Ikena Oncology, Inc. (IKNA): Business Model Canvas [Dec-2025 Updated]

You're looking at a biotech that just executed a major strategic U-turn, and honestly, understanding the new playbook is key to knowing where the risk and reward lie now. Ikena Oncology, Inc. (IKNA) has effectively become ImageneBio, Inc., ditching its legacy oncology focus to pour resources-bolstered by a $\mathbf{\$75}$ million private placement-into the immunology asset IMG-007 for atopic dermatitis. It's a full-blown pivot, plain and simple. We need to look past the old structure to see how they're funding $\mathbf{\$4.0}$ million in Q2 2025 R&D costs and what the Contingent Value Rights (CVRs) actually represent for legacy shareholders. Below, I break down the nine blocks of this new ImageneBio business model so you can see the real strategy.

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

The Key Partnerships for the business, following the July 2025 reverse merger that created ImageneBio, Inc. (trading as IMA on Nasdaq), center on the development and financing of the lead asset, IMG-007.

The foundational partnership was the definitive merger agreement with Inmagene Biopharmaceuticals, which closed in July 2025. This transaction was structured to focus the combined entity entirely on advancing IMG-007, a non-depleting anti-OX40 monoclonal antibody. As part of the deal, Inmagene's non-IMG-007 assets were spun off into a separate entity named Miragene.

Financial partnership was secured through a concurrent private placement (PIPE) that closed immediately following the merger, raising $75.0 million. The total capital raised through the merger and PIPE was reported to be over USD 175 million. This funding is critical for advancing IMG-007 into late-stage development.

The financing syndicate involved a mix of new and existing investors, demonstrating broad support for the combined company's strategy.

The operational partnership for clinical development is focused on the ongoing Phase 2b clinical trial for IMG-007 in patients with moderate-to-severe atopic dermatitis. This trial is registered under the identifier NCT07037901. While specific CROs are not detailed in the latest filings, the execution of such a trial necessitates partnerships with specialized Clinical Research Organizations to manage site operations, patient enrollment, and data collection. The expected timeline for this partnership milestone is the top-line readout in the fourth quarter of 2026.

The execution of the Phase 2b trial also relies on a network of academic and medical institutions serving as clinical trial sites. These sites are essential for patient access and the collection of high-quality clinical data for the investigational anti-OX40 monoclonal antibody.

Key structural elements related to these partnerships include:

• The combined entity, ImageneBio, Inc., commenced trading on Nasdaq under the ticker IMA on July 28, 2025.
• The transaction involved a 1-for-12 reverse stock split of Ikena's common stock prior to the merger.
• Shareholders of both original companies received Contingent Value Rights (CVRs) for non-core assets: Inmagene shareholders received CVRs for non-IMG-007 assets, and Ikena shareholders received CVRs for legacy pipeline assets.
• The leadership team is headed by CEO Kristin Yarema, Ph.D., who was appointed to lead the combined company's development plan for IMG-007.

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

You're looking at the operational pivot point for the entity formerly known as Ikena Oncology, Inc. The core activities now center on executing the post-merger strategy under the ImageneBio banner. This isn't just a name change; it's a fundamental shift in focus, demanding precise execution on the remaining pipeline assets and the integration of two distinct organizations.

Advancing IMG-007, an anti-OX40 mAb, through Phase 2b clinical trials for atopic dermatitis.

The lead asset, IMG-007, is a receptor targeting, nondepleting anti-OX40 monoclonal antibody. Its molecular attributes, including a silenced antibody-dependent cell-mediated cytotoxicity function and an extended half-life of roughly 5-week half-life, are key differentiators you need to track. The company is currently driving the global multicenter Phase 2b dose-finding study, ADAPTIVE (NCT07037901), in adults with moderate-to-severe atopic dermatitis. You should pencil in the fourth quarter of 2026 for the topline readout from this trial, which will guide Phase 3 design.

Here's a snapshot of the financial commitment to this core activity as of late 2025:

The recent increase in R&D spend, up $11.7 million year-over-year for the third quarter, reflects the ramp-up of the Phase 2b trial activities.

Managing the transition and integration of the Ikena and Inmagene operations.

This integration activity was massive, culminating in the merger completion around July 25, 2025. A critical part of this was the corporate restructuring. Ikena implemented a 1-for-12 reverse stock split of its common stock prior to closing. This action reduced outstanding shares from approximately 48.2 million to about 4 million before the final share issuance for the merger. Post-merger and financing, the combined entity, ImageneBio, Inc., had approximately 11.6 million shares of common stock outstanding. You need to monitor the operational alignment closely; the leadership team was strengthened with the appointment of Dr. Kristin Yarema as Chief Executive Officer.

The structural changes are summarized here:

• Merger completion date: July 25, 2025.
• New Nasdaq Ticker: IMA, effective July 28, 2025.
• Concurrent Financing: $75.0 million raised.
• Post-Merger Ownership Split: Inmagene legacy holders at 43.1%.
• Post-Merger Ownership Split: Ikena legacy holders at 35.3%.
• Post-Merger Ownership Split: New investors at 21.6%.

Winding down legacy oncology programs like IK-595 and managing remaining assets.

The strategic decision was made to shift away from the prior oncology focus. Specifically, the IK-930 program (a TEAD1-selective Hippo pathway inhibitor) was discontinued in May 2024, initiating wind-down activities. While IK-595 (a MEK-RAF molecular glue) was progressing with encouraging early data as of May 2024, the post-merger strategy prioritizes immunological diseases. Managing the remaining assets involves the Contingent Value Rights (CVRs) issued to Ikena shareholders, which are tied to the performance of those legacy pipeline assets. The core activity here is the administrative and legal management of these wind-downs and CVR obligations.

Securing and maintaining intellectual property for the IMG-007 program.

Maintaining the IP for IMG-007 is paramount, as it underpins the entire current valuation. This activity involves ongoing patent maintenance fees and defensive legal work to protect the non-T cell depleting, receptor-targeting mechanism. While specific IP maintenance costs aren't itemized separately in the latest filings, these costs are embedded within the overall Research and Development expenses, which totaled $15.6 million for the three months ended September 30, 2025. The company is focused on demonstrating a best-in-class profile to maximize the value of this core IP.

Investor relations and public reporting under the new corporate structure (ImageneBio).

The Investor Relations function has transitioned to communicating the ImageneBio story. Rebecca Cohen serves as the Vice President of Investor Relations, Corporate Strategy & Communication. Key reporting activities include filing the Form 10-Q for the quarter ended September 30, 2025, showing cash reserves of $142.6 million as of that date. The communication focus is on the successful merger, the $75.0 million financing, and the path to the Q4 2026 IMG-007 readout. You should note the prior Ikena Q1 2025 net loss was $8.62 million (compared to $16.15 million a year ago), which provides a baseline for the pre-merger burn rate.

Investor relations priorities include:

• Articulating the differentiated profile of IMG-007.
• Managing communications post-reverse stock split (1-for-12).
• Reporting on the new ownership structure (e.g., 43.1% Inmagene, 35.3% Ikena legacy).
• Ensuring timely SEC filings under the new ticker, IMA.

Finance: draft 13-week cash view by Friday.

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

You're looking at the core assets that support the combined entity, ImageneBio, Inc., following the July 2025 merger. These resources are what the business relies on to execute its strategy centered on IMG-007.

Financial Capital and Liquidity

The immediate financial strength comes from the capital raised concurrent with the merger. The reverse merger and concurrent private placement (PIPE) financing raised over USD 175 million in total to bolster the development of IMG-007. The concurrent financing component alone was approximately $75.0 million. As of the close of the second quarter of 2025, Ikena Oncology, Inc. reported cash, cash equivalents, and marketable securities of $95.6 million. This capital infusion is critical for funding operations post-merger.

Intellectual Property and Core Asset

The primary tangible resource is the intellectual property surrounding the lead asset, IMG-007. This asset, a non-depleting anti-OX40 monoclonal antibody (mAb), was originally discovered by HUTCHMED. The IP is differentiated by specific engineering features:

• Silenced antibody dependent cellular cytotoxicity (ADCC) function.
• Extended half-life, with the SC formulation showing a half-life of 34.7 days.
• Potential for dose and schedule optimization, such as potentially Q24W dosing in the maintenance phase for atopic dermatitis.

The combined company's business is centered around advancing IMG-007, which has completed Phase 1b/2a trials in atopic dermatitis and alopecia areata.

Contingent Value Rights (CVRs)

A specific financial instrument tied to legacy assets represents a contingent resource. Ikena shareholders received Contingent Value Rights (CVRs) related to Ikena's legacy pipeline assets. The structure dictates that Ikena CVR holders will receive 90% of the net proceeds, if any, received by Ikena from CVR payments for agreements entered into after the Merger closing date and before the first anniversary of the closing date.

Human Capital and Expertise

The specialized expertise is now integrated into the new structure, focusing heavily on immunology and inflammatory (I&I) diseases. While Ikena Oncology, Inc. had 10 employees as of July 2025, the merger brought in the expertise to advance IMG-007, which is currently in a Phase 2b clinical trial for moderate-to-severe atopic dermatitis.

Here's a quick look at the key assets and their associated metrics as of the late 2025 transition:

The legacy Ikena pipeline assets, such as the IK-175 program targeting the AhR pathway, are now subject to the CVR structure rather than active development by the combined entity.

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:

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.

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:

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:

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:

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.:

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:

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.