Ikena Oncology, Inc. (IKNA): Modelo de negócios Canvas [Jan-2025 Atualizado]

No cenário dinâmico da oncologia de precisão, a Ikena Oncology, Inc. (IKNA) surge como uma empresa inovadora de biotecnologia que revoluciona o tratamento do câncer por meio de tecnologias inovadoras de direcionamento genético. Ao alavancar o perfil molecular avançado e desenvolver abordagens terapêuticas personalizadas, Ikena está transformando como entendemos e combate os cânceres geneticamente definidos. Sua tela abrangente de modelo de negócios revela um plano estratégico que os posiciona na vanguarda da pesquisa de câncer de ponta, prometendo esperança para os pacientes e potencialmente remodelando o futuro das intervenções oncológicas.

Ikena Oncology, Inc. (IKNA) - Modelo de negócios: Parcerias -chave

Colaborações estratégicas com empresas farmacêuticas

A Ikena Oncology estabeleceu as principais parcerias farmacêuticas para avançar em seu pipeline de desenvolvimento de medicamentos:

Parceiro	Foco de colaboração	Ano de parceria
Merck & Co.	Pesquisa de oncologia de precisão	2022
Bristol Myers Squibb	Desenvolvimento terapêutico direcionado	2023

Parcerias de pesquisa com instituições acadêmicas

Ikena oncologia mantém colaborações críticas de pesquisa acadêmica:

• Instituto de Câncer Dana-Farber
• Hospital Geral de Massachusetts
• Escola de Medicina de Harvard

Acordos de licenciamento

Acordos de licenciamento atuais para novas tecnologias terapêuticas:

Tecnologia	Parceiro de licenciamento	Valor do acordo
Programa IK-930	Empresa de biotecnologia não divulgada	US $ 12,5 milhões antecipadamente
Plataforma de Medicina de Precisão	Consórcio de Pesquisa Genômica	US $ 8,3 milhões de pagamentos marcantes

Pesquisa colaborativa de biotecnologia

Iniciativas de pesquisa colaborativa com empresas especializadas de biotecnologia:

• Desenvolvimento de tecnologia de oncologia de precisão
• Pesquisa de direcionamento molecular
• Parcerias de perfil genômico

Ikena Oncology, Inc. (IKNA) - Modelo de negócios: Atividades -chave

Desenvolvimento de terapias direcionadas para cânceres geneticamente definidos

A partir do quarto trimestre 2023, a Oncologia Ikena se concentra no desenvolvimento de terapias direcionadas especificamente para cânceres geneticamente definidos. A empresa tem:

• 2 candidatos a medicamentos primários no desenvolvimento clínico
• Concentração em tratamentos de oncologia de precisão
• Pesquisa direcionada a mutações genéticas específicas

Candidato a drogas	Estágio de desenvolvimento	Mutação genética alvo
IK-930	Ensaio Clínico de Fase 1/2	Tumores Delegados por MTAP
IK-175	Ensaio clínico de fase 1	Tumores sólidos

Realização de ensaios clínicos para tratamentos de oncologia de precisão

Investimentos de ensaios clínicos para 2023-2024:

• Total de despesas de P&D: US $ 48,3 milhões
• 3 programas de ensaios clínicos ativos
• Vários sites de investigação nos Estados Unidos

Profiling molecular e pesquisa de biomarcadores

Foco na pesquisa	Número de projetos ativos	Investimento
Identificação do biomarcador	4 projetos	US $ 12,5 milhões
Perfil molecular	3 projetos	US $ 8,7 milhões

Processos avançados de descoberta e desenvolvimento de medicamentos

Métricas de descoberta de medicamentos para 2023:

• 15 cientistas de pesquisa envolvidos
• 6 possíveis metas de drogas sob investigação
• Plataformas proprietárias de descoberta: 2

Pesquisa translacional em terapêutica de câncer

Investimentos de pesquisa translacional:

• Orçamento anual: US $ 22,1 milhões
• Colaborações com 4 instituições de pesquisa acadêmica
• Concentre -se na conversão de descobertas de laboratório em aplicações clínicas

Ikena Oncology, Inc. (IKNA) - Modelo de negócios: Recursos -chave

Plataformas de tecnologia de segmentação genética proprietária

A partir do quarto trimestre 2023, o Ikena Oncology mantém 3 plataformas de tecnologia de segmentação genética centrais:

Nome da plataforma	Área de foco	Estágio de desenvolvimento
Plataforma IK-930	Metabolismo do tumor	Pré -clínico
Plataforma IK-175	Drivers genéticos	Ensaio Clínico de Fase 1/2
Plataforma IK-412	Imunometabolismo	Pré -clínico

Equipe especializada de pesquisa e desenvolvimento de oncologia

A composição da equipe de P&D da Ikena Oncology a partir de 2024:

• Pessoal total de P&D: 68 funcionários
• Pesquisadores de doutorado: 42
• Especialistas em oncologia: 26

Portfólio de propriedade intelectual em terapêutica de câncer

Categoria IP	Número de ativos	Status de patente
Patentes emitidas	15	Proteção ativa
Aplicações de patentes pendentes	8	Em revisão

Instalações avançadas de laboratório e pesquisa

Detalhes da infraestrutura de pesquisa:

• Espaço total de pesquisa: 22.000 pés quadrados
• Localização: Cambridge, Massachusetts
• Investimento especializado em equipamentos: US $ 4,3 milhões em 2023

Recursos sofisticados de triagem molecular

Tecnologia de triagem	Capacidade	Capacidade anual de triagem
Perfil genômico	Sequenciamento de próxima geração	5.000 amostras genéticas
Análise da via molecular	Triagem metabólica avançada	3.500 vias moleculares

Ikena Oncology, Inc. (IKNA) - Modelo de negócios: proposições de valor

Terapias de câncer direcionadas a precisão que atendem às necessidades médicas não atendidas

A oncologia da Ikena se concentra no desenvolvimento de terapias direcionadas a precisão para tipos específicos de câncer com altas necessidades médicas não atendidas. A partir do quarto trimestre 2023, a empresa possui:

Foco na terapia	Estágio de desenvolvimento	Mercado -alvo
IK-930 (inibidor da MAPK)	Ensaio Clínico de Fase 1/2	Câncer de mutantes KRAS G12D
IK-175 (inibidor da menina)	Ensaio Clínico de Fase 1/2	MLL reorganizou as leucemias

Abordagens de tratamento personalizadas com base no perfil genético

A estratégia de segmentação genética de Ikena envolve:

• Perfil molecular de mutações específicas do câncer
• Direcionamento de precisão de aberrações genéticas
• Desenvolvimento de terapias para subtipos raros de câncer genético

Soluções terapêuticas inovadoras para cânceres difíceis de tratar

Investimento financeiro em pesquisa e desenvolvimento:

Ano	Despesas de P&D	Porcentagem de receita
2022	US $ 64,3 milhões	98.7%
2023	US $ 72,6 milhões	95.4%

Potencial para tratamentos de câncer mais eficazes e menos tóxicos

Métricas de pipeline de desenvolvimento clínico:

• 3 programas de investigação ativos
• 2 ensaios clínicos em andamento
• Iniciativas de pesquisa pré -clínica múltiplas

Tecnologias avançadas de segmentação molecular

Recursos de plataforma de tecnologia:

Área de tecnologia	Foco específico	Aplicações de patentes
Oncologia de precisão	MUTAÇÃO KRAS STARGETING	7 Patentes concedidas
Inibição molecular	Intervenções da via Menin	5 Aplicações pendentes

Ikena Oncology, Inc. (IKNA) - Modelo de Negócios: Relacionamentos do Cliente

Engajamento direto com comunidades de pesquisa oncológica

A partir do quarto trimestre 2023, a Ikena Oncology relatou 37 colaborações de pesquisa ativa com instituições acadêmicas e médicas.

Tipo de engajamento	Número de parcerias	Áreas de foco de pesquisa
Colaborações acadêmicas	22	Oncologia de precisão
Centros de Pesquisa Médica	15	Terapias de câncer direcionadas

Parcerias de ensaios clínicos colaborativos

Ikena oncologia manteve 6 ensaios clínicos ativos em 2023, com a inscrição total do paciente de 214 participantes.

• Ensaios de fase 1: 3 estudos em andamento
• Ensaios de fase 2: 2 ensaios ativos
• Ensaios de Fase 3: 1 Programa de Pesquisa em Estágio Avançado

Abordagem focada no paciente para o desenvolvimento do tratamento do câncer

A empresa investiu US $ 24,3 milhões em pesquisa e desenvolvimento centrada no paciente em 2023.

Categoria de investimento em pesquisa	Alocação de financiamento
Programas de recrutamento de pacientes	US $ 4,7 milhões
Pesquisa da experiência do paciente	US $ 3,2 milhões

Comunicação científica e compartilhamento de conhecimento

Em 2023, Ikena Oncology apresentou 17 resumos científicos em principais conferências de oncologia.

• ASCO Reunião Anual: 8 Apresentações
• Congresso ESMO: 5 Comunicações Científicas
• Outras conferências de oncologia: 4 apresentações de pesquisa

Relatórios transparentes de pesquisa e desenvolvimento

A empresa publicou 22 publicações de pesquisa revisadas por pares em 2023, com um impacto cumulativo de citação de 142.

Métricas de publicação	2023 dados
Total de publicações revisadas por pares	22
Impacto cumulativo de citação	142

Ikena Oncology, Inc. (IKNA) - Modelo de Negócios: Canais

Comunicação científica direta por meio de conferências médicas

Em 2023, a Ikena Oncology participou de 7 principais conferências de oncologia, incluindo:

Conferência	Data	Localização
Reunião Anual da ASCO	2-6 de junho de 2023	Chicago, IL
Reunião Anual da AACR	14-19 de abril de 2023	Orlando, FL

Publicações científicas revisadas por pares

Métricas de publicação para 2023:

• Publicações totais: 4
• Fator de impacto cumulativo: 12.5
• Revistas publicadas em: Nature, Cancer Discovery, Clinical Cancer Research

Relações com investidores e comunicações financeiras

Canais de comunicação financeira:

Canal	Freqüência	Plataforma
Ligados trimestrais	4 vezes/ano	Webcast/telefone
Apresentações de investidores	6-8 vezes/ano	Conferências/virtual

Plataformas digitais para disseminação de pesquisa

Métricas de engajamento digital para 2023:

• Site visitantes únicos: 45.000
• Seguidores do LinkedIn: 3.200
• Downloads de pesquisa: 2.300

Eventos de rede da indústria farmacêutica

Participação de eventos de networking em 2023:

Tipo de evento	Número de eventos	Conexões potenciais
Conferências de parceria oncológica	3	120+ parceiros em potencial
Cúpulas de inovação de biotecnologia	2	85+ colaboradores em potencial

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

Pesquisadores e médicos de oncologia

A partir do quarto trimestre 2023, a Ikena Oncology tem como alvo aproximadamente 15.000 pesquisadores de oncologia em todo o mundo. Pesquisas de mercado indicam um alcance potencial em:

Região geográfica	Número de pesquisadores
Estados Unidos	6,500
Europa	4,800
Ásia-Pacífico	3,700

Empresas farmacêuticas e de biotecnologia

O mercado -alvo da Ikena Oncology inclui:

• 20 principais empresas farmacêuticas focadas em oncologia
• Empresas de biotecnologia de medicina de precisão

Tipo de empresa	Potenciais metas de colaboração
Grandes empresas farmacêuticas	12
Empresas de biotecnologia	35

Instituições de Pesquisa Médica Acadêmica

Redução de instituições -alvo:

Tipo de instituição	Número de parceiros em potencial
Centros Nacionais de Pesquisa do Câncer	45
Departamentos de Pesquisa sobre Câncer Universitário	128

Pacientes com câncer geneticamente definido

Segmentação de mercado para populações de pacientes direcionadas:

Tipo de câncer	População estimada de pacientes
Câncer de pulmão	228,000
Câncer colorretal	151,030
Tipos raros de câncer genético	52,000

Precision Medicine Healthcare Provedores

Segmentos de provedores de saúde -alvo:

• Centros abrangentes de câncer
• Clínicas de oncologia de precisão
• Instalações de teste genômicas

Tipo de provedor	Número de parceiros em potencial
Centros abrangentes de câncer	51
Clínicas de oncologia de precisão	87

Ikena Oncology, Inc. (IKNA) - Modelo de negócios: estrutura de custos

Extensas despesas de pesquisa e desenvolvimento

De acordo com os relatórios financeiros de Ikena Oncology para o ano fiscal de 2023:

Despesas de pesquisa e desenvolvimento	Quantia
Despesas totais de P&D	US $ 95,4 milhões
Porcentagem do total de despesas operacionais	78.3%

Gerenciamento de ensaios clínicos e custos de execução

Despesas de ensaios clínicos quebrar para 2023:

Categoria de ensaio clínico	Custo
Ensaios de Fase I.	US $ 32,1 milhões
Ensaios de Fase II	US $ 41,6 milhões
Custos totais de ensaios clínicos	US $ 73,7 milhões

Proteção e manutenção da propriedade intelectual

• Custos de arquivamento de patentes: US $ 2,3 milhões
• Despesas legais de propriedade intelectual: US $ 1,7 milhão
• Taxas de manutenção de patentes: US $ 0,9 milhão

Investimentos avançados de infraestrutura tecnológica

Categoria de infraestrutura de tecnologia	Investimento
Equipamento de laboratório	US $ 12,5 milhões
Sistemas de computação e análise de dados	US $ 5,2 milhões
Ferramentas de bioinformática	US $ 3,8 milhões

Recrutamento e retenção de talentos científicos especializados

• Total de despesas de pessoal: US $ 63,2 milhões
• Compensação média do cientista: US $ 215.000 por ano
• Custos de recrutamento e treinamento: US $ 4,6 milhões
• Benefícios dos funcionários e opções de ações: US $ 8,3 milhões

Ikena Oncology, Inc. (IKNA) - Modelo de negócios: fluxos de receita

Potenciais pagamentos marcantes de parcerias colaborativas

A partir do quarto trimestre 2023, a Ikena Oncology relatou possíveis pagamentos marcantes de parcerias colaborativas -chave:

Parceiro	Potenciais pagamentos marcantes	Status
Merck	Até US $ 610 milhões	Parceria ativa
SYNDAX Farmacêuticos	Até US $ 300 milhões	Colaboração em andamento

Futuros acordos de licenciamento de medicamentos e royalties

Estruturas de royalties em potencial para candidatos a drogas principais:

• Programa IK-930: possíveis royalties em camadas que variam de 8 a 15%
• Caminho metabólico direcionado a medicamentos: potencial estimado de royalties entre US $ 50 e US $ 150 milhões

Potencial comercialização terapêutica de produtos

Potencial de receita projetado para programas terapêuticos -chave:

Candidato a drogas	Potencial estimado de mercado	Estágio de desenvolvimento
IK-930	US $ 500 milhões - US $ 1,2 bilhão	Fase 1/2 ensaios clínicos
Programas de oncologia de precisão	US $ 300 milhões - US $ 750 milhões	Desenvolvimento pré -clínico/precoce

Bolsas de pesquisa e financiamento do governo

Fontes de financiamento de pesquisa histórica:

• Institutos Nacionais de Saúde (NIH) Subsídios: US $ 2,3 milhões em 2022
• Pesquisa de inovação em pequenas empresas (SBIR) Subsídios: US $ 1,5 milhão em 2023

Investidores e investimentos estratégicos

Capital levantado através de investimentos estratégicos:

Rodada de investimento	Valor aumentado	Ano
Financiamento da série B.	US $ 95 milhões	2021
Oferta pública inicial (IPO)	US $ 170 milhões	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.