Ikena Oncology Reports First Quarter 2021 Financial Results and Outlines Key Corporate Objectives for 2021 Closed IPO and Raised $144 Million in Gross Proceeds to Fund Targeted Oncology Therapies IND Submissions for Lead

Ikena Oncology Reports First Quarter 2021 Financial Results and Outlines Key

Corporate Objectives for 2021

Closed IPO and Raised $144 Million in Gross Proceeds to Fund Targeted Oncology Therapies

IND Submissions for Lead Targeted Oncology Program, IK-930, and

BMS-partnered program, IK-412, Remain on Track for Second Half of 2021

Boston, MA May 13, 2021 Ikena Oncology, Inc. (Nasdaq: IKNA) ( Ikena , the Company ,

we , our ), a targeted oncology company focused on developing therapies targeting key signaling pathways that drive the formation and spread of cancer, today announced financial results for the quarter ended March 31,

This first quarter marked important milestones for Ikena, both with our entrance into the public markets and the advances we have made across

our pipeline. We continued to progress our clinical development programs and our lead targeted oncology program is on track for an IND submission in the second half of the year, said Mark Manfredi, PhD, President & Chief Executive

Officer of Ikena. We are thrilled that through our IPO, we brought in new long-term partners and deepened our relationships with our current investors. The funding, along with a dedicated and passionate team, are propelling us towards our

mission of bringing novel targeted cancer therapies to patients.

Recent Business Highlights and Corporate Update

Financial and Corporate

Development Pipeline

Milestones and Key Priorities for 2021

Quarter 2021 Financial Results

As of March 31, 2021, the Company had cash and cash equivalents totaling $281.0 million, which will fund

operations through 2023. Net cash used in operations was $13.2 million for the first quarter of 2021 compared to $9.9 million for the first quarter of 2020.

Research and development expenses for the first quarter 2021 were $10.0 million, compared to $7.9 million for the first quarter 2020. The increase

in R&D expense was primarily related to on-going IND-enabling studies and manufacturing development costs for IK-930, on-going IND-enabling studies and manufacturing development costs for IK-142, increased research activities of other discovery stage

programs and increased personnel expenses due to increase in headcount.

General and administrative expenses for the first quarter were $3.2 million, compared to

$2.5 million for the first quarter 2020. The increase in G&A expense were primarily related to compensation expense due to an increase in headcount, as well as general increases in audit, legal and consulting expenses to support our

transition to becoming a public company.

Net loss for the first quarter 2021 was $9.7 million, compared to $6.9 million for the first quarter

2020, driven predominantly by increase in research and development expenses.

About Ikena Oncology

Ikena Oncology is a targeted oncology company focused on developing cancer therapies targeting key signaling pathways that drive the formation and spread of

cancer. Ikena is advancing five programs that include four product candidates in either clinical development or IND-enabling studies: IK-930, a TEAD inhibitor targeting

the Hippo signaling pathway; an ERK5 inhibitor program targeting the KRAS signaling pathway; IK-175, an AHR antagonist; IK-412, a kynurenine-degrading enzyme; and IK-007, an EP4 receptor antagonist. Ikena has entered into a global strategic collaboration with Bristol-Myers Squibb Company for its IK-175 and

Forward-Looking Statements

This press release contains

forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, as amended, including, without limitation, statements regarding the timing and advancement of our targeted oncology programs; our expectations

regarding the therapeutic benefit of our targeted oncology programs; expectations regarding our new director; our ability to efficiently discover and develop product candidates; our ability to obtain and maintain regulatory approval of our product

candidates; the implementation of our business model, and strategic plans for our business and product candidates. The words may, will, could, would, should, expect,

plan, anticipate, intend, believe, estimate, predict, project, potential, continue, target and similar expressions are intended

to identify forward-looking statements, although not all forward-looking statements contain these identifying words. Any forward-looking statements in this press release are based on management s current expectations and beliefs and are subject

to a number of risks, uncertainties and important factors that may cause actual events or results to differ materially from those expressed or implied by any forward-looking statements contained in this press release, including, without limitation,

those risks and uncertainties related to the timing and advancement of our targeted oncology programs; our expectations regarding the therapeutic benefit of our targeted oncology programs; expectations regarding our new director; our ability to

efficiently discover and develop product candidates; our ability to obtain and maintain regulatory approval of our product candidates; the implementation of our business model, and strategic plans for our business and product candidates, and other

risks identified in our SEC filings, including our Registration Statement on Form S-1, and subsequent filings with the SEC. We caution you not to place undue reliance on any forward-looking statements, which

speak only as of the date they are made. We disclaim any obligation to publicly update or revise any such statements to reflect any change in expectations or in events, conditions or circumstances on which any such statements may be based, or that

may affect the likelihood that actual results will differ from those set forth in the forward-looking statements. Any forward-looking statements contained in this press release represent our views only as of the date hereof and should not be relied

upon as representing its views as of any subsequent date. We explicitly disclaim any obligation to update any forward-looking statements.

Condensed Consolidated

Condensed Consolidated Balance Sheets