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ikena ONCOLOGY Ikena Oncology Reports First Quarter 2021 Financial Results and Outlines Key Corporate Objectives for 2021 May 13 , 2021 Closed IPO and Raised $ 144 Million in Gross Proceeds to Fund Targeted Oncology Therapies IND Submissions for Lead Targeted Oncology Program , IK - 930 , and BMS - partnered program , IK - 412 , Remain on Track for Second Half of 2021 BOSTON -- ( BUSINESS WIRE ) -- May 13 , 2021-- Ikena Oncology , Inc. ( Nasdaq : IKNA ) , a targeted oncology company focused on developing therapies targeting key signaling pathways that drive the formation and spread of cancer , today announced financial results for the quarter ended March 31 , 2021 . " This first quarter marked important milestones for Ikena , both with our entrance into the public markets and the advances we have made across our pipeline . We continued to progress our clinical development programs and our lead targeted oncology program is on track for an IND submission in the second half of the year , " said Mark Manfredi , PhD , President & Chief Executive Officer of Ikena . " We are thrilled that through our IPO , we brought in new long - term partners and deepened our relationships with our current investors . The funding , along with a dedicated and passionate team , are propelling us towards our mission of bringing novel targeted cancer therapies to patients . " Recent Business Highlights and Corporate Update Financial and Corporate • In March 2021 , Ikena completed a successful initial public offering ( IPO ) , raising $ 143.8 million in aggregate gross proceeds , before deducting underwriting discounts and commissions and estimated offering expenses , and listed on The Nasdaq Global Market . The IPO followed the closing of a Series B crossover financing of $ 120 million in gross proceeds in December 2020 . • In April 2021 , Maria Koehler , MD , PhD , current Chief Medical Officer of Repare Therapeutics , Inc. ( NASDAQ : RPTX ) , was appointed to the Ikena Board of Directors . Dr. Koehler is a board - certified hematologist and oncologist with more than 20 years of pharmaceutical and biotech oncology experience in clinical development , including senior roles at Pfizer where she contributed to the strategic direction of the oncology portfolio . Development Pipeline • IK - 930 : IND - enabling studies are ongoing for Ikena's lead targeted oncology program , IK - 930 , a potent , selective and well tolerated oral small molecule TEAD inhibitor in the Hippo signaling pathway . In preclinical studies , IK - 930 demonstrated anti - tumor activity in Hippo pathway - driven cancer models and synergy with EGFR inhibition and MEK inhibition . • ERK5 Inhibitor : Lead optimization is ongoing for Ikena's ERK5 inhibitor program which is being developed for the treatment of KRAS mutant tumors . Ikena's ERK5 tool molecule inhibitor has shown single agent and synergistic anti - tumor activity with MEK inhibition in preclinical models of KRAS mutant pancreatic cancer and lung adenocarcinoma . • IK - 175 : The ongoing Phase 1b clinical trial with IK - 175 , Ikena's AHR antagonist , continues to enroll patients in the monotherapy dose expansion arm . In addition , the first patient was recently dosed in the dose escalation combination arm which consists of IK - 175 with nivolumab in patients with bladder cancer , including patients with AHR - activated tumors . • IK - 412 : IND - enabling studies are currently ongoing for IK - 412 , a novel enzymatic therapeutic designed to lower levels of kynurenine , an immunosuppressive metabolite in the tumor microenvironment . IK - 412 has demonstrated profound and durable kynurenine depletion in preclinical models . • IK - 007 : The ongoing Phase 1b clinical trial continues to enroll patients with advanced or progressive microsatellite stable colorectal cancer ( MSS - CRC ) with IK - 007 in combination with pembrolizumab . The clinical trial is enriching for patients that have high urinary prostaglandin E metabolite ( PGEM ) biomarker . Milestones and Key Priorities for 2021 • Complete IND - enabling studies for TEAD inhibitor , IK - 930 , and submit IND application to FDA during the second half of 2021 . • Nominate ERK5 inhibitor development candidate and initiate IND - enabling studies in the second half of 2021 . • Complete IND - enabling studies for kynurenine degrading enzyme , IK - 412 , and submit IND to FDA during the second half of 2021 . • Complete enrollment into the Phase 1b study of EP4 antagonist IK - 007 in combination with pembrolizumab in patients with advanced or progressive MSS - CRC .