☒QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period endedMarch 31,2025 OR ☐TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934For the transition period from __________________ to __________________Commission File Number:001-40287 IKENA ONCOLOGY, INC. (Exact Name of Registrant as Specified in its Charter) Registrant’s telephone number, including area code: (857)273-8343 Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the SecuritiesExchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) hasbeen subject to such filing requirements for the past 90 days.Yes☒No☐ Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant toRule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was requiredto submit such files).Yes☒No☐ Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, smaller reportingcompany, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and“emerging growth company” in Rule 12b-2 of the Exchange Act. Large accelerated filer☐Non-accelerated filer☒ Accelerated filer☐Smaller reporting company☒Emerging growth company☒ If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period forcomplying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.☐ Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).Yes☐No☒As of May 1, 2025, the registrant had48,258,111shares of common stock, $0.001 par value per share, outstanding. Table of Contents PART I.FINANCIAL INFORMATION1Item 1.Condensed Consolidated Financial Statements (Unaudited)1Condensed Consolidated Balance Sheets1Condensed Consolidated Statements of Operations and Comprehensive Loss2Condensed Consolidated Statements of Stockholders' Equity3Condensed Consolidated Statements of Cash Flows4Notes to Unaudited Condensed Consolidated Financial Statements5Item 2.Management’s Discussion and Analysis of Financial Condition and Results of Operations12Item 3.Quantitative and Qualitative Disclosures About Market Risk20Item 4.Controls and Procedures20PART II.OTHER INFORMATION21Item 1.Legal Proceedings21Item 1A.Risk Factors21Item 2.Unregistered Sales of Equity Securities and Use of Proceeds69Item 3.Defaults Upon Senior Securities69Item 4.Mine Safety Disclosures69Item 5.Other Information69Item 6.Exhibits70Signatures72 Special Note Regarding Forward-Looking Statements This Quarterly Report on Form 10-Q contains express or implied forward-looking statements which are made pursuant to the safeharbor provisions of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of1934, as amended (the “Exchange Act”). These statements involve risks, uncertainties, and other factors that may cause actualresults, performance, or achievements to be materially different from the information expressed or implied by these forward-looking statements. All statements, other than statements of historical facts, contained in this Quarterly Report on Form 10-Q,including statements regarding our strategy, future operations, future financial position, future revenue, projected costs, prospects,plans and objectives of management and expected market growth are forward-looking statements. The words “anticipate,”“believe,” “continue,” “could,” “estimate,” “expect,” “intend,” “may,” “plan,” “potential,” “predict,” “project,” “should,” “target,”“would” and similar expressions are intended to identify forward-looking statements, although not all forward-looking statementscontain these identifying words. Forward-looking statements in this Quarterly Report on Form 10-Q include, but are not limited to, statements about: •the timing and completion of the proposed merger with Inmagene Biopharmaceuticals and the related financing;•our ability to retain our remaining employees to facilitate the consummation of the merger;•the timing, progress, results, and cost of our current clinical trials;•our ability and the potential to successfully manufacture our product candidates for clinical trials, and on a larger scale,for commercial use, if approved;•the ability and willingness of our third-party strategic collaborators to continue research and development activitiesrelating to our product candidates;•our ability to obtain funding for our operations necessary to complete further development and commercialization ofour product can