IO Biotech, Inc.
IOBTQ evidence brief
What we can confirm
- BioSniper Score:
- 5.2 / 10
- Market Cap:
- $7K
- Lead Asset:
- cylembio (Phase 2)
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. (IOBTQ) is a clinical-stage biotechnology company developing Cylembio, a Phase 2 bispecific candidate targeting IDO and PD-L1 in NSCLC and SCCHN, with a cash position of $30.7M as of September 30, 2025.
Key risk: Cash runway risk
BioSniper Score
Based on 4 of 6 signals
Financial data as of Sep 30, 2025.
Tracking 3 pipeline candidates · 93 clinical trials · 1 catalyst for IO Biotech, Inc..
Similar companies
IO Biotech, Inc. (IOBTQ) is a clinical-stage biotechnology company developing Cylembio, a Phase 2 bispecific candidate targeting IDO and PD-L1 in NSCLC and SCCHN, with a cash position of $30.7M as of September 30, 2025.
- Cash & equivalents of $30.7M as of 2025-09-30 [sec]
- Net loss of -$8.4M for the period ending 2025-09-30 [sec]
- Shareholders' equity of $0.9M as of 2025-09-30 [sec]
- Total debt of $26.4M as of 2025-09-30 [sec]
- Lead candidate Cylembio is in Phase 2 for metastatic NSCLC and SCCHN, targeting IDO and PD-L1 [pipeline]
What works
- Cylembio has a Breakthrough regulatory status, which may accelerate development and review [pipeline]
- The company has a defined Phase 2 program in two large oncology indications (NSCLC and SCCHN) [pipeline]
What to weigh
- Cash of $30.7M as of 2025-09-30 is limited relative to ongoing clinical and operational costs, and the company may need to delay or reduce activities if additional funding is not secured [sec_mda · as of 2025-11-14]
- Shareholders' equity of $0.9M as of 2025-09-30 is very low, indicating a highly leveraged capital structure [sec]
- The company has no approved products and expects to finance cash needs through equity, debt, or collaborations until it can generate product revenue [sec_mda · as of 2025-11-14]
From the filings
Quoted directly from source documents.
Cylembio is in Phase 2 for NSCLC and SCCHN
“Pipeline Candidate: cylembio Indication: Metastatic non-small cell lung cancer (NSCLC) and recurrent and/or metastatic squamous cell carcinoma of the head and neck (SCCHN) Phase: Phase 2”
Cylembio targets IDO and PD-L1
“Mechanism of Action: Targets cancer cells and immune-suppressive cells in the TME that express IDO and PD-L1”
Company may need to delay or reduce activities to cut costs
“we may need to delay, reduce or terminate planned activities to reduce costs”
SEC MD&A · November 14, 2025
Catalyst timeline
- 2026-11-01 · Phase1_Start: A Phase 1 Clinical Trial of ACE723, A Dual-Payload Antibody Drug Conjugate Targeting Glypican-3 (GPC-3), in Patients With Unresectable or Metastatic Hepatocellular Carcinoma (HCC) Who Have Failed or Progressed on Standard Immune Checkpoint Inhibitor-Containing Systemic Therapies — Initiation of a Phase 1 trial for a new ADC candidate targeting GPC-3 in HCC, expanding the pipeline beyond Cylembio.
Risks & what to watch (3)›
Key risks
- Cash runway risk — Cash of $30.7M as of 2025-09-30 may be insufficient to complete planned trials without additional financing [sec]
- No approved products — Company has no commercial revenue and relies on external financing for operations [sec_mda · as of 2025-11-14]
- High debt relative to equity — Total debt of $26.4M exceeds shareholders' equity of $0.9M as of 2025-09-30 [sec]
What to watch
- Progress of Cylembio Phase 2 trials in NSCLC and SCCHN [pipeline]
- Ability to secure additional financing given cash burn and low equity [sec_mda · as of 2025-11-14]
- Upcoming Phase 1 start of ACE723 for HCC on 2026-11-01 [catalyst]
Sources: Catalysts · Pipeline · SEC MD&A · Generated October 13, 2026 · How we verify sources →
Run IO Biotech, Inc. through your own thesis
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Evidence & data
Score breakdownBased on 4 of 6 signals · derived from public data
Cash runway data unavailable
D/E 42.86 · 0% dilution
Lead: Phase 2
3 candidates
1 upcoming, next in ~19d
No insider transactions in the last 180 days
Catalysts
Pipeline
Regulatory
Financials
Institutional Holdings
Source: SEC Form 13F · as of Mar 2026Institutional holders
12
Total value held
$179K
| Holder | Shares | Value |
|---|---|---|
| ikarian capital, llc | 1,386,565 | $81K |
| boothbay fund management, llc | 451,852 | $27K |
| marshall wace, llp | 301,291 | $18K |
| xtx topco ltd | 265,792 | $16K |
| morgan stanley | 206,215 | $12K |
| millennium management llc | 194,158 | $11K |
| citigroup inc | 72,495 | $4K |
| jane street group, llc | 57,974 | $3K |
| beacon pointe advisors, llc | 42,600 | $3K |
| geode capital management, llc | 33,307 | $2K |
Showing top 10 of 12 institutional holders of IO Biotech, Inc.. Open the full 13F history after sign-in.
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. (IOBTQ) is a clinical-stage biotechnology company developing Cylembio, a Phase 2 bispecific candidate targeting IDO and PD-L1 in NSCLC and SCCHN, with a cash position of $30.7M as of September 30, 2025.
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 Phase1_Start event — "Phase1_Start: A Phase 1 Clinical Trial of ACE723, A Dual-Payload Antibody Drug Conjugate Targeting Glypican-3 (GPC-3), in Patients With Unresectable or Metastatic Hepatocellular Carcinoma (HCC) Who Have Failed or Progressed on Standard Immune Checkpoint Inhibitor-Containing Systemic Therapies" — expected November 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.