IO Biotech, Inc. Files 2023 Annual Report (10-K)

Ticker: IOBT · Form: 10-K · Filed: Mar 5, 2024 · CIK: 1865494

Io Biotech, Inc. 10-K Filing Summary
FieldDetail
CompanyIo Biotech, Inc. (IOBT)
Form Type10-K
Filed DateMar 5, 2024
Risk Levelmedium
Pages15
Reading Time18 min
Key Dollar Amounts$0.001
Sentimentneutral

Sentiment: neutral

Topics: 10-K, IO Biotech, Pharmaceuticals, Financial Report, SEC Filing

TL;DR

<b>IO Biotech, Inc. has filed its 2023 10-K annual report, detailing its financial status and operations.</b>

AI Summary

IO Biotech, Inc. (IOBT) filed a Annual Report (10-K) with the SEC on March 5, 2024. IO Biotech, Inc. filed its 10-K report for the fiscal year ending December 31, 2023. The company's principal executive offices are located in Copenhagen, Denmark. IO Biotech is classified under the Pharmaceutical Preparations industry (SIC 2834). The filing references various financial instruments including common stock, warrants, and preferred stock. Key dates mentioned include August 9, 2023, related to a Securities Purchase Agreement and Private Placement.

Why It Matters

For investors and stakeholders tracking IO Biotech, Inc., this filing contains several important signals. This 10-K filing provides a comprehensive overview of IO Biotech's financial performance and strategic activities throughout 2023, crucial for investors assessing the company's current standing and future prospects. The detailed information on financial instruments, operational expenses like R&D, and corporate actions offers insights into the company's investment in growth and its capital structure.

Risk Assessment

Risk Level: medium — IO Biotech, Inc. shows moderate risk based on this filing. The company is in the pharmaceutical preparations sector, which is highly regulated and competitive, and the filing details various financial instruments and expenses that indicate ongoing operational and investment activities without clear revenue generation figures in the provided snippet.

Analyst Insight

Investors should review the full 10-K to understand the company's financial health, R&D pipeline, and any disclosed risks or future strategies.

Key Numbers

  • 2023-12-31 — Fiscal Year End (Conformed period of report)
  • 2024-03-05 — Filing Date (Filed as of date)
  • 2834 — SIC Code (Standard Industrial Classification)
  • August 9, 2023 — Securities Purchase Agreement Date (Securities Purchase Agreement, Private Placement)

Key Players & Entities

  • IO Biotech, Inc. (company) — Filer name
  • 20231231 (date) — Conformed period of report
  • 20240305 (date) — Filed as of date
  • 0000950170-24-026275 (other) — Accession number
  • Copenhagen (location) — Business address city
  • DK (location) — Business address state/country code
  • 2834 (other) — Standard Industrial Classification
  • August 9, 2023 (date) — Securities Purchase Agreement date

FAQ

When did IO Biotech, Inc. file this 10-K?

IO Biotech, Inc. filed this Annual Report (10-K) with the SEC on March 5, 2024.

What is a 10-K filing?

A 10-K is a comprehensive annual financial report required by the SEC, covering audited financials, business operations, risk factors, and management discussion. This particular 10-K was filed by IO Biotech, Inc. (IOBT).

Where can I read the original 10-K filing from IO Biotech, Inc.?

You can access the original filing directly on the SEC's EDGAR system. The filing is publicly available and includes all exhibits and attachments submitted by IO Biotech, Inc..

What are the key takeaways from IO Biotech, Inc.'s 10-K?

IO Biotech, Inc. filed this 10-K on March 5, 2024. Key takeaways: IO Biotech, Inc. filed its 10-K report for the fiscal year ending December 31, 2023.. The company's principal executive offices are located in Copenhagen, Denmark.. IO Biotech is classified under the Pharmaceutical Preparations industry (SIC 2834)..

Is IO Biotech, Inc. a risky investment based on this filing?

Based on this 10-K, IO Biotech, Inc. presents a moderate-risk profile. The company is in the pharmaceutical preparations sector, which is highly regulated and competitive, and the filing details various financial instruments and expenses that indicate ongoing operational and investment activities without clear revenue generation figures in the provided snippet.

What should investors do after reading IO Biotech, Inc.'s 10-K?

Investors should review the full 10-K to understand the company's financial health, R&D pipeline, and any disclosed risks or future strategies. The overall sentiment from this filing is neutral.

Risk Factors

  • Financial Instruments [medium — financial]: The filing references various financial instruments including common stock, warrants, and preferred stock, indicating complex capital structure and potential future dilution or obligations.
  • Research and Development Expenses [medium — operational]: Significant mention of Research and Development Expenses suggests substantial investment in product development, a common characteristic of biotech firms, but also a drain on resources without guaranteed returns.

Key Dates

  • 2023-12-31: Fiscal Year End — Marks the end of the reporting period for the 10-K.
  • 2024-03-05: 10-K Filing Date — Date the annual report was officially submitted to the SEC.
  • 2023-08-09: Securities Purchase Agreement — Key date related to a significant financing or corporate action.

Filing Stats: 4,452 words · 18 min read · ~15 pages · Grade level 16.6 · Accepted 2024-03-05 17:17:17

Key Financial Figures

  • $0.001 — ch registered Common stock, par value $0.001 per share IOBT The Nasdaq Stock Mar

Filing Documents

Business

Business 7 Item 1A.

Risk Factors

Risk Factors 67 Item 1B. Unresolved Staff Comments 122 Item 1C. Cybersecurity Risk Management, Strategy and Governance 122 Item 1D. Section 16 Officers and Directors Rule 10b5-1 Plans 122 Item 2.

Properties

Properties 122 Item 3.

Legal Proceedings

Legal Proceedings 123 Item 4. Mine Safety Disclosures 123 PART II 124 Item 5. Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities 124 Item 6. (Reserved) 125 Item 7.

Management's Discussion and Analysis of Financial Condition and Results of Operations

Management's Discussion and Analysis of Financial Condition and Results of Operations 126 Item 7A.

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 138 Item 8.

Financial Statements and Supplementary Data

Financial Statements and Supplementary Data 139 Item 9. Changes in and Disagreements With Accountants on Accounting and Financial Disclosure 161 Item 9A.

Controls and Procedures

Controls and Procedures 162 Item 9B. Other Information 163 Item 9C. Disclosure Regarding Foreign Jurisdictions that Prevent Inspections 163 PART III 164 Item 10. Directors, Executive Officers and Corporate Governance 164 Item 11.

Executive Compensation

Executive Compensation 164 Item 12.

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters 164 Item 13. Certain Relationships and Related Transactions, and Director Independence 164 Item 14. Principal Accounting Fees and Services 164 PART IV 165 Item 15. Exhibits, Financial Statement Schedules 165 Item 16. Form 10-K Summary 166 i Summary of the Material and Other Risks Associated with Our Business Our business is subject to numerous material and other risks and uncertainties that you should be aware of in evaluating our business. These risks include, but are not limited to, the following: We have a limited operating history, have incurred net losses since our inception, and anticipate that we will continue to incur significant losses for the foreseeable future. We may never generate any revenue or become profitable or, if we achieve profitability, may not be able to sustain it. All of our product candidates are in clinical development or in preclinical development. If we are unable to advance our product candidates through clinical development, obtain regulatory approval and ultimately commercialize our product candidates, or experience significant delays in doing so, our business will be materially harmed. The results of preclinical studies and early clinical trials are not always predictive of future results. Any product candidate that we advance in clinical trials, including IO102-IO103, may not achieve favorable results in later clinical trials, if any, or receive marketing approval. We have experienced, and may in the future experience, delays or difficulties in clinical trial site activation and the enrollment and/or retention of patients in clinical trials, which could delay or prevent our receipt of necessary regulatory approvals. Our preclinical studies and clinical trials may fail to demonstrate the safety and efficacy of our product candidates, or serious adverse or unacceptable side effects may be identif

Bu siness

Item 1. Bu siness. Overview We are a clinical-stage biopharmaceutical company developing novel, immune-modulating therapeutic cancer vaccines based on our T-win platform. Our T-win product candidates are designed to kill both tumor cells and immune-suppressive cells in the tumor microenvironment (TME) by stimulating the activation and expansion of T cells against IDO+ and/or PD-L1+ target positive cells, resulting in the modulation of the TME, creating a more pro-inflammatory environment, and the potentiation of anti-tumor activity by unleashing the tumor killing by effector T cells. We believe this could represent a paradigm shift in the management of cancer and that our product candidates have the potential to advance the oncology treatment paradigm, amplifying treatment effects across the spectrum of melanoma and other tumor types. Our lead therapeutic cancer vaccine candidate, IO102-IO103, is designed to target the immunosuppressive mechanisms mediated by indoleamine 2,3-dioxygenase (IDO) and programmed death ligand 1 (PD-L1). In a single-arm Phase 1/2 clinical trial of 30 patients with metastatic melanoma, IO102-IO103 in combination with nivolumab, an anti-programmed cell death 1 (PD-1) checkpoint inhibitor, demonstrated proof of concept by increasing the overall response rate (ORR) of what is reported with an anti-PD-1 antibody alone. The combination induced meaningful tumor regression and achieved rapid, deep and durable responses with a favorable tolerability profile without adding systemic toxicity to what is seen with an anti-PD-1 monotherapy in this patient population. Safety was the primary endpoint of this trial, immune response was the secondary endpoint and clinical efficacy was the tertiary endpoint. The clinical efficacy endpoints in this trial included objective response (OR), progression free survival (PFS) and overall survival (OS). In this trial, we observed a confirmed ORR of 73% as per RECIST 1.1, a complete response rate (CRR) of 50% and

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