Ikena Oncology, Inc. (IKNA): Lienzo del Modelo de Negocio [Actualizado en Ene-2025]

En el panorama dinámico de la oncología de precisión, Ikena Oncology, Inc. (IKNA) surge como una compañía de biotecnología innovadora que revoluciona el tratamiento del cáncer a través de tecnologías innovadoras de orientación genética. Al aprovechar el perfil molecular avanzado y el desarrollo de enfoques terapéuticos personalizados, Ikena está transformando la forma en que entendemos y combatemos los cánceres definidos genéticamente. Su lienzo de modelo de negocio integral revela un plan estratégico que los posiciona a la vanguardia de la investigación del cáncer de vanguardia, prometiendo esperanza para los pacientes y potencialmente remodelando el futuro de las intervenciones oncológicas.

Ikena Oncology, Inc. (IKNA) - Modelo de negocios: asociaciones clave

Colaboraciones estratégicas con compañías farmacéuticas

Ikena Oncology ha establecido asociaciones farmacéuticas clave para avanzar en su canal de desarrollo de fármacos:

Pareja	Enfoque de colaboración	Año de asociación
Merck & Co.	Investigación de oncología de precisión	2022
Bristol Myers Squibb	Desarrollo terapéutico dirigido	2023

Asociaciones de investigación con instituciones académicas

Ikena Oncology mantiene colaboraciones críticas de investigación académica:

• Instituto del Cáncer Dana-Farber
• Hospital General de Massachusetts
• Escuela de Medicina de Harvard

Acuerdos de licencia

Acuerdos de licencia actuales para nuevas tecnologías terapéuticas:

Tecnología	Socio de licencia	Valor de acuerdo
Programa IK-930	Firma de biotecnología no revelada	$ 12.5 millones por adelantado
Plataforma de medicina de precisión	Consorcio de Investigación Genómica	Pagos de hitos de $ 8.3 millones

Investigación colaborativa de biotecnología

Iniciativas de investigación colaborativa con empresas de biotecnología especializadas:

• Desarrollo de tecnología de oncología de precisión
• Investigación de orientación molecular
• Asociaciones de perfiles genómicos

Ikena Oncology, Inc. (IKNA) - Modelo de negocios: actividades clave

Desarrollo de terapias dirigidas para cánceres genéticamente definidos

A partir del cuarto trimestre de 2023, Ikena Oncology se centra en desarrollar terapias dirigidas específicamente para cánceres definidos genéticamente. La compañía tiene:

• 2 candidatos de drogas principales en desarrollo clínico
• Concentración en tratamientos oncológicos de precisión
• Investigación dirigida a mutaciones genéticas específicas

Candidato a la droga	Etapa de desarrollo	Mutación genética objetivo
IK-930	Ensayo clínico de fase 1/2	Tumores eliminados por MTAP
IK-175	Ensayo clínico de fase 1	Tumores sólidos

Realización de ensayos clínicos para tratamientos de oncología de precisión

Inversiones de ensayos clínicos para 2023-2024:

• Gastos totales de I + D: $ 48.3 millones
• 3 programas de ensayos clínicos activos
• Múltiples sitios de investigación en todo Estados Unidos

Perfil molecular e investigación de biomarcadores

Enfoque de investigación	Número de proyectos activos	Inversión
Identificación de biomarcador	4 proyectos	$ 12.5 millones
Perfil molecular	3 proyectos	$ 8.7 millones

Procesos avanzados de descubrimiento y desarrollo de drogas

Métricas de descubrimiento de drogas para 2023:

• 15 científicos de investigación involucrados
• 6 posibles objetivos farmacológicos bajo investigación
• Plataformas de descubrimiento patentadas: 2

Investigación traslacional en terapéutica del cáncer

Inversiones de investigación traslacional:

• Presupuesto anual: $ 22.1 millones
• Colaboraciones con 4 instituciones de investigación académica
• Concéntrese en la conversión de descubrimientos de laboratorio en aplicaciones clínicas

Ikena Oncology, Inc. (IKNA) - Modelo de negocios: recursos clave

Plataformas de tecnología de orientación genética patentada

A partir del cuarto trimestre de 2023, Ikena Oncology mantiene 3 plataformas de tecnología de orientación genética de 3 núcleos:

Nombre de la plataforma	Área de enfoque	Etapa de desarrollo
Plataforma IK-930	Metabolismo tumoral	Preclínico
Plataforma IK-175	Conductores genéticos	Ensayo clínico de fase 1/2
Plataforma IK-412	Inmunometabolismo	Preclínico

Equipo de Investigación y Desarrollo de Oncología Especializada

La composición del equipo de I + D de Ikena Oncology a partir de 2024:

• Personal total de I + D: 68 empleados
• Investigadores de doctorado: 42
• Especialistas en oncología: 26

Cartera de propiedades intelectuales en terapéutica del cáncer

Categoría de IP	Número de activos	Estado de patente
Patentes emitidos	15	Protección activa
Aplicaciones de patentes pendientes	8	Bajo revisión

Instalaciones avanzadas de laboratorio e investigación

Detalles de la infraestructura de investigación:

• Espacio de investigación total: 22,000 pies cuadrados
• Ubicación: Cambridge, Massachusetts
• Inversión de equipos especializados: $ 4.3 millones en 2023

Capacidades de detección molecular sofisticadas

Tecnología de detección	Capacidad	Capacidad de detección anual
Perfil genómico	Secuenciación de próxima generación	5,000 muestras genéticas
Análisis de la vía molecular	Detección metabólica avanzada	3.500 vías moleculares

Ikena Oncology, Inc. (IKNA) - Modelo de negocio: propuestas de valor

Terapias contra el cáncer dirigidas por precisión que abordan las necesidades médicas no satisfechas

Ikena Oncology se centra en desarrollar terapias dirigidas a precisión para tipos de cáncer específicos con altas necesidades médicas no satisfechas. A partir del cuarto trimestre de 2023, la compañía tiene:

Enfoque terapéutico	Etapa de desarrollo	Mercado objetivo
IK-930 (inhibidor de MAPK)	Ensayo clínico de fase 1/2	Cánceres mutantes de KRAS G12D
IK-175 (inhibidor de Menin)	Ensayo clínico de fase 1/2	Leucemias reorganizadas de MLL

Enfoques de tratamiento personalizados basados ​​en perfiles genéticos

La estrategia de orientación genética de Ikena implica:

• Perfil molecular de mutaciones específicas de cáncer
• Dirección de precisión de aberraciones genéticas
• Desarrollo de terapias para subtipos raros de cáncer genético

Soluciones terapéuticas innovadoras para cánceres difíciles de tratar

Inversión financiera en investigación y desarrollo:

Año	Gasto de I + D	Porcentaje de ingresos
2022	$ 64.3 millones	98.7%
2023	$ 72.6 millones	95.4%

Potencial para tratamientos contra el cáncer más efectivos y menos tóxicos

Métricas de tubería de desarrollo clínico:

• 3 programas de investigación activos
• 2 ensayos clínicos en curso
• Múltiples iniciativas de investigación preclínica

Tecnologías de orientación molecular avanzada

Capacidades de la plataforma tecnológica:

Área tecnológica	Enfoque específico	Solicitudes de patentes
Oncología de precisión	Orientación de mutación kras	7 patentes otorgadas
Inhibición molecular	Intervenciones de la vía de menin	5 aplicaciones pendientes

Ikena Oncology, Inc. (IKNA) - Modelo de negocios: relaciones con los clientes

Compromiso directo con las comunidades de investigación oncológica

A partir del cuarto trimestre de 2023, Ikena Oncology informó 37 colaboraciones de investigación activa con instituciones académicas y médicas.

Tipo de compromiso	Número de asociaciones	Áreas de enfoque de investigación
Colaboraciones académicas	22	Oncología de precisión
Centros de investigación médica	15	Terapias de cáncer dirigidas

Asociaciones de ensayos clínicos colaborativos

Ikena Oncology mantuvo 6 ensayos clínicos activos en 2023, con la inscripción total de pacientes de 214 participantes.

• Ensayos de fase 1: 3 estudios en curso
• Ensayos de fase 2: 2 ensayos activos
• Pruebas de fase 3: 1 programa de investigación de etapa avanzada

Enfoque centrado en el paciente para el desarrollo del tratamiento del cáncer

La compañía invirtió $ 24.3 millones en investigación y desarrollo centrados en el paciente en 2023.

Categoría de inversión de investigación	Asignación de financiación
Programas de reclutamiento de pacientes	$ 4.7 millones
Investigación de experiencia del paciente	$ 3.2 millones

Comunicación científica e intercambio de conocimientos

En 2023, Ikena Oncology presentó 17 resúmenes científicos en las principales conferencias de oncología.

• Reunión anual de ASCO: 8 presentaciones
• Congreso de ESMO: 5 comunicaciones científicas
• Otras conferencias oncológicas: 4 presentaciones de investigación

Informes de investigación y desarrollo transparentes

La compañía publicó 22 publicaciones de investigación revisadas por pares en 2023, con un impacto de citas acumuladas de 142.

Métricas de publicación	2023 datos
Publicaciones totales revisadas por pares	22
Impacto de citas acumuladas	142

Ikena Oncology, Inc. (IKNA) - Modelo de negocios: canales

Comunicación científica directa a través de conferencias médicas

En 2023, Ikena Oncology participó en 7 conferencias de oncología clave, que incluyen:

Conferencia	Fecha	Ubicación
Reunión anual de ASCO	2-6 de junio de 2023	Chicago, IL
Reunión anual de AACR	14-19 de abril de 2023	Orlando, FL

Publicaciones científicas revisadas por pares

Métricas de publicación para 2023:

• Publicaciones totales: 4
• Factor de impacto acumulativo: 12.5
• Revistas publicadas en: Nature, Cancer Discovery, Clinical Cancer Research

Relaciones con inversores y comunicaciones financieras

Canales de comunicación financiera:

Canal	Frecuencia	Plataforma
Llamada de ganancias trimestrales	4 veces/año	Transmisión web/teléfono
Presentaciones de inversores	6-8 veces/año	Conferencias/virtual

Plataformas digitales para la difusión de investigación

Métricas de compromiso digital para 2023:

• Sitio web Visitantes únicos: 45,000
• Seguidores de LinkedIn: 3.200
• Descargas de investigación: 2,300

Eventos de redes de la industria farmacéutica

Participación del evento de redes en 2023:

Tipo de evento	Número de eventos	Conexiones potenciales
Conferencias de asociación oncológica	3	Más de 120 socios potenciales
Cumbres de innovación de biotecnología	2	85+ colaboradores potenciales

Ikena Oncology, Inc. (IKNA) - Modelo de negocios: segmentos de clientes

Investigadores y médicos de oncología

A partir del cuarto trimestre de 2023, Ikena Oncology se dirige a aproximadamente 15,000 investigadores de oncología a nivel mundial. La investigación de mercado indica un alcance potencial en:

Región geográfica	Número de investigadores
Estados Unidos	6,500
Europa	4,800
Asia-Pacífico	3,700

Compañías farmacéuticas y de biotecnología

El mercado objetivo de Ikena Oncology incluye:

• Top 20 compañías farmacéuticas centradas en la oncología
• Empresas de biotecnología de medicina de precisión

Tipo de empresa	Objetivos de colaboración potenciales
Grandes compañías farmacéuticas	12
Empresas de biotecnología	35

Instituciones de investigación médica académica

Desglose de las instituciones objetivo:

Tipo de institución	Número de socios potenciales
Centros Nacionales de Investigación del Cáncer	45
Departamentos de investigación del cáncer universitario	128

Pacientes con cánceres genéticamente definidos

Segmentación de mercado para poblaciones de pacientes específicos:

Tipo de cáncer	Población de pacientes estimada
Cáncer de pulmón	228,000
Cáncer colorrectal	151,030
Tipos de cáncer genético raro	52,000

Proveedores de atención médica de medicina de precisión

Segmentos de proveedores de atención médica objetivo:

• Centros de cáncer integrales
• Clínicas de oncología de precisión
• Instalaciones de pruebas genómicas

Tipo de proveedor	Número de socios potenciales
Centros de cáncer integrales	51
Clínicas de oncología de precisión	87

Ikena Oncology, Inc. (IKNA) - Modelo de negocio: Estructura de costos

Extensos gastos de investigación y desarrollo

Según los informes financieros de Ikena Oncology para el año fiscal 2023:

Gastos de investigación y desarrollo	Cantidad
Gastos totales de I + D	$ 95.4 millones
Porcentaje de gastos operativos totales	78.3%

Costos de gestión y ejecución de ensayos clínicos

Desglose de gastos de ensayo clínico para 2023:

Categoría de ensayo clínico	Costo
Pruebas de fase I	$ 32.1 millones
Pruebas de fase II	$ 41.6 millones
Costos totales de ensayos clínicos	$ 73.7 millones

Protección y mantenimiento de la propiedad intelectual

• Costos de presentación de patentes: $ 2.3 millones
• Propiedad intelectual Gastos legales: $ 1.7 millones
• Tasas de mantenimiento de patentes: $ 0.9 millones

Inversiones avanzadas de infraestructura tecnológica

Categoría de infraestructura tecnológica	Inversión
Equipo de laboratorio	$ 12.5 millones
Sistemas de análisis de computación y datos	$ 5.2 millones
Herramientas bioinformáticas	$ 3.8 millones

Reclutamiento y retención de talento científico especializado

• Gastos totales de personal: $ 63.2 millones
• Compensación de científicos promedio: $ 215,000 por año
• Costos de reclutamiento y capacitación: $ 4.6 millones
• Beneficios de los empleados y opciones sobre acciones: $ 8.3 millones

Ikena Oncology, Inc. (IKNA) - Modelo de negocios: flujos de ingresos

Pagos potenciales de hitos de asociaciones colaborativas

A partir del cuarto trimestre de 2023, Ikena Oncology reportó posibles pagos de hitos de asociaciones colaborativas clave:

Pareja	Pagos potenciales de hitos	Estado
Merck	Hasta $ 610 millones	Asociación activa
Syndax Pharmaceuticals	Hasta $ 300 millones	Colaboración en curso

Futuros acuerdos de licencias de drogas y regalías

Estructuras de regalías potenciales para candidatos a drogas principales:

• Programa IK-930: regalías posibles escalonadas que van del 8 al 15%
• Vía metabólica dirigida a drogas: potencial de regalías estimado entre $ 50 y $ 150 millones

Comercialización potencial de productos terapéuticos

Potencial de ingresos proyectados para programas terapéuticos clave:

Candidato a la droga	Potencial de mercado estimado	Etapa de desarrollo
IK-930	$ 500 millones - $ 1.2 mil millones	Ensayos clínicos de fase 1/2
Programas de oncología de precisión	$ 300 millones - $ 750 millones	Desarrollo preclínico/temprano

Subvenciones de investigación y financiación del gobierno

Fuentes de financiación de investigación histórica:

• Subvenciones de los Institutos Nacionales de Salud (NIH): $ 2.3 millones en 2022
• Subvenciones de Investigación de Innovación de Pequeñas Empresas (SBIR): $ 1.5 millones en 2023

Inversionista capital e inversiones estratégicas

Capital recaudado a través de inversiones estratégicas:

Ronda de inversión	Cantidad recaudada	Año
Financiación de la Serie B	$ 95 millones	2021
Oferta pública inicial (IPO)	$ 170 millones	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.