[8-K] Ikena Oncology, Inc. Reports Material Event

Rhea-AI Filing Summary

SharpLink Gaming, Inc. (Nasdaq: SBET) filed an 8-K disclosing two material events dated July 7-11, 2025.

1) ETH Sale and Purchase Agreement: On July 7 the Company agreed to purchase 10,000 ETH from the Ethereum Foundation for US$25.72 million (US$2,572.368 per ETH, based on the 24-hour VWAP beginning 12:00 a.m. UTC, July 8). Title to the tokens passed on first-block confirmation; closing occurred July 10. The contract contains standard reps, warranties and indemnities. The filing notes these tokens were not previously disclosed as part of the Company’s crypto holdings.

2) Letter Agreements & ATM Flexibility: Between July 8-10, SharpLink entered into letter agreements with multiple warrant and stock holders—including Consensys Software Inc. and Joseph Lubin—to waive share-reserve provisions in prior financing agreements. The waiver allows the Company to re-allocate already authorized shares to its May 30, 2025 At-The-Market (ATM) Sales Agreement with A.G.P./Alliance Global Partners until shareholders vote on a proposed authorized-share increase at a special meeting set for July 24, 2025. If approval is obtained, the Company must re-reserve shares underlying Strategic Advisor, Placement Agent and Pre-Funded Warrants. The Company is not obligated to sell stock under the ATM and may receive limited or no proceeds.

Investor takeaways:

• US$25.7 million cash outflow adds a volatile crypto asset to the balance sheet.
• Waivers provide near-term capital-raising flexibility but introduce potential dilution.
• Shareholder vote on July 24 is a gating item for restoring warrant share reserves.

Positive

• Enhanced liquidity flexibility: Waivers allow the company to tap its ATM facility immediately, potentially accessing capital without waiting for the July 24 vote.
• Transparent disclosure: Filing includes detailed terms and exhibits, reducing information asymmetry for investors.

Negative

• US$25.7 million cash outflow to purchase ETH adds significant exposure to crypto price volatility.
• Potential dilution: Reallocation of reserved shares to the ATM could increase outstanding share count, pressuring share price.
• Shareholder approval risk: Failure to approve authorized share increase on July 24 may constrain future financings and force renegotiation with warrant holders.

Insights

Financial Analyst

TL;DR: Cash converted to 10,000 ETH and share-reserve waiver enable dilution-prone ATM raises; overall risk profile increases.

The US$25.7 million ETH purchase equals a material outlay for SharpLink, whose 2024 revenue was only US$23 million (per prior 10-K). While crypto exposure can diversify, it exposes shareholders to price volatility and potential impairment charges under current accounting rules. Concurrently, waiving prior reserve covenants frees shares for the ATM facility, signalling a near-term need for liquidity. Should market conditions weaken, ATM issuance may occur at depressed prices, compounding dilution from outstanding Strategic Advisor, Placement Agent and Pre-Funded warrants. The July 24 vote is therefore critical; failure to secure approval could constrain future financing. Net impact: moderately negative due to higher balance-sheet risk and dilution potential.

Corporate Governance Expert

TL;DR: Governance risk rises as board reallocates reserved shares pre-vote; transparency mitigated by detailed 8-K disclosure.

Re-purposing shares reserved for warrants to an ATM prior to shareholder authorization is permissible with holder waivers, yet it shifts dilution timing from warrant holders to public investors. The board’s scheduling of a July 24 special meeting demonstrates procedural compliance but underscores urgency for capital. Full disclosure of agreements and exhibit filing aligns with SEC best practices, softening governance concerns. Impact hinges on whether the company refrains from aggressive ATM issuance before the vote.

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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d)

of the Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): July 11, 2025

IKENA ONCOLOGY, INC.

(Exact name of registrant as specified in its charter)

Delaware		001-40287		81-1697316
(State or other jurisdiction of incorporation)		(Commission File Number)		(I.R.S. Employer Identification No.)

Ikena Oncology, Inc.

645 Summer Street, Suite 101

Boston, Massachusetts 02210

(Address of principal executive offices, including zip code)

(857) 273-8343

(Registrant’s telephone number, including area code)

Not Applicable

(Former Name or Former Address, if Changed Since Last Report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☒ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

Title of each class		Trade Symbol(s)		Name of each exchange on which registered
Common Stock, $0.001 par value per share		IKNA		The Nasdaq Global Market

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§ 230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§ 240.12b-2 of this chapter).

Emerging growth company ☒

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Item 8.01 Other Events.

As previously announced, on December 23, 2024, Ikena Oncology, Inc., a Delaware corporation (“Ikena”), Insight Merger Sub I, an exempted company with limited liability incorporated and existing under the laws of the Cayman Islands and direct wholly owned subsidiary of Ikena (“Merger Sub I”), Insight Merger Sub II, an exempted company with limited liability incorporated and existing under the laws of the Cayman Islands and direct wholly owned subsidiary of Ikena (“Merger Sub II”), and Inmagene Biopharmaceuticals, an exempted company with limited liability incorporated and existing under the laws of the Cayman Islands (the “Inmagene”), entered into an Agreement and Plan of Merger (the “Merger Agreement”), pursuant to which, among other matters, and subject to the satisfaction or waiver of the conditions set forth in the Merger Agreement, Merger Sub I will merge with and into Inmagene, pursuant to which Merger Sub I will cease to exist and will be struck off the Register of Companies by the Registrar of Companies in the Cayman Islands (the “Registrar of Companies”), with Inmagene surviving (the “Surviving Entity”) such merger as a direct, wholly owned subsidiary of Ikena (the “First Merger”), and immediately after the First Merger, the Surviving Entity will merge with and into Merger Sub II, pursuant to which Inmagene will cease to exist and will be struck off the Register of Companies by the Registrar of Companies, with Merger Sub II surviving such merger as a direct, wholly owned subsidiary of Ikena (the “Second Merger” and, collectively with the First Merger, as appropriate, the “Merger”).

On July 11, 2025, Ikena issued a press release announcing that independent proxy advisory firm Institutional Shareholder Services and Glass, Lewis & Co. recommend that Ikena stockholders vote “FOR” the issuance of shares in connection with the Merger at Ikena’s upcoming Annual Meeting of Stockholders on July 15, 2025. A copy of the press release is furnished as Exhibit 99.1 and is incorporated herein by reference.

Forward-Looking Statements

This Current Report on Form 8-K and the exhibit furnished herewith contain “forward-looking statements” within the meaning of the “safe harbor” provisions of the Private Securities Litigation Reform Act of 1995, including but not limited to, express or implied statements regarding the structure, timing and completion of the proposed Merger; Ikena’s cash position at December 31, 2024 and for subsequent periods; the combined company’s listing on Nasdaq after the closing of the Merger; expectations regarding the ownership structure of the combined company; the anticipated timing of the closing of the Merger; the expected executive officers and directors of the combined company; expectations regarding the structure, timing and completion of the Ikena concurrent financing, including investment amounts from investors, timing of closing, expected proceeds and impact on ownership structure; Ikena’s, Inmagene’s and the combined company’s expected cash position at the closing of the Merger and the combined company’s expected cash runway following the Merger and the Ikena concurrent financing; the future operations of the combined company; the nature, strategy and focus of the combined company; the development and commercial potential and potential benefits of any product candidates or platform technologies of the combined company; the executive and board structure of the combined company; anticipated preclinical and clinical drug development activities and related timelines, including the expected timing for data and other clinical results; the potential to receive proceeds pursuant to the contingent value rights agreement of Ikena and contingent value rights agreement of Inmagene; and other statements that are not historical fact. All statements other than statements of historical fact contained in this Current Report on Form 8-K or in the exhibits furnished herewith are forward-looking statements. These forward-looking statements are made as of the date they were first issued, and were based on the then-current expectations, estimates, forecasts, and projections, as well as the beliefs and assumptions of management. There can be no assurance that future developments affecting Ikena, Inmagene or the proposed transactions herein will be those that have been anticipated.

Forward-looking statements are subject to a number of risks and uncertainties, many of which involve factors or circumstances that are beyond Ikena’s control. Ikena’s actual results could differ materially from those stated or implied in forward-looking statements due to a number of factors, including but not limited to (i) the risk that the conditions to the closing of the Merger are not satisfied, including the failure to timely obtain stockholder approval for the Merger Agreement and the transactions contemplated thereby, if at all; (ii) uncertainties as to the timing of the consummation of the proposed Merger and the ability of each of Ikena and Inmagene to consummate the proposed Merger; (iii) risks related to Ikena’s ability to manage its operating expenses and its expenses associated with the proposed Merger pending the closing of the Merger; (iv) risks related to the failure or delay in obtaining required approvals from any governmental or quasi-governmental entity necessary to consummate the proposed

Merger; (v) the risk that as a result of adjustments to the exchange ratio, Ikena stockholders and Inmagene shareholders could own more or less of the combined company than is currently anticipated; (vi) risks related to the market price of Ikena common stock relative to the value suggested by the exchange ratio; (vii) unexpected costs, charges or expenses resulting from the transaction; (viii) potential adverse reactions or changes to business relationships resulting from the announcement or completion of the proposed Merger; (ix) the uncertainties associated with Inmagene’s platform technologies, as well as risks associated with the clinical development and regulatory approval of product candidates, including potential delays in the commencement, enrollment and completion of clinical trials; (x) risks related to the inability of the combined company to obtain sufficient additional capital to continue to advance these product candidates and its preclinical programs; (xi) uncertainties in obtaining successful clinical results for product candidates and unexpected costs that may result therefrom; (xii) risks related to the failure to realize any value from product candidates and preclinical programs being developed and anticipated to be developed in light of inherent risks and difficulties involved in successfully bringing product candidates to market; (xiii) risks associated with the possible failure to realize certain anticipated benefits of the proposed Merger, including with respect to future financial and operating results; (xiv) risks associated with Ikena’s financial close process, (xv) the risk that the Ikena concurrent financing is not consummated; (xvi) the potential for the occurrence of any event, change or other circumstance or condition that could give rise to the termination of the Merger Agreement and any agreements entered into in connection therewith; and (xvii) the possibility that contingent value rights holders of Ikena and contingent value rights holders of Inmagene may never receive any proceeds pursuant to the contingent value rights agreement of Ikena and contingent value rights agreement of Inmagene. Actual results and the timing of events could differ materially from those anticipated in such forward-looking statements as a result of these risks and uncertainties. These and other risks and uncertainties are more fully described in periodic filings with the Securities and Exchange Commission (the “SEC”), including the factors described in the section titled “Risk Factors” in Ikena’s Annual Report on Form 10-K for the year ended December 31, 2024 filed with the SEC, Ikena’s Quarterly Report on Form 10-Q for the quarter ended March 31, 2025 and in the Form S-4 and joint proxy statement/prospectus (as defined below). You should not place undue reliance on these forward-looking statements, which are made only as of the date hereof or as of the dates indicated in the forward-looking statements. Ikena expressly disclaims any obligation or undertaking to release publicly any updates or revisions to any forward-looking statements contained herein to reflect any change in its expectations with regard thereto or any change in events, conditions or circumstances on which any such statements are based. Neither this Current Report on Form 8-K nor the exhibit furnished herewith purports to summarize all of the conditions, risks and other attributes of an investment in Ikena or Inmagene.

Participants in the Solicitation

This Current Report on Form 8-K and the exhibit furnished herewith relate to the proposed merger transaction involving Ikena and Inmagene and may be deemed to be solicitation material in respect of the proposed Merger. In connection with the proposed Merger, Ikena filed a registration statement on Form S-4, as amended, with the SEC (the “Form S-4”) and, on June 11, 2025, filed the definitive joint proxy statement/prospectus with the SEC (the “joint proxy statement/prospectus”). This Current Report on Form 8-K is not a substitute for the Form S-4, the joint proxy statement/prospectus or for any other document that Ikena may file with the SEC and/or send to Ikena’s stockholders in connection with the proposed Merger. Ikena, Inmagene, and their respective directors and certain of their executive officers may be considered participants in the solicitation of proxies from Ikena’s stockholders with respect to the proposed Merger under the rules of the SEC. Information about the directors and executive officers of Ikena is set forth in the Form S-4, the joint proxy statement/prospectus and in subsequent documents filed with the SEC. You may obtain free copies of this document as described below. BEFORE MAKING ANY VOTING DECISION, INVESTORS AND SECURITY HOLDERS OF IKENA ARE URGED TO READ THE FORM S-4, THE JOINT PROXY STATEMENT/PROSPECTUS AND OTHER DOCUMENTS FILED WITH THE SEC CAREFULLY AND IN THEIR ENTIRETY BECAUSE THEY WILL CONTAIN IMPORTANT INFORMATION ABOUT IKENA, THE PROPOSED MERGER AND RELATED MATTERS.

No Offer or Solicitation

This Current Report on Form 8-K and the exhibit furnished herewith do not constitute an offer to sell or the solicitation of an offer to buy any securities nor a solicitation of any vote or approval with respect to the proposed Merger or otherwise. No offering of securities shall be made except by means of a prospectus meeting the requirements of Section 10 of the Securities Act and otherwise in accordance with applicable law.

Additional Information and Where to Find It

Investors and security holders will be able to obtain free copies of the Form S-4, the joint proxy statement/prospectus and other documents filed by Ikena with the SEC through the website maintained by the SEC at http://www.sec.gov. Copies of the documents filed by Ikena with the SEC will also be available free of charge on Ikena’s website at www.ikenaoncology.com, or by contacting Ikena’s Investor Relations at rcohen@ikenaoncology.com.

Item 9.01 Financial Statements and Exhibits.

(d) Exhibits

Exhibit No.		Description
99.1		Press Release, dated July 11, 2025
104		Cover Page Interactive Data File (embedded within the Inline XBRL document)

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

				Ikena Oncology, Inc.
Date: July 11, 2025				By:		/s/ Mark Manfredi
						Mark Manfredi, Ph.D.
						President and Chief Executive Officer

FAQ

How many ETH did SharpLink Gaming (SBET) purchase?

SharpLink bought 10,000 ETH for US$25.72 million, or US$2,572.368 per ETH.

When did the ETH transaction close?

The purchase closed on July 10, 2025 upon first-block confirmation on Ethereum mainnet.

What is the purpose of the letter agreements with warrant holders?

The agreements waive share-reserve provisions so SharpLink can allocate those shares to its ATM facility until a shareholder vote increases authorized shares.

When is the shareholder vote on increasing authorized shares?

A special meeting to seek stockholder approval is scheduled for July 24, 2025.

Is SharpLink obligated to sell shares under its ATM facility?

No. The company is not required to issue any shares and may raise limited or no proceeds.

What exchanges list SharpLink Gaming common stock?

The common stock trades on The Nasdaq Stock Market, LLC under the symbol SBET.