IO Biotech reports Q3 net loss $15.7M; Phase 3 melanoma trial site activation accelerates; cash $151.2M

IO Biotech, Inc.

2022-Q3 EPS reported -$1.78

Net loss $15.7M (vs $4.5M in Q3 2021); R&D expenses $10.0M (up from $4.1M) driven by Phase 3 trial costs.
Cash $151.2M as of Sep 30, 2022 (down from $211.5M at Dec 31, 2021); expected to fund operations into mid-2024.
Phase 3 trial site activation accelerated: 55 sites actively enrolling (up from 19 at end of July 2022).
Updated Phase 1/2 data: median OS 46.8 mo, median PFS 22.5 mo, complete response rate 50% in PD-1 naive patients.
Named Amy Sullivan as CFO in October 2022; new clinical collaboration with Merck for neoadjuvant/adjuvant trial.

item 2.02 item 9.01

Key facts

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Earnings Releases SEC 8-K Item 2.02 confidence 0.95

IO Biotech, Inc. reported third quarter ended September 30, 2022 results: net income $15.7 million.

Period: third quarter ended September 30, 2022
Net income: $15.7 million
Result: reported results

Exact text from the filing

IO Biotech (Nasdaq: IOBT), a clinical-stage biopharmaceutical company developing novel, immune-modulating cancer therapies based on its T-win ® technology platform, announced today financial results for the quarter ending September 30, 2022.

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Source: SEC EDGAR

accession 0001193125-22-281199

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