On May 23, 2024, the Board of Directors of Ikena Oncology, Inc. approved a plan to discontinue the clinical development of IK-930, continue clinical development of IK-595 and reduce its current workforce by approximately 53% (the ?Restructuring Plan?). On May 28, 2024, the Company announced the Restructuring Plan and the Board?s approval of a process to explore, review and evaluate a range of potential strategic options. The Restructuring Plan will result in the termination of approximately 18 employees and is expected to be completed in the third quarter of 2024.

Following the Restructuring Plan, the Company expects to have approximately 16 full-time employees. The Company expects to incur costs related to the Restructuring Plan during the three months ended June 30, 2024 related to employee severance and related termination benefits, which are expected to result in approximately $1.2 million in cash expenditures.