IO Biotech, a clinical‑stage biopharmaceutical company, reported its third‑quarter 2025 financial results on November 14, 2025. The company remains pre‑revenue and cash‑constrained, with $30.7 million in cash and cash equivalents as of September 30, 2025—down from $37.1 million at March 31, 2025.
The company posted a net loss of $26.2 million and operating expenses of $19.4 million, a decline from $26.5 million in Q3 2024. The reduction reflects a 50% workforce cut announced in September and disciplined cost management. Earnings per share of –$0.28 beat consensus of –$0.31 by $0.03, largely because of lower operating expenses and the absence of one‑time restructuring charges.
The Phase 3 trial of Cylembio (IOB‑013) for advanced melanoma reported a clinically relevant improvement in progression‑free survival but narrowly missed statistical significance on the primary endpoint. CEO Mai‑Britt Zocca said the data de‑risked the program and that the company will discuss a new Phase 3 design with the FDA in December.
Cash runway and going‑concern: The $30.7 million balance is projected to fund operations through Q1 2026, but the company disclosed substantial doubt about its ability to continue as a going concern. The company has drawn €12.5 million from an EIB Tranche B loan and raised $6.6 million net from an ATM program, increasing debt obligations.
Analysts note the company’s cash runway and the going‑concern warning as key concerns, while the planned FDA meeting and ongoing pipeline candidates (IO112, IO170) provide potential upside.
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