v3.25.2
Condensed Consolidated Statements of Cash Flows (Unaudited)
$ in Thousands
 6 Months Ended 12 Months Ended
Jun. 30, 2025
USD ($)
Jun. 30, 2024
USD ($)
Dec. 31, 2024
USD ($)
Dec. 31, 2023
USD ($)
Cash flows from operating activities:        
Net loss $ (13,622) $ (28,573) $ (36,568) $ (21,148)
Adjustments to reconcile net loss to net cash used in operating activities        
Depreciation and amortization 4 1,045 1,137 2,406
Non-cash interest expense 393      
Amortization of right-of-use assets 158 237 389 689
Share Based Compensation 57      
Loss on disposal of property and equipment     1,274 1
Unrealized gain on short-term investments       (137)
Non-cash licensing consideration related to the Celexor Agreement       (942)
Non-cash research and development expense for issuance of ordinary shares related to the Hutchmed Agreement   13,965 13,965  
Changes in operating assets and liabilities:        
Prepaid expenses and other current assets (6,206) (271) (77) 100
Other non-current assets (1) 53 54  
Accounts payable 961 660 (523) 3,886
Accrued expenses and other current liabilities (14) (2,004)    
Accrued expenses and other current liabilities     (1,055) (2,300)
Deferred revenue (650)   510 (139)
Operating lease liabilities (171) (250) (425) (649)
Net cash used in operating activities (19,131) (15,138) (21,319) (18,233)
Cash flows from investing activities:        
Purchases of property and equipment       (305)
Proceeds from sale of property and equipment     972 2
Purchases of short-term investments       (20,151)
Maturities and sales of short-term investments   10,151 10,151 10,000
Net cash provided by (used in) investing activities   10,151 11,123 (10,454)
Cash flows from financing activities:        
Proceeds from exercise of stock options 45     150
Proceeds from term loan 15,000   7,500  
Payment of deferred offering costs (2,001)   (594)  
Net cash provided by financing activities 13,044   6,906 150
Effects of exchange rates on cash and cash equivalents (10) 4 87 (148)
Net increase (decrease) in cash, cash equivalents and restricted cash (6,097) (4,983) (3,203) (28,685)
Cash, cash equivalents and restricted cash, beginning of period 12,118 15,321 15,321 44,006
Cash, cash equivalents and restricted cash, end of period 6,021 10,338 12,118 15,321
Reconciliation of cash, cash equivalents, and restricted cash to the condensed consolidated balance sheets:        
Cash and cash equivalents 6,021   12,118 15,321
Cash, cash equivalents and restricted cash, end of period 6,021 10,338 12,118 15,321
Supplemental disclosure of non-cash investing and financing information:        
Cash paid for income taxes, net 14   221 118
Supplemental disclosure of non-cash investing and financing information:        
Accretion of redeemable convertible preferred shares 6,200 5,759 11,816 10,890
Remeasurement of lease liability and right-of-use asset upon modification       629
Deferred offering costs in accrued expenses and other current liabilities 2,258   1,294  
Deferred offering costs in accounts payable 285      
IKENA ONCOLOGY INC        
Cash flows from operating activities:        
Net loss (11,386) (29,876) (49,234) (68,166)
Adjustments to reconcile net loss to net cash used in operating activities        
Depreciation 174 311 490 1,020
Net accretion of discounts on marketable securities (243) (817) (1,468) (2,023)
Share Based Compensation 1,362 3,280 5,295 7,632
Non-cash operating lease expense 1,074 907 2,051 1,714
Loss on disposal of property and equipment   99 99 5
Impairment of right of use asset       1,744
Impairment of assets held for sale   742 742  
Changes in operating assets and liabilities:        
Prepaid expenses and other current assets (588) (539) 390 1,835
Deposits and other assets 940 2,796 2,390 (1,824)
Accounts payable (385) (658) (1,169) (2,870)
Accrued expenses and other current liabilities (3,119) (5,488) (2,484) (7,660)
Deferred revenue       (9,160)
Operating lease liabilities (1,844) (1,646) (3,217) (2,087)
Other long-term liabilities 31 83 111 97
Net cash used in operating activities (13,984) (30,806) (46,004) (79,743)
Cash flows from investing activities:        
Purchases of property and equipment       (414)
Proceeds from sale of property and equipment   245 435  
Purchases of marketable securities (23,184) (72,265) (88,298) (90,052)
Proceeds from maturities of marketable securities 71,065 27,200 60,460 154,610
Amounts loaned under note receivable (15,000)   (7,500)  
Net cash provided by (used in) investing activities 32,881 (44,820) (34,903) 64,144
Cash flows from financing activities:        
Cash and cash equivalents acquired in connection with the acquisition of Pionyr, net of issuance costs paid       40,030
Cash consideration paid in connection with the acquisition of Pionyr       (944)
Proceeds from issuance of common stock for underwritten registered offering, net of offering costs       37,421
Repurchase of common stock       (663)
Proceeds from exercise of stock options       136
Net cash provided by financing activities       75,980
Net increase (decrease) in cash, cash equivalents and restricted cash 18,897 (75,626) (80,907) 60,381
Cash, cash equivalents and restricted cash, beginning of period 40,265 121,172 121,172 60,791
Cash, cash equivalents and restricted cash, end of period 59,162 45,546 40,265 121,172
Reconciliation of cash, cash equivalents, and restricted cash to the condensed consolidated balance sheets:        
Cash and cash equivalents 58,290 44,268 39,393 119,894
Restricted cash included in deposits and other assets 872 1,278 872 1,278
Cash, cash equivalents and restricted cash, end of period $ 59,162 $ 45,546 $ 40,265 $ 121,172