IO Biotech reports FY2021 net loss of $67.9M; cash of $211.5M supports operations into mid-2024

IO Biotech, Inc.

2023-Q1 EPS reported -$0.60

Net loss $67.9M in FY2021 vs $12.0M in FY2020; R&D expenses rose to $30.2M from $8.5M.
Cash and cash equivalents of $211.5M at Dec 31, 2021; expected runway through multiple data readouts into mid-2024.
Phase 3 trial (IOB-013/KN-D18) of IO102-IO103 + KEYTRUDA in advanced melanoma began patient recruitment.
Updated Phase 1/2 data (MM1636) in metastatic melanoma to be presented at AACR 2022.
Management notes longer-than-expected lead times in clinical site activation and patient enrollment.

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