# EDGAR Filing Document

**Accession Number:** 0001835579
**File Stem:** 0001373604-25-000088
**Filing Date:** 2025-6
**Character Count:** 11299
**Document Hash:** 57f278730787b8010202447b4dcd623a
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001373604-25-000088.hdr.sgml**: 20250616

**ACCESSION NUMBER**: 0001373604-25-000088

**CONFORMED SUBMISSION TYPE**: SCHEDULE 13D

**PUBLIC DOCUMENT COUNT**: 2

**FILED AS OF DATE**: 20250616

**DATE AS OF CHANGE**: 20250616

**SUBJECT COMPANY**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Ikena Oncology, Inc.
- **CENTRAL INDEX KEY:** 0001835579
- **STANDARD INDUSTRIAL CLASSIFICATION:** BIOLOGICAL PRODUCTS (NO DIAGNOSTIC SUBSTANCES) [2836]
- **ORGANIZATION NAME:** 03 Life Sciences
- **EIN:** 000000000
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** SCHEDULE 13D
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 005-92449
- **FILM NUMBER:** 251049111

**BUSINESS ADDRESS:**
- **STREET 1:** 50 NORTHERN AVE.
- **CITY:** BOSTON
- **STATE:** MA
- **ZIP:** 02210
- **BUSINESS PHONE:** 857-343-8292

**MAIL ADDRESS:**
- **STREET 1:** 50 NORTHERN AVE.
- **CITY:** BOSTON
- **STATE:** MA
- **ZIP:** 02210
**FILED BY**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** BML Investment Partners, L.P.
- **CENTRAL INDEX KEY:** 0001373604

**ORGANIZATION NAME:**
- **EIN:** 383708345
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** SCHEDULE 13D

**BUSINESS ADDRESS:**
- **STREET 1:** 65 E CEDAR - SUITE 2
- **CITY:** ZIONSVILLE
- **STATE:** IN
- **ZIP:** 46077
- **BUSINESS PHONE:** 317-344-2447

**MAIL ADDRESS:**
- **STREET 1:** 65 E CEDAR - SUITE 2
- **CITY:** ZIONSVILLE
- **STATE:** IN
- **ZIP:** 46077

## Ex-1

### BML Capital Management, LLC
65 E Cedar – Suite 2, Zionsville, IN 46077

June 16, 2025

Board of Directors

Ikena Oncology Inc.

645 Summer Street, Suite 101

Boston, MA 02110

c/o Mark Manfredi, CEO & Director

Dear Directors:

I am writing on behalf of BML Capital Management, LLC and BML Investment Partners L.P. (collectively BML), a holder of 8.4% of the shares of Ikena Oncology Inc.

BML does not believe that the proposed reverse merger with Inmagene Biopharmaceuticals is in the best interest of Ikena shareholders. The current share price of IKNA implies a pro-forma valuation only slightly above the combined company's estimated $175 million cash balance at close, a strong signal that the market believes Inmagene is worth far less than the $150 million valuation ascribed to it in the deal.

Given this, along with the current difficult conditions in the biopharma sector overall, BML believes the best course of action is a rapid winddown of Ikena operations and the return of all remaining cash to shareholders.

BML will be voting AGAINST the IKNA/Inmagene reverse merger and believes other holders should do the same.

Regards,

Braden M Leonard

Managing Member

BML Capital Management, LLC

### UNITED STATES SECURITIES AND EXCHANGE COMMISSION
**Washington, D.C. 20549**

## SCHEDULE 13D

### Under the Securities Exchange Act of 1934

**Ikena Oncology, Inc.**

*(Name of Issuer)*

**Common Stock, par value $0.001 per share**

*(Title of Class of Securities)*

**45175G108**

*(CUSIP Number)*

**Braden M Leonard**<br>65 E Cedar - Suite 2<br>Zionsville IN 46077<br>317-344-2447

*(Name, Address and Telephone Number of Person Authorized to Receive Notices and Communications)*

**06/16/2025**

*(Date of Event Which Requires Filing of this Statement)*

| **CUSIP No.** | **45175G108** |

---

| | | | |
|:--|:--|:--|:--|
| 1 | Name of reporting person<br>**BML Investment Partners, L.P.** | Name of reporting person<br>**BML Investment Partners, L.P.** | |
| 2 | Check the appropriate box if a member of a Group (See Instructions)<br>[ ] (a)<br>[x] (b) | Check the appropriate box if a member of a Group (See Instructions)<br>[ ] (a)<br>[x] (b) | |
| 3 | SEC use only | SEC use only | |
| 4 | Source of funds (See Instructions)<br>**WC** | Source of funds (See Instructions)<br>**WC** | |
| 5 | Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)<br>[ ] | Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)<br>[ ] | |
| 6 | Citizenship or place of organization<br>**DELAWARE** | Citizenship or place of organization<br>**DELAWARE** | |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 7 | Sole Voting Power<br>**0.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 8 | Shared Voting Power<br>**4030102.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 9 | Sole Dispositive Power<br>**0.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 10 | Shared Dispositive Power<br>**4030102.00** |
| 11 | Aggregate amount beneficially owned by each reporting person<br>**4030102.00** | Aggregate amount beneficially owned by each reporting person<br>**4030102.00** | |
| 12 | Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)<br>[ ] | Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)<br>[ ] | |
| 13 | Percent of class represented by amount in Row (11)<br>**8.35%** | Percent of class represented by amount in Row (11)<br>**8.35%** | |
| 14 | Type of Reporting Person (See Instructions)<br>**PN** | Type of Reporting Person (See Instructions)<br>**PN** | |

---

| **CUSIP No.** | **45175G108** |

---

| | | | |
|:--|:--|:--|:--|
| 1 | Name of reporting person<br>**Leonard Braden Michael** | Name of reporting person<br>**Leonard Braden Michael** | |
| 2 | Check the appropriate box if a member of a Group (See Instructions)<br>[ ] (a)<br>[x] (b) | Check the appropriate box if a member of a Group (See Instructions)<br>[ ] (a)<br>[x] (b) | |
| 3 | SEC use only | SEC use only | |
| 4 | Source of funds (See Instructions)<br>**PF** | Source of funds (See Instructions)<br>**PF** | |
| 5 | Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)<br>[ ] | Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)<br>[ ] | |
| 6 | Citizenship or place of organization<br>**X1** | Citizenship or place of organization<br>**X1** | |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 7 | Sole Voting Power<br>**60000.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 8 | Shared Voting Power<br>**4030102.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 9 | Sole Dispositive Power<br>**60000.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 10 | Shared Dispositive Power<br>**4030102.00** |
| 11 | Aggregate amount beneficially owned by each reporting person<br>**4090102.00** | Aggregate amount beneficially owned by each reporting person<br>**4090102.00** | |
| 12 | Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)<br>[ ] | Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)<br>[ ] | |
| 13 | Percent of class represented by amount in Row (11)<br>**8.5%** | Percent of class represented by amount in Row (11)<br>**8.5%** | |
| 14 | Type of Reporting Person (See Instructions)<br>**IN** | Type of Reporting Person (See Instructions)<br>**IN** | |

---

**Comment for Reporting Person:** BML Investment Partners, L.P. is a Delaware limited partnership whose sole general partner is BML Capital Management, LLC. The managing member of BML Capital Management, LLC is Braden M. Leonard. As a result, Braden M. Leonard is deemed to be the indirect owner of the shares held directly by BML Investment Partners, L.P. Despite such shared beneficial ownership, the reporting persons disclaim that they constitute a statutory group within the meaning of Rule 13d-5(b) (1) of the Securities Exchange Act of 1934.

**Item 1. Security and Issuer**

**(a) Title of Class of Securities:**
Common Stock, par value $0.001 per share

**(b) Name of Issuer:**
Ikena Oncology, Inc.

**(c) Address of Issuer's Principal Executive Offices:**
645 Summer Street, Suite 101, Boston, MA, 02210

**Item 4. Purpose of Transaction**

All of the Common Stock of the Issuer reported on this Schedule 13D was acquired in the ordinary course of business by the reporting persons for investment purposes.  The reporting persons have no present plans or proposals that relate to or would result in any of the actions described in Item 4(a) through (j) of Schedule 13D. The reporting persons may evaluate on a continuing basis the investment in the Issuer and may, from time to time, acquire or dispose of Common Stock of the Issuer.  Any such acquisitions or dispositions will depend upon (i) the price and availability of the Issuer's securities; (ii) subsequent developments concerning the Issuer's business and prospects and the industry in which the Issuer operates; (iii) investment policies of the reporting persons; (iv) other investment opportunities available to the reporting persons; (v) general market and economic conditions; (vi) tax considerations; and (viii) such other factors as the reporting persons may deem relevant.  Any such acquisitions or dispositions may be made, subject to applicable law, in open market transactions.

On June 16th, the Reporting Person sent a letter to the Board of the Issuer indicating that the proposed merger with Inmagene is not in the best interest of shareholders and the Reporting Person plans to vote against such merger.

**Item 5. Interest in Securities of the Issuer**

**(a)**
BML Investment Partners, L.P. beneficially owns 4,030,102 shares of the Issuer's Common Stock, or 8.35%.
Braden M Leonard owns 60,000 shares of the Issuer's Common Stock.

**(b)**
BML Investment Partners, L.P. 	4,030,102
Braden M Leonard		60,000

**(c)**
BML INVESTMENT PARTNERS, L.P.	Buy	4/22/2025	471	1.18
BML INVESTMENT PARTNERS, L.P.	Buy	4/24/2025	2141	1.2
BML INVESTMENT PARTNERS, L.P.	Buy	4/28/2025	5000	1.2783
BML INVESTMENT PARTNERS, L.P.	Buy	5/7/2025	25000	1.1

**Item 6. Contracts, Arrangements, Understandings or Relationships With Respect to Securities of the Issuer.**

To the best of the knowledge of the Reporting Persons, there are no contracts, arrangements, understandings or relationships (legal or otherwise) among the Reporting Persons or between the Reporting Persons and any person with respect to any securities of the Issuer, including but not limited to transfer or voting of any of the securities, finder's fees, joint ventures, loan or option arrangements, puts or calls, guarantees of profits, division of profits or loss, or the giving or withholding of proxies.

### SIGNATURE

After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.

**Reporting Person:** BML Investment Partners, L.P.

**Signature:** Braden M Leonard

**Name/Title:** BML Capital Management, LLC its General Partner By: Braden M Leonard, its Managing Member

**Date:** 06/16/2025

After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.

**Reporting Person:** Leonard Braden Michael

**Signature:** Braden M Leonard

**Name/Title:** Leonard Braden Michael

**Date:** 06/16/2025