IO Biotech is like a clinical-stage BioNTech or Moderna, but exclusively focused on developing cancer vaccines and immunotherapies.

• IOB-018 (danesept t): A novel investigational anti-cancer immunotherapy designed to target the immunosuppressive enzyme IDO in the tumor microenvironment.
• IOB-035: A preclinical stage immunotherapy candidate targeting PD-L1, aimed at activating the immune system against cancer by disrupting a key immunosuppressive pathway.

IO Biotech (IOBT) is a clinical-stage biopharmaceutical company focused on developing novel cancer immunotherapies. As such, the company does not currently have any approved commercial products on the market. Consequently, it does not have major customers in the traditional sense of selling products or services to other companies or individuals.

However, the business model for clinical-stage biopharmaceutical companies like IO Biotech typically involves developing drug candidates through clinical trials with the eventual goal of licensing them to larger pharmaceutical companies for commercialization, or entering into co-development and co-commercialization partnerships. In this context, potential future "customers" or strategic partners are other pharmaceutical companies.

The company currently has a significant clinical collaboration that could be considered a key corporate relationship:

• Merck & Co., Inc. (NYSE: MRK) - This collaboration involves the clinical development of IO Biotech's lead product candidate, IO102-IO103, in combination with Merck's KEYTRUDA® (pembrolizumab) in patients with advanced melanoma. While this is a clinical collaboration rather than a direct sales relationship where Merck is purchasing a commercial product from IO Biotech, Merck represents a critical corporate partner in the advancement of IO Biotech's pipeline, aligning with the "sells primarily to other companies" category for future commercialization potential.

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IO Biotech (IOBT) is a clinical-stage biopharmaceutical company focusing on novel, immune-modulatory, off-the-shelf therapeutic cancer vaccines based on its T-win® platform. The company's lead investigational cancer vaccine candidate is Cylembio™ (also known as IO102-IO103), which is currently in clinical trials for several cancer indications. IO Biotech also has other pipeline candidates, including IO112 and IO170, in preclinical development.

Addressable Markets for Cylembio (IO102-IO103)

Cylembio (IO102-IO103) is being developed for advanced melanoma, non-small cell lung cancer (NSCLC), and head and neck cancers.

• Melanoma:
  • The global melanoma therapeutics market was estimated at approximately USD 5.83 billion in 2024 and is projected to reach about USD 10.26 billion by 2030. Another estimate places the global advanced melanoma market at USD 8.7 billion in 2024, with a projection to reach USD 22.5 billion by 2034.
  • In the U.S. alone, the melanoma market was valued at approximately USD 7.24 billion in 2024, expected to reach USD 7.66 billion in 2025, and projected to grow to USD 11.98 billion by 2033.
• Non-Small Cell Lung Cancer (NSCLC):
  • The global non-small cell lung cancer therapeutics market was valued at approximately USD 21.85 billion in 2024 and is anticipated to reach around USD 72.42 billion by 2034. Other estimates for the global market in 2024 include USD 21.45 billion and USD 33.90 billion, with projections to reach USD 43.89 billion by 2030 and USD 66.04 billion by 2032, respectively.
  • North America held a dominant share of the global NSCLC therapeutics market, with an estimated revenue of USD 15.07 billion in 2024. The U.S. NSCLC market alone reached approximately USD 8.2 billion in 2024.
• Head and Neck Cancer:
  • The global head and neck cancer therapeutics market was estimated at approximately USD 2.58 billion in 2024 and is projected to grow to USD 7.68 billion by 2034. Other reports indicate the global market size at USD 2.27 billion in 2024, expected to reach USD 6.25 billion by 2033, or USD 6.07 billion in 2024, potentially increasing to USD 10.2 billion by 2035. The global head and neck cancer drugs market revenue was valued at USD 18.78 billion in 2025 and is expected to reach around USD 32.65 billion by 2033.
  • In the U.S., the head and neck cancer therapeutics market was valued at approximately USD 0.83 billion in 2024 and is expected to reach USD 1.91 billion by 2032. North America accounted for the largest share of the global market in 2024, at 44.8%.

Addressable Markets for IO112 and IO170

IO112 is being developed for difficult-to-treat tumors including renal cell carcinoma, head and neck, breast, pancreatic, ovarian, colorectal, and prostate cancers. IO170 is being explored for solid tumors, including pancreatic adenocarcinoma and prostate cancer. However, specific addressable market sizes for these preclinical candidates are not yet available. Therefore, market sizing for these products would be null at this time.

1. Regulatory Approval and Commercial Launch of Cylembio (IO102-IO103) in Melanoma: IO Biotech's lead asset, Cylembio, is an investigational therapeutic cancer vaccine for advanced melanoma. While its pivotal Phase 3 trial (IOB-013/KN-D18) in combination with pembrolizumab narrowly missed statistical significance for its primary endpoint, the company plans to design a new registrational study for Cylembio for first-line patients with advanced melanoma. Additionally, IO Biotech intends to discuss the data from the IOB-013 study with European regulators to determine a path to submission in the EU. A successful regulatory approval and subsequent commercial launch of Cylembio in the U.S. and/or Europe, potentially in 2026, would be the most significant driver of initial revenue growth.
2. Expansion of Cylembio into New Indications: Beyond advanced melanoma, IO Biotech's T-win® platform, on which Cylembio is based, has the potential to address other solid tumors. Positive results from ongoing or planned clinical trials exploring Cylembio in additional cancer types, such as Non-Small Cell Lung Cancer (NSCLC) and Head & Neck cancer (currently in Phase 2 trials), could significantly broaden its market opportunity and contribute to revenue growth.
3. Advancement and Clinical Development of Pipeline Candidates (IO170 and IO112): IO Biotech's T-win® platform is generating additional candidates, IO170 and IO112, which are currently in preclinical development. IO112, an Arginase-1-targeting vaccine, is expected to have an Investigational New Drug (IND) filing in 2026, initiating its clinical development. IO170, a TGF-β-directed vaccine, has shown tumor growth inhibition in preclinical models of pancreatic and prostate cancer. Successful progression of these candidates into and through clinical trials could diversify the company's pipeline and create new revenue streams in the longer term.

Share Issuance

• IO Biotech completed its Initial Public Offering (IPO) in November 2021, issuing 8,222,500 shares of common stock at $14.00 per share, resulting in gross proceeds of approximately $115.1 million.
• In August 2023, the company executed a private placement financing, generating gross proceeds of approximately $75 million. This involved the sale of 37,065,647 shares of common stock and accompanying warrants.

Inbound Investments

• In December 2024, IO Biotech secured a loan facility of up to €57.5 million from the European Investment Bank (EIB). This facility includes three committed tranches totaling €37.5 million and an uncommitted accordion tranche of €20 million.
• The company drew down Tranche A (€10.0 million) in May 2025 and Tranche B (€12.5 million) in July 2025 from the EIB loan facility.

Capital Expenditures

• For the last 12 months (as of November 2025), IO Biotech's capital expenditures were -$75,000.
• The company anticipates that its capital expenditures will continue to increase in the future, primarily focused on supporting research and development expenses and general and administrative expenses.