Ikena Oncology Cuts Hippo Pathway Inhibitor, Lays Off Half of Staff in Strategic Reprioritization

1. Ikena Oncology discontinues Hippo pathway inhibitor: The company has announced the discontinuation of its TEAD1-selective Hippo pathway inhibitor, IK-930, as part of a strategic update.
2. Half of staff laid off: This decision is accompanied by a significant reduction in workforce, with half of the staff being let go.
3. Reprioritization of assets: The move signals a tough fight ahead for Ikena Oncology as it reprioritizes its assets and focuses on other areas of development.
4. Impact on the biotech industry: This news is part of a broader trend of biotech companies facing challenges and making significant changes to their operations and pipelines.