Boston-based Ikena Oncology, Inc. (NASDAQ:IKNA) announced on Thursday the appointment of Jotin Marango, M.D., Ph.D., as the company’s new Chief Operating Officer (COO). This appointment is in addition to his current role as Chief Financial Officer (CFO) and Head of Corporate Development, effective Monday.
Dr. Marango has been with Ikena since April 2022, having previously held positions at Aptose Biosciences (NASDAQ:APTO) Inc. and Roth Capital Partners. His background in oncology and business development is expected to support Ikena’s growth initiatives in cancer research.
With the new role, Dr. Marango's annual salary has been increased to $470,000, and he has been granted an option to purchase 400,000 shares of the company’s common stock. These shares will vest upon the achievement of a strategic transaction as determined by Ikena’s Board, contingent on his ongoing service to the company.
The promotion does not involve any additional arrangements or understandings between Dr. Marango and other company members, and there are no family ties or related person transactions between him and other directors or officers of Ikena.
This move comes as Ikena continues to position itself within the competitive landscape of biological products and therapeutics. The information is based on a recent SEC filing by the company.
In other recent news, Ikena Oncology has made significant strategic changes, including discontinuing its lead asset, IK-930, and reducing its workforce by approximately 53%. This decision, aimed at extending the company's cash runway beyond 2025, was met with varied responses from analysts.
TD Cowen reiterated a Buy rating for Ikena, noting the potential of another asset, IK-595, despite the cessation of IK-930. Conversely, Wedbush downgraded the company's stock from Outperform to Neutral, citing the discontinuation of the lead program.
Simultaneously, H.C. Wainwright lowered its price target for Ikena Oncology shares to $4 from $11, while maintaining a Buy rating. The firm expressed confidence in the company's financial position, with a cash reserve of $157.3 million, extending its cash runway into the second half of 2026. The focus now shifts to developing IK-595, described as a RAF/MEK glue inhibitor, which shows promise for cancers with RAS and RAF alterations.
These recent developments highlight Ikena Oncology's strategic shift in its pursuit of innovative cancer treatments. The company continues to progress with its clinical program, IK-595, despite the setback with IK-930.
The first two cohorts in the dose escalation study have been completed, and the company plans to backfill select cohorts in the second half of 2024. As Ikena Oncology navigates these changes, the spotlight remains on its potential to deliver value in the market.
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.