Executive Summary

Q2 2021 delivered modest collaboration revenue growth (+15% YoY to $3.55M) while operating loss widened due to ramp in IND-enabling work; diluted EPS improved sequentially to $(0.35) on a much larger share base post-IPO .
IK-930 TEAD inhibitor remained on track for IND submission by end of 2021; multiple preclinical/translational data presentations scheduled for Oct 2021 EORTC-NCI-AACR, supporting indications and combination strategy .
IK-412 IND timing was delayed by supply constraints for a key manufacturing component diverted to COVID-19 vaccine/therapy production—management will update timing once reliable supply is confirmed; this is the quarter’s negative surprise and a near-term execution risk .
Cash was $264.0M at quarter-end with runway through 2023, supporting clinical starts and portfolio advancement (IK-930, ERK5, IK-175) .

What Went Well and What Went Wrong

Pipeline execution: “This work has further elucidated the potential of TEAD inhibition as a monotherapy and in combination… and enables us to further refine the clinical development strategy for IK-930” .
Clinical progress in bladder cancer: “The emerging clinical data observed for IK-175 monotherapy… and the expansion of the cohort are great steps toward establishing proof of concept” .
Upcoming data flow: IK-930 translational and preclinical data slated for EORTC-NCI-AACR in Oct 2021 (indication selection, Hippo pathway activation assessment; combination with MEK and EGFR) .

IK-412 manufacturing supply shock: a key component was diverted to COVID-19 vaccine/therapy production, delaying the planned IND; guidance now pending reliable supply—raising execution risk on partnered program timelines .
Operating intensity drove losses: total operating expenses increased 100% YoY (to $16.24M) and net loss widened to $(12.68M), reflecting heavier spend on IK-930 and IK-412 development, and public company costs .
Sequential cash burn remained elevated: net cash used in operations was $15.7M in Q2 2021 vs $13.2M in Q1 2021, with YoY burn also higher ($15.7M vs $7.7M) .

Metric	Q2 2020	Q1 2021	Q2 2021
Research and development revenue under collaboration ($USD Millions)	$3.073	$3.474	$3.549
Total operating expenses ($USD Millions)	$8.132	$13.194	$16.236
Loss from operations ($USD Millions)	$(5.059)	$(9.720)	$(12.687)
Net loss ($USD Millions)	$(5.038)	$(6.945)	$(12.681)
Diluted EPS ($USD)	$(1.89)	$(2.52)	$(0.35)
Weighted-average diluted shares (Millions)	2.659	3.850	35.853

KPIs and Operating Detail:

Net cash used in operations ($USD Millions): Q2 2020 $7.7 , Q1 2021 $13.2 , Q2 2021 $15.7 .
R&D expenses ($USD Millions): Q2 2020 $6.334 , Q1 2021 $10.021 , Q2 2021 $11.374 .
G&A expenses ($USD Millions): Q2 2020 $1.798 , Q1 2021 $3.173 , Q2 2021 $4.862 .
Cash and cash equivalents ($USD Millions): Q1 2021 $281.010 , Q2 2021 $264.004 .
Deferred revenue balances (BMS collaboration) at Q2 2021 ($USD Millions): Current $22.472 , Non-current $26.268 .

Notes:

Despite a larger net loss QoQ, diluted EPS improved due to post-IPO share count expansion, diluting per-share loss—an optical positive but not a profitability improvement .
Collaboration revenue increased YoY, reflecting ongoing IK-175 and IK-412 activities with BMS .

Metric	Period	Previous Guidance	Current Guidance	Change
IK-930 IND submission timing	FY 2021	“Second half of 2021”	“On track for end of 2021”	Maintained/clarified
IK-412 IND submission timing	FY 2021	“Second half of 2021”	Delayed due to supply constraints; updated timing to be provided when material supply is reliably projected	Lowered
IK-175 bladder cancer cohort	Q2 2021	Monotherapy dose expansion ongoing; first combo patient dosed	Expanding monotherapy bladder cohort; further data update planned in 2022	Maintained/expanded
Data presentations (IK-930)	Oct 2021	N/A	Two posters at EORTC-NCI-AACR (Hippo pathway activation method; combo data w/ MEK and EGFR)	New event detail
Cash runway	Through 2023	Through 2023	Through 2023 reaffirmed	Maintained

Note: No Q2 2021 earnings call transcript was identified for IKNA within available sources; themes synthesized from the Q2 press release and 10‑Q -.

Topic	Previous Mentions (Q1 2021)	Current Period (Q2 2021)	Trend
TEAD/IK-930 strategy	IND-enabling ongoing; synergy with EGFR/MEK in preclinical; IND in 2H 2021	IND on track end-2021; EORTC-NCI-AACR posters on indication selection and combo data	Positive momentum; growing translational evidence
IK-175 clinical execution	Monotherapy expansion ongoing; combo arm first patient dosed (nivolumab)	Bladder monotherapy expansion continued; preliminary anti-tumor activity update planned for 2022	Progressing; building toward proof-of-concept
IK-412 manufacturing/supply	IND-enabling ongoing; IND targeted 2H 2021	Supply shortage for key component delaying IND; timing update pending	Negative; supply-chain headwind
Capital and runway	Cash $281.0M; runway through 2023	Cash $264.0M; runway through 2023 reaffirmed	Stable; adequately funded
Public company transition	N/A	Elevated G&A due to public company costs	Cost base higher; predictable structural change

Mark Manfredi, CEO: “This work has further elucidated the potential of TEAD inhibition as a monotherapy and in combination… and enables us to further refine the clinical development strategy for IK-930” .
Sergio Santillana, CMO: “The emerging clinical data observed for IK-175 monotherapy in urothelial carcinoma and the expansion of the cohort are great steps toward establishing proof of concept…” with safety and preliminary anti-tumor activity update targeted for 2022 .
Program updates included the IK-930 indication selection methodology and Hippo pathway activation assessment, plus in vivo tumor growth inhibition in lung/colon models for combinations with MEK and EGFR, separately and as triplet .

No Q2 2021 earnings call transcript available; therefore Q&A highlights and guidance clarifications from a live call are unavailable within our document set [List 0 transcripts in period].

Wall Street consensus EPS and revenue estimates for Q2 2021 via S&P Global were unavailable due to missing mapping for IKNA in the CIQ database; as a result, we cannot present beat/miss versus consensus for this quarter [GetEstimates errors].
Implication: Focus on YoY and sequential trends; any future consensus reconciliation should be done once S&P mapping is established.

Collaboration revenue growth continues while operating losses widen from accelerated IND-enabling and increased headcount; expect sustained R&D intensity near-term as IK-930 and ERK5 advance .
Bold near-term catalyst: IK-930 IND filing by end-2021 and October translational data—watch for indication prioritization (e.g., NF2-deficient mesothelioma) and combination rationale clarity .
Significant surprise: IK-412 IND delay due to supply constraints—monitor remediation timeline; execution risk on partnered program could affect milestone optionality with BMS .
Optical EPS improvement QoQ driven by share count expansion post-IPO, not improved profitability; adjust valuation frameworks accordingly .
Cash runway through 2023 underpins program continuity; however, sustained cash burn (~$15.7M in Q2) suggests disciplined prioritization and potential BD optionality around non-core assets .
For trading, near-term narrative hinges on IK-930 data flow and IK-412 supply resolution; positive translational readouts could re-rate TEAD pathway optionality, while prolonged IK-412 delay would weigh on sentiment .

Citations: Q2 2021 press release and 8‑K ; Q2 2021 10‑Q financials and MD&A -; Q1 2021 press release -.