On this page of StockholderLetter.com we present the 4/28/2023 shareholder letter from Ikena Oncology, Inc. — ticker symbol IKNA. Reading current and past IKNA letters to shareholders can bring important insights into the investment thesis.

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7490 23247  815  
4 9 81 4  9   2772 1
             5 9        


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 %    '  .  / 0  1' %  ' -'-  5'/'23'%  ,!       
4 3 817232 1  4+  3  +0 70813  3   74932 1  !,      ! $-(      3 4  7490 23247  4 9 81 4  893      ! ,       3 4  
3 817232 1  +4 2 5                                                 3                                           
9 22         0'  1523'%    !"   67

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$7   '   %     '%  >5%  - /       .

$2  7   42:0 1'%
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'    %   C    '0':   '   523'%     /05-      %'   / -'D  $6 7(   7,"6, ,
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eQNJGPKF  Vl  GYFG^  ]PI^  nYFKYFI  KYF  mFMJLKIPQK[  USW  YPL  XJaFN  Paa  IFORIKL  IFiHJIFN  KR  VF  XJaFN  Vl  EFGKJRQ  Sw  RI  SqUNW  RX  KYF  EFGHIJKJFL  sxGYPQMF  ZGK  RX  Sywp  NHIJQM  KYF  
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eQNJGPKF  Vl  GYFG^  ]PI^  nYFKYFI  KYF  IFMJLKIPQK  JL  P  aPIMF  PGGFaFIPKFN  XJaFI_  PQ  PGGFaFIPKFN  XJaFI_  P  QRQoPGGFaFIPKFN  XJaFI_  L]PaaFI  IFORIKJQM  GR]OPQl_  RI  PQ  F]FIMJQM  MIRnKY  
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gRQoPGGFaFIPKFN  XJaFI
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eQNJGPKF  Vl  GYFG^  ]PI^  nYFKYFI  KYF  IFMJLKIPQK  YPL  XJaFN  P  IFORIK  RQ  PQN  PKKFLKPKJRQ  KR  JKL  ]PQPMF]FQK  L  PLLFLL]FQK  RX  KYF  FXXFGKJ  FQFLL  RX  JKL  JQKFIQPa  GRQKIRa  R`FI  
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GRIIFGKJRQ  RX  PQ  FIIRI  KR  OIF`JRHLal  JLLHFN  XJQPQGJPa  LKPKF]FQKLd  
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IFMJLKIPQK  L  FxFGHKJ  F  R  GFIL  NHIJQM  KYF  IFaF`PQK  IFGR`FIl  OFIJRN  OHILHPQK  KR  }TpcdSc{oSUVWd  
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5 90 4137  219  +  8345  @8  4 4 4194
  RIKJRQL  RX  KYF  IFMJLKIPQK  L  OIRxl  LKPKF]FQK  XRI  KYF  TcTw  PQQHPa  ]FFKJQM  RX  LKRG^YRaNFIL  KR  VF  XJaFN  OHILHPQK  KR  mFMHaPKJRQ  SpZ  nJKYJQ  STc  NPlL  PXKFI  KYF  IFMJLKIPQK  L  XJLGPa  
lFPI  FQNFN  {FGF]VFI  wS_  TcTT_  PIF  JQGRIORIPKFN  Vl  IFXFIFQGF  JQ    PIK  eee  RX  KYJL  |RI]  Scofd
 • shareholder letter icon 4/28/2023 Letter Continued (Full PDF)
 • stockholder letter icon 4/26/2024 IKNA Stockholder Letter
 • stockholder letter icon 3/6/2025 IKNA Stockholder Letter
 • Benford's Law Stocks icon IKNA Benford's Law Stock Score = 64


IKNA 4/28/2023 Shareholder/Stockholder Letter Transcript:


012345  738347
7490 23247  815  
4 9 81 4  9   2772 1
             5 9        


) 81108*  4+  3  +0 70813  3   74932 1  !,      ! $-(      3 4  7490 23247  4 9 81 4  893      ! ,   
 %    '  .  / 0  1' %  ' -'-  5'/'23'%  ,!       
4 3 817232 1  4+  3  +0 70813  3   74932 1  !,      ! $-(      3 4  7490 23247  4 9 81 4  893      ! ,       3 4  
3 817232 1  +4 2 5                                                 3                                           
9 22         0'  1523'%    !"   67

2#418  
 19 *  8   219   
$49 /     2'   .  '    %          :'/ . '-           /  % '%(
5'0 < %'
6!"!= 7,!=
$7   '   %     '%  >5%  - /       .

$2  7   42:0 1'%
2-'   . /       1  (
=    7522'%  7 %''    75  '  ! !
@         8
$8--%'     .  :%  / : 0  '9'/5  A'   .. /' (

'    %   C    '0':   '   523'%     /05-      %'   / -'D  $6 7(   7,"6, ,
EFGHIJKJFL  IFMJLKFIFN  OHILHPQK  KR  EFGKJRQ  STUVW  RX  KYF  ZGK[
3  0'   .  ' /   /0   
\R]]RQ  EKRG^_  OPI    PaHF  bcdccS  OFI  LYPIF
$B :  9 -'(
3% -   
7123 0$ (
efgZ
1 2'   .  ' /   '9/    '      <  /   %'    '%'-
hYF  gPLNPi  jaRVPa  kPI^FK
EFGHIJKJFL  IFMJLKFIFN  OHILHPQK  KR  EFGKJRQ  STUMW  RX  KYF  ZGK[  1  '
eQNJGPKF  Vl  GYFG^  ]PI^  JX  KYF  mFMJLKIPQK  JL  P  nFaao^QRnQ  LFPLRQFN  JLLHFI_  PL  NFXJQFN  JQ  mHaF  pcq  RX  KYF  EFGHIJKJFL  ZGKd  rsE  t          gu  v
eQNJGPKF  Vl  GYFG^  ]PI^  JX  KYF  mFMJLKIPQK  JL  QRK  IFiHJIFN  KR  XJaF  IFORIKL  OHILHPQK  KR  EFGKJRQ  Sw  RI  SqUNW  RX  KYF  ZGKd    rsE  t          gu  v  
eQNJGPKF  Vl  GYFG^  ]PI^  nYFKYFI  KYF  mFMJLKIPQK[  USW  YPL  XJaFN  Paa  IFORIKL  IFiHJIFN  KR  VF  XJaFN  Vl  EFGKJRQ  Sw  RI  SqUNW  RX  KYF  EFGHIJKJFL  sxGYPQMF  ZGK  RX  Sywp  NHIJQM  KYF  
OIFGFNJQM  ST  ]RQKYL  URI  XRI  LHGY  LYRIKFI  OFIJRN  KYPK  KYF  mFMJLKIPQK  nPL  IFiHJIFN  KR  XJaF  LHGY  IFORIKLW_  PQN  UTW  YPL  VFFQ  LHVzFGK  KR  LHGY  XJaJQM  IFiHJIF]FQKL  XRI  KYF  OPLK  yc  
NPlLd    rsE  v          gu  t
eQNJGPKF  Vl  GYFG^  ]PI^  nYFKYFI  KYF  mFMJLKIPQK  YPL  LHV]JKKFN  FaFGKIRQJGPaal  F`FIl  eQKFIPGKJ  F  {PKP  |JaF  IFiHJIFN  KR  VF  LHV]JKKFN  OHILHPQK  KR  mHaF  pcq  RX  mFMHaPKJRQ  Eoh  
U}TwTdpcq  RX  KYJL  GYPOKFIW  NHIJQM  KYF  OIFGFNJQM  ST  ]RQKYL  URI  XRI  LHGY  LYRIKFI  OFIJRN  KYPK  KYF  mFMJLKIPQK  nPL  IFiHJIFN  KR  LHV]JK  LHGY  XJaFLWd    rsE  v          gu  t
eQNJGPKF  Vl  GYFG^  ]PI^  nYFKYFI  KYF  IFMJLKIPQK  JL  P  aPIMF  PGGFaFIPKFN  XJaFI_  PQ  PGGFaFIPKFN  XJaFI_  P  QRQoPGGFaFIPKFN  XJaFI_  L]PaaFI  IFORIKJQM  GR]OPQl_  RI  PQ  F]FIMJQM  MIRnKY  
GR]OPQld  EFF  KYF  NFXJQJKJRQL  RX  ~aPIMF  PGGFaFIPKFN  XJaFI_   ~PGGFaFIPKFN  XJaFI_   ~L]PaaFI  IFORIKJQM  GR]OPQl_   PQN  ~F]FIMJQM  MIRnKY  GR]OPQl   JQ  mHaF  STVoT  RX  KYF  
sxGYPQMF  ZGKd
  PIMF  PGGFaFIPKFN  XJaFI
  t
    ZGGFaFIPKFN  XJaFI
  t
gRQoPGGFaFIPKFN  XJaFI
  v
    E]PaaFI  IFORIKJQM  GR]OPQl   v
s]FIMJQM  MIRnKY  GR]OPQl v
eX  PQ  F]FIMJQM  MIRnKY  GR]OPQl_  JQNJGPKF  Vl  GYFG^  ]PI^  JX  KYF  IFMJLKIPQK  YPL  FaFGKFN  QRK  KR  HLF  KYF  FxKFQNFN  KIPQLJKJRQ  OFIJRN  XRI  GR]OalJQM  nJKY  PQl  QFn  RI  IF`JLFN  
XJQPQGJPa  PGGRHQKJQM  LKPQNPINL  OIR`JNFN  OHILHPQK  KR  EFGKJRQ  SwUPW  RX  KYF  sxGYPQMF  ZGKd    t
eQNJGPKF  Vl  GYFG^  ]PI^  nYFKYFI  KYF  IFMJLKIPQK  YPL  XJaFN  P  IFORIK  RQ  PQN  PKKFLKPKJRQ  KR  JKL  ]PQPMF]FQK  L  PLLFLL]FQK  RX  KYF  FXXFGKJ  FQFLL  RX  JKL  JQKFIQPa  GRQKIRa  R`FI  
XJQPQGJPa  IFORIKJQM  HQNFI  EFGKJRQ  pcpUVW  RX  KYF  EPIVPQFLouxaFl  ZGK  USq    dEd\d    T  TUVWW  Vl  KYF  IFMJLKFIFN  OHVaJG  PGGRHQKJQM  XJI]  KYPK  OIFOPIFN  RI  JLLHFN  JKL  PHNJK  
IFORIKd    t
eX  LFGHIJKJFL  PIF  IFMJLKFIFN  OHILHPQK  KR  EFGKJRQ  STUVW  RX  KYF  ZGK_  JQNJGPKF  Vl  GYFG^  ]PI^  nYFKYFI  KYF  XJQPQGJPa  LKPKF]FQKL  RX  KYF  IFMJLKIPQK  JQGaHNFN  JQ  KYF  XJaJQM  IFXaFGK  KYF  
GRIIFGKJRQ  RX  PQ  FIIRI  KR  OIF`JRHLal  JLLHFN  XJQPQGJPa  LKPKF]FQKLd  
eQNJGPKF  Vl  GYFG^  ]PI^  nYFKYFI  PQl  RX  KYRLF  FIIRI  GRIIFGKJRQL  PIF  IFLKPKF]FQKL  KYPK  IFiHJIFN  P  IFGR`FIl  PQPalLJL  RX  JQGFQKJ  FoVPLFN  GR]OFQLPKJRQ  IFGFJ  FN  Vl  PQl  RX  KYF  
IFMJLKIPQK  L  FxFGHKJ  F  R  GFIL  NHIJQM  KYF  IFaF`PQK  IFGR`FIl  OFIJRN  OHILHPQK  KR  }TpcdSc{oSUVWd  
eQNJGPKF  Vl  GYFG^  ]PI^  nYFKYFI  KYF  mFMJLKIPQK  JL  P  LYFaa  GR]OPQl  UPL  NFXJQFN  JQ  mHaF  STVoT  RX  KYF  sxGYPQMF  ZGKWd    rsE  t          gu  v
hYF  PMMIFMPKF  ]PI^FK    PaHF  RX  KYF    RKJQM  PQN  QRQo`RKJQM  GR]]RQ  FiHJKl  YFaN  Vl  QRQoPXXJaJPKFL  RX  KYF  mFMJLKIPQK_  VPLFN  RQ  KYF  GaRLJQM  OIJGF  RX  KYF  LYPIFL  RX  GR]]RQ  
LKRG^  RQ    HQF  wc_  TcTT  nPL  bq  dc  ]JaaJRQd
hYF  QH]VFI  RX  LYPIFL  RX  mFMJLKIPQK  L  \R]]RQ  EKRG^  RHKLKPQNJQM  PL  RX  kPIGY  Sc_  TcTw  nPL  w  _Tq  _pywd
5 90 4137  219  +  8345  @8  4 4 4194
  RIKJRQL  RX  KYF  IFMJLKIPQK  L  OIRxl  LKPKF]FQK  XRI  KYF  TcTw  PQQHPa  ]FFKJQM  RX  LKRG^YRaNFIL  KR  VF  XJaFN  OHILHPQK  KR  mFMHaPKJRQ  SpZ  nJKYJQ  STc  NPlL  PXKFI  KYF  IFMJLKIPQK  L  XJLGPa  
lFPI  FQNFN  {FGF]VFI  wS_  TcTT_  PIF  JQGRIORIPKFN  Vl  IFXFIFQGF  JQ    PIK  eee  RX  KYJL  |RI]  Scofd



shareholder letter icon 4/28/2023 Letter Continued (Full PDF)
 

IKNA Stockholder/Shareholder Letter (Ikena Oncology, Inc.) 4/28/2023 | www.StockholderLetter.com
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