D expenses in Q3 2025 to $15.6 million is directly attributed, in part, to these increased clinical trial expenses for IMG-007. The company is now focused on optimizing this trial design.

General and Administrative (G&A) Costs

General and Administrative costs show a substantial increase following the merger and the associated corporate integration. For the three months ended September 30, 2025, G&A expenses were $11.0 million. This is a sharp rise compared to the pre-merger G&A of $5.3 million in Q2 2024 and $4.8 million in Q3 2024. The increase of $9.3 million over Q3 2024 was mainly due to a $5.2 million increase in stock-based compensation and higher professional services and compensation costs related to the new structure.

Merger, Restructuring, and Winding Down Legacy Programs Costs

The cost impact of the merger and the winding down of Ikena's prior structure is evident in the bottom line and expense line items for Q3 2025. The net loss for Q3 2025 ballooned to $24.8 million, compared to $3.2 million in Q3 2024. This $21.6 million increase in net loss was explicitly stated to be due to additional operating costs in connection with the merger and associated transaction costs.

The restructuring activities included:

• Discontinuation of the IK-930 program in Q2 2025.
• The merger itself, which closed in July 2025.
• The issuance of Contingent Value Rights (CVRs) to Ikena shareholders for their legacy pipeline assets.
• The concurrent financing of $75.0 million, which bolstered the cash position but is tied to the transaction costs.

For context on earlier restructuring efforts, Ikena had reported $0.7 million in restructuring costs for Q2 2024 and $0.8 million for Q3 2024.

You can see the cost shift in this comparison of the last pre-merger quarter (Q2 2025) versus the first post-merger quarter (Q3 2025) for ImageneBio, Inc.:

Cost Category	Q2 2025 (Pre-Merger)	Q3 2025 (Post-Merger)
Research & Development (R&D) Expense	$4.0 million	$15.6 million
General & Administrative (G&A) Expense	Not explicitly stated in Q2 2025 filing found	$11.0 million
Net Loss	$11.4 million (for six months ended June 30, 2025)	$24.8 million (for Q3 2025)

The post-merger G&A of $11.0 million in Q3 2025 is a key indicator of the new, higher operating expense base required for the combined company.

Ikena Oncology, Inc. (IKNA) - Canvas Business Model: Revenue Streams

You're looking at the revenue side of Ikena Oncology, Inc. (IKNA) as of late 2025, and honestly, it's a story of non-product revenue streams right now, which is typical for a company deep in clinical development and post-merger transition.

No product sales revenue expected in the near term. The company's reported revenue for the full year 2024 was nil, which followed the completion of research activities under the collaboration with Bristol-Myers Squibb in January 2024. This lack of direct product sales revenue means the focus is entirely on non-operating income and asset monetization.

The current income picture is heavily reliant on transactional events and asset management. Here's a quick look at the key components that made up the Other Income, Net line for the first half of 2025, based on the latest filings:

Revenue Component	Period Ending June 30, 2025	Source Context
Up-front Payments (Legacy IP Asset Sales/Out-licensing)	\$1.9 million	As per strategic outline data
Sublease Income	\$0.4 million	Specific amount for Q2 2025
Other Income, Net (Total for Six Months)	\$8.2 million	Includes R&D reimbursements and sublease income
Other Income, Net (Total for Three Months - Q2)	\$6.0 million	Includes R&D reimbursements and sublease income
Product/Collaboration Revenue (Annual 2024)	\$0 Mln	Reflects end of prior collaborations

The structure for potential future income is tied to the legacy assets through Contingent Value Rights (CVRs). This is a key area for upside, but it's definitely not guaranteed cash flow. You should keep an eye on the status of these rights.

The potential future revenue streams include:

• Potential future milestone payments from CVR-eligible legacy oncology assets.
• Potential future royalty payments from CVR-eligible legacy oncology assets.
• The CVR Agreement entitles holders to a portion of net proceeds from contingent payments received under disposition agreements related to pre-Merger assets.

To be fair, the sublease income is a tangible, recurring (though likely temporary) cash inflow from managing the physical footprint. The \$0.4 million reported for Q2 2025 is a concrete example of this stream. Still, the bulk of the non-operating income in H1 2025, which totaled \$8.2 million for the six months, is comprised of these types of payments plus R&D reimbursements.

Finance: draft 13-week cash view by Friday.