Ikena Oncology (IKNA) Q1 2026 earnings summary

Executive summary

• Completed a reverse merger with Ikena Oncology, Inc. in July 2025, changing the company name to ImageneBio, Inc.; divested all non-OX40 assets, focusing solely on IMG-007, a clinical-stage anti-OX40 monoclonal antibody for immunological diseases.

• Completed $30 million private placement in April 2026, extending cash runway into Q1 2028 and supporting advancement of IMG-007 into Phase 2 trials for alopecia areata.

• IMG-007, a non-T cell-depleting OX40 antagonist, is progressing in the Phase 2b ADAPTIVE trial for atopic dermatitis, with topline data expected Q4 2027.

• Preclinical data on IMG-007 to be presented at the SID Meeting in May 2026, highlighting its differentiated mechanism.

Financial highlights

• Net loss for Q1 2026 was $10.6M, compared to $6.1M or $9.1M in Q1 2025, driven by increased R&D and G&A expenses.

• Cash, cash equivalents, and marketable securities totaled $117.2M as of March 31, 2026, with an additional $30M received in April 2026.

• Operating expenses rose to $12.1M in Q1 2026 from $6.8M in Q1 2025, reflecting higher clinical trial and personnel costs.

• R&D expenses were $6.0M and G&A expenses were $6.1M for Q1 2026, both up year-over-year.

• No product revenue; prior license revenue discontinued after divestiture of non-OX40 programs.

Outlook and guidance

• Cash runway, including April 2026 financing, is expected to support operations into Q1 2028.

• Substantial additional funding will be needed to advance IMG-007 through clinical development and potential commercialization.

• Topline Phase 2b AD data expected Q4 2027; initial AA Phase 2 data anticipated in 2028.