Stock-Based Compensation (Tables)
|
6 Months Ended |
12 Months Ended |
Jun. 30, 2025 |
Dec. 31, 2024 |
| Summary of Total Compensation Expense |
Share-based compensation expense for the six months ended June 30, 2025 and 2024 was recorded as follows (in thousands):
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Six months ended
June 30, |
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| |
|
2025 |
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|
2024 |
|
Research and development |
|
$ |
57 |
|
|
$ |
0 |
|
General and administrative |
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|
— |
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|
|
— |
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|
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Total |
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$ |
57 |
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|
$ |
0 |
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| Summary of Stock Option Activity |
The Company’s share option activity for the six months ended June 30, 2025 is summarized as follows:
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| |
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Shares |
|
|
Weighted
Average
Exercise Price
(per share) |
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|
Weighted
Average
Remaining
Contractual
Life (in Years) |
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|
Aggregate
Intrinsic
Value
(in thousands) |
|
Outstanding as of December 31, 2024 |
|
|
159,003,977 |
|
|
$ |
0.02 |
|
|
|
6.46 |
|
|
$ |
13,288 |
|
Granted |
|
|
150,000 |
|
|
|
0.01 |
|
|
|
|
|
|
|
|
|
Exercised |
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|
|
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|
(578,125 |
) |
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|
0.05 |
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|
|
|
|
Cancelled/forfeited |
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|
|
|
|
— |
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|
— |
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Outstanding as of June, 2025 |
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|
158,575,852 |
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|
$ |
0.02 |
|
|
|
6.42 |
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|
$ |
13,288 |
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|
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|
Exercisable as of June 30, 2025 |
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— |
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|
— |
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|
— |
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|
$ |
— |
|
Vested and expected to vest as of June 30, 2025 |
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|
158,575,852 |
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|
$ |
0.02 |
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|
|
6.42 |
|
|
$ |
13,288 |
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|
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|
The Company’s share option activity for the year ended December 31, 2024 is summarized as follows:
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| Outstanding as of December 31, 2023 |
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153,789,602 |
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|
$ |
0.02 |
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|
|
7.18 |
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|
$ |
14,276 |
|
| Granted |
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|
27,486,250 |
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|
0.01 |
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|
|
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| Exercised |
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— |
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|
— |
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| |
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| Cancelled/forfeited |
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|
(22,271,875 |
) |
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|
0.03 |
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| Outstanding as of December 31, 2024 |
|
|
159,003,977 |
|
|
$ |
0.02 |
|
|
|
6.46 |
|
|
$ |
13,288 |
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|
|
|
|
|
|
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| Exercisable as of December 31, 2024 |
|
|
— |
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|
$ |
— |
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|
|
— |
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|
$ |
— |
|
| Vested and expected to vest as of December 31, 2024 |
|
|
159,003,977 |
|
|
$ |
0.02 |
|
|
|
6.46 |
|
|
$ |
13,288 |
|
|
| Summary of Assumptions Used to Grant Date Fair Value Of Stock Options Granted |
|
The fair value of each award granted is estimated on the date of grant using the Black-Scholes model. In determining the fair value of share options granted, the following weighted average assumptions were used for the years ended December 31, 2024 and 2023:
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| Expected dividend yield |
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|
0.00 |
% |
|
|
0.00 |
% |
| Expected volatility |
|
|
99.92 |
% |
|
|
94.11 |
% |
| Risk-free interest rate |
|
|
3.95 |
% |
|
|
3.86 |
% |
| Expected term (in years) |
|
|
6.02 |
|
|
|
5.54 |
|
|
| Summary of RSU activity |
The following table summarizes RSU activity for the six months ended June 30, 2025:
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Number of
Shares |
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|
Weighted Average
Grant Date
Fair Value
(per share) |
|
Unvested, beginning of period |
|
|
— |
|
|
$ |
— |
|
Granted |
|
|
10,300,000 |
|
|
|
0.10 |
|
Vested |
|
|
— |
|
|
|
— |
|
Forfeited |
|
|
— |
|
|
|
— |
|
|
|
|
|
|
|
|
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|
Unvested, end of period |
|
|
10,300,000 |
|
|
$ |
0.10 |
|
|
|
| IKENA ONCOLOGY INC |
|
|
| Summary of Total Compensation Expense |
The Company recorded stock-based compensation expense in the following expense categories of its condensed consolidated statements of operations and comprehensive loss (in thousands):
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|
Three Months
Ended June 30, |
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|
Six Months
Ended June 30, |
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| |
|
2025 |
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|
2024 |
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|
2025 |
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|
2024 |
|
Research and development |
|
$ |
45 |
|
|
$ |
400 |
|
|
$ |
192 |
|
|
$ |
1,177 |
|
General and administrative |
|
|
413 |
|
|
|
879 |
|
|
|
994 |
|
|
|
1,840 |
|
Restructuring and other charges |
|
|
— |
|
|
|
— |
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|
|
176 |
|
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|
263 |
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Total |
|
$ |
458 |
|
|
$ |
1,279 |
|
|
$ |
1,362 |
|
|
$ |
3,280 |
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The Company recorded stock-based compensation expense in the following expense categories of its consolidated statements of operations and comprehensive loss (in thousands):
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| |
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| |
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|
| Research and development |
|
$ |
1,655 |
|
|
$ |
3,937 |
|
| General and administrative |
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|
3,377 |
|
|
|
3,695 |
|
| Restructuring and other charges |
|
|
263 |
|
|
|
— |
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| Total |
|
$ |
5,295 |
|
|
$ |
7,632 |
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| Summary of Stock Option Activity |
The following table summarizes stock option activity for the six months ended June 30, 2025:
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| |
|
Number
of
Options |
|
|
Weighted-
Average
Exercise
Price |
|
|
Weighted-
Average
Remaining
Contractual
Term
(years) |
|
|
Aggregate
Intrinsic
Value
(thousands) |
|
Outstanding as of December 31, 2024 |
|
|
639,837 |
|
|
$ |
60.24 |
|
|
|
6.25 |
|
|
$ |
426 |
|
Granted |
|
|
— |
|
|
|
— |
|
|
|
|
|
|
|
|
|
Exercised |
|
|
— |
|
|
|
— |
|
|
|
|
|
|
|
|
|
Cancelled or forfeited |
|
|
(112,100 |
) |
|
|
92.92 |
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|
Outstanding as of June 30, 2025 |
|
|
527,737 |
|
|
$ |
53.28 |
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|
|
6.69 |
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|
$ |
22 |
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|
Vested or expected to vest as of June 30, 2025 |
|
|
527,737 |
|
|
$ |
53.28 |
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|
6.69 |
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|
$ |
22 |
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|
Options exercisable as of June 30, 2025 |
|
|
376,228 |
|
|
$ |
63.60 |
|
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|
6.01 |
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|
$ |
22 |
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The following table summarizes stock option activity for the year ended December 31, 2024:
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| |
|
Number of
Options |
|
|
Weighted-
Average
Exercise
Price |
|
|
Weighted-
Average
Remaining
Contractual
Term
(years) |
|
|
Aggregate
Intrinsic
Value
(thousands) |
|
Outstanding as of December 31, 2023 |
|
|
590,688 |
|
|
$ |
76.20 |
|
|
|
6.92 |
|
|
$ |
94 |
|
Granted |
|
|
198,098 |
|
|
|
17.73 |
|
|
|
|
|
|
|
|
|
Exercised |
|
|
— |
|
|
|
— |
|
|
|
|
|
|
|
|
|
Cancelled or forfeited |
|
|
(148,948 |
) |
|
|
66.81 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Outstanding as of December 31, 2024 |
|
|
639,837 |
|
|
$ |
60.24 |
|
|
|
6.25 |
|
|
$ |
426 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Vested or expected to vest as of December 31, 2024 |
|
|
639,837 |
|
|
$ |
60.24 |
|
|
|
6.25 |
|
|
$ |
426 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Options exercisable as of December 31, 2024 |
|
|
404,258 |
|
|
$ |
77.14 |
|
|
|
4.78 |
|
|
$ |
77 |
|
|
|
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|
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|
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|
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|
|
| Summary of Assumptions Used to Grant Date Fair Value Of Stock Options Granted |
The fair value of each option award granted is estimated on the date of grant using the Black-Scholes option pricing model and assumptions input into the model. The following table presents, on a weighted average basis, the assumptions used in the model to determine the grant-date fair value of stock options granted:
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|
|
|
|
|
|
|
| |
|
Three Months Ended
June 30, 2024 |
|
|
Six Months Ended
June 30, 2024 |
|
Risk-free interest rate |
|
|
4.43 |
% |
|
|
4.19 |
% |
Expected dividend yield |
|
|
0 |
% |
|
|
0 |
% |
Expected option term (in years) |
|
|
5.58 |
|
|
|
6.01 |
|
Expected stock price volatility |
|
|
94.04 |
% |
|
|
91.32 |
% |
|
The following table presents, on a weighted average basis, the assumptions used in the model to determine the grant-date fair value of stock options granted:
|
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|
|
|
|
|
|
|
| |
|
Year Ended
December 31, |
|
| |
|
2024 |
|
|
2023 |
|
Risk-free interest rate |
|
|
4.18 |
% |
|
|
4.00 |
% |
Expected dividend yield |
|
|
0 |
% |
|
|
0 |
% |
Expected option term (in years) |
|
|
5.88 |
|
|
|
6.04 |
|
Expected stock price volatility |
|
|
91.99 |
% |
|
|
87.00 |
% |
|