Symbols / IOBT $0.05 +48.61% IO Biotech, Inc.

Healthcare • Biotechnology • Denmark • NMS
IOBT Chart
About

IO Biotech, Inc., a clinical-stage biopharmaceutical company, develops immune-modulating therapeutic cancer vaccines based on the T-win technology platform. The company's lead therapeutic cancer vaccine candidate includes IO102-IO103, which targets cancer cells and immune-suppressive cells in the tumor microenvironment that express indoleamine 2,3-dehydrogenase (IDO), and programmed death-ligand (PD-L1) that is in phase 3 clinical trial to treat melanoma, as well as in phase 2 clinical trial to treat lung, head and neck, and melanoma cancer. It also develops IO112, a product candidate that contains a single Arginase 1-derived peptide to target T cells that recognize epitopes derived from Arginase 1, which is an immunoregulatory enzyme highly expressed in difficult-to-treat tumors associated with high levels of myeloid-derived suppressor cells, including renal cell carcinoma, head and neck, breast, pancreatic, ovarian, colorectal, and prostate cancers. In addition, the company develops IO170, a TGFß1 vaccine for the treatment of solid tumors. IO Biotech, Inc. was incorporated in 2014 and is based in Copenhagen, Denmark. On March 31, 2026, IO Biotech, Inc., along with its affiliate, filed a voluntary petition for liquidation under Chapter 7 in the U.S. Bankruptcy Court for the District of Delaware.

Fundamentals
Scroll to Statements
Sector Healthcare Industry Biotechnology Market Cap 3.45M
Enterprise Value -10.22M Income -88.35M Sales —
Book/sh 0.01 Cash/sh 0.43 Dividend Yield —
Payout 0.00% Employees 80 IPO —
P/E — Forward P/E -0.13 PEG —
P/S — P/B 3.69 P/C —
EV/EBITDA 0.11 EV/Sales — Quick Ratio 1.73
Current Ratio 2.01 Debt/Eq 1988.91 LT Debt/Eq —
EPS (ttm) -1.34 EPS next Y -0.36 EPS Growth —
Revenue Growth — Earnings 2025-11-14 08:00 ROA -88.58%
ROE -240.48% ROIC — Gross Margin 0.00%
Oper. Margin 0.00% Profit Margin 0.00% Shs Outstand 71.95M
Shs Float 38.31M Short Float 7.49% Short Ratio 2.06
Short Interest — 52W High 2.79 52W Low 0.03
Beta 0.89 Avg Volume 12.70M Volume 233.89M
Target Price $2.18 Recom Hold Prev Close $0.03
Price $0.05 Change 48.61%
Valuation Models

Price estimates from analyst targets and simple models.

1. Analyst consensus
$2.18
Mean price target
2. Current target
$0.05
Latest analyst target
3. DCF / Fair value
$-12.27
Simplified: (Free Cash Flow ÷ Shares) × 18 (P/FCF multiple). Not a …
Ratings
Current target
$0.05
Low
$0.36
High
$4.00
Mean
$2.18

Latest analyst rating changes

Date Action Analyst Rating Change Price Target
2026-01-26 down Piper Sandler Overweight → Neutral $1
2025-10-22 main Piper Sandler Overweight → Overweight $3
2025-09-30 down TD Cowen Buy → Hold —
2025-09-29 down HC Wainwright & Co. Buy → Neutral —
2025-08-12 main Morgan Stanley Overweight → Overweight $4
2025-04-01 reit HC Wainwright & Co. Buy → Buy $12
2025-03-05 reit HC Wainwright & Co. Buy → Buy $12
2024-11-12 reit HC Wainwright & Co. Buy → Buy $12
2024-11-06 reit HC Wainwright & Co. Buy → Buy $12
2024-09-16 main Morgan Stanley Overweight → Overweight $6
2024-09-16 reit HC Wainwright & Co. Buy → Buy $12
2024-09-03 main Piper Sandler Overweight → Overweight $10
2024-09-03 main Morgan Stanley Overweight → Overweight $4
2024-09-03 reit HC Wainwright & Co. Buy → Buy $12
2024-08-14 reit HC Wainwright & Co. Buy → Buy $12
2024-05-15 main HC Wainwright & Co. Buy → Buy $12
2024-03-06 reit HC Wainwright & Co. Buy → Buy $8
2023-09-28 init Piper Sandler — → Overweight $10
2023-09-13 reit HC Wainwright & Co. Buy → Buy $8
2023-08-15 main Morgan Stanley Overweight → Overweight $7
News
RSS: Latest IOBT news
Insider Transactions
Filed Date Insider Relationship Transaction Shares Price Value SEC
2025-05-30 HUNTER HEIDI Director — 15,000 $1.39 $20,884
2024-12-23 SMITH DEVIN WHITTEMORE General Counsel — 12,000 $0.81 $9,720
2024-12-23 ZOCCA MAI-BRITT Chief Executive Officer — 12,500 $0.81 $10,120
2024-12-23 SULLIVAN AMY B. Chief Financial Officer — 10,250 $0.83 $8,483
2024-12-23 AHMAD QASIM IFTIKHAR Officer — 31,350 $0.85 $26,553
2024-07-26 NOVO HOLDINGS A/S Beneficial Owner of more than 10% of a Class of Security — 75,000 $1.31 $99,125
2024-05-10 NOVO HOLDINGS A/S Beneficial Owner of more than 10% of a Class of Security — 658,809 $1.22 $802,495
Financials
Statement View
Amounts in millions (2 decimals, no suffix) • EPS per share (2 decimals) • Trend = period evolution • YoY Growth = previous period %
Line Item Trend 2024-12-31 2023-12-31 2022-12-31 2021-12-31
Total Revenue
0.00
0.00
0.00
0.00
Operating Revenue
0.00
0.00
0.00
0.00
Operating Expense
95.18
+4.08%
91.44
+28.03%
71.42
+73.22%
41.23
Research And Development
71.48
+5.39%
67.83
+44.36%
46.99
+55.83%
30.15
Selling General And Administration
23.69
+0.33%
23.61
-3.37%
24.44
+120.52%
11.08
General And Administrative Expense
23.69
+0.33%
23.61
-3.37%
24.44
+120.52%
11.08
Salaries And Wages
11.37
+10.42%
10.29
+41.79%
7.26
+145.60%
2.96
Other Gand A
12.33
-7.46%
13.32
-22.46%
17.18
+111.40%
8.13
Total Expenses
95.18
+4.08%
91.44
+28.03%
71.42
+73.22%
41.23
Operating Income
-95.18
-4.08%
-91.44
-28.03%
-71.42
-73.22%
-41.23
Total Operating Income As Reported
-95.18
-4.08%
-91.44
-28.03%
-71.42
-73.22%
-41.23
EBITDA
-94.33
-4.01%
-90.69
-30.78%
-69.34
-2.81%
-67.45
Normalized EBITDA
-90.74
+0.31%
-91.02
-31.01%
-69.47
-2.52%
-67.77
Reconciled Depreciation
0.85
+12.30%
0.76
+40.00%
0.54
+26900.00%
0.00
EBIT
-95.18
-4.08%
-91.44
-30.85%
-69.88
-3.61%
-67.45
Total Unusual Items
-3.59
-1184.29%
0.33
+154.62%
0.13
-59.25%
0.32
Total Unusual Items Excluding Goodwill
-3.59
-1184.29%
0.33
+154.62%
0.13
-59.25%
0.32
Net Income
-95.49
-10.93%
-86.08
-20.47%
-71.46
-5.27%
-67.88
Pretax Income
-94.05
-10.34%
-85.23
-21.44%
-70.19
-3.50%
-67.81
Net Non Operating Interest Income Expense
4.72
-19.78%
5.88
+430.30%
1.11
+407.20%
-0.36
Interest Expense Non Operating
—
0.00
-100.00%
0.30
-16.34%
0.36
Net Interest Income
4.72
-19.78%
5.88
+430.30%
1.11
+407.20%
-0.36
Interest Expense
—
0.00
-100.00%
0.30
-16.34%
0.36
Interest Income Non Operating
4.72
-19.78%
5.88
+316.80%
1.41
0.00
Interest Income
4.72
-19.78%
5.88
+316.80%
1.41
0.00
Other Income Expense
-3.59
-1184.29%
0.33
+154.62%
0.13
+100.50%
-26.22
Other Non Operating Income Expenses
—
—
—
-26.54
Gain On Sale Of Security
-3.59
-1184.29%
0.33
+154.62%
0.13
-59.25%
0.32
Tax Provision
1.44
+69.37%
0.85
-33.07%
1.27
+1772.06%
0.07
Tax Rate For Calcs
0.00
+0.00%
0.00
+1122.22%
0.00
-91.82%
0.00
Tax Effect Of Unusual Items
-0.79
-1184.29%
0.07
+3011.97%
0.00
-96.67%
0.07
Net Income Including Noncontrolling Interests
-95.49
-10.93%
-86.08
-20.47%
-71.46
-5.27%
-67.88
Net Income From Continuing Operation Net Minority Interest
-95.49
-10.93%
-86.08
-20.47%
-71.46
-5.27%
-67.88
Net Income From Continuing And Discontinued Operation
-95.49
-10.93%
-86.08
-20.47%
-71.46
-5.27%
-67.88
Net Income Continuous Operations
-95.49
-10.93%
-86.08
-20.47%
-71.46
-5.27%
-67.88
Normalized Income
-92.69
-7.36%
-86.34
-20.61%
-71.59
-5.08%
-68.13
Net Income Common Stockholders
-95.49
-10.93%
-86.08
-20.47%
-71.46
+4.71%
-74.99
Diluted EPS
-1.45
+26.77%
-1.98
+20.16%
-2.48
+85.66%
-17.30
Basic EPS
-1.45
+26.77%
-1.98
+20.16%
-2.48
+85.66%
-17.30
Basic Average Shares
65.88
+51.31%
43.54
+51.10%
28.82
+564.62%
4.34
Diluted Average Shares
65.88
+51.31%
43.54
+51.10%
28.82
+564.62%
4.34
Diluted NI Availto Com Stockholders
-95.49
-10.93%
-86.08
-20.47%
-71.46
+4.71%
-74.99
Preferred Stock Dividends
—
—
—
7.11
Line Item Trend 2023-12-31
Total Assets
150.72
Current Assets
147.25
Cash Cash Equivalents And Short Term Investments
143.19
Cash And Cash Equivalents
143.19
Cash Equivalents
131.61
Cash Financial
11.58
Receivables
1.13
Taxes Receivable
1.13
Prepaid Assets
0.83
Other Current Assets
2.11
Total Non Current Assets
3.46
Net PPE
3.11
Gross PPE
3.44
Accumulated Depreciation
-0.33
Machinery Furniture Equipment
0.34
Other Properties
3.10
Other Non Current Assets
0.36
Total Liabilities Net Minority Interest
17.56
Current Liabilities
15.72
Payables And Accrued Expenses
10.27
Payables
3.88
Accounts Payable
3.88
Current Accrued Expenses
6.40
Pensionand Other Post Retirement Benefit Plans Current
4.22
Current Debt And Capital Lease Obligation
0.66
Current Capital Lease Obligation
0.66
Other Current Liabilities
0.56
Total Non Current Liabilities Net Minority Interest
1.84
Long Term Debt And Capital Lease Obligation
1.84
Long Term Capital Lease Obligation
1.84
Other Non Current Liabilities
—
Preferred Securities Outside Stock Equity
—
Stockholders Equity
133.16
Common Stock Equity
133.16
Capital Stock
0.07
Common Stock
0.07
Preferred Stock
0.00
Share Issued
65.88
Ordinary Shares Number
65.88
Treasury Shares Number
0.00
Additional Paid In Capital
406.59
Retained Earnings
-263.82
Gains Losses Not Affecting Retained Earnings
-9.67
Other Equity Adjustments
-9.67
Total Equity Gross Minority Interest
133.16
Total Capitalization
133.16
Working Capital
131.54
Invested Capital
133.16
Total Debt
2.49
Capital Lease Obligations
2.49
Net Tangible Assets
133.16
Tangible Book Value
133.16
Line Item Trend 2024-12-31 2023-12-31 2022-12-31 2021-12-31
Operating Cash Flow
-82.35
-14.79%
-71.74
-20.10%
-59.73
-46.95%
-40.65
Cash Flow From Continuing Operating Activities
-82.35
-14.79%
-71.74
-20.10%
-59.73
-46.95%
-40.65
Net Income From Continuing Operations
-95.49
-10.93%
-86.08
-20.47%
-71.46
-5.27%
-67.88
Depreciation Amortization Depletion
0.85
+12.30%
0.76
+40.00%
0.54
+26900.00%
0.00
Depreciation
0.85
+12.30%
0.76
+40.00%
0.54
+26900.00%
0.00
Depreciation And Amortization
0.85
+12.30%
0.76
+40.00%
0.54
+26900.00%
0.00
Other Non Cash Items
—
—
—
26.54
Stock Based Compensation
6.53
-19.02%
8.06
+14.47%
7.04
+293.08%
1.79
Deferred Tax
—
0.00
-100.00%
0.09
0.00
Deferred Income Tax
—
0.00
-100.00%
0.09
0.00
Operating Gains Losses
3.59
+1184.29%
-0.33
-154.62%
-0.13
+59.25%
-0.32
Net Foreign Currency Exchange Gain Loss
3.59
+1184.29%
-0.33
-154.62%
-0.13
+59.25%
-0.32
Change In Working Capital
2.18
-62.81%
5.86
+39.84%
4.19
+640.21%
-0.78
Change In Prepaid Assets
-0.86
-154.72%
1.57
-65.75%
4.58
+156.59%
-8.09
Change In Payables And Accrued Expense
3.71
-24.40%
4.90
+2514.78%
-0.20
-102.77%
7.34
Change In Accrued Expense
2.92
-41.85%
5.03
+1895.71%
-0.28
-107.12%
3.93
Change In Payable
0.78
+720.63%
-0.13
-263.64%
0.08
-97.74%
3.41
Change In Account Payable
0.78
+720.63%
-0.13
-263.64%
0.08
-97.74%
3.41
Change In Other Current Assets
-0.03
-625.00%
-0.00
+90.91%
-0.04
-76.00%
-0.03
Change In Other Current Liabilities
-0.64
-5.79%
-0.60
-334.53%
-0.14
0.00
Investing Cash Flow
-0.04
+86.38%
-0.32
+53.19%
-0.69
-350.98%
-0.15
Cash Flow From Continuing Investing Activities
-0.04
+86.38%
-0.32
+53.19%
-0.69
-350.98%
-0.15
Net PPE Purchase And Sale
-0.04
+86.38%
-0.32
+53.19%
-0.69
-350.98%
-0.15
Purchase Of PPE
-0.04
+86.38%
-0.32
+53.19%
-0.69
-350.98%
-0.15
Capital Expenditure
-0.04
+86.38%
-0.32
+53.19%
-0.69
-350.98%
-0.15
Financing Cash Flow
0.00
-100.00%
71.86
0.00
-100.00%
252.95
Cash Flow From Continuing Financing Activities
0.00
-100.00%
71.86
0.00
-100.00%
252.95
Net Common Stock Issuance
0.00
-100.00%
75.06
0.00
-100.00%
115.11
Net Other Financing Charges
—
-3.20
—
-12.11
Changes In Cash
-82.39
-41095.50%
-0.20
+99.67%
-60.42
-128.48%
212.15
Effect Of Exchange Rate Changes
-0.77
-196.01%
0.80
+109.42%
-8.52
-126.77%
-3.76
Beginning Cash Position
143.46
+0.42%
142.86
-32.55%
211.80
+6120.23%
3.40
End Cash Position
60.30
-57.97%
143.46
+0.42%
142.86
-32.55%
211.80
Free Cash Flow
-82.39
-14.34%
-72.06
-19.27%
-60.42
-48.09%
-40.80
Common Stock Issuance
0.00
-100.00%
75.06
0.00
-100.00%
115.11
Issuance Of Capital Stock
0.00
-100.00%
75.06
0.00
-100.00%
265.06
Net Preferred Stock Issuance
—
—
0.00
-100.00%
149.94
Preferred Stock Issuance
—
—
0.00
-100.00%
149.94
SEC Filings

Recent 10-K, 10-Q, 8-K, and Form 4 (insider) filings.

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