IO Biotech Reports Third Quarter 2024 Financial Results and Business Highlights

On November 12, 2024, IO Biotech, Inc. (NASDAQ: IOBT) released its financial results for the third quarter ended September 30, 2024. The company reported a net loss of $24.0 million for the three-month period, compared to $21.7 million in the same period in 2023. Research and development expenses amounted to $20.2 million, an increase from $17.7 million in the prior-year quarter, primarily due to ongoing clinical trial activities related to the company’s IO102-IO103 therapeutic cancer vaccine.

General and administrative expenses for the quarter were $6.3 million, up from $5.8 million in the corresponding period last year. The company’s cash and cash equivalents stood at $80.2 million as of September 30, 2024, compared to $143.2 million at the end of 2023. IO Biotech affirmed that it expects its cash reserves to sustain its operations through the fourth quarter of 2025.

Furthermore, the company provided updates on its clinical trials, highlighting milestones achieved. The pivotal Phase 3 trial (IOB-013/KN-D18) evaluating IO102-IO103 in combination with Merck’s KEYTRUDA® in patients with advanced melanoma is on track, with the primary endpoint of progression-free survival (PFS) expected to be reached in the first half of 2025. Encouraging data from Phase 2 trials evaluating IO102-IO103 in different cancer types were presented at prominent medical congresses.

IO Biotech continues to advance its portfolio of novel therapeutic cancer vaccines based on its T-win® platform. The company emphasized the potential efficacy of its investigational treatment, with plans to submit applications to regulatory authorities in the coming years.

About IO Biotech:
IO Biotech is a clinical-stage biopharmaceutical company headquartered in Copenhagen, Denmark, specializing in immune-modulating therapeutic cancer vaccines. The company’s T-win® platform focuses on activating T cells to target immune-suppressive cells in the tumor microenvironment. IO Biotech’s lead candidate, IO102-IO103, is being evaluated in various clinical trials and has received Breakthrough Therapy Designation for the treatment of advanced melanoma in the US.

With a robust financial position and ongoing advancements in its clinical programs, IO Biotech remains poised for further development and potential market entry in the near future.

For more details on the company’s financial performance and clinical advancements, please visit their official website.

This news article is based on the 8-K SEC filing of IO Biotech, Inc. on November 12, 2024.

This article was generated by an automated content engine and was reviewed by a human editor prior to publication. For additional information, read IO Biotech’s 8K filing here.

About IO Biotech

IO Biotech, Inc, a clinical-stage biopharmaceutical company, develops immune-modulating therapeutic cancer vaccines based on the T-win technology platform. The company's lead product candidate, IO102-IO103, which is designed to target immunosuppressive mechanisms mediated by Indoleamine 2,3-dehydrogenase (IDO), and programmed death-ligand (PD-L1) that is in phase 3 clinical trial to treat melanoma, as well as in phase 2 clinical trial to treat lung, head and neck, bladder, and melanoma cancer.