IO Biotech Provides Corporate Update Raymond James engaged as financial advisor Reduction in force implemented New York, NY

IO Biotech Provides Corporate Update

Raymond James engaged as financial advisor

Reduction in force implemented

New York, NY - January 30, 2026: IO Biotech (Nasdaq: IOBT), a clinical-stage biopharmaceutical company developing novel,

immune-modulatory, off-the-shelf therapeutic cancer vaccines, today announced that it has retained Raymond James & Associates, Inc. to serve as exclusive

financial advisor to assist the company in its previously announced exploration of strategic alternatives.

The company also announced that it is

implementing cost-containment and cash conservation measures, including a significant reduction of the company's workforce, to reduce operating expenses while the company explores strategic alternatives.

IO Biotech is a clinical-stage

biopharmaceutical company developing novel, immune-modulatory, off-the-shelf therapeutic cancer vaccines based on its T-win platform. The T-win platform is based on a novel approach to cancer vaccines designed to activate T cells to target both tumor cells and the

on LinkedIn and X (@IOBiotech).

Forward-Looking Statements

This press 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 nature, timing or outcome of a review of strategic alternatives, and 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.

Raymond James Contact:

Brian Gleason, Managing Director