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IOBT

IO Biotech, Inc.

IOBT

IO Biotech, Inc. • NASDAQ
$0.72 ▼ -1.96% (-0.01)
Market Cap $51.77 M
52w High $2.79
52w Low $0.32
Dividend Yield 0%
P/E -0.54
Volume 426.36K
Outstanding Shares 71.95M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q3-2025 $0 $19.125M ▼ $-8.378M ▲ 0% $-0.13 ▲ $-8.926M ▲
Q2-2025 $0 $22.936M ▲ $-26.217M ▼ 0% $-0.4 ▼ $-25.612M ▼
Q1-2025 $0 $22.357M ▼ $-22.421M ▲ 0% $-0.34 ▲ $-22.048M ▲
Q4-2024 $0 $26.724M ▲ $-31.333M ▼ 0% $-0.48 ▼ $-30.669M ▼
Q3-2024 $0 $26.299M $-24.015M 0% $-0.36 $-23.601M

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q3-2025 $30.664M ▲ $39.956M ▼ $39.045M ▼ $911K ▼
Q2-2025 $28.131M ▼ $42.326M ▼ $40.734M ▲ $1.592M ▼
Q1-2025 $37.086M ▼ $45.736M ▼ $19.314M ▼ $26.422M ▼
Q4-2024 $60.031M ▼ $67.699M ▼ $20.684M ▲ $47.015M ▼
Q3-2024 $80.185M $89.945M $17.38M $72.565M

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q3-2025 $-8.378M ▲ $-18.478M ▲ $-4K ▲ $21.27M ▲ $2.533M ▲ $-18.482M ▲
Q2-2025 $-26.217M ▼ $-19.822M ▲ $-26K ▲ $11.487M ▲ $-8.955M ▲ $-19.848M ▲
Q1-2025 $-22.421M ▲ $-23.071M ▼ $-28K ▼ $0 $-22.945M ▼ $-23.099M ▼
Q4-2024 $-31.333M ▼ $-19.625M ▲ $-11K ▼ $0 $-20.154M ▲ $-19.636M ▲
Q3-2024 $-24.015M $-20.808M $-10K $0 $-20.562M $-20.818M

Five-Year Company Overview

Income Statement

Income Statement IO Biotech is still a pure R&D story with no product sales yet, so the income statement is entirely driven by research and operating costs. The company has reported steady losses each year, which is normal for a clinical‑stage biotech, but it means the business is not self‑funding. Operating losses have grown over time as the pipeline has advanced and trials have become larger and more complex, though the loss per share has recently narrowed somewhat. Overall, the income statement reflects a company investing heavily in development while bearing full R&D and overhead costs without any offsetting revenue yet.

Balance Sheet

Balance Sheet The balance sheet is simple and fairly clean. Assets are dominated by cash, with very little in the way of physical assets or inventory, which is typical for a biotech focused on clinical trials rather than manufacturing. The company has reported no financial debt, which reduces balance sheet risk and interest burdens. Equity has moved from negative several years ago to positive, reflecting past capital raises that strengthened the financial base. The main challenge is that the asset base is relatively small for a company running late‑stage trials, so the balance sheet offers only a limited cushion unless fresh capital is raised or partners are brought in.

Cash Flow

Cash Flow Cash flows show a consistent pattern of money flowing out to fund operations and trials, with no offsetting inflows from product sales. Operating cash burn has gradually increased as development has expanded, and free cash flow closely tracks operating cash flow because there is essentially no spending on equipment or facilities. This lean structure keeps fixed investment low, but it also highlights that the company relies heavily on its cash balance and future financing events. The key question going forward is how long the current cash can support clinical activities before another capital raise or partnership is needed.

Competitive Edge

Competitive Edge IO Biotech operates in a very crowded and fast‑moving cancer immunotherapy field, but it has carved out a differentiated angle. Its T‑win platform is designed to hit both the tumor cells and the immune‑suppressive environment around them, and to work alongside established checkpoint inhibitors rather than compete head‑to‑head. The lead vaccine, Cylembio, has shown promising clinical signals, including in harder‑to‑treat patient groups, but the fact that the main late‑stage trial narrowly missed its primary endpoint is a meaningful competitive setback. The company faces competition from much larger players with deeper resources, and its current position depends heavily on how regulators and partners view the totality of the clinical data and the potential of combinations.

Innovation and R&D

Innovation and R&D Innovation is clearly the core strength here. The T‑win platform is built to create off‑the‑shelf cancer vaccines that can be readily combined with existing drugs, which is attractive from both a scientific and logistical standpoint. The approach of targeting both IDO and PD‑L1, and expanding to other immune‑suppressive targets like Arginase‑1 and TGF‑β, gives the company a coherent, platform‑based pipeline rather than a single one‑off asset. The advancing preclinical programs suggest the platform is repeatable and scalable. The main R&D risk is execution: translating strong biology and early‑stage signals into clear, statistically persuasive late‑stage results in a field where many immuno‑oncology programs have stumbled.

Summary

IO Biotech is an early‑stage, high‑risk, high‑uncertainty biotech focused on a clearly defined immuno‑oncology strategy. Financially, it has no revenue, persistent losses, and ongoing cash burn, but also a straightforward balance sheet with no debt and cash as the main asset. The company’s future depends on the regulatory and clinical fate of its lead vaccine, Cylembio, and on its ability to leverage the T‑win platform into multiple indications and new candidates. The recent late‑stage trial miss creates a hurdle, yet the depth of the underlying science, combination strategy with checkpoint inhibitors, and pipeline breadth provide multiple paths forward. The key things to watch are regulatory feedback, new clinical data from combination and earlier‑stage settings, and how the company manages its cash runway and potential partnerships.

NEWS

November 26, 2025 · 10:46 AM UTC

IO Biotech Announces Participation in Upcoming December Investor Conferences

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November 14, 2025 · 8:05 AM UTC

IO Biotech Reports Third Quarter 2025 Financial Results and Provides Business Highlights

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November 12, 2025 · 8:30 AM UTC

IO Biotech Announces Participation in Upcoming Investor Conferences

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November 7, 2025 · 9:00 AM UTC

IO Biotech Presents Pre-Clinical Data Highlighting the Potential of Additional Therapeutic Cancer Vaccine Candidates at the 2025 Annual Meeting of the Society for Immunotherapy of Cancer (SITC)

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October 20, 2025 · 2:30 AM UTC

IO Biotech Presents Phase 3 Results for Cylembio® plus KEYTRUDA® (pembrolizumab) in First-line Advanced Melanoma at ESMO 2025

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