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IO Biotech Inc (NASDAQ: IOBT) is a clinical-stage biopharmaceutical company founded in 2015, headquartered in Copenhagen, Denmark, with US offices in New York. The company develops off-the-shelf, dual-action cancer vaccines based on its T-win® platform, which targets tumor cells and immunosuppressive cells in the tumor microenvironment by stimulating T-cell activation and expansion against IDO1+ and PD-L1+ cells.
Corporate Structure
IO Biotech employs between 51 and 200 professionals, including research scientists, clinical development specialists, and commercial affairs experts. The executive team comprises:
- Mai-Britt Zocca, PhD – President and Chief Executive Officer, with experience in translational and clinical immune oncology.
- Mads Hald Andersen, PhD – Co-founder and Director of the Center for Cancer Immune Therapy at Herlev University Hospital.
- Inge Marie Svane, MD, PhD – Co-founder and Director of Clinical Translation at CCIT, Herlev University Hospital.
The board of directors includes former executives from Amgen, Pfizer, Eli Lilly, and Kadmon Corporation, reflecting expertise in immuno-oncology, finance, and business development.
Cancer vaccine by National Cancer Institute
Recent Developments and News
- March 18, 2025: IO Biotech was named among Fast Company’s World’s Most Innovative Companies of 2025, ranking ninth in the biotechnology category for its T-win platform.
- Q3 2025: The global Phase 3 trial of IO102-IO103 (Cylembio®) in advanced melanoma is scheduled for primary endpoint readout.
- Phase 2 Studies: Ongoing combination trials with pembrolizumab in non-small cell lung cancer (ClinicalTrials.gov: NCT05155254) and squamous cell carcinoma of the head and neck (NCT05077709), as well as a neoadjuvant/adjuvant study in resectable melanoma or SCCHN (NCT05280314).
- September 2025: Detailed Phase 3 data and a late-breaking abstract on regulatory strategy for Cylembio® were presented at the European Society for Medical Oncology (ESMO) Congress.
Financial and Strategic Analysis
| Metric | Value |
|---|---|
| Share price (Oct 20, 2025) | $0.8766 |
| One-day price change | +33.79% |
| Trading volume | 19,803,617 |
| 52-week range | $0.3230 – $2.7900 |
| Market capitalization | $43.17 million |
| Total cash (most recent quarter) | $28.13 million |
| Total debt/equity (most recent quarter) | 524.87% |
| Net income (trailing twelve months) | –$103.99 million |
| Diluted EPS (trailing twelve months) | –$1.58 |
| Beta (5-year monthly) | 0.21 |
| Analyst 1-year target estimate | $4.80 |
IO Biotech holds a Breakthrough Therapy Designation from the US Food and Drug Administration for IO102-IO103 in combination with pembrolizumab for advanced melanoma. The company's strategy focuses on registrational trials for its lead candidate. The current cash reserves and debt profile are aligned with funding needs for late-stage clinical development.
Market Position and Industry Context
IO Biotech operates within the immune-oncology segment, concentrating on therapeutic cancer vaccines that modify the tumor microenvironment. The T-win platform's dual targeting of tumor and immunosuppressive cells distinguishes it from other therapies, such as checkpoint inhibitors and adoptive cell therapies. In the micro-cap biotech sector (market cap below $300 million), IO Biotech's stock is positioned in the middle of its 52-week range, with an average daily volume of approximately 4.7 million shares and a one-year price target of $4.80. The company's beta suggests limited correlation with broader market movements, while the high debt/equity ratio reflects ongoing investment in clinical programs.
TL;DR
On October 20, 2025, IO Biotech’s shares rose 33.79% to $0.8766 on a volume of 19.8 million. The company was recognized on March 18, 2025, as one of Fast Company’s World’s Most Innovative Companies in biotechnology. The Phase 3 trial of Cylembio® (IO102-IO103) is set for a primary endpoint readout in Q3 2025, supported by FDA Breakthrough Therapy Designation. Analyst consensus estimates a one-year target at $4.80 per share, underpinned by ongoing Phase 2 studies in NSCLC and SCCHN.
