Inmagene Biopharmaceuticals Announces Completion of Merger with Ikena Oncology and Concurrent Private Placement of $75 Million
ImageneBio, Inc. (formerly Ikena Oncology - NASDAQ:IKNA) has completed its merger with Inmagene Biopharmaceuticals, accompanied by a $75 million private placement from investors including Deep Track Capital, Foresite Capital, and RTW Investments. The combined entity will trade as "IMA" on Nasdaq starting July 28, 2025.
The merger includes a 1-for-12 reverse stock split, resulting in approximately 11.6 million shares outstanding. Post-merger ownership structure comprises 43.1% Inmagene holders, 35.3% Ikena holders, and 21.6% new investors. The company will focus on advancing IMG-007, a non-depleting anti-OX40 monoclonal antibody, currently in Phase 2b trials for atopic dermatitis, with topline results expected in Q4 2026.
ImageneBio, Inc. (precedentemente Ikena Oncology - NASDAQ:IKNA) ha completato la fusione con Inmagene Biopharmaceuticals, accompagnata da un collocamento privato da 75 milioni di dollari con investitori tra cui Deep Track Capital, Foresite Capital e RTW Investments. La societ脿 risultante sar脿 quotata come "IMA" sul Nasdaq a partire dal 28 luglio 2025.
La fusione prevede un raggruppamento azionario inverso 1-per-12, con circa 11,6 milioni di azioni in circolazione. La struttura azionaria post-fusione sar脿 composta da 43,1% detentori Inmagene, 35,3% detentori Ikena e 21,6% nuovi investitori. L鈥檃zienda si concentrer脿 sull鈥檃vanzamento di IMG-007, un anticorpo monoclonale anti-OX40 non deplezionante, attualmente in fase 2b di sperimentazione per la dermatite atopica, con risultati preliminari attesi nel quarto trimestre 2026.
ImageneBio, Inc. (anteriormente Ikena Oncology - NASDAQ:IKNA) ha completado su fusi贸n con Inmagene Biopharmaceuticals, acompa帽ada de una colocaci贸n privada de 75 millones de d贸lares con inversores como Deep Track Capital, Foresite Capital y RTW Investments. La entidad combinada cotizar谩 como "IMA" en Nasdaq a partir del 28 de julio de 2025.
La fusi贸n incluye una consolidaci贸n inversa de acciones 1 por 12, resultando en aproximadamente 11.6 millones de acciones en circulaci贸n. La estructura accionarial posterior a la fusi贸n comprende 43.1% poseedores de Inmagene, 35.3% poseedores de Ikena y 21.6% nuevos inversores. La compa帽铆a se enfocar谩 en avanzar con IMG-007, un anticuerpo monoclonal anti-OX40 no deplecionante, actualmente en ensayos de fase 2b para dermatitis at贸pica, con resultados preliminares esperados en el cuarto trimestre de 2026.
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ImageneBio, Inc. (anciennement Ikena Oncology - NASDAQ:IKNA) a finalis茅 sa fusion avec Inmagene Biopharmaceuticals, accompagn茅e d鈥檜n placement priv茅 de 75 millions de dollars aupr猫s d鈥檌nvestisseurs tels que Deep Track Capital, Foresite Capital et RTW Investments. L鈥檈ntit茅 combin茅e sera cot茅e sous le symbole "IMA" au Nasdaq 脿 partir du 28 juillet 2025.
La fusion inclut une division invers茅e d鈥檃ctions au ratio de 1 pour 12, aboutissant 脿 environ 11,6 millions d鈥檃ctions en circulation. La structure actionnariale post-fusion comprend 43,1% de d茅tenteurs Inmagene, 35,3% de d茅tenteurs Ikena et 21,6% de nouveaux investisseurs. La soci茅t茅 se concentrera sur le d茅veloppement d鈥橧MG-007, un anticorps monoclonal anti-OX40 non d茅pl茅tant, actuellement en essais de phase 2b pour la dermatite atopique, avec des r茅sultats pr茅liminaires attendus au quatri猫me trimestre 2026.
ImageneBio, Inc. (ehemals Ikena Oncology - NASDAQ:IKNA) hat die Fusion mit Inmagene Biopharmaceuticals abgeschlossen, begleitet von einer privaten Platzierung in H枚he von 75 Millionen US-Dollar von Investoren wie Deep Track Capital, Foresite Capital und RTW Investments. Das kombinierte Unternehmen wird ab dem 28. Juli 2025 unter dem K眉rzel "IMA" an der Nasdaq gehandelt.
Die Fusion beinhaltet eine Aktienzusammenlegung im Verh盲ltnis 1 zu 12, was zu etwa 11,6 Millionen ausstehenden Aktien f眉hrt. Die Eigent眉merstruktur nach der Fusion setzt sich zusammen aus 43,1% Inmagene-Anteilseignern, 35,3% Ikena-Anteilseignern und 21,6% neuen Investoren. Das Unternehmen wird sich auf die Weiterentwicklung von IMG-007 konzentrieren, einem nicht-depletierenden anti-OX40 monoklonalen Antik枚rper, der sich derzeit in Phase-2b-Studien zur atopischen Dermatitis befindet, mit vorl盲ufigen Ergebnissen, die im vierten Quartal 2026 erwartet werden.
- Secured substantial $75 million private placement from prominent healthcare investors
- Strategic merger creates stronger combined entity with focus on immunological/autoimmune treatments
- Advanced clinical pipeline with Phase 2b trial of IMG-007 for atopic dermatitis
- Experienced leadership with appointment of Dr. Kristin Yarema as CEO
- 1-for-12 reverse stock split indicates significant share consolidation
- Substantial dilution for existing shareholders through merger and private placement
- Phase 2b trial results not expected until Q4 2026, indicating long timeline to potential commercialization
Insights
Inmagene-Ikena merger creates ImageneBio with $75M financing and Phase 2b trial of IMG-007 for atopic dermatitis continuing under new leadership.
The completed merger between Inmagene Biopharmaceuticals and Ikena Oncology (Nasdaq: IKNA) marks a significant corporate transformation in the immunological disease space. The newly formed entity, ImageneBio, secured a substantial
The transaction structure gives former Inmagene shareholders
From a clinical development perspective, ImageneBio will continue advancing IMG-007, a non-depleting anti-OX40 monoclonal antibody, currently in Phase 2b trials for moderate-to-severe atopic dermatitis. The topline readout is expected in Q4 2026, representing the company's nearest potential value inflection point. The OX40 pathway represents an interesting immunological target that could potentially address multiple inflammatory conditions beyond atopic dermatitis.
Under newly appointed CEO Dr. Kristin Yarema, the company appears to be positioning IMG-007 as potentially differentiated in the competitive landscape of inflammatory disease therapeutics. The 1-for-12 reverse stock split implemented alongside the merger suggests a focus on maintaining Nasdaq listing requirements while establishing a more stable share price foundation for the new entity.
The company's ticker will change from IKNA to IMA starting July 28, 2025, completing the rebranding process. This merger represents a strategic pivot toward immunological and inflammatory disease areas, which may offer new growth prospects compared to Ikena's previous oncology focus.
The combined company will operate under the name 鈥淚mageneBio, Inc.鈥� and will begin trading on Nasdaq under the ticker symbol 鈥淚MA鈥� at market open on Monday, July 28, 2025
ImageneBio, Inc. will continue to drive the ongoing Phase 2b clinical trial of non-depleting anti-OX40 monoclonal antibody, IMG-007, in patients with moderate-to-severe atopic dermatitis
Phase 2b topline readout for IMG-007 in atopic dermatitis expected in the fourth quarter of 2026
SAN DIEGO, July 25, 2025 (GLOBE NEWSWIRE) -- 聽Inmagene Biopharmaceuticals (鈥淚nmagene鈥�), a clinical stage biotechnology company dedicated to developing disease-modifying treatments for immunological/autoimmune and inflammatory (鈥淚&I鈥�) diseases, today announced the completion of its previously announced merger聽with Ikena Oncology, Inc. (Nasdaq: IKNA) (鈥淚kena鈥�). The combined company will operate under the name ImageneBio, Inc. (鈥淚mageneBio鈥�) and will trade on The Nasdaq Capital Market (鈥淣asdaq鈥�) under the ticker symbol 鈥淚MA鈥� beginning at market open on July 28, 2025.
Concurrent with the closing of the merger, Inmagene and Ikena completed a聽
鈥淲e are pleased with the outcome of this transaction and are well-positioned to advance IMG-007 into late-stage development. OX40 inhibition is a promising approach that may have the potential to treat a broad range of immunological and inflammatory diseases where patients continue to wait for more and novel treatment options. We are excited about the emerging profile of IMG-007, which we believe will prove to be differentiated, and we look forward to executing our development plan in atopic dermatitis and potentially initiating studies in additional indications,鈥� commented Dr. Kristin Yarema.
Additionally, in connection with the completion of the transaction and as recently approved by Ikena鈥檚 shareholders, Ikena implemented a reverse split of its common stock at a ratio of 1-for-12 shares. Following the reverse stock split and based on the final exchange ratio of approximately 0.003051 shares of Ikena common stock for each Inmagene share, immediately following the closing of the merger, the legacy equity holders of Inmagene owned approximately
Advisors
Goodwin Procter LLP served as legal counsel to Ikena, and Cooley LLP served as legal counsel to Inmagene. Leerink Partners LLC served as exclusive financial advisor to Ikena. Evercore served as exclusive financial advisor to Inmagene.
About ImageneBio, Inc.
ImageneBio is a clinical-stage biotechnology company that boldly imagines a world where patients can be free from the burden of grievous immunological/autoimmune and inflammatory (鈥淚&I鈥�) diseases. Imagene鈥檚 purpose is to globally develop new medicines with differentiated profiles that can effectively control and change the course of I&I diseases for affected patients, treat their symptoms, and improve quality of life. The company鈥檚 lead asset IMG-007, a nondepleting anti-OX40 monoclonal antibody, recently completed Phase 2a clinical trials in atopic dermatitis and alopecia areata. ImageneBio is currently conducting a Phase 2b clinical trial of IMG-007 in patients with moderate-to-severe atopic dermatitis. For more information, please visit www.inmagenebio.com.
About IMG-007
IMG-007 is an investigational, non-depleting monoclonal antibody targeting OX40, a receptor protein primarily found on activated human T cells. When OX40 binds its ligand OX40L in human tissue, the signal generated plays a key role in the activation, expansion, and survival for many subtypes of T cells. Targeted inhibition of OX40 is thus an emerging potential therapeutic strategy to treat a wide range of I&I diseases where aberrant signaling of one or more T cell subtypes is believed to drive disease. IMG-007 has been engineered to include a silenced antibody-dependent cell-mediated cytotoxicity function to avoid T cell depletion or killing, to minimize safety risk. This technology also resulted in extended half-life to prolong therapeutic activity with the aim of maximizing time between doses for a patient. In Phase 2a trials in patients with moderate-to-severe atopic dermatitis and severe alopecia areata, IMG-007 exhibited sustained clinical and pharmacodynamic activity and was well tolerated. IMG-007 was originally discovered by HUTCHMED. Clinical development is ongoing: additional information about the ongoing Phase 2b trial in moderate-to-severe atopic dermatitis is available at聽www.clinicaltrials.gov聽using identifier:聽NCT07037901.
Forward-Looking Statements
This press release contains 鈥渇orward-looking statements鈥� within the meaning of the 鈥渟afe harbor鈥� provisions of the Private Securities Litigation Reform Act of 1995, including but not limited to, express or implied statements regarding the anticipated benefits of the merger; the expected trading of the combined company鈥檚 stock on Nasdaq under the ticker symbol 鈥淚MA鈥� and on a post-reverse stock split basis; the future operations of the combined company; the nature, strategy and focus of the combined company; the development and commercial potential and potential value and benefits of IMG-007; planned or anticipated preclinical and clinical drug development activities and related timelines, including the expected timing for data and other clinical results and the potential initiation of studies in additional indications; the expected leadership of the combined company; the potential to receive and distribute any proceeds pursuant to the contingent value rights agreement of Ikena and contingent value rights agreement of Inmagene; and other statements regarding management鈥檚 intentions, plans, beliefs, expectations or forecasts for the future. All statements other than statements of historical fact contained in this press release are forward-looking statements. These forward-looking statements are made as of the date they were first issued, and were based on the then-current expectations, estimates, forecasts, and projections, as well as the beliefs and assumptions of management of each of Inmagene and Ikena. There can be no assurance that future developments affecting the combined company or any future transactions or distributions described herein will be those that have been anticipated.
Forward-looking statements are subject to a number of risks and uncertainties, many of which involve factors or circumstances that are beyond ImageneBio鈥檚 control. ImageneBio鈥檚 actual results could differ materially from those stated or implied in forward-looking statements due to a number of factors, including but not limited to: risks associated with the possible failure to realize certain anticipated benefits of the merger, including with respect to future financial and operating results; potential litigation relating to the transaction that could be instituted against the combined company or its directors; risks related to the commencement of shares to begin trading on Nasdaq; the uncertainties associated with the combined company鈥檚 current and future product candidates, as well as risks associated with the clinical development and regulatory approval of product candidates, including potential delays in the completion of clinical trials and potential safety and other complications thereof; the significant net losses that the combined company has incurred since inception; the combined company鈥檚 ability to initiate and complete ongoing and planned preclinical studies and clinical trials and advance its product candidates through clinical development; the timing of the availability of data from the combined company鈥檚 clinical trials; the outcome of preclinical testing and clinical trials of the combined company鈥檚 product candidates, including the ability of those trials to satisfy relevant governmental or regulatory requirements; pre-clinical and clinical results may not be indicative of results that may be observed in the future; the combined company鈥檚 plans to research, develop and commercialize IMG-007 or its future product candidates; the clinical utility, potential benefits and market acceptance of the combined company鈥檚 product candidates; the requirement for additional capital to continue to advance these product candidates, which may not be available on favorable terms or at all; the combined company鈥檚 ability to attract, hire, and retain skilled executive officers and employees; the combined company鈥檚 ability to protect its intellectual property and proprietary technologies; the combined company鈥檚 reliance on third parties, contract manufacturers, and contract research organizations; the possibility that the combined company may be adversely affected by other economic, political, business, or competitive factors; risks associated with changes in applicable laws or regulations or government resources and policies; and the possibility that contingent value rights holders of legacy Ikena and contingent value rights holders of legacy Inmagene may never receive any proceeds pursuant to the Ikena contingent value rights agreement and Inmagene contingent value rights agreement. Actual results and the timing of events could differ materially from those anticipated in such forward-looking statements as a result of these risks and uncertainties. These and other risks and uncertainties are more fully described in Ikena鈥檚 periodic filings with the Securities and Exchange Commission (the 鈥淪EC鈥�), including the factors described in the section titled 鈥淩isk Factors鈥� in Ikena鈥檚 Quarterly Report on Form 10-Q for the quarter ended June 30, 2025, filed with the SEC on July 24, 2025, as well as the Form S-4, as amended (File No. 333- 285881), initially filed by Ikena with the SEC on March 18, 2025, and declared effective on June 11, 2025 and other documents subsequently filed with or furnished by the combined company to the SEC.
You should not place undue reliance on these forward-looking statements, which are made only as of the date hereof or as of the dates indicated in the forward-looking statements. Except as may be required under applicable law, ImageneBio expressly disclaims any obligation or undertaking to release publicly any updates or revisions to any forward-looking statements contained herein to reflect any change in its expectations with regard thereto or any change in events, conditions or circumstances on which any such statements are based. This press release does not purport to summarize all of the conditions, risks and other attributes of an investment in the combined company.
ImageneBio Contact:
Anna Vardanyan
[email protected]
Brian Ritchie
[email protected]
FAQ
What is the exchange ratio for the Inmagene-Ikena merger (IKNA)?
When will ImageneBio (IMA) start trading on Nasdaq?
How much was the private placement for ImageneBio (IMA)?
What is the ownership structure of ImageneBio after the merger and financing?
When are the Phase 2b trial results for IMG-007 expected?
