Ikena Oncology, Inc. (IKNA): Business Model Canvas [Jan-2025 Mise à jour]

Dans le paysage dynamique de l'oncologie de précision, Ikena Oncology, Inc. (IKNA) émerge comme une entreprise de biotechnologie révolutionnaire révolutionnant le traitement du cancer grâce à des technologies de ciblage génétique innovantes. En tirant parti du profilage moléculaire avancé et en développant des approches thérapeutiques personnalisées, Ikena transforme la façon dont nous comprenons et combattons les cancers génétiquement définis génétiquement. Leur toile complète du modèle commercial révèle un plan stratégique qui les positionne à l'avant-garde de la recherche sur le cancer de pointe, promettant de l'espoir pour les patients et rehapant potentiellement l'avenir des interventions oncologiques.

Ikena Oncology, Inc. (IKNA) - Modèle commercial: partenariats clés

Collaborations stratégiques avec les sociétés pharmaceutiques

Ikena Oncology a établi des partenariats pharmaceutiques clés pour faire progresser son pipeline de développement de médicaments:

Partenaire	Focus de la collaboration	Année de partenariat
Miserrer & Co.	Recherche en oncologie de précision	2022
Bristol Myers Squibb	Développement thérapeutique ciblé	2023

Partenariats de recherche avec les établissements universitaires

Ikena Oncology maintient des collaborations de recherche académique critiques:

• Dana-Farber Cancer Institute
• Hôpital général du Massachusetts
• École de médecine de Harvard

Accords de licence

Accords de licence actuels pour les nouvelles technologies thérapeutiques:

Technologie	Partenaire de licence	Valeur de l'accord
Programme IK-930	Entreprise de biotechnologie non divulguée	12,5 millions de dollars d'avance
Plateforme de médecine de précision	Consortium de recherche génomique	8,3 millions de dollars de paiement jalon

Recherche collaborative biotechnologique

Initiatives de recherche collaborative avec des entreprises de biotechnologie spécialisées:

• Développement de la technologie de l'oncologie de précision
• Recherche de ciblage moléculaire
• Partenariats de profilage génomique

Ikena Oncology, Inc. (IKNA) - Modèle d'entreprise: Activités clés

Développer des thérapies ciblées pour les cancers génétiquement définis

Depuis le Q4 2023, Ikena Oncology se concentre sur le développement de thérapies ciblées spécifiquement pour les cancers génétiquement définis. L'entreprise a:

• 2 candidats médicamenteux primaires en développement clinique
• Concentration sur les traitements d'oncologie de précision
• Recherche ciblant des mutations génétiques spécifiques

Drogue	Étape de développement	Mutation génétique cible
IK-930	Essai clinique de phase 1/2	Tumeurs supprimées par le MTAP
IK-175	Essai clinique de phase 1	Tumeurs solides

Effectuer des essais cliniques pour des traitements d'oncologie de précision

Investissements d'essais cliniques pour 2023-2024:

• Total des dépenses de R&D: 48,3 millions de dollars
• 3 programmes d'essais cliniques actifs
• Plusieurs sites d'enquête à travers les États-Unis

Profil moléculaire et recherche de biomarqueurs

Focus de recherche	Nombre de projets actifs	Investissement
Identification des biomarqueurs	4 projets	12,5 millions de dollars
Profilage moléculaire	3 projets	8,7 millions de dollars

Processus avancés de découverte et de développement de médicaments

Mesures de découverte de médicaments pour 2023:

• 15 scientifiques des chercheurs impliqués
• 6 cibles de médicament potentiels à l'étude
• Plateformes de découverte propriétaires: 2

Recherche translationnelle en thérapeutique contre le cancer

Investissements en recherche translationnelle:

• Budget annuel: 22,1 millions de dollars
• Collaborations avec 4 établissements de recherche universitaires
• Concentrez-vous sur la conversion des découvertes de laboratoire en applications cliniques

Ikena Oncology, Inc. (IKNA) - Modèle d'entreprise: Ressources clés

Plateformes de technologie de ciblage génétique propriétaire

Depuis le quatrième trimestre 2023, Ikena Oncology maintient 3 plateformes de technologie de ciblage génétique de base:

Nom de la plate-forme	Domaine de mise au point	Étape de développement
Plateforme IK-930	Métabolisme tumoral	Préclinique
Plateforme IK-175	Moteurs génétiques	Essai clinique de phase 1/2
Plateforme IK-412	Immunométabolisme	Préclinique

Équipe de recherche et développement en oncologie spécialisée

Composition de l'équipe R&D d'Ikena Oncology à partir de 2024:

• Personnel total de R&D: 68 employés
• Chercheurs de doctorat: 42
• Spécialistes en oncologie: 26

Portfolio de propriété intellectuelle dans le cancer thérapeutique

Catégorie IP	Nombre d'actifs	Statut de brevet
Brevets délivrés	15	Protection active
Demandes de brevet en instance	8	En cours d'examen

Installations avancées de laboratoire et de recherche

Détails de l'infrastructure de recherche:

• Espace de recherche total: 22 000 pieds carrés
• Emplacement: Cambridge, Massachusetts
• Investissement d'équipement spécialisé: 4,3 millions de dollars en 2023

Capacités de dépistage moléculaire sophistiqué

Technologie de dépistage	Capacité	Capacité de dépistage annuelle
Profilage génomique	Séquençage de nouvelle génération	5 000 échantillons génétiques
Analyse de la voie moléculaire	Dépistage métabolique avancé	3 500 voies moléculaires

Ikena Oncology, Inc. (IKNA) - Modèle d'entreprise: propositions de valeur

Thérapies contre le cancer ciblé avec précision répondant aux besoins médicaux non satisfaits

Ikena Oncology se concentre sur le développement de thérapies ciblées avec précision pour des types de cancer spécifiques avec des besoins médicaux non satisfaits. Au quatrième trimestre 2023, la société a:

Focus de la thérapie	Étape de développement	Marché cible
IK-930 (inhibiteur MAPK)	Essai clinique de phase 1/2	Cancers mutants kras g12d
IK-175 (inhibiteur de Menin)	Essai clinique de phase 1/2	Leucémies réarrangées MLL

Approches de traitement personnalisées basées sur le profilage génétique

La stratégie de ciblage génétique d'Ikena implique:

• Profil moléculaire de mutations de cancer spécifiques
• Ciblage de précision des aberrations génétiques
• Développement de thérapies pour les sous-types de cancer génétique rares

Solutions thérapeutiques innovantes pour les cancers difficiles à traiter

Investissement financier dans la recherche et le développement:

Année	Dépenses de R&D	Pourcentage de revenus
2022	64,3 millions de dollars	98.7%
2023	72,6 millions de dollars	95.4%

Potentiel de traitements contre le cancer plus efficaces et moins toxiques

Métriques de pipeline de développement clinique:

• 3 programmes d'enquête actifs
• 2 essais cliniques en cours
• Multiples initiatives de recherche préclinique

Technologies de ciblage moléculaire avancées

Capacités de plate-forme technologique:

Zone technologique	Focus spécifique	Demandes de brevet
Oncologie de précision	Mutation Kras ciblage	7 brevets accordés
Inhibition moléculaire	Interventions de la voie de la Menin	5 applications en attente

Ikena Oncology, Inc. (IKNA) - Modèle d'entreprise: relations clients

Engagement direct avec les communautés de recherche en oncologie

Au quatrième trimestre 2023, Ikena Oncology a rapporté 37 collaborations de recherche active avec des établissements universitaires et médicaux.

Type d'engagement	Nombre de partenariats	Les domaines de recherche sur la recherche
Collaborations académiques	22	Oncologie de précision
Centres de recherche médicale	15	Thérapies contre le cancer ciblées

Partenariats collaboratifs d'essais cliniques

Ikena Oncology a maintenu 6 essais cliniques actifs en 2023, avec une inscription totale des patients de 214 participants.

• Essais de phase 1: 3 études en cours
• Essais de phase 2: 2 essais actifs
• Essais de phase 3: 1 programme de recherche sur scène avancée

Approche axée sur le patient pour le développement du traitement du cancer

La société a investi 24,3 millions de dollars dans la recherche et le développement centrés sur le patient en 2023.

Catégorie d'investissement de recherche	Allocation de financement
Programmes de recrutement des patients	4,7 millions de dollars
Recherche de l'expérience des patients	3,2 millions de dollars

Partage de communication scientifique et de connaissances

En 2023, Ikena Oncology a présenté 17 résumés scientifiques lors de grandes conférences en oncologie.

• Assemblée annuelle de l'ASCO: 8 présentations
• Congrès d'esmo: 5 communications scientifiques
• Autres conférences en oncologie: 4 présentations de recherche

Rapports de recherche et développement transparents

La société a publié 22 publications de recherche évaluées par des pairs en 2023, avec un impact de citation cumulative de 142.

Métriques de publication	2023 données
Publications totales évaluées par des pairs	22
Impact de la citation cumulée	142

Ikena Oncology, Inc. (IKNA) - Modèle d'entreprise: canaux

Communication scientifique directe par le biais de conférences médicales

En 2023, Ikena Oncology a participé à 7 conférences clés en oncologie, notamment:

Conférence	Date	Emplacement
Assemblée annuelle de l'ASCO	2-6 juin 2023	Chicago, IL
Réunion annuelle AACR	14-19 avril 2023	Orlando, FL

Publications scientifiques évaluées par des pairs

Métriques de publication pour 2023:

• Publications totales: 4
• Facteur d'impact cumulé: 12,5
• Revues publiées dans: Nature, Discovery du cancer, recherche clinique du cancer

Relations avec les investisseurs et communications financières

Canaux de communication financière:

Canal	Fréquence	Plate-forme
Appel de résultats trimestriel	4 fois / an	Webdiffion / téléphone
Présentations des investisseurs	6-8 fois / an	Conférences / virtuel

Plateformes numériques pour la diffusion de la recherche

Métriques d'engagement numérique pour 2023:

• Site Web Visiteurs uniques: 45 000
• LinkedIn adepte: 3200
• Téléchargements de recherche: 2 300

Événements de réseautage de l'industrie pharmaceutique

Participation des événements de réseautage en 2023:

Type d'événement	Nombre d'événements	Connexions potentielles
Conférences en partenariat en oncologie	3	120+ partenaires potentiels
Sommets de l'innovation biotechnologique	2	85+ collaborateurs potentiels

Ikena Oncology, Inc. (IKNA) - Modèle d'entreprise: segments de clientèle

Chercheurs et cliniciens en oncologie

Au quatrième trimestre 2023, Ikena Oncology cible environ 15 000 chercheurs en oncologie dans le monde. Les études de marché indiquent une portée potentielle dans:

Région géographique	Nombre de chercheurs
États-Unis	6,500
Europe	4,800
Asie-Pacifique	3,700

Sociétés pharmaceutiques et biotechnologiques

Le marché cible d'Ikena Oncology comprend:

• Top 20 des sociétés pharmaceutiques axées sur l'oncologie
• Entreprises de biotechnologie de médecine de précision

Type d'entreprise	Cibles de collaboration potentielles
Grandes sociétés pharmaceutiques	12
Entreprises de biotechnologie	35

Établissements de recherche médicale académique

Répartition des institutions cibles:

Type d'institution	Nombre de partenaires potentiels
Centres nationaux de recherche sur le cancer	45
Services de recherche sur le cancer universitaire	128

Patients avec des cancers génétiquement définis

Segmentation du marché pour les populations de patients ciblées:

Type de cancer	Population estimée des patients
Cancer du poumon	228,000
Cancer colorectal	151,030
Rare types de cancer génétique	52,000

Provisions Medicine Healthcare Providers

Target Segments du fournisseur de soins de santé:

• Centres de cancer complets
• Cliniques d'oncologie de précision
• Installations de test génomique

Type de fournisseur	Nombre de partenaires potentiels
Centres de cancer complets	51
Cliniques d'oncologie de précision	87

Ikena Oncology, Inc. (IKNA) - Modèle d'entreprise: Structure des coûts

Dépenses de recherche et développement approfondies

Selon les rapports financiers d'Ikena Oncology pour l'exercice 2023:

Frais de recherche et de développement	Montant
Total des dépenses de R&D	95,4 millions de dollars
Pourcentage des dépenses d'exploitation totales	78.3%

Gestion des essais cliniques et frais d'exécution

Répartition des dépenses des essais cliniques pour 2023:

Catégorie d'essais cliniques	Coût
Essais de phase I	32,1 millions de dollars
Essais de phase II	41,6 millions de dollars
Coût total des essais cliniques	73,7 millions de dollars

Protection et entretien de la propriété intellectuelle

• Coûts de dépôt de brevets: 2,3 millions de dollars
• Propriété intellectuelle Dépenses juridiques: 1,7 million de dollars
• Frais d'entretien des brevets: 0,9 million de dollars

Investissements avancés d'infrastructure technologique

Catégorie d'infrastructure technologique	Investissement
Équipement de laboratoire	12,5 millions de dollars
Systèmes informatiques et d'analyse des données	5,2 millions de dollars
Outils de bioinformatique	3,8 millions de dollars

Recrutement et rétention des talents scientifiques spécialisés

• Total des dépenses du personnel: 63,2 millions de dollars
• Compensation moyenne des scientifiques: 215 000 $ par an
• Coûts de recrutement et de formation: 4,6 millions de dollars
• Avantages sociaux et options d'achat d'actions: 8,3 millions de dollars

Ikena Oncology, Inc. (IKNA) - Modèle commercial: Strots de revenus

Payments d'étape potentiels à partir de partenariats collaboratifs

Au quatrième trimestre 2023, Ikena Oncology a signalé des paiements de jalons potentiels à partir de partenariats collaboratifs clés:

Partenaire	Paiements de jalons potentiels	Statut
Miserrer	Jusqu'à 610 millions de dollars	Partenariat actif
SynDax Pharmaceuticals	Jusqu'à 300 millions de dollars	Collaboration continue

Les futurs accords de licence de drogue et de redevance

Structures de redevances potentielles pour les candidats au médicament principal:

• Programme IK-930: des redevances à plusieurs niveaux allant de 8 à 15%
• Voie métabolique ciblant les médicaments: potentiel de redevance estimé entre 50 et 150 millions de dollars

Commercialisation potentielle des produits thérapeutiques

Potentiel des revenus projetés pour les principaux programmes thérapeutiques:

Drogue	Potentiel de marché estimé	Étape de développement
IK-930	500 millions de dollars - 1,2 milliard de dollars	Essais cliniques de phase 1/2
Programmes d'oncologie de précision	300 millions de dollars - 750 millions de dollars	Développement préclinique / précoce

Subventions de recherche et financement gouvernemental

Sources de financement de la recherche historique:

• Subventions des National Institutes of Health (NIH): 2,3 millions de dollars en 2022
• Concessions de recherche sur l'innovation des petites entreprises (SBIR): 1,5 million de dollars en 2023

Capital des investisseurs et investissements stratégiques

Capital levé grâce à des investissements stratégiques:

Tournée d'investissement	Montant recueilli	Année
Financement de la série B	95 millions de dollars	2021
L'offre publique initiale (IPO)	170 millions de dollars	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.