Full Press Release Details
IO Biotech Announces 2023 Third Quarter Results
New York, NY November 13, 2023: IO Biotech (Nasdaq: IOBT), a clinical-stage biopharmaceutical company
developing novel, immune-modulating therapeutic cancer vaccines based on its T-win technology platform, today reported financial results for the third
quarter ended September 30, 2023.
Our focus for 2023 has been to successfully execute multiple clinical trials for our novel,
investigational therapeutic cancer vaccine, IO102-IO103. We recently achieved several milestones, completion of enrollment in our pivotal Phase 3 trial in patients with advanced melanoma, the presentation of encouraging preliminary data from the
Phase 2 basket trial of IO102-IO103 at WCLC and ESMO, and expanding into earlier stages of melanoma treatment with the initiation of an additional Phase 2 basket study in the neoadjuvant/adjuvant setting, said
Mai-Britt Zocca, PhD, President and CEO of IO Biotech. With our strengthened balance sheet as a result of our $75 million private placement and key additions to both our management team and board of
directors, we are in a strong position as we work diligently to bring our lead therapeutic cancer vaccine candidate, IO102-IO103, toward the market, potentially as early as 2025.
Recent Business Highlights and Anticipated Milestones
Third Quarter 2023 Financial Results
company ended the third quarter with approximately $165.5 million in cash and cash equivalents, which is expected to fund the company s operations into the fourth quarter of 2025.
Healthcare Conference from November 14-16, 2023 in London. Mai-Britt Zocca, PhD, President and CEO, and Amy Sullivan, CFO, will participate in one-on-one meetings on Wednesday, November 15.
35th Annual Healthcare Conference from November 28-30, 2023 in New York. Dr. Zocca will present a corporate overview and
Dr. Zocca and Ms. Sullivan will participate in one-on-one meetings on Wednesday, November 29.
investigational immune-modulating therapeutic cancer vaccine designed to target the immunosuppressive mechanisms mediated by the proteins indoleamine 2,3-dioxygenase (IDO) and programmed death-ligand 1 (PD-L1). The company is currently conducting a pivotal Phase 3 trial (IOB-013/KN-D18; NCT05155254) evaluating IO102-IO103 in
combination with pembrolizumab in first-line advanced melanoma patients, a Phase 2 basket trial (IOB-022/KN-D38; NCT05077709) evaluating IO102-IO103 in combination with
pembrolizumab in first-line advanced non-small cell lung cancer and squamous cell cancer of the head and neck (SCCHN), and a Phase 2 basket trial
(IOB-032/PN-E40; NCT05280314) evaluating IO102-IO103 plus pembrolizumab as a perioperative treatment in solid tumors including melanoma and SCCHN.
The clinical trials are sponsored by IO Biotech and conducted in collaboration with Merck and Merck is supplying pembrolizumab. IO Biotech
maintains global commercial rights to IO102-IO103.
KEYTRUDA is a registered
trademark of Merck Sharp & Dohme LLC, a subsidiary of Merck & Co., Inc., Rahway, NJ, USA.
IO Biotech is a clinical-stage biopharmaceutical company developing novel, immune-modulating therapeutic cancer vaccines based on its T-win vaccine platform. The T-win platform is a novel approach to cancer vaccines designed to activate T cells to
target the immunosuppressive cells in the tumor microenvironment. IO Biotech is advancing its lead cancer vaccine candidate, IO102-IO103, in clinical trials, and additional pipeline candidates through preclinical development. Based on positive Phase
1/2 first line advanced melanoma data, IO102-IO103, in combination with pembrolizumab, has been granted a breakthrough therapy designation for the treatment of unresectable / metastatic melanoma by the US Food and Drug Administration. IO Biotech is
headquartered in Copenhagen, Denmark and has US headquarters in New York, New York.
For further information, please visit www.iobiotech.com.
Forward-Looking Statement
release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Forward-looking statements, including regarding
the timing of the interim analysis of our Phase 3 trial, current or future clinical trials, their progress, enrollment or results, or the company s financial position or cash runway, are based on IO Biotech s current assumptions and
expectations of future events and trends, which affect or may affect its business, strategy, operations or financial performance, and actual results and other events may differ materially from those expressed or implied in such statements due to
numerous risks and uncertainties. Forward-looking statements are inherently subject to risks and uncertainties, some of which cannot be predicted or quantified. Because forward-looking statements are inherently subject to risks and uncertainties,
you should not rely on these forward-looking statements as predictions of future events. These forward-looking statements speak only as of the date hereof and should not be unduly relied upon. Except to the extent required by law, IO Biotech
undertakes no obligation to update these statements, whether as a result of any new information, future developments or otherwise.
Maryann Cimino, Director of Investor Relations
Condensed Consolidated Statements of Operations and Comprehensive Loss
(In thousands, except share and per share amounts)
| Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||
| 2023 | 2022 | 2023 | 2022 | |||||||||||||
| Operating expenses | ||||||||||||||||
| Research and development | $ | 17,655 | $ | 10,022 | $ | 46,059 | $ | 32,553 | ||||||||
| General and administrative | 5,829 | 5,843 | 17,201 | 18,482 | ||||||||||||
| Total operating expenses | 23,484 | 15,865 | 63,260 | 51,035 | ||||||||||||
| Loss from operations | (23,484 | ) | (15,865 | ) | (63,260 | ) | (51,035 | ) | ||||||||
| Other income (expense) | ||||||||||||||||
| Currency exchange loss, net | (342 | ) | (87 | ) | (74 | ) | (392 | ) | ||||||||
| Interest income | 1,708 | 457 | 3,932 | 631 | ||||||||||||
| Interest expense | (78 | ) | (305 | ) | ||||||||||||
| Total other income (expense), net | 1,366 | 292 | 3,858 | (66 | ) | |||||||||||
| Loss before income tax benefit (expense) | (22,118 | ) | (15,573 | ) | (59,402 | ) | (51,101 | ) | ||||||||
| Income tax (benefit) expense | (439 | ) | 115 | 499 | 286 | |||||||||||
| Net loss | (21,679 | ) | (15,688 | ) | (59,901 | ) | (51,387 | ) | ||||||||
| Net loss attributable to common shareholders | (21,679 | ) | (15,688 | ) | (59,901 | ) | (51,387 | ) | ||||||||
| Net loss per common share, basic and diluted | $ | (0.43 | ) | $ | (0.54 | ) | $ | (1.66 | ) | $ | (1.78 | ) | ||||
| Weighted-average number of shares used in computing net loss per common share, basic and diluted | 50,168,303 | 28,815,267 | 36,011,162 | 28,815,267 | ||||||||||||
| Other comprehensive (loss) income | ||||||||||||||||
| Net loss | $ | (21,679 | ) | $ | (15,688 | ) | $ | (59,901 | ) | $ | (51,387 | ) | ||||
| Foreign currency translation | (108 | ) | (5,400 | ) | 268 | (12,427 | ) | |||||||||
| Total comprehensive loss | $ | (21,787 | ) | $ | (21,088 | ) | $ | (59,633 | ) | $ | (63,814 | ) |
Condensed Consolidated Balance Sheets
(In thousands, except share and per share amounts)
| September 30, 2023 | December 31, 2022 | |||||||
| Assets | ||||||||
| Current assets | ||||||||
| Cash and cash equivalents | $ | 165,501 | $ | 142,590 | ||||
| Prepaid expenses and other current assets | 2,753 | 5,629 | ||||||
| Total current assets | 168,254 | 148,219 | ||||||
| Restricted cash | 268 | 268 | ||||||
| Property and equipment, net | 797 | 741 | ||||||
| Right of use lease asset | 2,367 | 2,493 | ||||||
| Other non-current assets | 867 | 84 | ||||||
| Total non-current assets | 4,299 | 3,586 | ||||||
| Total assets | $ | 172,553 | $ | 151,805 | ||||
| Liabilities and stockholders equity | ||||||||
| Current liabilities | ||||||||
| Accounts payable | $ | 6,645 | $ | 4,004 | ||||
| Lease liability - current | 627 | 515 | ||||||
| Accrued expenses and other current liabilities | 5,713 | 6,157 | ||||||
| Total current liabilities | 12,985 | 10,676 | ||||||
| Lease liability - non-current | 1,976 | 2,275 | ||||||
| Total non-current liabilities | 1,976 | 2,275 | ||||||
| Total liabilities | 14,961 | 12,951 | ||||||
| Commitments and contingencies | ||||||||
| Stockholders equity | ||||||||
| Preferred stock, par value of $0.001 per share; 5,000,000 shares authorized, no shares issued and outstanding as of September 30, 2023 and December 31, 2022 | ||||||||
| Common stock, par value of $0.001 per share; 300,000,000 shares authorized at September 30, 2023 and December 31, 2022; 65,880,914 and 28,815,267 shares issued and outstanding as of September 30, 2023 and December 31, 2022, respectively | 66 | 29 | ||||||
| Additional paid-in capital | 405,039 | 326,705 | ||||||
| Accumulated deficit | (237,640 | ) | (177,739 | ) | ||||
| Accumulated other comprehensive loss | (9,873 | ) | (10,141 | ) | ||||
| Total stockholders equity | 157,592 | 138,854 | ||||||
| Total liabilities and stockholders equity | $ | 172,553 | $ | 151,805 |