This rare kanji has no clear standalone meaning. Treat its meaning as uncertain.
蜟 combines 虫 (insect) with 育 (raise, nurture). The exact historical development is uncertain, but it likely relates to an insect or a creature that is raised or nurtured.
An insect 虫 being raised 育: perhaps a silkworm or a nurtured bug. Without a clear meaning, picture a mysterious insect carefully tended in a garden.
For イク, imagine an iku (育, raise) insect: the reading イク is the same as the right component 育, so think of raising a rare bug.
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