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Ikena Oncology , Inc. (NASDAQ:IKNA), a biotechnology company with a market capitalization of $61.29 million and strong financial health according to InvestingPro analysis, announced Tuesday an amendment to the employment agreement with Jotin Marango, M.D., Ph.D., effective July 15, 2025, according to a statement based on a Securities and Exchange Commission filing.
The amendment outlines that if Dr. Marango’s employment is terminated by the company without cause, or if he resigns for any reason during the designated change in control period, all of his time-based stock options and other equity awards subject to time-based vesting will fully accelerate and become immediately exercisable and nonforfeitable. The change in control period began on March 18, 2025, coinciding with the initial filing of Ikena’s Form S-4 registration statement related to its proposed merger with Inmagene Biopharmaceutics, and will end twelve months after the effective time of the contemplated merger.
The amendment also specifies that the termination or forfeiture of the unvested portion of these equity awards will be delayed until the date when either his termination or the change in control occurs, whichever is later, unless the awards vest earlier under a separation agreement and release between the company and Dr. Marango.
Ikena Oncology stated that the full text of the amendment will be filed with its quarterly report for the period ended June 30, 2025. The company’s common stock is listed on The Nasdaq Global Market under the symbol IKNA.
This information is based on a press release statement included in the company’s SEC filing.
In other recent news, Ikena Oncology, Inc. announced that its shareholders have approved key proposals at the annual meeting, including a merger with Inmagene Biopharmaceuticals and a reverse stock split. The merger, expected to be completed by the end of July, will result in a name change to ImageneBio, Inc., with trading on the Nasdaq Capital Market under the new ticker symbol "IMA." Prior to the merger, Ikena will implement a 1-for-12 reverse stock split, reducing its outstanding common stock from approximately 48.2 million to about 4 million shares. This move will allow the issuance of Ikena common stock to Inmagene shareholders and investors participating in concurrent financing. The combined company’s stock is expected to begin trading on a split-adjusted basis around the end of July. Inmagene’s lead asset, IMG-007, has recently completed Phase 2a clinical trials, demonstrating sustained clinical activity and good tolerance in atopic dermatitis and alopecia areata. The drug’s formulation allows for infrequent dosing, which could be advantageous for patients. The merger and concurrent financing are anticipated to close around the end of July, as per the company’s statement.
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