IO Biotech

IOBTPhase 2

Copenhagen, DenmarkFounded 2012iobiotech.com

IO Biotech is developing a new class of therapeutic cancer vaccines based on its proprietary T-win® technology, which targets immune-suppressive molecules like IDO1 and PD-L1. The company's lead candidate, IO102-IO103 (Cylembio®), has shown promising clinical activity in combination with anti-PD-1 therapy in advanced melanoma. Following a strategic review and recent corporate restructuring, IO Biotech is exploring strategic alternatives to advance its pipeline.

Market Cap

$12.7M

Founded

2012

Focus

RNA & Gene Therapy

AI Company Overview

Technology Platform

The T-win® platform designs off-the-shelf peptide cancer vaccines that stimulate T cells to kill both tumor cells and immune-suppressive cells in the tumor microenvironment by targeting proteins like IDO1 and PD-L1.

Pipeline Snapshot

3 drugs in pipeline

Drug	Indication	Stage
IO102/IO103 + Nivolumab-Relatlimab	Melanoma	Phase 2
PD-L1 peptide	Smoldering Multiple Myeloma	Phase 2
PD-L1/IDO Peptide Vaccine + Pembrolizumab	High Risk Non-Muscle Invasive Bladder Urothelial Carcinoma	Phase 1

Funding History

Total raised: $187M

IPO$100MUndisclosedJun 25, 2021

Series B$67MHBM Healthcare InvestmentsDec 15, 2020

Series A$20MNovo HoldingsSep 15, 2018

Opportunities

Opportunities include expanding the T-win® platform to new targets like Arginase 1 (IO112) and into other tumor types beyond melanoma.

A successful strategic partnership or acquisition could provide the resources and expertise needed to advance the lead program through a new registrational pathway and broaden the clinical pipeline.

Risk Factors

Key risks include the clinical and regulatory setback from the Phase 3 trial miss, significant financial uncertainty as the company explores strategic alternatives, and intense competition in the cancer immunotherapy space.

The company's ability to continue as a going concern is dependent on the outcome of its strategic review.

Competitive Landscape

IO Biotech competes in the therapeutic cancer vaccine space with companies like BioNTech, Moderna, and Gritstone bio. Its primary differentiation is the T-win® mechanism designed to directly deplete immunosuppressive cells in the tumor microenvironment, potentially creating a more favorable setting for checkpoint inhibitor therapy compared to vaccines targeting only tumor antigens.