IO Biotech, Inc., a clinical-stage biopharmaceutical company focused on developing immune-modulating therapeutic cancer vaccines, reported significant financial developments in its latest 10-Q filing for the quarter ending September 30, 2024. The company had 65,880,914 shares of common stock outstanding, with a par value of $0.001 per share.

As of September 30, 2024, IO Biotech's cash and cash equivalents stood at $80.2 million, a decrease from $143.2 million at the end of 2023. Total current assets also fell to $86.2 million from $147.3 million, while total assets decreased to $89.9 million from $150.7 million. The accumulated deficit increased to $328.0 million from $263.8 million at the end of 2023, and total stockholders’ equity dropped to $72.6 million from $133.2 million.

For the three months ended September 30, 2024, IO Biotech reported total operating expenses of $26.5 million, up from $23.5 million in the same period of 2023. The net loss for the quarter was $24.0 million, compared to $21.7 million in the prior year, reflecting a 10.8% increase in losses. For the nine months ended September 30, 2024, the net loss was $64.2 million, compared to $59.9 million for the same period in 2023, indicating a 7.1% increase in losses.

Research and development expenses for the three months ended September 30, 2024, totaled $20.2 million, an increase of 14.3% from $17.7 million in 2023. This rise was primarily attributed to increased clinical trial-related activities, which accounted for $11.5 million, up from $9.6 million in the previous year. General and administrative expenses also rose to $6.3 million from $5.8 million, driven by higher professional services and personnel costs.

The company completed a private placement on August 9, 2023, raising $71.9 million in net proceeds, which is intended to support ongoing operations and product development. IO Biotech has not yet generated any product revenue, and it anticipates needing additional funding to support future research, clinical activities, and commercialization efforts.

Strategically, IO Biotech is advancing its lead product candidate, IO102-IO103, which has received Breakthrough Therapy Designation from the FDA for the treatment of unresectable or metastatic melanoma. The company is currently conducting a Phase 3 trial for this candidate, with results expected in the first half of 2025. The company is also exploring additional product candidates, including IO112 and IO170, which are in various stages of development.

Overall, IO Biotech continues to face challenges related to funding, operational expenses, and the need for successful clinical trial outcomes to achieve future profitability.