Findings provide scientific insights into the contributions of IDO1 and PD-L1 vaccination to PD-1 blockade for the treatment of metastatic melanomaFive-year analysis of median progression free survival was 25.5 monthsThese results reinforce the potential of immune-modulatory vaccination NEW YORK, Dec. 15, 2025 (GLOBE NEWSWIRE) -- IO Biotech (Nasdaq: IOBT), a clinical-stage biopharmaceutical company developing novel, immune-modulatory, off-the-shelf therapeutic cancer vaccines, today announced the publicatio ...

Summary of IO Biotech Conference Call Company Overview - **Company**: IO Biotech - **Key Personnel**: CEO Mai-Britt Zocca, CFO Amy Sullivan - **Event**: Piper Sandler Healthcare Conference Industry Context - **Focus**: Biotech industry, specifically cancer therapeutics - **Key Product**: IO102-IO103, a therapeutic cancer vaccine Core Points and Arguments 1. **Phase 3 Trial Results**: The phase 3 trial for IO102-IO103 in combination with Pembrolizumab for first-line metastatic melanoma showed a median progression-free survival (PFS) of 19.4 months compared to 11 months in the control arm, with a hazard ratio of 0.77, indicating a clinically meaningful outcome despite a narrow P-value [3][13][15] 2. **Safety Profile**: The drug demonstrated a clear safety profile, which is crucial for its acceptance in the market [3][16] 3. **Mechanism of Action**: The approach targets IDO-expressing cells and aims to modify the tumor microenvironment to enhance immune response, differentiating it from previous IDO inhibitors like Epacadostat [6][7][9] 4. **Regulatory Feedback**: The FDA recommended against submitting a Biologics License Application (BLA) based on the pivotal study data due to the missed P-value, despite the observed efficacy and safety [17][18] 5. **New Trial Design**: A proposed global adaptive phase 2-3 clinical trial will evaluate IO102-IO103 in combination with Opdualag, reflecting the changing standard of care in the US [19][21][23] 6. **European Market Engagement**: IO Biotech plans to engage with EU regulators for a potential Marketing Authorization Application (MAA) submission by 2026, with expectations for positive feedback based on different regulatory guidelines [24] 7. **Adjuvant and Neoadjuvant Studies**: Ongoing studies in the neoadjuvant and adjuvant settings aim to prolong time to recurrence in melanoma and head and neck cancers [25][26] 8. **Broader Applications**: The company is exploring the use of IO102-IO103 beyond melanoma, with promising data in other indications like non-small cell lung cancer (NSCLC) and squamous cell carcinoma of the head and neck (SCCHN) [29] 9. **Pipeline Development**: IO Biotech is advancing other candidates like IO112 and IO170, targeting Arginase 1 and TGF- respectively, with positive early data and plans for clinical trials [32][34] 10. **Financial Position**: The company ended Q3 with approximately $31 million in cash, expected to last through Q1 2026, with plans to raise additional capital for upcoming trials [35][36] 11. **Market Perception**: There is a perceived disconnect between the company's valuation and investor understanding of the potential market impact of IO102-IO103 and its broader applications [37] Additional Important Insights - **KOL Feedback**: Key opinion leaders have expressed excitement about the data, noting the significance of a therapeutic cancer vaccine showing clear benefits in metastatic settings [16] - **Future Outlook**: The company is optimistic about 2026 being a pivotal year for its growth and product development [39][41]

Summary of IO Biotech FY Conference Call Company Overview - **Company**: IO Biotech (NasdaqGS: IOBT) - **Focus**: Development of therapeutic cancer vaccines using the T-win platform targeting both immune suppressive cells and cancer cells [3][4] Key Points Pipeline and Technology - IO Biotech has a promising pipeline with a focus on therapeutic cancer vaccines, particularly using the T-win platform [3] - The company differentiates itself by targeting both immune suppressive cells and cancer cells, leading to improved patient outcomes [3] Phase Three Trial Results - The recent phase three trial involved 407 patients, exceeding the initial goal of 380 [5] - The trial compared the combination of Xylembio IO-102 and IO-103 with pembrolizumab against pembrolizumab alone [5] - A hazard ratio of 0.77 for progression-free survival (PFS) was reported, although the trial narrowly missed the P-value target [6] - The median PFS for the experimental arm was significantly higher in the PD-L1 negative subgroup, showing 16 months compared to 3 months in the control arm [9][10] Regulatory Interactions - The FDA has requested another study to further validate the findings from the phase three trial [9] - Discussions with the FDA are ongoing regarding the trial design and appropriate comparator arm [11][12] - The EMA's response to the data is still pending, with expectations for feedback in the coming months [23] Future Trials and Design - The next phase three trial is expected to be larger, with an enrollment of 550 to 800 patients and a budget of a couple of hundred million [30][31] - The trial will include a futility analysis after the first 400 patients are enrolled [30] Financial Considerations - IO Biotech has cash reserves until the end of the first quarter and plans to raise funds post-FDA alignment on the trial design [29] - The company is considering non-equity financing options, including potential partnerships in Europe for commercialization [31] Broader Pipeline and Indications - The Xylembio platform is not limited to melanoma; it has shown potential in other cancer types such as head and neck and lung cancers [27] - Additional targets in the pipeline include IO-112 and IO-170, which may expand the company's reach into other cancer indications [27] Upcoming Data and Trials - An adjuvant trial (IOB-032) is fully enrolled and awaiting data maturation, with results expected next year [33] Additional Insights - The company emphasizes the importance of safety alongside efficacy in its drug development strategy [15][31] - The competitive landscape in melanoma treatment is evolving, with new combination therapies gaining market share [13][14] This summary encapsulates the critical aspects of IO Biotech's recent conference call, highlighting the company's strategic direction, trial outcomes, regulatory interactions, and financial planning.

Core Insights - IO Biotech is participating in two upcoming healthcare conferences, the Evercore Healthcare Conference and the Piper Sandler Healthcare Conference, where key executives will engage with investors [1][2]. Company Overview - IO Biotech is a clinical-stage biopharmaceutical company focused on developing immune-modulatory, off-the-shelf therapeutic cancer vaccines using its T-win® platform, which aims to activate T cells to target tumor cells and immune-suppressive cells in the tumor microenvironment [3]. - The company is advancing its lead cancer vaccine candidate, Cylembio®, through clinical trials, along with additional candidates in preclinical development [3]. - IO Biotech is headquartered in Copenhagen, Denmark, with a US office located in New York, New York [3].

IO Biotech, Inc. (IOBT) appears an attractive pick, as it has been recently upgraded to a Zacks Rank #2 (Buy). This upgrade primarily reflects an upward trend in earnings estimates, which is one of the most powerful forces impacting stock prices.The Zacks rating relies solely on a company's changing earnings picture. It tracks EPS estimates for the current and following years from the sell-side analysts covering the stock through a consensus measure -- the Zacks Consensus Estimate.Since a changing earnings ...

Summary of IO Biotech Conference Call Company Overview - **Company**: IO Biotech (NasdaqGS: IOBT) - **Lead Product**: Xylemio (IO-102, IO-103), developed on the TWIN platform - **Focus**: Advanced melanoma treatment and potential expansion into other indications Key Highlights 1. **Phase 3 Trial Results**: - Conducted a phase 3 trial for Xylemio in combination with anti-PD-1 pembrolizumab for first-line metastatic melanoma - Median Progression-Free Survival (PFS) was 19.4 months in the experimental arm compared to 11 months in the control arm, with a hazard ratio of 0.77 and a P-value of 0.056, narrowly missing statistical significance [3][7][10] 2. **Regulatory Discussions**: - Engaged with the FDA regarding the trial results; planning a new phase 3 trial due to the statistical miss - Ongoing discussions with European authorities to explore submission opportunities based on the trial data [4][10][29] 3. **Market Opportunity**: - Identified a significant unmet need in advanced melanoma, with 15,000 patients in the US and only 50% benefiting from current treatments - Xylemio is positioned as a potential combination partner not only with anti-PD-1 but also in other indications beyond melanoma [5][19] 4. **Subgroup Analysis**: - Excluding patients with prior anti-PD-1 treatment showed a PFS of 24.8 months, with a significant P-value of 0.037 - In PD-1 negative patients, median PFS was 16.6 months versus 3 months for anti-PD-1 alone, with a P-value of 0.006 [8][9] 5. **Safety Profile**: - Xylemio demonstrated a clean safety profile with no added toxicity compared to pembrolizumab alone [10][12] 6. **Future Trials**: - Plans to initiate a new phase 3 trial combining Xylemio with Opdivo, the standard of care in the US for metastatic melanoma, with a target enrollment of 400 to 800 patients [12][13][25] 7. **Pipeline Expansion**: - Xylemio is being tested in other indications, including lung cancer and head and neck cancer, with promising results - Ongoing studies for new targets such as Arginase 1 and TGF- with potential applications in various difficult-to-treat cancers [14][16][18][20] 8. **Patient-Centric Approach**: - Emphasis on patient convenience with an off-the-shelf therapy that is readily accessible [23] 9. **Market Strategy**: - Plans to submit applications in both Europe and the US based on trial data, with a focus on expanding into other indications and targets [19][24] 10. **Regulatory Differences**: - Noted differences in FDA and EMA guidelines affecting the approval process and strategy for submissions [29] Additional Insights - The excitement surrounding the trial results despite the statistical miss indicates strong investigator support and potential for future success - The company is exploring partnerships to enhance trial success and market entry strategies [26][28]

Clinical Trials and Results - The lead therapeutic cancer vaccine candidate, IO102-IO103 (Cylembio), achieved a confirmed overall response rate (ORR) of 73% and a complete response rate (CRR) of 50% in a Phase 1/2 trial for metastatic melanoma [132]. - In the Phase 3 trial, Cylembio plus pembrolizumab demonstrated a median progression-free survival (PFS) of 19.4 months compared to 11.0 months for pembrolizumab alone, with a hazard ratio of 0.77 [133]. - The Phase 3 trial enrolled 407 patients across more than 100 sites, with a narrowly missed statistical significance on the primary endpoint of PFS (p=0.056) [133]. - The company is conducting an investigator-initiated study evaluating Cylembio plus nivolumab-relatlimab, with preliminary data suggesting improved clinical activity compared to historical data [134]. - In the Phase 1/2 study of IO102-IO103 combined with pembrolizumab for recurrent and/or metastatic SCCHN, the confirmed overall response rate (ORR) was 44.4% among 18 efficacy-evaluable patients [149]. - In the first-line metastatic NSCLC study, the unconfirmed ORR was 55% and the confirmed ORR was 48%, with a median progression-free survival (PFS) of 8.1 months and an 81% disease control rate (DCR) [150]. - The Phase 2 basket trial showed a median PFS of 8.1 months for NSCLC and 7.0 months for SCCHN, with no new safety signals reported [152]. - The company has initiated a Phase 2 basket trial (IOB-032/PN-E40) for IO102-IO103 in a perioperative cancer setting, with enrollment completed ahead of schedule as of January 2025 [155]. - The company expects overall survival results from the Phase 3 trial to be available in 2026 [133]. Financial Performance - A restructuring plan was implemented to conserve capital, resulting in a non-recurring charge of $0.9 million and an approximate 50% reduction in full-time employees [137]. - Research and development expenses decreased to $13.7 million for the three months ended September 30, 2025, down from $20.2 million in the same period of 2024, representing a 31.9% decline [180]. - General and administrative expenses were $5.6 million for the three months ended September 30, 2025, compared to $6.3 million in 2024, a decrease of 11.3% [181]. - Total operating expenses for the three months ended September 30, 2025, were $19.4 million, down 27.0% from $26.5 million in 2024 [179]. - Other income increased significantly to $9.3 million for the three months ended September 30, 2025, compared to $2.7 million in 2024, a rise of 245.2% [182]. - The net loss for the three months ended September 30, 2025, was $8.4 million, a reduction of 65.1% from a net loss of $24.0 million in 2024 [179]. - Research and development expenses for the nine months ended September 30, 2025, totaled $46.8 million, down 7.1% from $50.3 million in 2024 [184]. - General and administrative expenses for the nine months ended September 30, 2025, increased to $18.3 million, up 2.5% from $17.9 million in 2024 [185]. - Other income for the nine months ended September 30, 2025, was $6.7 million, compared to $5.1 million in 2024, an increase of 31.9% [186]. - The loss before income tax expense for the nine months ended September 30, 2025, was $58.4 million, a decrease of 7.5% from $63.2 million in 2024 [183]. Funding and Capital Structure - The company secured a €12.5 million loan from the European Investment Bank based on the positive results from cohort B of the efficacy study [153]. - The company raised $75.1 million in gross proceeds from a Private Placement by selling 37,065,647 shares and warrants at a price of $2.025 per share [189]. - As of September 30, 2025, the company reported cash and cash equivalents of $30.7 million, expected to fund operations through Q1 2026 [191]. - Net cash used in operating activities for the nine months ended September 30, 2025 was $61.4 million, compared to $62.7 million for the same period in 2024 [192][194]. - Cash provided by financing activities for the nine months ended September 30, 2025 was $32.8 million, while there were no financing activities in the same period of 2024 [196]. - The company anticipates continued losses and will require additional funding for future clinical and preclinical activities [197]. - The company expects to finance its cash needs through equity offerings, debt financings, or collaborations, but may face challenges in raising additional capital [198]. - The company has significant contractual obligations related to leases and third-party service providers, which may affect its financial commitments [201][202]. Research and Development - The company is focusing on expanding its pipeline to include additional solid tumor indications beyond melanoma, leveraging the T-win platform [139]. - The company plans to file an Investigational New Drug (IND) application for IO112 in 2026, targeting Arginase 1 with demonstrated anti-tumor activity [158]. - Preclinical data for IO170 showed significant tumor growth inhibition and reshaping of the tumor microenvironment in prostate cancer models [161]. - The company expects to incur significant research and development expenses as it continues to advance its product candidates, including Cylembio, IO112, and IO170 [172]. - The company has not tracked research and development expenses on a program-by-program basis, with most expenses related to Cylembio across all ongoing clinical trials [171]. - The company may face significant uncertainties regarding the timing and costs of completing the development of its product candidates, including potential delays in clinical trials [173]. Tax and Regulatory Matters - The company recorded a full valuation allowance to reduce its net deferred tax assets based on the likelihood of realization, affecting IO Biotech ApS, IO Bio US, Inc., and IO Biotech, Inc. [215]. - The company recognized $0.3 million and $0.7 million in research and development tax credits for the nine months ended September 30, 2025, and the year ended December 31, 2024, respectively [218]. - A tax benefit of $1.4 million was reported due to changes in the deductibility of research and development expenditures as a result of the One Big Beautiful Bill Act [218]. - The company will continue to monitor the impacts of proposed or enacted law changes on the cost-benefit of claiming research and development tax credits [218]. - The company may remain classified as an Emerging Growth Company until December 31, 2026, unless certain financial thresholds are met [225]. - The company did not have any off-balance sheet arrangements during the periods presented [222]. - The company accounts for warrants issued in connection with the sale of common stock or debt as either liability or equity based on specific accounting standards [219]. - The company uses a Black-Scholes option pricing model to determine the fair value of its warrants and stock options, which involves various assumptions [212]. - The company recognizes tax benefits from uncertain tax positions only if it is more likely than not that the positions will be sustained upon examination [216].

Financial Performance - Total operating expenses for Q3 2025 were $19.4 million, a decrease from $26.5 million in Q3 2024, representing a 26.5% reduction[11] - Research and development expenses for Q3 2025 were $13.7 million, down from $20.2 million in Q3 2024, reflecting a 32.2% decrease[11] - The company reported a net loss of $8.4 million for Q3 2025, compared to a net loss of $24 million in Q3 2024, indicating a 65% improvement[21] - The net loss per common share for Q3 2025 was $0.13, compared to $0.36 in Q3 2024, showing a significant reduction in loss per share[21] Cash and Liquidity - Cash and cash equivalents as of September 30, 2025, were approximately $31 million, expected to support operations through Q1 2026[5] - The company increased cash and cash equivalents by $2.5 million during Q3 2025, primarily due to a €12.5 million loan drawdown and $6.6 million from common stock issuance[11] - Cash and cash equivalents dropped from $60,031 million to $30,664 million, a decrease of about 49%[23] Clinical Trials and Research - The Phase 3 clinical trial (IOB-013) for Cylembio in advanced melanoma involved 407 patients and demonstrated clinically relevant improvements in progression-free survival (PFS) despite narrowly missing statistical significance[6] - The company plans to meet with the FDA in December 2025 to discuss the design of a potential new Phase 3 registrational trial for IO102-IO103 in advanced melanoma[5] - The company presented pre-clinical data for additional T-win platform candidates at the SITC Annual Meeting, targeting arginase 1 and TGF-ß[5] - The company is advancing its lead cancer vaccine candidate, Cylembio, in clinical trials while maintaining global commercial rights[12] Assets and Liabilities - Total assets decreased from $67,699 million as of December 31, 2024, to $39,956 million as of September 30, 2025, representing a decline of approximately 41%[23] - Total current assets fell from $64,951 million to $36,831 million, a decrease of about 43%[23] - Total liabilities increased significantly from $20,684 million to $39,045 million, marking an increase of approximately 89%[23] - Current liabilities decreased slightly from $19,486 million to $18,311 million, a reduction of about 6%[23] - Non-current liabilities surged from $1,198 million to $20,734 million, an increase of approximately 1630%[23] Stockholder Equity - Common stock outstanding rose from 65,880,914 shares as of December 31, 2024, to 69,692,179 shares as of September 30, 2025, an increase of about 6%[23] - Additional paid-in capital increased from $413,113 million to $424,335 million, reflecting a growth of approximately 2.7%[23] - The accumulated deficit widened from $(359,313) million to $(416,329) million, indicating a deterioration of about 16%[23] - Total stockholders' equity decreased from $47,015 million to $911 million, a decline of approximately 98%[23]

Core Insights - IO Biotech is focused on developing novel immune-modulatory, off-the-shelf cancer therapies targeting various tumors, including melanoma, lung, and head and neck cancers [2][15] - The IOB-013 study showed improvements in progression-free survival (PFS) but narrowly missed statistical significance on the primary endpoint, which the company believes has de-risked the program [2][5] - The company plans to discuss the next Phase 3 study design for Cylembio with the FDA in December 2025 [2][5] Recent Business Highlights - The company presented topline data from the Phase 3 clinical trial (IOB-013) at the ESMO congress, indicating clinically relevant improvements in PFS across various subgroups [5][6] - A meeting with the FDA is scheduled for December to align on the design of a potential new Phase 3 registrational trial for IO102-IO103 in advanced melanoma [5][6] - Pre-clinical data for additional candidates targeting arginase 1 and TGF-β were presented at the SITC Annual Meeting [5][6] Financial Results - For Q3 2025, total operating expenses were $19.4 million, down from $26.5 million in Q3 2024 [12][20] - Research and development expenses decreased to $13.7 million from $20.2 million year-over-year [12][20] - Cash and cash equivalents as of September 30, 2025, were approximately $31 million, expected to support operations through Q1 2026 [5][12] Clinical Trials Overview - The IOB-013/KN-D18 trial evaluated Cylembio in combination with Merck's KEYTRUDA in 407 patients with advanced melanoma, with enrollment completed by December 2023 [11][12] - The primary endpoint of the trial was progression-free survival, with secondary endpoints including overall response rate and safety [11][13] - The company is also conducting a Phase 2 basket trial (IOB-022/KN-D38) for advanced non-small cell lung cancer and head and neck cancer [14]

Core Insights - IO Biotech, Inc. is a clinical-stage biopharmaceutical company focused on immune-modulating therapies for cancer treatment, with its lead product candidate, IO102-IO103, in phase 2 trials for melanoma and phase 1 trials for other cancers [1] - The consensus price target for IO Biotech's stock has remained stable at $3, indicating that analysts' expectations have not shifted significantly [2][6] - Piper Sandler upgraded IO Biotech to a Zacks Rank 2 (Buy), reflecting growing optimism about the company's earnings prospects [3][6] - IO Biotech reported approximately $28.1 million in cash and cash equivalents at the end of Q2 2025, along with €12.5 million from the European Investment Bank, supporting operations into Q1 2026 [4][6] - The company plans to meet with the FDA to discuss data from its pivotal Phase 3 trial of Cylembio® combined with KEYTRUDA® for advanced melanoma, which showed clinical improvement but narrowly missed statistical significance [5]