Ikena Oncology shares plunged after sharing initial data from their Phase I study for cancer drug IK-930. The drug showed a favorable safety profile with a few observed adverse effects. Promising clinical activity was observed in patients with a rare...
Ikena Oncology, a clinical-stage biotechnology company, recently shared initial data from the ongoing dose-escalation portion of its Phase I study for their lead targeted-oncology program, cancer drug IK-930. As a result, Ikena Oncology shares experienced a significant decline, losing more than two-thirds of their value and reaching an all-time low.
Shares of Ikena Oncology based in Boston plummeted by 69%, currently trading at $1.28, with a brief dip to an all-time low of $1.26.
While evaluating the dose escalation for IK-930, Ikena observed a favorable safety profile thus far. However, out of the 26 patients treated as of October 31, three individuals showed treatment-related proteinuria, indicating elevated protein levels in their urine. These recorded events were categorized as mild to moderate and did not lead to any dose reduction or treatment interruption.
IK-930 functions as a TEAD-1 selective inhibitor of the Hippo pathway—a known tumor suppressor pathway associated with resistance to various targeted therapies. Proteinuria, considered an adverse effect of broad TEAD inhibition, is of particular interest to Ikena due to its potential as an on-target effect.
Encouraging signs of clinical activity and tumor shrinkage were observed in several patients with epithelioid hemangioendothelioma, a rare and challenging soft tissue sarcoma.
In two patients with epithelioid hemangioendothelioma, reversible liver enzyme elevation was detected during the study. One patient experienced moderate to severe elevation, which was possibly related to the treatment.
Ikena Oncology is nearing the completion of dose optimization for IK-930 and intends to provide further clinical data updates in the second half of 2024.
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