IKENA ONCOLOGY Reports Record-Breaking Second Quarter Earnings for FY2023
August 26, 2023
🌥️Earnings Overview
On August 10th 2023, IKENA ONCOLOGY ($NASDAQ:IKNA) released their financial results for the second quarter of FY2023 (ending June 30th 2023). A total revenue of USD 2.0 million was reported, which is a remarkable growth compared to the 0.4 million achieved in the same quarter a year ago. Although there was a small decrease in the net income reported, from -20.5 million to -17.1 million, compared to the same quarter of the previous year.
Stock Price
On Thursday, Ikena Oncology‘s stock opened at $4.2 and closed at $4.5, making it an 8.1% increase from its prior closing price of $4.2. This marks an impressive performance for the company whose stock price had declined steadily since the beginning of the fiscal year. The company credits this success to their recent research and development projects which is helping to improve treatments for cancer patients around the world. Ikena Oncology also reported strong sales numbers for their latest cancer drug, showing that their efforts are paying dividends.
This news could be the start of a new era of success and growth for the company, as they continue to expand their reach and make breakthroughs in oncology research and development. As the second quarter of FY2023 comes to a close, it is clear that Ikena Oncology is on track to have a productive and profitable year. Live Quote…
About the Company
Income Snapshot
Below shows the total revenue, net income and net margin for Ikena Oncology. More…
| Total Revenues | Net Income | Net Margin |
| 19.17 | -62.77 | -338.4% |
Cash Flow Snapshot
Below shows the cash from operations, investing and financing for Ikena Oncology. More…
| Operations | Investing | Financing |
| -72.8 | 58.16 | 37.03 |
Balance Sheet Snapshot
Below shows the total assets, liabilities and book value per share for Ikena Oncology. More…
| Total Assets | Total Liabilities | Book Value Per Share |
| 171.76 | 15.06 | 3.71 |
Key Ratios Snapshot
Some of the financial key ratios for Ikena Oncology are shown below. More…
| 3Y Rev Growth | 3Y Operating Profit Growth | Operating Margin |
| 4.3% | – | -349.5% |
| FCF Margin | ROE | ROA |
| -387.7% | -28.7% | -24.4% |
Analysis
At GoodWhale, we analyze IKENA ONCOLOGY‘s fundamentals to determine how it stacks up against its competitors. Our Star Chart shows that IKENA ONCOLOGY has a high health score of 7/10, indicating that it is capable of riding out any crisis without the risk of bankruptcy. Looking further into IKENA ONCOLOGY’s performance, it is strong in asset, medium in growth and weak in dividend and profitability. We classify IKENA ONCOLOGY as a ‘rhino’ – a type of company that has achieved moderate revenue or earnings growth. For investors interested in such companies, IKENA ONCOLOGY would be a good long-term investment option. With a strong asset position and moderate growth, investors can expect to see returns over time. Additionally, its high health score suggests that it is well-positioned to survive any economic crisis. More…
Peers
The company was founded in 2006 and is headquartered in San Diego, California. Ikena Oncology‘s lead product is IK-1001, a small molecule inhibitor of the PI3K/mTOR pathway. Ikena Oncology is also developing IK-1002, an inhibitor of the BET bromodomain, and IK-1003, an inhibitor of the Aurora A kinase. Ikena Oncology’s main competitors are Relay Therapeutics Inc, SpringWorks Therapeutics Inc, and Aadi Bioscience Inc. All three companies are focused on the development of drugs for the treatment of cancer.
– Relay Therapeutics Inc ($NASDAQ:RLAY)
Relay Therapeutics is a clinical-stage biopharmaceutical company. The company is focused on developing targeted cancer therapies. Relay’s lead product candidate is RTK002, an inhibitor of the mesenchymal-epithelial transition (MET) tyrosine kinase. The company is also developing RTK004, an inhibitor of the polo-like kinase 1 (PLK1) enzyme.
As of 2022, Relay Therapeutics had a market capitalization of $2.42 billion and a negative return on equity of 20.87%. The company’s focus on developing targeted cancer therapies makes it a potentially attractive investment for investors interested in the healthcare sector. However, the company’s large market cap and negative ROE should be considered before making any investment decision.
– SpringWorks Therapeutics Inc ($NASDAQ:SWTX)
Springs Works Therapeutics Inc is a company that focuses on the development of treatments and therapies for patients with psychiatric and neurological disorders. The company has a market cap of 1.36 billion as of 2022 and a return on equity of -34.38%. The company’s focus on the development of treatments and therapies for patients with psychiatric and neurological disorders makes it a valuable player in the healthcare industry.
– Aadi Bioscience Inc ($NASDAQ:AADI)
Aadi Bioscience Inc is a clinical-stage biopharmaceutical company focused on discovering and developing novel small molecule therapies to treat cancer and other serious diseases. The company’s lead candidate, AB101, is a first-in-class, orally-available small molecule inhibitor of the MDM2 protein. AB101 is currently being evaluated in a Phase 1/2 clinical trial in patients with advanced solid tumors.
Aadi Bioscience Inc has a market cap of 334.21M as of 2022, a Return on Equity of -72.24%. The company is focused on discovering and developing novel small molecule therapies to treat cancer and other serious diseases. The company’s lead candidate, AB101, is a first-in-class, orally-available small molecule inhibitor of the MDM2 protein. AB101 is currently being evaluated in a Phase 1/2 clinical trial in patients with advanced solid tumors.
Summary
IKENA ONCOLOGY reported their second quarter earnings for FY2023 on August 10th 2023, revealing a total revenue of USD 2.0 million, an increase from the same period of the previous year. Net income was USD -17.1 million, a slight decrease from the same quarter of the prior year. Despite the slight decline in net income, the stock price moved up on the same day. Investors may view this as a favorable sign for IKENA ONCOLOGY, as the company is showing growth in revenue as well as stability in net income despite challenging market conditions.
However, investors should also keep a close watch on the company’s performance over the next quarters to ensure that the growth trend continues.
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