Inclusion:

          1. Female participants ≥ 18 years of age at the time of screening;

          2. Must have at least 1 measurable lesion per RECIST v1.1;

          3. Eastern Cooperative Oncology Group (ECOG) performance status score of 0 or 1;

          4. Confirm that an archival tissue sample is available and ≤ 6 months old; if not, a new
             biopsy of a tumor lesion must be obtained, or fresh biopsy at screening;

          5. Adequate organ and marrow function;

          6. Breast Cancer: Participants must have histologically confirmed ER-negative,
             PgR-negative, and HER2-negative breast cancer (per ASCO/CAP guidelines) that is
             metastatic, advanced or recurrent with progression for which no alternative or
             curative therapy exists; OR Ovarian Cancer:Participants must have histologically
             confirmed ovarian cancer (per ASCO/CAP guidelines) that is metastatic, advanced or
             recurrent with progression for which no alternative or curative therapy exists;

        Exclusion:

          1. Use of any live vaccines against infectious diseases within 4 weeks (28 days) of
             initiation of investigational product.

          2. Underlying medical conditions that, in the Investigator's or Sponsor's opinion, will
             make the administration of investigational product hazardous

          3. Has known psychiatric or substance abuse disorders that would interfere with
             cooperation with the requirements of the trial.

          4. Is pregnant or breastfeeding or expecting to conceive or father children within the
             projected duration of the study, starting with the pre-screening or screening visit
             through 30 days after the last dose of investigational product administration.

          5. QTcF >480 ms with the exception for participants with riht or left bundle branch
             block.

          6. Prior surgery or GI dysfunction that may affect drug absorption for participants
             assigned to the IPI-549 arm(s).

          7. History of peptic ulcer and/or GI bleed within the past 6 months prior to screening
             for participants assigned to the IPI-549 arm(s).

          8. Any active autoimmune disease or a documented history of autoimmune disease or
             syndrome that required systemic treatment in past 2 years

          9. Prior malignancy active within the previous 2 years except for locally curable cancers
             that have been apparently cured, such as basal or squamous cell skin cancer,
             superficial bladder cancer or carcinoma in situ of the cervix, breast, or prostate
             cancer.

         10. Prior chemotherapy, targeted small-molecule therapy, or radiation therapy within 4
             weeks prior to Day 1 or has not recovered (ie, ≥ Grade 1 or baseline) from AEs due to
             a previously administered agent

         11. Participants who are eligible for potentially curative available therapies or
             interventions.

         12. Use of other investigational drugs within 28 days of investigational product
             administration

         13. For participants who will be dosed with IPI-549, administration of any of the
             following within 1 week prior to the administration of investigational product:

               1. Strong inhibitors or inducers of cytochrome P450 (CYP)3A4, including grapefruit,
                  grapefruit juice, and herbal supplements

               2. P-glycoprotein (P-gp) inhibitors and inducers

               3. Warfarin, phenytoin, or other substrates of CYP2C8 or CYP2C9 with a narrow
                  therapeutic range

               4. Medications associated with QTc interval prolongation or Torsades de Pointes