IO Biotech raises ~$75M in private placement; cash runway extended to Q4 2025

IO Biotech, Inc.

Gross proceeds of ~$75.1M from sale of 37.1M shares and warrants at $2.025 combined price.
Warrants to purchase 37.1M shares at $2.47, exercisable for 42 months from issuance.
Institutional investors include Lundbeckfonden BioCapital, Novo Holdings, Vivo Capital, and others.
Joint placement agents are Morgan Stanley and Piper Sandler, earning ~6% fee.
Management expects cash to fund operations into Q4 2025, supporting pivotal Phase 3 and Phase 2 trials.

Key facts

Extracted from this filing and checked against the source text.

Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.9

IO Biotech, Inc. entered into Securities Purchase Agreement with certain institutional investors valued at approximately $75.1 million (effective 2023-08-07).

Action: entry
Agreement: equity purchase
Counterparty: certain institutional investors
Value: approximately $75.1 million
Effective: 2023-08-07

Exact text from the filing

On August 7, 2023, IO Biotech, Inc. (the “Company”) entered into a Securities Purchase Agreement (the “Purchase Agreement”) with certain institutional investors (the “Purchasers”), pursuant to which the Company agreed to sell and issue (i) 37,065,647 shares of the Company’s common stock (“Common Stock”), and (ii) 37,065,647 warrants to purchase up to 37,065,647 shares of Common Stock (the “Warrants”) in a private placement transaction (the “Private Placement”).

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Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.9

IO Biotech, Inc. entered into Registration Rights Agreement with the Purchasers (effective 2023-08-07).

Action: entry
Counterparty: the Purchasers
Effective: 2023-08-07

Exact text from the filing

On August 7, 2023, the Company also entered into a registration rights agreement (the “Registration Rights Agreement”) with the Purchasers.

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119 material agreements filed in the last 30 days. Browse all material agreements →

IO Biotech, Inc. filing history →

Source: SEC EDGAR

accession 0001193125-23-204538

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