Full Press Release Details
IO Biotech Announces Year-End Results for 2021
Updated Data from Phase 1/2 study of IO102-IO103 in Combination with Nivolumab Showing High Response Rates in Metastatic Melanoma to be
Presented at AACR in April
Began Patient Recruitment for Global Phase 3 Combination Trial with Lead Asset IO102-IO103
and KEYTRUDA (pembrolizumab) as First-Line Treatment in Advanced Melanoma
Strong Cash Position with Runway to Support Multiple Data readouts into mid-2024
New York, New York March 31, 2022: IO Biotech (Nasdaq: IOBT), a clinical-stage biopharmaceutical company developing novel,
immune-modulating cancer therapies based on its T-win technology platform, announced today financial results for the year ended December 31, 2021.
The past year has been a transformative period for IO Biotech, during which we made substantial progress developing our promising pipeline,
said Mai-Britt Zocca, Ph.D., President and Chief Executive Officer of IO Biotech. We believe our platform and product candidates may represent a paradigm shift in the management of cancer, and that they
have the potential to become cornerstones of treatment regimens for multiple solid tumors. The publication of the compelling high response rate data from the Phase 1/2 MM1636 melanoma trial in Nature Medicine supports the potential of
IO102-IO103 in this patient population. Clinical updates from this study will be presented at the AACR meeting next month. Although we are experiencing longer than expected lead times in clinical trial site activation and patient enrollment, we look
forward to progressing this lead asset in the ongoing global Phase 3 trial. We will be providing an update during the middle of this year on the anticipated timing of receiving interim data from this trial. With a solid balance sheet as a result of
our successful capital raises and initial public offering in 2021, we were able to debut as a public company with a substantial cash runway to carry us through multiple data readouts into mid-2024.
Highlights from 2021 & Recent Weeks
2021 Financial Results
About the MM1636 Clinical Trial
The MM1636 trial (ClinicalTrials.gov: NCT03047928), an investigator-initiated trial at the Copenhagen University Hospital, Herlev, enrolled 30
patients with metastatic melanoma. In this Phase 1/2 clinical trial, patients received the multi-antigen immunotherapeutic, IO102-IO103, in combination with the anti-programmed death 1 (PD-1) antibody
nivolumab as first line treatment. Patients were treated with nivolumab every second week as long as there was a clinical benefit or no adverse events prohibiting further treatment. IO102-IO103 was given from the start of administration of nivolumab
and every second week for the first six weeks and thereafter, every fourth week for 41 weeks. The trial objectives were to assess safety, immune response in blood and biopsies as well as efficacy.
About the IOB-013 / KN-D18 Clinical Trial
IOB-013 / KN-D18 (Clinical Trials.gov: NCT05155254) is an open label,
randomized Phase 3 clinical trial being conducted in collaboration with Merck of IO102-IO103 in combination with pembrolizumab versus pembrolizumab alone in patients with previously untreated, unresectable or metastatic (advanced) melanoma. Target
enrollment will be 300 patients from centers spread across Europe, Australia, and the United States. Biomarker analyses will also be conducted. IO Biotech will sponsor the Phase 3 trial and Merck will supply pembrolizumab. IO Biotech maintains
global commercial rights to IO102-IO103.
IO Biotech is a clinical-stage biopharmaceutical company developing novel, immune-modulating cancer therapies based on its
T-win technology platform. The T-win platform is a
novel approach to cancer immunotherapy designed to activate naturally occurring T cells to target immunosuppressive mechanisms. IO Biotech is advancing in clinical studies its lead immuno-oncology candidate, IO102-IO103, targeting IDO and PD-L1, and through clinical and preclinical development its other pipeline candidates. IO Biotech is headquartered in Copenhagen, Denmark and has additional offices within the United States (New York, New York
and Rockville, Maryland) and United Kingdom (Monmouthshire).
For further information, please visit www.iobiotech.com
Forward-Looking Statement
This press release contains
forward-looking statements, including statements regarding clinical trial site activation and patient enrollment, the timing of updates and anticipated trial data readouts, and future clinical trials, 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 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.
Mai-Britt Zocca, Ph.D.
LifeSci Communications
Consolidated Statements of Operations and Comprehensive Loss
(In thousands, except share and per share amounts)
| Year Ended December 31, | ||||||||
| 2021 | 2020 | |||||||
| Operating expenses | ||||||||
| Research and development | $ | 30,152 | $ | 8,464 | ||||
| General and administrative | 11,082 | 1,681 | ||||||
| Total operating expenses | 41,234 | 10,145 | ||||||
| Loss from operations | (41,234 | ) | (10,145 | ) | ||||
| Other income (expense) | ||||||||
| Currency exchange gain (loss), net | 319 | 114 | ||||||
| Interest expense | (361 | ) | (26 | ) | ||||
| Fair value adjustments on preference shares tranche obligations and convertible notes | (26,535 | ) | (1,985 | ) | ||||
| Total other income (expense), net | (26,577 | ) | (1,897 | ) | ||||
| Loss before income tax expense | (67,811 | ) | (12,042 | ) | ||||
| Income tax expense | 68 | |||||||
| Net loss | (67,879 | ) | (12,042 | ) | ||||
| Cumulative dividends on class B and C preference shares | (7,108 | ) | (2,552 | ) | ||||
| Net loss attributable to common shareholders | (74,987 | ) | (14,594 | ) | ||||
| Net loss per common share, basic and diluted | $ | (17.30 | ) | $ | (82.36 | ) | ||
| Weighted-average number of shares used in computing net loss per common share, basic and diluted | 4,335,629 | 177,200 | ||||||
| Other comprehensive loss | ||||||||
| Net loss | (67,879 | ) | (12,042 | ) | ||||
| Foreign currency translation | (3,450 | ) | 664 | |||||
| Total comprehensive loss | $ | (71,329 | ) | $ | (11,378 | ) |
See accompanying notes to the consolidated financial statements.
Consolidated Balance Sheets
(In thousands, except share and per share amounts)
| December 31, | ||||||||
| 2021 | 2020 | |||||||
| Assets | ||||||||
| Current assets | ||||||||
| Cash and cash equivalents | $ | 211,531 | $ | 3,405 | ||||
| Prepaid expenses and other current assets | 10,207 | 2,230 | ||||||
| Total current assets | 221,738 | 5,635 | ||||||
| Restricted cash | 268 | |||||||
| Other non-current assets | 282 | 18 | ||||||
| Total assets | $ | 222,288 | $ | 5,653 | ||||
| Liabilities, convertible preference shares and stockholders equity (deficit) | ||||||||
| Current liabilities | ||||||||
| Accounts payable | $ | 3,928 | $ | 522 | ||||
| Accrued expenses and other current liabilities | 6,377 | 2,528 | ||||||
| Total current liabilities | 10,305 | 3,050 | ||||||
| Other long-term liabilities | 59 | |||||||
| Total liabilities | 10,364 | 3,050 | ||||||
| Commitments and contingencies (Note 9) | ||||||||
| Convertible preference shares | ||||||||
| Class B preference shares, $0.16 par value; no shares authorized, issued or outstanding at December 31, 2021; 584,583 shares authorized, issued and outstanding at December 31, 2020 | 37,906 | |||||||
| Stockholders equity (deficit) | ||||||||
| Preferred stock, par value of $0.001 per share; 5,000,000 shares authorized, no shares issued and outstanding as of December 31, 2021 and 2020 | ||||||||
| Common stock, par value of $0.001 per share; 300,000,000 shares authorized, 28,815,267 shares issued and outstanding as of December 31, 2021; no shares authorized, issued or outstanding at December 31, 2020 | 29 | |||||||
| Class A ordinary shares, par value of $0.16 per share; no shares authorized, issued or outstanding at December 31, 2021; 177,200 shares authorized, issued and outstanding as of December 31, 2020 | 28 | |||||||
| Additional paid-in capital | 319,665 | 1,110 | ||||||
| Accumulated deficit | (106,281 | ) | (38,402 | ) | ||||
| Accumulated other comprehensive loss | (1,489 | ) | 1,961 | |||||
| Total stockholders equity (deficit) | 211,924 | (35,303 | ) | |||||
| Total liabilities, convertible preference shares and stockholders equity (deficit) | $ | 222,288 | $ | 5,653 |
See accompanying notes to the consolidated financial statements