Ikena Oncology : Corporate Presentation - September 2021

www.ikenaoncology.com

Disclaimer

This Presentation contains forward-looking statements and information. All statements other than statements of historical facts contained in this Presentation, including statements regarding our strategy, future financial condition, future operations, projected costs, prospects, plans, objectives of management and expected market size, are forward-looking statements. In some cases, you can identify forward-looking statements by terminology such as "may," "will," "should," "expect," "intend," "plan," "anticipate," "believe," "estimate," "target," "seek," "predict," "potential," "continue" or the negative of these terms or other comparable terminology. Although we believe that the expectations reflected in these forward-looking statements are reasonable, these statements relate to our strategy, future operations, future financial position, future revenue, projected costs, prospects, plans, objectives of management and expected market size, and involve known and unknown risks, uncertainties and other factors that may cause our actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by these forward-looking statements. Forward-looking statements in this Presentation include, but are not limited to, statements about: the initiation, timing, progress, results, and cost of our research and development programs and our current and future preclinical and clinical studies, including statements regarding the timing of initiation and completion of studies or trials and related preparatory work, the period during which the results of the trials will become available, and our research and development programs; our ability to efficiently discover and develop product candidates; our ability to initiate, recruit and enroll patients in and conduct our clinical trials at the pace that we project; our ability to obtain and maintain regulatory approval of our product candidates; our ability to compete with companies currently marketing or engaged in the development of treatments that our product candidates are designed to target; our reliance on third parties to conduct our clinical trials and to manufacture drug substance for use in our clinical trials; the size and growth potential of the markets for our product candidates and our ability to serve those markets; the ability and willingness of our third-party strategic collaborators to continue research and development activities relating to our development candidates and product candidates; our ability to obtain and maintain adequate intellectual property rights; our estimates of our future expenses, revenue, capital requirements or our need for or ability to obtain additional financing; our expected uses of the net proceeds to us from this offering; the potential benefits of strategic collaboration agreements, our ability to enter into additional strategic collaborations or arrangements, and our ability to attract collaborators with development, regulatory and commercialization expertise; our financial performance; developments and projections relating to our competitors or our industry; the effect of the COVID-19 pandemic, including mitigation efforts and economic effects, on any of the foregoing or other aspects of our business operations, including but not limited to our preclinical studies or current and future clinical trials. We caution the recipient not to place considerable reliance on the forward-looking statements contained in this presentation. The forward-looking statements in this Presentation speak only as of the date of this document, and we undertake no obligation to update or revise any of these statements. Our business is subject to substantial risks and uncertainties, including those referenced above.

Certain information contained in this Presentation relates to or is based on estimates, projections and other information concerning the Company's industry, its business and the markets for its programs and product candidates and studies, publications, surveys and other data obtained from third-party sources and the Company's own internal estimates and research. While the Company believes these third-party sources to be reliable as of the date of this Presentation, it has not independently verified, and makes no representation as to the adequacy, fairness, accuracy or completeness of, any information obtained from third-party sources. In addition, all of the market data included in this Presentation involves a number of assumptions and limitations, and there can be no guarantee as to the accuracy or reliability of such assumptions. Finally, while we believe our own internal research is reliable, such research has not been verified by any independent source.

These forward-looking statements are based on the beliefs of our management as well as assumptions made by and information currently available to us. Although we believe the expectations reflected in such forward-looking statements are reasonable, we can give no assurance that such expectations will prove to be correct. If such assumptions do not fully materialize or prove incorrect, the events or circumstances referred to in the forward-looking statements may not occur. We undertake no obligation to update publicly any forward-looking statements for any reason after the date of this presentation to conform these statements to actual results or to changes in our expectations, except as required by law. Accordingly, readers are cautioned not to place undue reliance on these forward-looking statements. Additional risks and uncertainties that could affect our business are included under the caption "Risk Factors" in our Quarterly Report on Form 10-Q filed with the Securities and Exchange Commission for the three months ended March 31, 2021.

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Building a Targeted Oncology Company Focused on Developing Novel Cancer Therapies

Dynamic R&D Capabilities and Strategy in Targeted Oncology	Driving a Pipeline of Individually-
Developed Programs

Targeting genetically defined oncogenic drivers and pathways of therapeutic resistance

Leveraging structural and computational biology and diverse small molecule libraries

Using leading genomic and protein-based technologies for patient selection

PH 1	Innovative clinical development strategy focused on biomarker driven evaluations,
PH 2	balancing operational efficiency, scientific impact, and value for patients
PH 3

Novel	in clinical
programs	trials
internally	in IND-enabling
discovered	studies

strategically partnered

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Robust Pipeline of Targeted Therapies

Discovery	IND Enabling	Phase 1	Late-Stage	Rights &
Development	Partnerships
	TARGETED ONCOLOGY

IK-930	Hippo-mutated cancers
TEAD
ERK5	KRAS-mutated cancers

Multiple RAS

Pathway Targets

Multiple Solid Tumors

		TUMOR MICROENVIRONMENT
IK-007 + Pembro2			1
MSS-CRC	Phase 1/1b
EP4
IK-175 + Nivo4			3
AHR	Bladder Cancer	Phase 1/1b	BMS
IK-412			3
Multiple Solid Tumors
Kynurenine		BMS
			1 Ikena has a worldwide exclusive license except China and Taiwan from AskAt.
			2 Pembrolizumab provided through a clinical trial collaboration and supply agreement with Merck.
			3 BMS has the right to exclusively license under a master collaboration agreement.
			4 Nivolumab provided through a clinical trial collaboration and supply agreement with BMS.

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An Integrated Discovery & Development Targeted Oncology Strategy: YAP/TEAD and RAS Pathways

RTK

GRB2

NF2

SOS

ONCOGENIC	Mst	SHP2
DRIVER
	1/2	THERAPEUTIC RESISTANCE

LATS1/2

MEK2/3

YAP/

TAZ

MEK5

TEAD

ERK5

RAS OFF

GDP

RAS

ON GTP

RAF

KSR

MEK1/2

ERK1/2

OTHER RAS/RAS PATHWAY

TARGETS IN DISCOVERY

P13K

AKT

mTOR

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