05:07 PM EDT, 05/28/2024 (MT Newswires) -- Ikena Oncology ( IKNA ) plans to cut its workforce by 53% and end cllinical development of IK-930 while evaluating options including an acquisition, merger, reverse merger, sale of assets, partnerships or other deals.

IK-595 clinical development will continue, while pipeline options are evaluated, the company said Tuesday in a statement.

The company said it had $157 million in cash and equivalents as of March 31 and projected cash and equivalents on Dec. 31 at $110 million to $120 million

Ikena shares rose 15% in recent after-hours activity.

Price: 1.53, Change: +0.20, Percent Change: +15.04