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Reverse Recapitalization
 6 Months Ended
Jun. 30, 2026
Business Combination [Abstract]  
Reverse Recapitalization

3. Reverse Recapitalization

The Merger was accounted for as a reverse recapitalization in accordance with GAAP. At the effective time of the Merger, the assets of Ikena primarily consisted of cash and cash equivalents, marketable securities, as well as other nominal assets, including prepaid expenses and other current assets, operating lease right-of-use assets, and other non-current assets. Ikena did not have significant operating activities immediately prior to the closing of the Merger. Under such reverse recapitalization accounting, the assets and liabilities of Ikena were recorded at their fair value in the Company’s financial statements at the effective time of the reverse recapitalization, which approximated carrying value. No goodwill or intangible assets were recognized as a result of the reverse recapitalization.

On July 25, 2025, Legacy Inmagene acquired the assets and assumed the liabilities listed below as part of the reverse recapitalization (in thousands):

Cash and cash equivalents

$

54,631

 

Marketable securities

 

40,060

 

Prepaid expenses and other current assets

 

2,875

 

Operating lease right-of-use assets, net

 

2,428

 

Other non-current assets

 

2,666

 

Accounts payable

 

(1,808

)

Accrued expenses and other current liabilities

 

(11,367

)

Lease liabilities, current and non-current

 

(5,359

)

Other non-current liabilities

 

(1,092

)

Net assets acquired

$

83,034

 

 

Legacy Inmagene incurred transaction costs related to the reverse recapitalization of $9.3 million. This amount was recorded as a reduction to additional paid-in capital during the third quarter of 2025.