LinkedIn
WebsiteIntroduction
IO Biotech Inc (NASDAQ: IOBT) is a clinical-stage biopharmaceutical company headquartered in Copenhagen, Denmark, with U.S. operations in New York. The company develops immune-modulating cancer vaccines using its proprietary T-win® platform, which is designed to target both tumor cells and immune-suppressive cells within the tumor microenvironment (TME).
Corporate Structure
Founded in 2015, IO Biotech employs between 51 and 200 professionals. Its executive team combines academic and industry experience in oncology and biotechnology:
- Mai-Britt Zocca, PhD, President and CEO, leads clinical strategy and investor relations.
- Other senior leaders hold advanced degrees and have experience in roles at Ipsen Biosciences, Genentech, Amgen, and the National Cancer Institute.
Cancer vaccine by CDC
Recent Developments and News
On August 7, 2023, IO Biotech completed a private placement financing that raised approximately $75 million, extending its cash runway into the fourth quarter of 2025. The offering included 37,065,647 shares of common stock and warrants exercisable at $2.47 per share.
On August 14, 2025, the company filed its quarterly report on Form 10-Q, detailing operating results for the period ended June 30, 2025. On August 19, 2025, Novo Holdings A/S amended its Schedule 13D/A, reporting a sale of 841,996 shares at $1.7673 per share and announcing beneficial ownership of approximately 7.3% of outstanding stock. On September 29, 2025, IO Biotech filed an 8-K current report disclosing several corporate updates, including changes in board committees and ongoing clinical milestones.
Financial and Strategic Analysis
As of September 29, 2025, IO Biotech shares traded at $0.3386, reflecting a decrease of 78.57% on the day, on a volume of 4,755,202 shares. The company’s market capitalization stood at approximately $113.3 million. Key metrics from Yahoo Finance include:
- Trailing EPS: –1.58
- Price/Book (mrq): 71.18
- Total Cash (mrq): $28.13 million
- Total Debt/Equity (mrq): 524.87%
The August 2023 financing supports ongoing Phase 3 development of IO102-IO103 (NCT05155254) in first-line advanced melanoma and a Phase 2 basket trial in non-small cell lung cancer and head and neck squamous cell carcinoma. Strategic priorities include advancing these studies toward potential regulatory filings and exploring partnership opportunities to broaden therapy regimens.
Market Position and Industry Context
IO Biotech operates in the immuno-oncology sector, where competing approaches include checkpoint inhibitors, cell therapies, and other cancer vaccines. Its T-win platform targets IDO1- and PD-L1-expressing cells to reshape the TME. The company faces regulatory and competitive challenges common to early-stage biopharma, while investor interest in cancer immunotherapies remains significant amid broader market volatility.
tl;dr
After raising approximately $75 million on August 7, 2023, IO Biotech maintains a cash runway into Q4 2025 and continues its pivotal Phase 3 trial of IO102-IO103 in advanced melanoma. Share trading on September 29, 2025, reflected a decline to $0.3386 amid active filings: the Form 10-Q (August 14), a Schedule 13D/A amendment by Novo Holdings (August 19), and an 8-K report (September 29). The company’s near-term outlook centers on clinical readouts, regulatory interactions, and potential collaborations to support late-stage development.
