IO Biotech(US:IOBT)2025-11-14 13:10Financial 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]