IO Biotech Reports Second Quarter 2025 Financial Results and Provides Business Highlights
IO Biotech (Nasdaq: IOBT) reported Q2 2025 financial results and key developments for its cancer vaccine pipeline. The company's Phase 3 trial of Cylembio庐 plus KEYTRUDA庐 for first-line advanced melanoma treatment showed clinical improvement in progression-free survival, though narrowly missing statistical significance. The study involved 407 patients with unresectable or metastatic melanoma.
Financial highlights include a net loss of $26.2 million in Q2 2025, with cash and equivalents of $28.1 million as of June 30, 2025. The company secured additional funding through a 鈧�12.5 million second tranche from the European Investment Bank loan facility in July 2025, extending operations into Q1 2026.
IO Biotech plans to meet with the FDA this fall to discuss potential Biologics License Application submission for advanced melanoma treatment. Initial data from two Phase 2 trials is expected in H2 2025.
IO Biotech (Nasdaq: IOBT) ha comunicato i risultati finanziari del secondo trimestre 2025 e gli aggiornamenti principali sul suo portafoglio di vaccini antitumorali. Lo studio di fase 3 su Cylembio庐 in combinazione con KEYTRUDA庐 come trattamento di prima linea per il melanoma avanzato ha mostrato un miglioramento clinico nella sopravvivenza libera da progressione, pur non raggiungendo per un soffio la significativit脿 statistica. Lo studio ha coinvolto 407 pazienti con melanoma non resecabile o metastatico.
I punti finanziari evidenziano una perdita netta di 26,2 milioni di dollari nel secondo trimestre 2025 e disponibilit脿 liquide pari a 28,1 milioni di dollari al 30 giugno 2025. A luglio 2025 l鈥檃zienda ha ottenuto ulteriori finanziamenti tramite la seconda tranche di 12,5 milioni di euro del prestito della Banca Europea per gli Investimenti, prorogando la copertura finanziaria fino al primo trimestre 2026.
IO Biotech prevede di incontrare la FDA questo autunno per discutere una possibile sottomissione di una Biologics License Application per il trattamento del melanoma avanzato. I primi dati di due studi di fase 2 sono attesi nella seconda met脿 del 2025.
IO Biotech (Nasdaq: IOBT) public贸 sus resultados financieros del segundo trimestre de 2025 y actualizaciones clave sobre su cartera de vacunas contra el c谩ncer. El ensayo de fase 3 de Cylembio庐 m谩s KEYTRUDA庐 para el tratamiento de primera l铆nea del melanoma avanzado mostr贸 una mejora cl铆nica en la supervivencia libre de progresi贸n, aunque no alcanz贸 por poco la significancia estad铆stica. El estudio incluy贸 a 407 pacientes con melanoma irresecable o metast谩sico.
En lo financiero, se registr贸 una p茅rdida neta de 26,2 millones de d贸lares en el segundo trimestre de 2025, y efectivo y equivalentes por 28,1 millones de d贸lares al 30 de junio de 2025. En julio de 2025 la compa帽铆a asegur贸 financiaci贸n adicional con un segundo tramo de 12,5 millones de euros del pr茅stamo del Banco Europeo de Inversiones, ampliando la operatividad hasta el primer trimestre de 2026.
IO Biotech planea reunirse con la FDA este oto帽o para discutir una posible presentaci贸n de la Biologics License Application para el melanoma avanzado. Se esperan los primeros datos de dos ensayos de fase 2 en la segunda mitad de 2025.
IO Biotech (Nasdaq: IOBT)電� 2025雲� 2攵勱赴 鞛鞁れ爜瓿� 鞎� 氚膘嫚 韺岇澊頂勲澕鞚胳潣 欤检殧 歆勴枆 靸來櫓鞚� 氚滍憸頄堨姷雼堧嫟. 1彀� 歆勴枆靹� 頋戩儔膦� 旃橂毳� 鞙勴暅 Cylembio庐鞕� KEYTRUDA庐 氤戩毄鞚� 3靸� 鞁滍棙鞚� 氍挫頄夓儩臁搓赴臧勳棎靹� 鞛勳儊鞝� 臧滌劆鞚� 氤挫榾鞙茧倶 韱店硠鞝� 鞙犾潣靹膘棎電� 攴检唽頃橁矊 氇� 氙胳长鞀惦媹雼�. 氤� 鞐瓣惮鞐愲姅 鞝堨牅 攵堦皜電ロ晿瓯半倶 鞝勳澊靹膘澑 頋戩儔膦� 頇橃瀽 407氇�鞚� 彀胳棳頄堨姷雼堧嫟.
鞛 頃橃澊霛检澊韸鸽電� 2025雲� 2攵勱赴 靾滌啇鞁� 2,620毵� 雼煬毳� 旮半頄堨溂氅�, 2025雲� 6鞗� 30鞚� 旮办 順勱笀 氚� 順勱笀靹膘瀽靷办潃
IO Biotech電� 鞚措矆 臧�鞚� FDA鞕� 毵岆倶 歆勴枆靹� 頋戩儔膦呾棎 雽�頃� 靸濍鞚橃暯頀� 項堦皜 鞁犾箔(Biologics License Application) 臧�電レ劚鞚� 雲检潣頃� 瓿勴殟鞛呺媹雼�. 霊� 瓯挫潣 2靸� 鞁滍棙鞙茧攵�韯办潣 齑堦赴 雿办澊韯半姅 2025雲� 頃橂皹旮办棎 氚滍憸霅� 鞓堨爼鞛呺媹雼�.
IO Biotech (Nasdaq: IOBT) a publi茅 ses r茅sultats financiers du deuxi猫me trimestre 2025 et les principaux d茅veloppements de son portefeuille de vaccins anticanc茅reux. L鈥檈ssai de phase 3 de Cylembio庐 associ茅 脿 KEYTRUDA庐 en premi猫re ligne pour le m茅lanome avanc茅 a montr茅 une am茅lioration clinique de la survie sans progression, bien que l鈥檕bjectif de significativit茅 statistique ait 茅t茅 manqu茅 de peu. L鈥櫭﹖ude a port茅 sur 407 patients atteints de m茅lanome non r茅s茅cable ou m茅tastatique.
Parmi les points financiers figurent une perte nette de 26,2 millions de dollars au T2 2025 et des liquidit茅s et 茅quivalents de 28,1 millions de dollars au 30 juin 2025. En juillet 2025, la soci茅t茅 a obtenu un financement suppl茅mentaire via une deuxi猫me tranche de 12,5 millions d鈥檈uros du pr锚t de la Banque europ茅enne d鈥檌nvestissement, prolongeant ses op茅rations jusqu鈥檃u premier trimestre 2026.
IO Biotech pr茅voit de rencontrer la FDA cet automne pour discuter d鈥檜ne 茅ventuelle soumission d鈥檜ne Biologics License Application pour le m茅lanome avanc茅. Les premi猫res donn茅es de deux essais de phase 2 sont attendues au second semestre 2025.
IO Biotech (Nasdaq: IOBT) hat die Finanzergebnisse f眉r das zweite Quartal 2025 sowie wichtige Entwicklungen seines Krebsimpfstoff-Portfolios ver枚ffentlicht. Die Phase-3-Studie zu Cylembio庐 plus KEYTRUDA庐 als Erstlinienbehandlung beim fortgeschrittenen Melanom zeigte eine klinische Verbesserung des progressionsfreien 脺berlebens, verfehlte jedoch knapp die statistische Signifikanz. An der Studie nahmen 407 Patienten mit nicht resektablem oder metastasiertem Melanom teil.
Finanzielle Eckdaten: ein Verlust von 26,2 Mio. USD im 2. Quartal 2025 sowie liquide Mittel in H枚he von
IO Biotech plant, sich diesen Herbst mit der FDA zu treffen, um eine m枚gliche Einreichung einer Biologics License Application f眉r die Behandlung des fortgeschrittenen Melanoms zu er枚rtern. Erste Daten aus zwei Phase-2-Studien werden f眉r das zweite Halbjahr 2025 erwartet.
- Clinical improvement observed in Phase 3 trial for Cylembio plus KEYTRUDA in advanced melanoma treatment
- Secured 鈧�12.5 million in additional funding through EIB loan facility
- Notable safety profile demonstrated in Phase 3 trial
- Two Phase 2 trials progressing with data expected in H2 2025
- Phase 3 trial narrowly missed statistical significance on primary endpoint
- Increased net loss to $26.2 million in Q2 2025 from $20.7 million in Q2 2024
- Cash runway only extends into Q1 2026
- Research and development expenses increased to $16.7 million from $15.8 million year-over-year
Insights
IO Biotech's Cylembio showed clinical improvement in melanoma but missed statistical significance; cash runway extends into Q1 2026.
IO Biotech's Phase 3 trial results for Cylembio in advanced melanoma represent a mixed outcome for the company. While the vaccine demonstrated clinical improvement in progression-free survival when combined with Keytruda versus Keytruda alone, it narrowly missed the statistical significance threshold required for the primary endpoint. This result places the company in a challenging position as they prepare to meet with the FDA this fall to discuss potential pathways forward.
The safety profile appears favorable, which is encouraging for an immunotherapy combination, as these regimens often face toxicity challenges. However, without statistically significant efficacy data, regulatory approval becomes substantially more uncertain. The FDA typically requires robust statistical significance for approval, particularly for first-in-class therapies.
From a pipeline perspective, IO Biotech has ongoing Phase 2 trials in head and neck cancer, melanoma, and non-small cell lung cancer, with readouts expected in late 2025 and 2026. These additional indications could provide alternative commercialization pathways if the melanoma program faces regulatory challenges.
Financially, the company reported
Cylembio shows clinical benefit in melanoma but misses statistical significance; ongoing trials in multiple tumor types maintain potential.
The Phase 3 data for Cylembio (imsapepimut and etimupepimut, adjuvanted) represents an important but incomplete validation of IO Biotech's cancer vaccine approach. In the 407-patient trial combining Cylembio with pembrolizumab for first-line advanced melanoma, the therapy showed clinical improvement in progression-free survival compared to pembrolizumab monotherapy, yet narrowly missed achieving statistical significance.
From an oncology perspective, this outcome sits in a challenging middle ground. The demonstrated clinical activity suggests biological relevance of targeting immune modulatory mechanisms beyond PD-1 blockade alone. However, the statistical miss creates significant regulatory uncertainty in a field where marginal benefits often fail to secure approvals.
The therapeutic concept remains scientifically intriguing. As an off-the-shelf cancer vaccine, Cylembio represents a potentially scalable approach to enhancing immunotherapy response without the manufacturing complexities of personalized cell therapies. The reported safety profile appears favorable, which is noteworthy as combination immunotherapies often introduce additive toxicities.
IO Biotech's parallel development in perioperative settings and other solid tumors (head and neck cancer and non-small cell lung cancer) provides alternative paths forward. The perioperative approach, studying Cylembio in resectable disease, could potentially yield stronger efficacy signals by treating patients with lower tumor burden. The readouts from these Phase 2 studies in late 2025 will be critical in determining whether the therapeutic concept can demonstrate more definitive efficacy in specific patient populations or treatment settings.
- Announced clinical improvement in progression free survival observed in pivotal Phase 3 Trial of Cylembio庐 plus KEYTRUDA庐 (pembrolizumab) for the treatment of first-line advanced melanoma, but statistical significance narrowly missed; company plans to meet with FDA this fall to discuss data and next steps for a potential regulatory submission
- Ended second quarter with approximately
$28.1 million in cash and cash equivalents; the company expects that our cash position, together with鈧�12.5 million in proceeds from the second tranche of the European Investment Bank (EIB) loan facility received on July 4, 2025, will be sufficient to continue funding our operations into the first quarter of 2026 - Corporate presentations are planned for the Morgan Stanley 23rd Annual Global Healthcare Conference on September 9, 2025, and the H.C. Wainwright 27th Annual Global Investment Conference on September 10, 2025
NEW YORK, Aug. 14, 2025 (GLOBE NEWSWIRE) -- IO Biotech (Nasdaq: IOBT), a clinical-stage biopharmaceutical company developing novel, immune-modulatory, off-the-shelf therapeutic cancer vaccines, today reported financial results and business highlights for the second quarter of 2025.
鈥淚n the second quarter, we achieved a significant milestone advancing our pipeline of novel cancer therapies with the readout of the topline results of the Phase 3 trial for Cylembio, our potentially first-in-class, immune-modulatory, off-the-shelf therapeutic cancer vaccine, being investigated in advanced melanoma,鈥� said Mai-Britt Zocca, PhD, President and CEO of IO Biotech. 鈥淲ith the notable safety profile and clinical improvement observed in this trial, we are focused on discussing the results with the FDA and determining the next steps for a potential submission of a Biologics License Application (BLA) for the treatment of advanced melanoma.鈥�
Recent Business Highlights
- The company announced topline results of its Phase 3 pivotal trial (IOB-013/KN-D18) evaluating the company鈥檚 lead investigational vaccine, Cylembio庐 (imsapepimut and etimupepimut, adjuvanted), in combination with Merck鈥檚 (known as MSD outside of the United States and Canada) anti-PD-1 therapy KEYTRUDA庐 (pembrolizumab) for the treatment of advanced melanoma. The trial evaluated Cylembio in combination with pembrolizumab vs. pembrolizumab alone as a first-line treatment in 407 patients with unresectable or metastatic (advanced) melanoma. In the study, Cylembio plus pembrolizumab demonstrated clinical improvement in progression free survival (PFS) compared to pembrolizumab alone, but statistical significance was narrowly missed on the PFS primary endpoint. Based on these results, IO Biotech plans to meet with the United States (US) Food and Drug Administration (FDA) this fall to discuss the totality of data and determine next steps for a potential submission of a Biologics License Application (BLA) for the treatment of advanced melanoma.
- The company continues to expect initial data from the perioperative Phase 2 solid tumor basket trial (IOB-032/PN-E40), studying treatment with Cylembio in combination with pembrolizumab in patients with resectable squamous cell carcinoma of the head and neck (SCCHN) and melanoma that completed enrollment in January, as well as longer-term data from the company鈥檚 other ongoing Phase 2 basket trial, IOB-022/KN-D38, in patients with advanced SCCHN or non-small cell lung cancer (NSCLC), to be available in the second half of 2025 and presented at a medical meeting in 2026.
Upcoming Investor Conferences Participation
- Morgan Stanley 23rd Annual Global Healthcare Conference: Mai-Britt Zocca, PhD, President and CEO, Amy Sullivan, CFO, and Qasim Ahmad, MD, CMO, will participate in a fireside chat beginning at 7:45 AM ET on September 9, 2025.
- H.C. Wainwright 27th Annual Global Investment Conference: Mai-Britt Zocca, PhD, President and CEO, will give a company presentation beginning at 8:00 AM ET on September 10, 2025.
The webcasts for these two upcoming conferences will be available from the Investors section of the company鈥檚 website at https://investors.iobiotech.com.
Second Quarter 2025 Financial Results
- Net loss for the three months ended June 30, 2025, was
$26.2 million , compared to$20.7 million for the three months ended June 30, 2024. - Research and development expenses were
$16.7 million for the three months ended June 30, 2025, compared to$15.8 million for the three months ended June 30, 2024. The company recognized$0.6 million in research and development equity-based compensation for the three months ended June 30, 2025, compared to$0.7 million for the three months ended June 30, 2024. - General and administrative expenses were
$6.5 million for the three months ended June 30, 2025, compared to$5.7 million for the three months ended June 30, 2024. The company recognized$1.0 million in general and administrative equity-based compensation for the three months ended June 30, 2025 and 2024, respectively. - Cash and cash equivalents as of June 30, 2025 were
$28.1 million , compared to$60.0 million at December 31, 2024. During the three months ended June 30, 2025, the company used cash, cash equivalents and restricted cash of$9.0 million . The company has drawn down on the Tranche A and Tranche B loan facility in principal amount of鈧�10.0 million and鈧�12.5 million , respectively, on May 6, 2025 and July 4, 2025, each before payment of certain fees and transaction related expense. With the funds received from the second tranche of the EIB loan facility on July 4th, the company expects that it will have sufficient cash to run the company into the first quarter of 2026.
About Cylembio庐
Cylembio庐 (imsapepimut and etimupepimut, adjuvanted) is an investigational, immune-modulatory, off-the-shelf therapeutic cancer vaccine candidate designed to kill both tumor cells and immune-suppressive cells in the tumor microenvironment (TME) by stimulating activation and expansion of T cells against indoleamine 2,3-dioxygenase 1 (IDO1) positive and/or programmed death-ligand 1 (PD-L1) positive cells. The company is currently conducting a pivotal Phase 3 trial (IOB-013/KN-D18; NCT05155254) investigating Cylembio in combination with Merck鈥檚 anti-PD-1 therapy, KEYTRUDA庐 (pembrolizumab) versus pembrolizumab alone in patients with advanced melanoma, a Phase 2 basket trial (IOB-022/KN-D38; NCT05077709) investigating Cylembio in combination with pembrolizumab as first line treatment in patients with advanced solid tumors, and a Phase 2 basket trial (IOB-032/PN-E40; NCT05280314) investigating Cylembio in combination with pembrolizumab as neo-adjuvant/adjuvant treatment of patients with solid tumors. Enrollment in the Phase 3 trial was completed rapidly by December 2023 with topline results from this trial reported in the third quarter of 2025. Enrollment in the two ongoing company-sponsored Phase 2 clinical trials is now complete.
The clinical trials are sponsored by IO Biotech and conducted in collaboration with Merck, which is supplying pembrolizumab. IO Biotech maintains global commercial rights to Cylembio.
Cylembio庐 is a registered trademark of IO Biotech ApS, a subsidiary of IO Biotech.
KEYTRUDA庐 is a registered trademark of Merck Sharp & Dohme LLC, a subsidiary of Merck & Co., Inc., Rahway, NJ, USA (known as MSD outside of the US and Canada).
About the IOB-013/KN-D18 Pivotal Phase 3 Clinical Trial
IOB-013/KN-D18 (ClinicalTrials.gov: NCT05155254) is an open label, randomized Phase 3 pivotal clinical trial evaluating Cylembio庐 in combination with Merck鈥檚 anti-PD-1 therapy, KEYTRUDA庐 (pembrolizumab) versus pembrolizumab alone in patients with previously untreated, unresectable or metastatic (advanced) melanoma. Enrollment in the trial was completed by December 2023 with a total of 407 patients enrolled from more than 100 centers across the United States, Europe, Australia, Turkey, Israel and South Africa. The primary endpoint of the study was progression free survival. Secondary endpoints include overall response rate, overall survival, durable objective response rate, complete response rate, duration of response, time to complete response, disease control rate, and incidence of adverse events and serious adverse events (safety and tolerability). Biomarkers in the blood and tumor tissue will also be assessed as exploratory endpoints. The company reported topline results from this trial in the third quarter of 2025. IO Biotech is sponsoring the Phase 3 trial and Merck is supplying pembrolizumab.
About IOB-022/KN-D38 Phase 2 Solid Tumor Basket Trial
IOB-022/KN-D38 (NCT05077709) is a non-comparative, open label trial to investigate the safety and efficacy of Cylembio庐 in combination with Merck鈥檚 anti-PD-1 therapy, KEYTRUDA庐 (pembrolizumab) in the first-line treatment of metastatic non-small cell lung cancer (NSCLC) or metastatic squamous cell carcinoma of the head and neck (SCCHN) at sites in the United States, Spain, and the United Kingdom. IO Biotech is sponsoring the Phase 2 trial and Merck is supplying pembrolizumab.
About IOB-032/PN-E40 Phase 2 Solid Tumor Basket Trial
IOB-032/PN-E40 (NCT05280314) is a multicenter Phase 2 basket trial investigating Cylembio庐 in combination with Merck鈥檚 anti-PD-1 therapy, KEYTRUDA庐 (pembrolizumab) as neo-adjuvant/adjuvant treatment of patients with solid tumors at sites in Australia, the United States, France, Germany, Spain, and Denmark. The study completed enrollment in all cohorts: 18 patients with melanoma in cohort A and 16 patients with SCCHN in cohort B, both as single arm cohorts receiving combination of Cylembio with pembrolizumab. In cohort C, 61 melanoma patients were randomized 1:1 to either the combination of Cylembio with pembrolizumab or pembrolizumab alone. In the neo-adjuvant period, for all cohorts, treatment is every 3 weeks (Q3W) for 3 cycles (melanoma) or 2-3 cycles (SCCHN). Patients entering the study will be scheduled for surgery and begin neoadjuvant treatment 4-9 weeks prior. Surgery will be followed by adjuvant treatment with the same regimen for 15 cycles. Cohort C patients with poor pathological response to pembrolizumab alone in the neo-adjuvant phase (>
About IO Biotech
IO Biotech is a clinical-stage biopharmaceutical company developing novel, immune-modulatory, off-the-shelf therapeutic cancer vaccines based on its T-win庐 platform. The T-win platform is based on a novel approach to cancer vaccines designed to activate T cells to target both tumor cells and the immune-suppressive cells in the tumor microenvironment. IO Biotech is advancing its lead cancer vaccine candidate, Cylembio庐, in clinical trials, and additional pipeline candidates through preclinical development. IO Biotech is headquartered in Copenhagen, Denmark and has US headquarters in New York, New York.
For further information, please visit . Follow us on our social media channels on and X ().
Forward-Looking Statement
This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Forward-looking statements, including statements regarding the timing or outcome of communications with regulatory authorities including the FDA, the timing or outcome of the submission of marketing applications, including a BLA, for Cylembio, the timing or outcome of the launch of Cylembio, and statements regarding other current or future clinical trials, their timing, progress, enrollment or results, or the company鈥檚 financial position or cash runway, are based on IO Biotech鈥檚 current assumptions and expectations of future events and trends, which affect or may affect its business, strategy, operations or financial performance, and actual results and other events may differ materially from those expressed or implied in such statements due to numerous risks and uncertainties. Forward-looking statements are inherently subject to risks and uncertainties, some of which cannot be predicted or quantified. Because forward-looking statements are inherently subject to risks and uncertainties, you should not rely on these forward-looking statements as predictions of future events. These forward-looking statements speak only as of the date hereof and should not be unduly relied upon. Except to the extent required by law, IO Biotech undertakes no obligation to update these statements, whether as a result of any new information, future developments or otherwise.
Contact:
Investors
Maryann Cimino, Director of Investor Relations
IO Biotech, Inc.
617-710-7305
Media
Julie Funesti
Edelman
917-498-1967
| IO BIOTECH, INC. Consolidated Statements of Operations and Comprehensive Loss (In thousands, except share and per share amounts) (unaudited) | ||||||||||||||||
| 听 | 听 | 听 | 听 | 听 | 听 | 听 | ||||||||||
| 听 | 听 | Three Months Ended June听30, | 听 | 听 | Six Months Ended June听30, | 听 | ||||||||||
| 听 | 听 | 2025 | 听 | 听 | 2024 | 听 | 听 | 2025 | 听 | 听 | 2024 | 听 | ||||
| Operating expenses | 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 | ||||
| Research and development | 听 | $ | 16,652 | 听 | 听 | $ | 15,848 | 听 | 听 | $ | 33,027 | 听 | 听 | $ | 30,159 | 听 |
| General and administrative | 听 | 听 | 6,518 | 听 | 听 | 听 | 5,685 | 听 | 听 | 听 | 12,727 | 听 | 听 | 听 | 11,571 | 听 |
| Total operating expenses | 听 | 听 | 23,170 | 听 | 听 | 听 | 21,533 | 听 | 听 | 听 | 45,754 | 听 | 听 | 听 | 41,730 | 听 |
| Loss from operations | 听 | 听 | (23,170 | ) | 听 | 听 | (21,533 | ) | 听 | 听 | (45,754 | ) | 听 | 听 | (41,730 | ) |
| Other (expense) income | 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 | ||||
| Currency exchange loss, net | 听 | 听 | (374 | ) | 听 | 听 | (90 | ) | 听 | 听 | (479 | ) | 听 | 听 | (552 | ) |
| Interest income | 听 | 听 | 285 | 听 | 听 | 听 | 1,311 | 听 | 听 | 听 | 699 | 听 | 听 | 听 | 2,928 | 听 |
| Interest expense | 听 | 听 | (253 | ) | 听 | 听 | 鈥� | 听 | 听 | 听 | (253 | ) | 听 | 听 | 鈥� | 听 |
| Change in fair value of warrants | 听 | 听 | (2,587 | ) | 听 | 听 | 鈥� | 听 | 听 | 听 | (2,587 | ) | 听 | 听 | 鈥� | 听 |
| Total other (expense) income, net | 听 | 听 | (2,929 | ) | 听 | 听 | 1,221 | 听 | 听 | 听 | (2,620 | ) | 听 | 听 | 2,376 | 听 |
| Loss before income tax expense | 听 | 听 | (26,099 | ) | 听 | 听 | (20,312 | ) | 听 | 听 | (48,374 | ) | 听 | 听 | (39,354 | ) |
| Income tax expense | 听 | 听 | 118 | 听 | 听 | 听 | 374 | 听 | 听 | 听 | 264 | 听 | 听 | 听 | 789 | 听 |
| Net loss | 听 | 听 | (26,217 | ) | 听 | 听 | (20,686 | ) | 听 | 听 | (48,638 | ) | 听 | 听 | (40,143 | ) |
| Net loss attributable to common shareholders | 听 | 听 | (26,217 | ) | 听 | 听 | (20,686 | ) | 听 | 听 | (48,638 | ) | 听 | 听 | (40,143 | ) |
| Net loss per common share, basic and diluted | 听 | $ | (0.40 | ) | 听 | $ | (0.31 | ) | 听 | $ | (0.74 | ) | 听 | $ | (0.61 | ) |
| Weighted-average number of shares used in computing net loss per common share, basic and diluted | 听 | 听 | 65,880,914 | 听 | 听 | 听 | 65,880,914 | 听 | 听 | 听 | 65,880,914 | 听 | 听 | 听 | 65,880,914 | 听 |
| Other comprehensive loss | 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 | ||||
| Net loss | 听 | $ | (26,217 | ) | 听 | $ | (20,686 | ) | 听 | $ | (48,638 | ) | 听 | $ | (40,143 | ) |
| Foreign currency translation | 听 | 听 | (220 | ) | 听 | 听 | (151 | ) | 听 | 听 | 39 | 听 | 听 | 听 | 43 | 听 |
| Total comprehensive loss | 听 | $ | (26,437 | ) | 听 | $ | (20,837 | ) | 听 | $ | (48,599 | ) | 听 | $ | (40,100 | ) |
| 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 |
| IO BIOTECH, INC. Consolidated Balance Sheets (In thousands, except share and per share amounts) (unaudited) | ||||||||
| 听 | 听 | 听 | 听 | 听 | 听 | 听 | ||
| 听 | 听 | June听30, 2025 | 听 | 听 | December听31, 2024 | 听 | ||
| Assets | 听 | 听 | 听 | 听 | 听 | 听 | ||
| Current assets | 听 | 听 | 听 | 听 | 听 | 听 | ||
| Cash and cash equivalents | 听 | $ | 28,131 | 听 | 听 | $ | 60,031 | 听 |
| Prepaid expenses and other current assets | 听 | 听 | 10,849 | 听 | 听 | 听 | 4,920 | 听 |
| Total current assets | 听 | 听 | 38,980 | 听 | 听 | 听 | 64,951 | 听 |
| Restricted cash | 听 | 听 | 268 | 听 | 听 | 听 | 268 | 听 |
| Property and equipment, net | 听 | 听 | 603 | 听 | 听 | 听 | 638 | 听 |
| Right of use lease asset | 听 | 听 | 1,470 | 听 | 听 | 听 | 1,725 | 听 |
| Other non-current assets | 听 | 听 | 1,005 | 听 | 听 | 听 | 117 | 听 |
| Total non-current assets | 听 | 听 | 3,346 | 听 | 听 | 听 | 2,748 | 听 |
| Total assets | 听 | $ | 42,326 | 听 | 听 | $ | 67,699 | 听 |
| Liabilities and stockholders鈥� equity | 听 | 听 | 听 | 听 | 听 | 听 | ||
| Current liabilities | 听 | 听 | 听 | 听 | 听 | 听 | ||
| Accounts payable | 听 | $ | 5,537 | 听 | 听 | $ | 4,661 | 听 |
| Lease liability - current | 听 | 听 | 768 | 听 | 听 | 听 | 717 | 听 |
| Accrued expenses and other current liabilities | 听 | 听 | 13,592 | 听 | 听 | 听 | 14,108 | 听 |
| Total current liabilities | 听 | 听 | 19,897 | 听 | 听 | 听 | 19,486 | 听 |
| Lease liability - non-current | 听 | 听 | 868 | 听 | 听 | 听 | 1,198 | 听 |
| Term loan debt, net | 听 | 听 | 6,720 | 听 | 听 | 听 | 鈥� | 听 |
| Common stock warrants | 听 | 听 | 13,249 | 听 | 听 | 听 | 鈥� | 听 |
| Total non-current liabilities | 听 | 听 | 20,837 | 听 | 听 | 听 | 1,198 | 听 |
| Total liabilities | 听 | 听 | 40,734 | 听 | 听 | 听 | 20,684 | 听 |
| Commitments and contingencies | 听 | 听 | 听 | 听 | 听 | 听 | ||
| Stockholders鈥� equity | 听 | 听 | 听 | 听 | 听 | 听 | ||
| Preferred stock, par value of | 听 | 听 | 鈥� | 听 | 听 | 听 | 鈥� | 听 |
| Common stock, par value of | 听 | 听 | 66 | 听 | 听 | 听 | 66 | 听 |
| Additional paid-in capital | 听 | 听 | 416,289 | 听 | 听 | 听 | 413,113 | 听 |
| Accumulated deficit | 听 | 听 | (407,951 | ) | 听 | 听 | (359,313 | ) |
| Accumulated other comprehensive loss | 听 | 听 | (6,812 | ) | 听 | 听 | (6,851 | ) |
| Total stockholders鈥� equity | 听 | 听 | 1,592 | 听 | 听 | 听 | 47,015 | 听 |
| Total liabilities and stockholders鈥� equity | 听 | $ | 42,326 | 听 | 听 | $ | 67,699 | 听 |
FAQ
What were the key findings from IO Biotech's (IOBT) Phase 3 melanoma trial?
What is IO Biotech's (IOBT) current financial position as of Q2 2025?
How did IO Biotech's (IOBT) Q2 2025 financial results compare to Q2 2024?
What are the next steps for IO Biotech's (IOBT) Cylembio melanoma treatment?
When will IO Biotech (IOBT) report data from its Phase 2 trials?
