Ikena Oncology has raised $120 million to advance its expanding pipeline of cancer drugs. The series B round comes as Ikena prepares to add a TEAD inhibitor to its roster of clinical programs and hustles a first-in-class KRAS asset through lead optimization.
Boston-based Ikena, formerly known as Kyn Therapeutics, began life working solely on the IDO and TDO pathways but has since expanded beyond that narrow focus. Celgene partnered with Ikena on its kynureninase and AHR antagonist programs, adding weight to the startup’s claims its assets are differentiated from failed IDO1 inhibitors, and other candidates began moving through preclinical.
The progress has put Ikena in a position to raise $120 million. Omega Funds led the series B round with assists from fellow new investor Fidelity Management & Research and existing backers Atlas Venture, OrbiMed and Bristol Myers Squibb, which became involved through its Celgene takeover.
Ikena will use the money to support a pipeline that falls into two categories. The immunotherapy pipeline is led by an in-licensed EP4 antagonist that Ikena is testing in combination with Keytruda in phase 1b/2 colorectal and non-small cell lung cancer clinical trials.
The immunotherapy pipeline also features IK-175 and IK-412, the assets covered by the Celgene deal. Bristol Myers has options on the two assets, the most advanced of which entered phase 1 testing in solid tumor patients around one year ago.
The newer side of the pipeline features targeted oncology drugs. Ikena plans to file an IND for TEAD inhibitor IK-930 in Hippo-mutated cancers in the second half of the year. IND-enabling studies are underway.
IK-930 is being followed down the pipeline by a treatment for KRAS-mutated cancers. Ikena is yet to disclose the target of the KRAS program, saying only that knocking it out prevented tumor formation in models of lung and pancreatic cancers and small-molecule inhibition of it blocked tumor growth. The drug is in lead optimization, with candidate nomination scheduled for the second half of 2021.