Ikena Oncology Insider Trims Position Below 5% Threshold

Rhea-AI Filing Summary

Amendment No. 1 to Schedule 13D shows that BML Investment Partners, L.P. and its managing member, Braden M. Leonard, have materially reduced their position in Ikena Oncology (IKNA).

• Open-market sales between 16-22 Jul 2025 totalled 1,459,110 shares at $1.20-$1.30 per share.
• Current ownership: BML Investment Partners 215,832 shares; Leonard 5,000 shares; aggregate 220,832 shares.
• The cover page lists the stake as 1.9 % of outstanding shares; Item 5 cites 8.35 %, signalling an internal discrepancy.

The filing states the shares were acquired for investment purposes, the group is now below the 5 % reporting threshold, and it has no present plans to influence corporate actions. Future trades may occur depending on market conditions. No contracts or arrangements with other parties were disclosed.

Positive

• No activist agenda declared, reducing risk of disruptive governance actions.

Negative

• Significant share sale (~1.5 m shares) by former 5 % holder signals reduced confidence and may pressure the stock.
• Ownership discrepancy between 1.9 % and 8.35 % creates uncertainty about actual stake size.

Insights

Securities Analyst

TL;DR: Former 5 % holder cut stake to ~2 %; selling pressure, neutral fundamentals unchanged.

The sale of nearly 1.5 m shares at ~$1.25 removes a key holder and introduces supply that can weigh on IKNA’s near-term trading. While the filing is passive, such a sharp reduction suggests limited short-term confidence. The absence of activist intent means no immediate strategic catalyst. Investors should reconcile the 1.9 % vs. 8.35 % ownership figures, but either way the group is now non-material. Overall impact: modestly negative because an informed holder exited during weakness.

Corporate Governance Specialist

TL;DR: Exit lowers influence concentration; governance risk slightly reduced.

With BML/Leonard under 5 %, board influence by a single external investor diminishes, potentially broadening the shareholder base. The declaration of no plans and no arrangements suggests limited governance conflict. However, the sizeable disposal could indicate perceived execution risk post-Inmagene deal. Impact is mildly negative for sentiment but neutral for control dynamics.

FAQ

How many IKNA shares does BML Investment Partners now own?

The filing reports 215,832 shares held by BML Investment Partners, L.P.

What is Braden M. Leonard's current direct ownership in IKNA?

Leonard directly owns 5,000 shares of Ikena Oncology common stock.

At what prices were IKNA shares sold in July 2025?

Sales occurred between $1.20 and $1.30 per share from 16-22 Jul 2025.

Is the reporting group still a 5 % beneficial owner of IKNA?

No. After the July transactions they state they are below 5 % ownership.

Does the filing indicate any plans to influence IKNA’s strategy?

The reporters say they have no present plans or proposals to affect control or corporate actions.

AI-generated analysis. How Rhea-AI works. Not financial advice.

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Accepted by SEC EDGAR 07/28/2025 - 02:16 PM Learn about SEC filing dates

SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

SCHEDULE 13D

Under the Securities Exchange Act of 1934

(Amendment No. 1)

Ikena Oncology, Inc.

(Name of Issuer)

Common Stock, par value $0.001 per share

(Title of Class of Securities)

45175G207

(CUSIP Number)

Braden M Leonard
65 E Cedar - Suite 2,
Zionsville, IN, 46077
317-344-2447

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

07/25/2025

(Date of Event Which Requires Filing of This Statement)

If the filing person has previously filed a statement on Schedule 13G to report the acquisition that is the subject of this Schedule 13D, and is filing this schedule because of §§ 240.13d-1(e), 240.13d-1(f) or 240.13d-1(g), check the following box.

The information required on the remainder of this cover page shall not be deemed to be "filed" for the purpose of Section 18 of the Securities Exchange Act of 1934 ("Act") or otherwise subject to the liabilities of that section of the Act but shall be subject to all other provisions of the Act (however, see the Notes).

SCHEDULE 13D

CUSIP No. 45175G207

1

Name of reporting person

BML Investment Partners, L.P.

2

Check the appropriate box if a member of a Group (See Instructions)

(a)
(b)

3

SEC use only

4

Source of funds (See Instructions)

WC

5

Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)

6

Citizenship or place of organization

DELAWARE

Number of Shares Beneficially Owned by Each Reporting Person With:

7	Sole Voting Power 0.00
8	Shared Voting Power 215,832.00
9	Sole Dispositive Power 0.00
10	Shared Dispositive Power 215,832.00

11

Aggregate amount beneficially owned by each reporting person

215,832.00

12

Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)

13

Percent of class represented by amount in Row (11)

1.9 %

14

Type of Reporting Person (See Instructions)

PN

SCHEDULE 13D

CUSIP No. 45175G207

1

Name of reporting person

Leonard Braden Michael

2

Check the appropriate box if a member of a Group (See Instructions)

(a)
(b)

3

SEC use only

4

Source of funds (See Instructions)

PF

5

Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)

6

Citizenship or place of organization

UNITED STATES

Number of Shares Beneficially Owned by Each Reporting Person With:

7	Sole Voting Power 5,000.00
8	Shared Voting Power 215,832.00
9	Sole Dispositive Power 5,000.00
10	Shared Dispositive Power 215,832.00

11

Aggregate amount beneficially owned by each reporting person

220,832.00

12

Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)

13

Percent of class represented by amount in Row (11)

1.9 %

14

Type of Reporting Person (See Instructions)

IN

Comment for Type of 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.

SCHEDULE 13D

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, MASSACHUSETTS , 02210.
Item 2.	Identity and Background
(a)	BML Investment Partners, L.P. Braden M. Leonard - Mr. Leonard's business address is 65 E Cedar Suite 2, Zionsville, IN 46077. Mr. Leonard's principal business is to serve as managing member of BML Capital Management, LLC.
(b)	65 E Cedar - Suite 2 Zionsville, IN 46077
(c)	See Above
(d)	During the past five years, none of BML Investment Partners, L.P., BML Capital Management, LLC or Braden M. Leonard have been convicted in a criminal proceeding (excluding traffic violations or similar misdemeanors) or a party to a civil proceeding of a judicial or administrative body of competent jurisdiction where as a result of such proceeding BML Investment Partners, L.P., BML Capital Management, LLC or Braden M. Leonard was or is subject to a judgment, decree or final order enjoining future violations of, or prohibiting or mandating activities subject to, federal or state securities laws or finding any violation with respect to such laws.
(e)	During the past five years, none of BML Investment Partners, L.P., BML Capital Management, LLC or Braden M. Leonard have been convicted in a criminal proceeding (excluding traffic violations or similar misdemeanors) or a party to a civil proceeding of a judicial or administrative body of competent jurisdiction where as a result of such proceeding BML Investment Partners, L.P., BML Capital Management, LLC or Braden M. Leonard was or is subject to a judgment, decree or final order enjoining future violations of, or prohibiting or mandating activities subject to, federal or state securities laws or finding any violation with respect to such laws.
(f)	Braden M. Leonard is a citizen of the United States of America. BML Investment Partners, L.P. is a Delaware limited partnership.
Item 3.	Source and Amount of Funds or Other Consideration
	BML Investment Partners, L.P. holds 215832 shares of Common Stock which were acquired using $4.3 million of working capital. Braden M Leonard holds 5,000 shares of Common Stock which were acquired using $94,800 of working capital.
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 July 25th, the Issuer completed the transaction with Inmagene. The reporting person is no longer a 5% holder.
Item 5.	Interest in Securities of the Issuer
(a)	BML Investment Partners, L.P. beneficially owns 215,832 shares of the Issuer's Common Stock, or 8.35%. Braden M Leonard owns 5,000 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. Date Activity Quantity Price 7/16/2025 Sell -169872 1.3 7/16/2025 Sell -150000 1.3 7/17/2025 Sell -120514 1.29 7/17/2025 Sell -150000 1.28 7/21/2025 Sell -300000 1.25 7/22/2025 Sell -49724 1.2548 7/22/2025 Sell -500000 1.2
(d)	Braden M Leonard is the Managing Member of BML Capital Management, LLC, which is the General Partner to BML Investment Partners, L.P.
(e)	N/A
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.

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:	07/28/2025

Leonard Braden Michael

Signature:	Braden M Leonard
Name/Title:	Leonard Braden Michael
Date:	07/28/2025