On July 15, 2025, Ikena Oncology's stockholders approved the 2025 Equity Incentive Plan and 2025 Employee Stock Purchase Plan, contingent on a merger, which involves a reverse stock split converting 12 shares into 1. The merger is expected to occur by the end of July, reducing Ikena’s outstanding shares from approximately 48.2 million to about 4 million shares post-split.