IO Biotech (IOBT)

Executive Summary

IO Biotech is a clinical-stage biopharmaceutical company developing novel T-win® cancer vaccines that simultaneously target IDO1 and PD-L1 to kill tumor cells and immunosuppressive cells within the tumor microenvironment. The company's lead candidate, IO102/IO103, is being evaluated in a Phase 2 trial (NCT05912244) in combination with nivolumab-relatlimab for first-line metastatic melanoma, with an estimated completion in mid-2027. Additionally, a Phase 1 trial (NCT05843448) is assessing a PD-L1/IDO peptide vaccine plus pembrolizumab in high-risk non-muscle invasive bladder cancer, expected to complete in late 2026. Early-stage and pre-revenue, IO Biotech's proprietary platform addresses key resistance mechanisms in immuno-oncology. The company is headquartered in Copenhagen, Denmark, and listed on NASDAQ (IOBT) with a market cap around $3.5 million.

Upcoming Catalysts (preview)

• H2 2026Interim data readout from Phase 2 melanoma trial (IO102/IO103 + nivolumab-relatlimab)60% success
• Q4 2026Initial safety/efficacy data from Phase 1 bladder cancer trial (PD-L1/IDO vaccine + pembrolizumab)50% success
• 2026Potential partnership or financing announcement to extend cash runway40% success