IO Biotech, Inc.
IOBTQ evidence brief
What we can confirm
What it means
What to watch
Prepared research question
What matters most for IOBTQ—catalysts, financial risk and supporting evidence?
Traceable citations · Unknowns marked
BioSniper AI · IOBTQ
IO Biotech, Inc. is a clinical-stage biopharmaceutical company developing off-the-shelf, immune-modulatory therapies, with a lead candidate IO102-IO103 targeting IDO1 and PD-L1 pathways.
Key risk: Cash runway limited
BioSniper Score
Based on 5 of 6 signals
Financial data as of Sep 30, 2025.
Tracking 3 pipeline candidates · 91 clinical trials · 15 catalysts for IO Biotech, Inc..
Similar companies
IO Biotech, Inc. is a clinical-stage biopharmaceutical company developing off-the-shelf, immune-modulatory therapies, with a lead candidate IO102-IO103 targeting IDO1 and PD-L1 pathways.
- Clinical-stage biopharmaceutical company developing novel, immune-modulatory, off-the-shelf therapies [sec_mda · as of 2025-03-31].
- Lead product candidate IO102-IO103 targets IDO1 and PD-L1, showing strong T-cell responses and tumor growth control in preclinical models [sec_mda · as of 2025-08-14].
- Cash and equivalents of $30.7M as of 2025-09-30 [sec]; net loss of -$8.4M for the quarter ended 2025-09-30 [sec].
- Financed primarily by $386.4M from convertible preference shares, convertible notes, and other sources [sec_mda · as of 2025-08-14].
- Cash runway expected into first quarter of 2026 based on $28.1M as of June 30, 2025, plus €12.5M drawn in July 2025 [sec_mda · as of 2025-08-14].
What works
- IO102-IO103 demonstrated strong T-cell responses and tumor growth control in preclinical models, with a potentially synergistic mechanism distinct from PD-1/PD-L1 inhibitors [sec_mda · as of 2025-08-14].
- The company has raised substantial capital ($386.4M) to fund development, indicating investor confidence in its pipeline [sec_mda · as of 2025-08-14].
- Multiple upcoming Phase 2 and Phase 3 trial starts and topline data readouts through 2027 provide a clear catalyst path [catalyst_timeline].
What to weigh
- The company has a history of net losses and expects to continue incurring losses, with no product revenue generated to date [sec_mda · as of 2025-05-14].
- Cash runway is limited, with existing resources only sufficient into the first quarter of 2026, necessitating additional financing [sec_mda · as of 2025-08-14].
- The company may need to delay, reduce, or terminate planned activities if additional capital is not secured [sec_mda · as of 2025-11-14].
- Clinical-stage biotech faces inherent risks in trial outcomes, regulatory approvals, and commercialization [sec_mda · as of 2025-03-31].
From the filings
Quoted directly from source documents.
IO102-IO103 shows strong T-cell responses and tumor growth control in preclinical models.
“treatment with murine surrogate for IO102-IO103 resulted in strong T-cell responses leading to tumor growth control, where IDO1 and PD-L1 vaccine each contributing through different molecular programs.”
SEC MD&A · August 14, 2025
The company may need to delay or terminate activities if funding is insufficient.
“we may need to delay, reduce or terminate planned activities to reduce costs.”
SEC MD&A · November 14, 2025
Company has raised $386.4M from equity and debt financings.
“Our operations to date have been financed primarily by aggregate net proceeds of $386.4 million from the issuance of convertible preference shares, convertible notes, ord”
SEC MD&A · August 14, 2025
Catalyst timeline
- 2026-09-01 · Phase 2 Start: 2-Hydroxybenzylamine (2-HOBA) Phase 1b/2a Proof-of Concept, Dose-Finding, Biomarker Study in Early A — Initiation of a Phase 1b/2a study for 2-HOBA in early Alzheimer's disease, providing early efficacy and biomarker data.
- 2026-09-01 · Phase 2 Start: An Open-Label Phase 2 Study of WGI-0301 Plus Lenvatinib in Patients With Advanced Hepatocellular Car — Start of a Phase 2 trial combining WGI-0301 with lenvatinib in advanced hepatocellular carcinoma.
- 2026-10-01 · Phase 2 Start: A Phase I/IIa, Randomized, Double Blind, Placebo Controlled, Dose Escalation and Cohort Expansion St — Initiation of a Phase 1/2a randomized, double-blind, placebo-controlled dose escalation and expansion study.
- 2026-11-01 · Phase 3 Topline: A Randomized, Double-Blind, Active Comparator-Controlled Phase Ⅲ Trial to Evaluate the Immunogenicit — Topline data from a Phase 3 immunogenicity trial comparing the candidate to an active comparator.
- 2027-01-01 · Phase 3 Topline: A Randomized, Double-Blind, Active Comparator-Controlled Phase Ⅲ Trial to Evaluate the Immunogenicit — Second Phase 3 topline readout for an immunogenicity trial with active comparator.
- 2027-04-30 · Phase 3 Topline: A Phase 3, Randomized, Double-Masked, Vehicle-controlled, Multi-center Study Evaluating the Safety a — Topline data from a Phase 3 vehicle-controlled study evaluating safety and efficacy.
- 2027-04-30 · Phase 3 Topline: A Multi-center, Randomized, Single-masked, Active-controlled Phase III Clinical Study to Evaluate th — Topline data from a Phase 3 single-masked, active-controlled study.
- 2027-09-15 · Phase 3 Topline: A Phase Ⅲ Clinical Trial to Evaluate the Immunogenicity and Safety of an Inactivated Hepatitis A Vac — Topline data from a Phase 3 trial evaluating immunogenicity and safety of an inactivated hepatitis A vaccine.
Risks & what to watch (4)›
Key risks
- Cash runway limited — Existing cash and equivalents of $30.7M as of 2025-09-30 may only fund operations into Q1 2026 [sec_mda · as of 2025-08-14].
- No product revenue — Company has no approved products and has not generated any revenue from product sales [sec_mda · as of 2025-05-14].
- Clinical trial risks — Phase 2 and Phase 3 trials may fail to meet endpoints, delaying or preventing regulatory approval [sec_mda · as of 2025-03-31].
- Need for additional capital — May need to delay, reduce, or terminate activities if additional financing is not obtained [sec_mda · as of 2025-11-14].
What to watch
- Phase 2 trial starts for 2-HOBA and WGI-0301 in September 2026 [catalyst_timeline].
- Phase 3 topline data for immunogenicity trials in November 2026 and January 2027 [catalyst_timeline].
- Additional Phase 3 topline readouts in April and September 2027 [catalyst_timeline].
- Cash position updates and potential financing activities to extend runway beyond Q1 2026 [sec_mda · as of 2025-08-14].
Sources: SEC MD&A · Generated August 29, 2026 · How we verify sources →
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Evidence & data
Score breakdownBased on 5 of 6 signals · derived from public data
5.3 months
D/E 42.86 · 0% dilution
Lead: Phase 2
3 candidates
15 upcoming, next in ~2d
No insider transactions in the last 180 days
Runway
Catalysts
Pipeline
Regulatory
Financials
Short Interest
as of May 21, 2026- % of float
- 7.5%
- Days to cover
- 2.1
- Shares short
- 2,820,245
- Daily short volume
- -
Short percent of float and days-to-cover reflect reported short positioning. Daily short volume is the exchange-reported short share of a single day's trading volume and is noisier. See the most-shorted biotech ranking →
IOBTQ short interestGovernance
Frequently asked questions
What is the AI investment thesis for IO Biotech, Inc.?
IO Biotech, Inc. is a clinical-stage biopharmaceutical company developing off-the-shelf, immune-modulatory therapies, with a lead candidate IO102-IO103 targeting IDO1 and PD-L1 pathways.
What is IO Biotech, Inc.'s lead drug candidate?
IO Biotech, Inc.'s most advanced tracked candidate is cylembio (Phase 2) for Metastatic non-small cell lung cancer (NSCLC) and recurrent and/or metastatic squamous cell carcinoma of the head and neck (SCCHN).
What is IO Biotech, Inc.'s next catalyst?
IO Biotech, Inc.'s next tracked catalyst is a Phase2_Start event — "Phase 2 Start: 2-Hydroxybenzylamine (2-HOBA) Phase 1b/2a Proof-of Concept, Dose-Finding, Biomarker Study in Early A" — expected September 1, 2026.
Who is the CEO of IO Biotech, Inc.?
Dr. Mai-Britt Zocca Ph.D. is the chief executive officer of IO Biotech, Inc. (IOBTQ).
Where is IO Biotech, Inc. headquartered?
IO Biotech, Inc. (IOBTQ) is headquartered in Copenhagen, Denmark.
The AI overview and BioSniper Score are neutral, data-derived signals built from public SEC filings, ClinicalTrials.gov and FDA records — not investment advice.