BML Capital Opposes Ikena (IKNA) -Inmagene Merger, Urges Winddown and Cash Return
Key Summary: On June 16, 2025, BML Capital (8.4%) opposed Ikena’s merger with Inmagene, calling Inmagene overvalued and urging a winddown of Ikena and return of cash to shareholders.
Market Cap: $68 million | Ikena Oncology, Inc., an oncology company, focuses on developing therapies for patients in need that target nodes of cancer growth, spread, and therapeutic resistance.
On June 16, 2025, BML Capital (8.4%) sent a letter to the Boar opposing Ikena’s merger with Inmagene, noting the deal values Inmagene at $150 million while the pro forma valuation of the combined company is only slightly above its $175 million cash balance—implying little to no value for Inmagene. BML called for a winddown of Ikena and return of capital to shareholders.
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