FDA advises IO Biotech not to submit BLA for Cylembio; workforce cut by ~50%

IO Biotech, Inc.

FDA recommends against BLA submission based on IOB-013 trial data (PFS improved but missed statistical significance).
Company plans new registrational study for first-line advanced melanoma; also engaging European regulators.
Restructuring reduces workforce ~50%; expects $1.0-1.5M severance charges in Q3 2025.
Cash runway extended into Q1 2026 to focus on regulatory path for Cylembio.

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