Tearsheet

IO Biotech (IOBT)

Market Price (3/15/2026): $0.1999 | Market Cap: $13.4 Mil
Sector: Health Care | Industry: Biotechnology

IO Biotech (IOBT)

Market Price (3/15/2026): $0.1999
Market Cap: $13.4 Mil
Sector: Health Care
Industry: Biotechnology

Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.

0	Cash is significant % of market cap Net D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is -99%	Weak multi-year price returns 2Y Excs Rtn is -122%, 3Y Excs Rtn is -162%	Penny stock Mkt Price is 0.2
1	Megatrend and thematic drivers Megatrends include Precision Medicine, and Aging Population & Chronic Disease. Themes include Targeted Therapies, Biopharmaceutical R&D, Show more.		Very low revenue Rev LTMTotal Revenue or Sales, Last Twelve Months is 0
2			Not profitable at operating income level Op Inc LTMOperating Income, Last Twelve Months is -92 Mil
3			Yield minus risk free rate is negative ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is -699%
4			High stock price volatility Vol 12M is 217%

0	Cash is significant % of market cap Net D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is -99%
1	Megatrend and thematic drivers Megatrends include Precision Medicine, and Aging Population & Chronic Disease. Themes include Targeted Therapies, Biopharmaceutical R&D, Show more.
2	Weak multi-year price returns 2Y Excs Rtn is -122%, 3Y Excs Rtn is -162%
3	Penny stock Mkt Price is 0.2
4	Very low revenue Rev LTMTotal Revenue or Sales, Last Twelve Months is 0
5	Not profitable at operating income level Op Inc LTMOperating Income, Last Twelve Months is -92 Mil
6	Yield minus risk free rate is negative ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is -699%
7	High stock price volatility Vol 12M is 217%

Valuation, Metrics & Events

	3/15/26	2025	2024	2023	2022	2021
Share Price CYE	$0.20	$0.61	$0.92	$1.88	$2.30	$6.40
Market Cap CYE ($ Mil)	13.4	40.8	60.6	94.3	66.3	164.7
Total Debt ($ Mil)	18.1	18.1	2.0	2.6	2.8	0.0
Total Cash ($ Mil)	30.7	30.7	80.2	165.5	151.2	45.5
Enterprise Value ($ Mil)	0.8	58.9	62.6	96.9	69.1	164.7
Valuation Ratios
P/S TTM	-	-	-	-	-	-
P/EBIT TTM	-0.1	-0.5	-0.7	-1.1	-0.9	-3.4
P/E TTM	-0.2	-0.5	-0.7	-1.2	-0.9	-3.4
P/FCF TTM	-0.2	-0.5	-0.7	-1.5	-1.0	-6.7
Sector Ratios
P/S TTM (Sector)	3.6	4.2	3.8	4.2	4.4	7.7
P/EBIT TTM (Sector)	-1.6	-1.6	-1.5	-1.4	-1.2	-3.3
P/E TTM (Sector)	-1.9	-1.8	-1.6	-1.6	-1.2	-3.5
P/FCF TTM (Sector)	-1.5	-1.5	-1.5	-1.3	-1.6	-3.6

	3/15/26	2025	2024
Share Price CYE	$0.20	$0.61	$0.92
Market Cap CYE ($ Mil)	13.4	40.8	60.6
Total Debt ($ Mil)	18.1	18.1	2.0
Total Cash ($ Mil)	30.7	30.7	80.2
Enterprise Value ($ Mil)	0.8	58.9	62.6
Valuation Ratios
P/S TTM	-	-	-
P/EBIT TTM	-0.1	-0.5	-0.7
P/E TTM	-0.2	-0.5	-0.7
P/FCF TTM	-0.2	-0.5	-0.7
Sector Ratios
P/S TTM (Sector)	3.6	4.2	3.8
P/EBIT TTM (Sector)	-1.6	-1.6	-1.5
P/E TTM (Sector)	-1.9	-1.8	-1.6
P/FCF TTM (Sector)	-1.5	-1.5	-1.5

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Metric	Value	Date	Source
Pivotal Phase 3 Trial Enrollment (IOB-013/KN-D18)	407 patients	8302024	Link
Phase 2 Trial Enrollment - Melanoma Cohort (IOB-032/PN-E40)	18 patients	1092025	Link
Phase 2 Trial Enrollment - SCCHN Cohort (IOB-032/PN-E40)	16 patients	1092025	Link
Lead Product Candidate in Development	IO102-IO103	8302024	Link
Regulatory Designations	FDA Breakthrough Therapy Designation	8302024	Link
Preclinical Pipeline Candidates	IO112 and IO170	11072025	Link
Expected IND Filing for next candidate (IO112)	2026	11072025	Link

Upcoming
3/30/2026	Earnings Release	Rev: - EPS: -

Price Chart

Return (1M):

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Why The Stock Moved

Qualitative Assessment

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IO Biotech (IOBT) stock has lost about 75% since 11/30/2025 because of the following key factors:

1. Failure to meet the primary endpoint in a pivotal Phase 3 trial led to significant investor disappointment.

In October and November 2025, IO Biotech announced that its Phase 3 trial (IOB-013/KN-D18) evaluating Cylembio plus pembrolizumab for first-line advanced melanoma narrowly missed its primary endpoint for statistical significance in progression-free survival (PFS), with a p-value of 0.0558 against a prespecified threshold of p≤0.045. While the trial showed a clinically relevant improvement in median PFS (19.4 months vs. 11.0 months), the failure to achieve statistical significance on this key endpoint cast doubt on the product's path to regulatory approval and significantly reduced its perceived probability of success (POS) for 1L melanoma from 50% to 30%.

2. The company's announcement of exploring strategic alternatives and implementing workforce reductions signaled financial distress.

On January 21, 2026, IO Biotech's stock plunged 46.5% after the company disclosed it was exploring strategic alternatives, including a merger, business combination, sale of assets, or potential liquidation and dissolution. This news was further compounded by the evaluation of workforce reductions and other cost-cutting measures. A corporate update on January 30, 2026, confirmed the engagement of a financial advisor and the implementation of a reduction in force, highlighting the company's precarious financial position.

Show more

Stock Movement Drivers

Fundamental Drivers

The -73.4% change in IOBT stock from 11/30/2025 to 3/14/2026 was primarily driven by a 0.0% change in the company's Shares Outstanding (Mil).

(LTM values as of)	11302025	3142026	Change
Stock Price ($)	0.72	0.19	-73.4%
Change Contribution By:
Total Revenues ($ Mil)	0	0	0.0%
P/S Multiple	∞	∞	0.0%
Shares Outstanding (Mil)	67	67	0.0%
Cumulative Contribution			0.0%

LTM = Last Twelve Months as of date shown

Market Drivers

11/30/2025 to 3/14/2026

	Return	Correlation
IOBT	-73.4%
Market (SPY)	-3.1%	3.3%
Sector (XLV)	-5.0%	-7.6%

Fundamental Drivers

The -87.9% change in IOBT stock from 8/31/2025 to 3/14/2026 was primarily driven by a -1.6% change in the company's Shares Outstanding (Mil).

(LTM values as of)	8312025	3142026	Change
Stock Price ($)	1.58	0.19	-87.9%
Change Contribution By:
Total Revenues ($ Mil)	0	0	0.0%
P/S Multiple	∞	∞	0.0%
Shares Outstanding (Mil)	66	67	-1.6%
Cumulative Contribution			0.0%

LTM = Last Twelve Months as of date shown

Market Drivers

8/31/2025 to 3/14/2026

	Return	Correlation
IOBT	-87.9%
Market (SPY)	3.0%	-0.6%
Sector (XLV)	9.5%	-2.7%

Fundamental Drivers

The -79.7% change in IOBT stock from 2/28/2025 to 3/14/2026 was primarily driven by a -1.6% change in the company's Shares Outstanding (Mil).

(LTM values as of)	2282025	3142026	Change
Stock Price ($)	0.94	0.19	-79.7%
Change Contribution By:
Total Revenues ($ Mil)	0	0	0.0%
P/S Multiple	∞	∞	0.0%
Shares Outstanding (Mil)	66	67	-1.6%
Cumulative Contribution			0.0%

LTM = Last Twelve Months as of date shown

Market Drivers

2/28/2025 to 3/14/2026

	Return	Correlation
IOBT	-79.7%
Market (SPY)	12.4%	3.7%
Sector (XLV)	1.9%	2.8%

Fundamental Drivers

The -92.5% change in IOBT stock from 2/28/2023 to 3/14/2026 was primarily driven by a -57.0% change in the company's Shares Outstanding (Mil).

(LTM values as of)	2282023	3142026	Change
Stock Price ($)	2.54	0.19	-92.5%
Change Contribution By:
Total Revenues ($ Mil)	0	0	0.0%
P/S Multiple	∞	∞	0.0%
Shares Outstanding (Mil)	29	67	-57.0%
Cumulative Contribution			0.0%

LTM = Last Twelve Months as of date shown

Market Drivers

2/28/2023 to 3/14/2026

	Return	Correlation
IOBT	-92.5%
Market (SPY)	73.4%	7.9%
Sector (XLV)	23.3%	6.8%

Return vs. Risk

Price Returns Compared

	2021	2022	2023	2024	2025	2026	Total [1]
Returns
IOBT Return	-59%	-64%	-18%	-51%	-34%	-59%	-98%
Peers Return	16%	-36%	3%	-34%	-19%	29%	-47%
S&P 500 Return	27%	-19%	24%	23%	16%	-1%	80%
Monthly Win Rates [3]
IOBT Win Rate	0%	25%	42%	42%	42%	33%
Peers Win Rate	52%	37%	45%	42%	47%	53%
S&P 500 Win Rate	75%	42%	67%	75%	67%	33%
Max Drawdowns [4]
IOBT Max Drawdown	-59%	-65%	-63%	-64%	-61%	-66%
Peers Max Drawdown	-27%	-56%	-38%	-40%	-54%	-13%
S&P 500 Max Drawdown	-1%	-25%	-1%	-2%	-15%	-2%

[1] Cumulative total returns since the beginning of 2021
[2] Peers: MRNA, IOVA, AGEN, NEO, REGN.
[3] Win Rate = % of calendar months in which monthly returns were positive
[4] Max drawdown represents maximum peak-to-trough decline within a year
[5] 2026 data is for the year up to 3/13/2026 (YTD)

How Low Can It Go

Unique Key	Event	IOBT	S&P 500
2022 Inflation Shock	2022 Inflation Shock
2022 Inflation Shock% Loss	% Loss	-94.6%	-25.4%
2022 Inflation Shock% Gain to Breakeven	% Gain to Breakeven	1752.1%	34.1%
2022 Inflation ShockTime to Breakeven	Time to Breakeven	Not Fully Recovered days	464 days

Compare to MRNA, IOVA, AGEN, NEO, REGN

In The Past

IO Biotech's stock fell -94.6% during the 2022 Inflation Shock from a high on 11/5/2021. A -94.6% loss requires a 1752.1% gain to breakeven.

Preserve Wealth

Limiting losses and compounding gains is essential to preserving wealth.

Asset Allocation

Actively managed asset allocation strategies protect wealth. Learn more.

About IO Biotech (IOBT)

Business Description Analogies Products Customers Suppliers Management Key Risks Emerging Threats Market Size Revenue Drivers Capital Allocation

IO Biotech, Inc., a clinical-stage biopharmaceutical company, develops immune-modulating cancer therapies based on the T-win technology platform. The company's lead product candidate, IO102-IO103, which is designed to target immunosuppressive proteins, such as Indoleamine 2,3-dehydrogenase (IDO), and programmed death-ligand (PD-L1) that is in phase 2 clinical trial to treat melanoma, as well as in phase 1 clinical trial to treat lung, head and neck, bladder, and melanoma cancer. It also develops IO112, a product candidate that contains a single Arginase 1-derived peptide designed to target T cells that recognize epitopes derived from Arginase 1 for the treatment of cancers. The company was incorporated in 2014 and is based in Copenhagen, Denmark.

AI Analysis | Feedback

An early-stage Merck or Bristol Myers Squibb focused on next-generation cancer immunotherapies.
Like Moderna or BioNTech, but developing platform-based cancer immunotherapies instead of vaccines.
A pioneering clinical-stage biotech, much like Genentech was, but specializing in therapies that awaken the immune system to fight cancer.

AI Analysis | Feedback

IO102-IO103: A lead product candidate designed to target immunosuppressive proteins like IDO and PD-L1 for the treatment of various cancers, currently in Phase 1 and Phase 2 clinical trials.
IO112: A product candidate containing an Arginase 1-derived peptide designed to target T cells that recognize Arginase 1 epitopes for the treatment of cancers.

AI Analysis | Feedback

IO Biotech (IOBT) is a clinical-stage biopharmaceutical company. As described in the background, its product candidates, such as IO102-IO103 and IO112, are currently in various phases of clinical trials (Phase 1 and Phase 2). Companies at this stage are primarily focused on research, development, and clinical testing, and do not yet have commercialized products available for sale.

Therefore, IO Biotech does not currently have major customers, either individuals or other companies, as its products are still under development and have not yet received regulatory approval for commercial sale.

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Interactive Breakdown

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Trade Ideas

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Unique Key	Date	Ticker	Company	Category	Trade Strategy	6M Fwd Rtn	12M Fwd Rtn	12M Max DD
QDEL_2282026_Insider_Buying_45D_2Buy_200K	02282026	QDEL	QuidelOrtho	Insider	Insider Buys 45DStrong Insider Buying Companies with multiple insider buys in the last 45 days	0.0%	0.0%	0.0%
CHE_2272026_Dip_Buyer_FCFYield	02272026	CHE	Chemed	Dip Buy	DB \| FCFY OPMDip Buy with High FCF Yield and High Margin Buying dips for companies with high FCF yield and meaningfully high operating margin	0.0%	0.0%	0.0%
LLY_2272026_Monopoly_xInd_xCD_Getting_Cheaper	02272026	LLY	Eli Lilly	Monopoly	MY \| Getting CheaperMonopoly-Like with P/S Decline Large cap with monopoly-like margins or cash flow generation and getting cheaper based on P/S multiple	0.0%	0.0%	0.0%
HAE_2202026_Dip_Buyer_FCFYield	02202026	HAE	Haemonetics	Dip Buy	DB \| FCFY OPMDip Buy with High FCF Yield and High Margin Buying dips for companies with high FCF yield and meaningfully high operating margin	3.5%	3.5%	0.0%
IQV_2132026_Dip_Buyer_ValueBuy	02132026	IQV	IQVIA	Dip Buy	DB \| P/E OPMDip Buy with Low PE and High Margin Buying dips for companies with tame PE and meaningfully high operating margin	7.1%	7.1%	-3.0%

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AIV	Apartment Investment & Management	0.6	52.5%	-29.1%
ORKA	Oruka Therapeutics	1.8	25.0%	32.0%
APEI	American Public Education	1.0	21.2%	52.5%
NP	Neptune Insurance	3.0	20.2%	-25.0%
WOOF	Petco Health and Wellness	1.0	12.1%	28.8%
SANA	Sana Biotechnology	0.9	8.7%	-17.4%
AHCO	AdaptHealth	1.4	8.7%	6.4%
GLXY	Galaxy Digital	3.9	8.3%	-0.0%
BLLN	BillionToOne	3.1	7.9%	-15.6%
LWLG	Lightwave Logic	1.0	7.5%	134.9%

Top Losers

Ticker	Company	Mkt Cap (B)	1D Rtn	YTD Rtn
BW	Babcock & Wilcox Enterprises	1.1	-19.5%	65.8%
EVCM	EverCommerce	1.8	-16.6%	-17.0%
ULTA	Ulta Beauty	24.0	-14.2%	-11.5%
GAU	Galiano Gold	0.7	-12.0%	1.2%
HNRG	Hallador Energy	0.7	-11.5%	-10.2%
MEOH	Methanex	4.0	-10.9%	30.3%
PVLA	Palvella Therapeutics	1.4	-10.6%	16.6%
METCB	Ramaco Resources	0.6	-10.2%	-11.2%
SSII	SS Innovations International	0.9	-10.1%	-21.5%
CACC	Credit Acceptance	4.9	-9.4%	1.0%

Top Gainers

Ticker	Company	Mkt Cap (B)	1W Rtn	YTD Rtn
LWLG	Lightwave Logic	1.0	81.2%	134.9%
HIMS	Hims & Hers Health	5.6	57.4%	-23.7%
OCGN	Ocugen	0.8	54.0%	83.7%
WOOF	Petco Health and Wellness	1.0	52.1%	28.8%
AXTI	AXT	2.1	50.9%	198.8%
XENE	Xenon Pharmaceuticals	4.4	31.7%	23.2%
APEI	American Public Education	1.0	28.1%	52.5%
DOCN	DigitalOcean	6.3	26.0%	42.6%
SNDK	SanDisk	97.3	25.5%	178.7%
NVTS	Navitas Semiconductor	2.1	23.2%	41.5%

Top Losers

Ticker	Company	Mkt Cap (B)	1W Rtn	YTD Rtn
RHLD	Resolute Management	0.9	-32.0%	-46.2%
OLMA	Olema Pharmaceuticals	1.3	-31.7%	-41.2%
FWRD	Forward Air	0.5	-28.0%	-36.8%
CDRE	Cadre	1.3	-27.3%	-22.3%
FICO	Fair Isaac	26.8	-23.4%	-33.1%
PAR	PAR Technology	0.6	-23.2%	-59.3%
IOVA	Iovance Biotherapeutics	1.4	-22.8%	45.1%
CNC	Centene	16.9	-21.1%	-16.3%
GRPN	Groupon	0.4	-21.0%	-45.3%
BW	Babcock & Wilcox Enterprises	1.1	-19.8%	65.8%

Top Gainers

Ticker	Company	Mkt Cap (B)	1M Rtn	YTD Rtn
FSLY	Fastly	3.6	164.0%	141.5%
LWLG	Lightwave Logic	1.0	114.4%	134.9%
AAOI	Applied Optoelectronics	6.1	100.0%	177.7%
SOC	Sable Offshore	1.7	99.6%	86.6%
CRCL	Circle Internet	26.5	99.4%	45.5%
DAWN	Day One Biopharmaceuticals	2.2	89.8%	128.6%
AXTI	AXT	2.1	82.3%	198.8%
OCGN	Ocugen	0.8	75.9%	83.7%
ACLX	Arcellx	6.5	63.7%	75.4%
AMPX	Amprius Technologies	2.3	61.6%	127.5%

Top Losers

Ticker	Company	Mkt Cap (B)	1M Rtn	YTD Rtn
GRAL	GRAIL	1.6	-57.1%	-49.7%
MNKD	MannKind	0.8	-51.7%	-51.1%
EOSE	Eos Energy Enterprises	1.6	-50.7%	-50.2%
CWH	Camping World	0.4	-49.7%	-33.6%
FWRD	Forward Air	0.5	-46.8%	-36.8%
XMTR	Xometry	1.9	-42.0%	-37.9%
RHLD	Resolute Management	0.9	-41.7%	-46.2%
QDEL	QuidelOrtho	1.2	-40.6%	-40.1%
HRI	Herc	3.6	-39.8%	-26.3%
DCH	Dauch	0.6	-39.7%	-36.9%

Peer Comparisons

Peers to compare with:

Financials

	IOBT	MRNA	IOVA	AGEN	NEO	REGN	Median
Name	IO Biote.	Moderna	Iovance .	Agenus	NeoGenom.	Regenero.
Mkt Price	0.19	52.56	3.96	3.10	7.88	745.77	5.92
Mkt Cap	0.0	20.6	1.6	0.1	1.0	76.9	1.3
Rev LTM	0	1,922	264	107	727	14,343	495
Op Inc LTM	-92	-3,074	-398	-63	-88	3,702	-90
FCF LTM	-81	-2,075	-336	-89	-22	3,765	-85
FCF 3Y Avg	-76	-3,318	-361	-172	-29	3,657	-124
CFO LTM	-81	-1,873	-302	-89	5	4,979	-85
CFO 3Y Avg	-76	-2,665	-339	-163	3	4,664	-120

Growth & Margins

	IOBT	MRNA	IOVA	AGEN	NEO	REGN	Median
Name	IO Biote.	Moderna	Iovance .	Agenus	NeoGenom.	Regenero.
Rev Chg LTM	-	-39.9%	60.6%	-33.4%	10.1%	1.0%	1.0%
Rev Chg 3Y Avg	-	-52.3%	-	12.6%	12.6%	5.7%	9.1%
Rev Chg Q	-	-29.3%	17.7%	20.4%	10.6%	2.5%	10.6%
QoQ Delta Rev Chg LTM	-	-12.7%	5.2%	5.0%	2.6%	0.7%	2.6%
Op Mgn LTM	-	-159.9%	-151.1%	-58.9%	-12.1%	25.8%	-58.9%
Op Mgn 3Y Avg	-	-115.3%	-13,042.3%	-111.1%	-13.8%	29.0%	-111.1%
QoQ Delta Op Mgn LTM	-	-2.7%	13.1%	31.0%	0.9%	-0.9%	0.9%
CFO/Rev LTM	-	-97.5%	-114.8%	-83.5%	0.7%	34.7%	-83.5%
CFO/Rev 3Y Avg	-	-79.2%	-10,253.5%	-139.5%	0.5%	33.6%	-79.2%
FCF/Rev LTM	-	-108.0%	-127.6%	-83.6%	-3.0%	26.3%	-83.6%
FCF/Rev 3Y Avg	-	-97.1%	-10,884.9%	-147.7%	-4.4%	26.4%	-97.1%

Valuation

	IOBT	MRNA	IOVA	AGEN	NEO	REGN	Median
Name	IO Biote.	Moderna	Iovance .	Agenus	NeoGenom.	Regenero.
Mkt Cap	0.0	20.6	1.6	0.1	1.0	76.9	1.3
P/S	-	10.7	6.1	0.9	1.4	5.4	5.4
P/EBIT	-0.1	-7.5	-4.1	4.8	-9.5	14.6	-2.1
P/E	-0.1	-7.3	-4.1	-2.8	-9.4	17.1	-3.5
P/CFO	-0.2	-11.0	-5.3	-1.1	193.8	15.4	-0.6
Total Yield	-694.6%	-13.7%	-24.2%	-35.6%	-10.7%	6.3%	-19.0%
Dividend Yield	0.0%	0.0%	0.0%	0.0%	0.0%	0.5%	0.0%
FCF Yield 3Y Avg	-135.3%	-17.7%	-21.6%	-153.3%	-1.5%	4.4%	-19.7%
D/E	1.4	0.1	0.0	0.5	0.4	0.0	0.2
Net D/E	-1.0	-0.2	-0.2	0.4	0.2	-0.1	-0.1

Returns

	IOBT	MRNA	IOVA	AGEN	NEO	REGN	Median
Name	IO Biote.	Moderna	Iovance .	Agenus	NeoGenom.	Regenero.
1M Rtn	-46.1%	31.0%	57.1%	8.8%	-29.5%	-4.7%	2.0%
3M Rtn	-76.3%	78.4%	80.0%	-18.2%	-33.5%	0.7%	-8.7%
6M Rtn	-90.8%	123.6%	74.4%	-30.8%	-1.0%	33.5%	16.2%
12M Rtn	-78.2%	51.8%	10.3%	66.7%	-19.8%	12.4%	11.4%
3Y Rtn	-91.5%	-64.9%	-41.9%	-91.6%	-57.7%	-1.2%	-61.3%
1M Excs Rtn	-43.7%	32.1%	54.7%	6.4%	-28.8%	-1.8%	2.3%
3M Excs Rtn	-74.7%	82.7%	76.8%	-22.6%	-32.7%	4.4%	-9.1%
6M Excs Rtn	-92.8%	104.2%	60.8%	-37.5%	-8.4%	28.7%	10.2%
12M Excs Rtn	-100.0%	29.1%	-17.3%	45.2%	-44.0%	-12.3%	-14.8%
3Y Excs Rtn	-162.1%	-132.7%	-112.7%	-160.4%	-126.0%	-69.0%	-129.4%

FDIC Bank Data

Bank Capital

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Bank Deposits

null

Bank Assets

null

Bank Loans

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FDA Approved Drugs Data

Expand for Morenull

Financials

Annual
Quarterly

$ Mil \| FY: 12/31	LTM	2024	2023	2022	2021	2020	2019
Period End	9/30/2025	12/31/2024	12/31/2023	12/31/2022	12/31/2021	12/31/2020	12/31/2019
Filing Date	11/14/2025	3/31/2025	3/5/2024	3/14/2023	3/31/2022	11/8/2021	11/8/2021
Key Financials
Total Revenue	0	0	0	0	0	0	0
EBITDA	-89	-94	-91	-69	-67	-12	-11
Operating Income	-92	-95	-91	-71	-41	-10	-10
Net Income	-88	-95	-86	-71	-68	-12	-11
EPS	-1.35	-1.45	-1.98	-2.48	-17.30	-1.26	-2.22
Growth Rates
Total Revenue Growth	-	-	-	-	-	-	-
EBITDA Growth	3.2%	-4.0%	-30.8%	-2.8%	-461.3%	-11.9%	-
Operating Income Growth	4.5%	-4.1%	-28.0%	-73.2%	-306.4%	-2.3%	-
Net Income Growth	2.2%	-10.9%	-20.5%	-5.3%	-463.7%	-12.1%	-
Margins
EBITDA Margin	-	-	-	-	-	-	-
Operating Income Margin	-	-	-	-	-	-	-
Net Income Margin	-	-	-	-	-	-	-
Cash & Debt
Total Cash	31	60	143	143	212	3	8
Total Debt	18	2	2	3	0	0	9
Net Debt / (Cash)	-13	-58	-141	-140	-212	-3	1
Cash Flows
Net Cash from Operations	-81	-82	-72	-60	-41	-10	-9
Free Cash from Operations	-81	-82	-72	-60	-41	-10	-9
Returns to Shareholders
Dividends	0	-0	-0	-0	-0	-0	-0
Share Repurchases	-0	-0	-0	-0	-0	-0	-0

$ Mil \| FY: 12/31	2025Q3	2025Q2	2025Q1	2024Q4	2024Q3	2024Q2	2024Q1	2023Q4	2023Q3	2023Q2	2023Q1	2022Q4
Period End	9/30/2025	6/30/2025	3/31/2025	12/31/2024	9/30/2024	6/30/2024	3/31/2024	12/31/2023	9/30/2023	6/30/2023	3/31/2023	12/31/2022
Filing Date	11/14/2025	8/14/2025	5/14/2025	3/31/2025	11/12/2024	8/13/2024	5/14/2024	3/5/2024	11/13/2023	8/11/2023	5/11/2023	3/14/2023
Key Financials Quarterly
Total Revenue	0	0	0	0	0	0	0	0	0	0	0	0
Ebitda	-9	-26	-22	-32	-24	-20	-20	-28	-23	-22	-18	-19
Operating Income	-19	-23	-23	-27	-27	-22	-20	-28	-23	-22	-18	-20
Net Income	-8	-26	-22	-31	-24	-21	-19	-26	-22	-21	-17	-20
EPS	-0.13	-0.40	-0.34	-0.48	-0.36	-0.31	-0.30	-0.40	-0.43	-0.74	-0.59	-0.70
Key Financials TTM
Total Revenue TTM	0	0	0	0	0	0	0	0	0	0	0	0
Ebitda TTM	-89	-103	-98	-95	-92	-91	-93	-91	-82	-74	-70	-69
Operating Income TTM	-92	-99	-98	-95	-96	-93	-94	-91	-84	-76	-72	-71
Net Income TTM	-88	-104	-98	-95	-90	-88	-88	-86	-80	-74	-71	-71
Growth Rates Quarterly
Total Revenue Growth	-	-	-	-	-	-	-	-	-	-	-	-
EBITDA Growth	62.2%	-27.4%	-11.9%	-13.6%	-1.3%	7.2%	-12.6%	-48.1%	-51.5%	-18.5%	-5.7%	10.4%
Operating Income Growth	27.0%	-7.6%	-11.8%	4.4%	-12.9%	1.5%	-12.7%	-38.2%	-48.0%	-20.3%	-5.4%	4.7%
Net Income Growth	65.1%	-26.7%	-15.2%	-19.7%	-10.8%	2.3%	-14.2%	-30.4%	-38.2%	-14.5%	0.9%	5.8%
Margins Quarterly
EBITDA Margin	-	-	-	-	-	-	-	-	-	-	-	-
Operating Income Margin	-	-	-	-	-	-	-	-	-	-	-	-
Net Income Margin	-	-	-	-	-	-	-	-	-	-	-	-
Cash & Debt
Total Cash	31	28	37	60	80	101	118	143	166	110	129	143
Total Debt	18	8	2	2	2	2	2	2	3	3	3	3
Net Debt / (Cash)	-13	-20	-35	-58	-78	-99	-116	-141	-163	-107	-126	-140
Cash Flows Quarterly
FCF from Operations	-18	-20	-23	-20	-21	-17	-25	-23	-16	-18	-15	-13
Cash Flows TTM
FCF from Operations TTM	-81	-83	-80	-82	-86	-81	-82	-72	-61	-59	-54	-60
Returns to Shareholders Quarterly
Dividends	0	0	0	0	0	0	0	0	0	0	0	0
Share Repurchases	-0	-0	-0	-0	-0	-0	-0	-0	-0	-0	-0	-0
Return on Invested Capital (ROIC) Quarterly
ROIC	-16.0%	-23.8%	-24.2%	-31.0%	-32.9%	-28.6%	-28.5%	-44.0%	-39.6%	-41.0%	-37.1%	-46.1%
Return on Invested Capital (ROIC) TTM
ROIC TTM	-22.5%	-25.5%	-26.2%	-27.3%	-29.9%	-31.0%	-33.1%	-35.7%	-36.0%	-35.7%	-37.4%	-40.4%

Segment Financials

Assets by Segment

$ Mil	2024	2023	2022	2021
Developing novel, immune-modulatory, off-the-shelf therapeutic cancer vaccines based on our T-win®	151	152	222	6
Total	151	152	222	6

Price Behavior

Price Behavior

Market Price	$0.19
Market Cap ($ Bil)	0.0
First Trading Date	11/05/2021
Distance from 52W High	-92.0%
	50 Days	200 Days
DMA Price	$0.39	$1.04
DMA Trend	down	down
Distance from DMA	-50.4%	-81.7%
	3M	1YR
Volatility	319.0%	217.8%
Downside Capture	551.79	18.59
Upside Capture	-264.98	-143.99
Correlation (SPY)	3.0%	3.2%

IOBT Betas & Captures as of 2/28/2026

	1M	2M	3M	6M	1Y	3Y
Beta	0.04	-0.90	0.21	-0.67	0.31	0.71
Up Beta	3.80	-5.03	-4.39	0.55	0.39	0.51
Down Beta	-7.29	-6.48	-4.03	0.09	0.90	1.06
Up Capture	224%	-290%	-126%	-189%	-42%	-0%
Bmk +ve Days	9	20	31	70	142	431
Stock +ve Days	8	17	27	53	105	318
Down Capture	13%	206%	275%	-201%	-41%	97%
Bmk -ve Days	12	21	30	54	109	320
Stock -ve Days	12	23	33	66	130	394

[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively

Based On 1-Year Data

	Annualized Return	Annualized Volatility	Sharpe Ratio	Correlation with IOBT
IOBT	-78.2%	217.4%	0.40	-
Sector ETF (XLV)	5.0%	17.5%	0.12	3.0%
Equity (SPY)	19.6%	18.9%	0.81	3.4%
Gold (GLD)	71.9%	26.3%	2.05	4.3%
Commodities (DBC)	19.3%	17.3%	0.89	-3.2%
Real Estate (VNQ)	6.2%	16.3%	0.19	2.4%
Bitcoin (BTCUSD)	-15.3%	44.2%	-0.25	-1.5%

Smart multi-asset allocation framework can stack odds in your favor. Learn How

Based On 5-Year Data

	Annualized Return	Annualized Volatility	Sharpe Ratio	Correlation with IOBT
IOBT	-58.2%	132.1%	-0.12	-
Sector ETF (XLV)	7.5%	14.5%	0.33	8.1%
Equity (SPY)	13.1%	17.0%	0.61	11.6%
Gold (GLD)	24.1%	17.3%	1.14	4.1%
Commodities (DBC)	11.2%	19.0%	0.47	0.2%
Real Estate (VNQ)	4.8%	18.8%	0.16	8.2%
Bitcoin (BTCUSD)	6.3%	56.7%	0.33	4.8%

Smart multi-asset allocation framework can stack odds in your favor. Learn How

Based On 10-Year Data

	Annualized Return	Annualized Volatility	Sharpe Ratio	Correlation with IOBT
IOBT	-35.4%	132.1%	-0.12	-
Sector ETF (XLV)	10.1%	16.5%	0.50	8.1%
Equity (SPY)	14.5%	17.9%	0.70	11.6%
Gold (GLD)	14.4%	15.6%	0.77	4.1%
Commodities (DBC)	8.6%	17.6%	0.40	0.2%
Real Estate (VNQ)	5.6%	20.7%	0.23	8.2%
Bitcoin (BTCUSD)	67.4%	66.8%	1.07	4.8%

Smart multi-asset allocation framework can stack odds in your favor. Learn How

Short Interest

Short Interest: As Of Date	2272026
Short Interest: Shares Quantity	3.2 Mil
Short Interest: % Change Since 2152026	-25.2%
Average Daily Volume	0.6 Mil
Days-to-Cover Short Interest	5.0 days
Basic Shares Quantity	66.9 Mil
Short % of Basic Shares	4.8%

Returns Analyses

null

Earnings Returns History

Expand for More

	Forward Returns
Earnings Date	1D Returns	5D Returns	21D Returns
11/14/2025	1.7%	-9.2%	-15.2%
8/11/2025	-42.0%	19.3%	-0.6%
5/14/2025	-2.0%	3.0%	50.0%
3/4/2025	-1.6%	-3.5%	17.0%
11/12/2024	-11.7%	-16.7%	-19.6%
8/13/2024	17.7%	12.3%	-37.3%
5/14/2024	2.1%	-2.1%	-9.2%
3/5/2024	2.5%	6.8%	1.2%
...
SUMMARY STATS
# Positive	11	8	6
# Negative	4	7	9
Median Positive	2.1%	9.7%	22.0%
Median Negative	-6.8%	-9.2%	-19.6%
Max Positive	17.7%	55.3%	50.0%
Max Negative	-42.0%	-20.7%	-37.3%

	Forward Returns
11/14/2025	1.7%	-9.2%	-15.2%
8/11/2025	-42.0%	19.3%	-0.6%
5/14/2025	-2.0%	3.0%	50.0%
3/4/2025	-1.6%	-3.5%	17.0%
11/12/2024	-11.7%	-16.7%	-19.6%
8/13/2024	17.7%	12.3%	-37.3%
5/14/2024	2.1%	-2.1%	-9.2%
3/5/2024	2.5%	6.8%	1.2%
11/13/2023	2.3%	7.1%	27.0%
8/11/2023	0.0%	6.0%	-8.7%
3/14/2023	1.4%	-17.7%	-25.4%
11/9/2022	16.7%	19.9%	11.2%
8/11/2022	0.3%	-6.4%	-22.4%
3/31/2022	7.0%	55.3%	36.6%
12/17/2021	0.0%	-20.7%	-28.0%
SUMMARY STATS
# Positive	11	8	6
# Negative	4	7	9
Median Positive	2.1%	9.7%	22.0%
Median Negative	-6.8%	-9.2%	-19.6%
Max Positive	17.7%	55.3%	50.0%
Max Negative	-42.0%	-20.7%	-37.3%

SEC Filings

Expand for More

Report Date	Filing Date	Filing
09/30/2025	11/14/2025	10-Q
06/30/2025	08/14/2025	10-Q
03/31/2025	05/14/2025	10-Q
12/31/2024	03/31/2025	10-K
09/30/2024	11/12/2024	10-Q
06/30/2024	08/13/2024	10-Q
03/31/2024	05/14/2024	10-Q
12/31/2023	03/05/2024	10-K
09/30/2023	11/13/2023	10-Q
06/30/2023	08/11/2023	10-Q
03/31/2023	05/11/2023	10-Q
12/31/2022	03/14/2023	10-K
09/30/2022	11/09/2022	10-Q
06/30/2022	08/11/2022	10-Q
03/31/2022	05/16/2022	10-Q
12/31/2021	03/31/2022	10-K

Insider Activity

Expand for More

#	Owner	Title	Holding	Action	Filing Date	Price	Shares	Transacted Value	Value of Held Shares	Form
1	Hunter, Heidi		Direct	Buy	6022025	1.39	15,000	20,884	20,884	Form

IOBT Trade Sentinel

Stock Conviction

null

CONVICTION RATIONALE

null

STOCK ARCHETYPE

null

INVESTMENT THESIS

null

Mechanism: null

Supporting Evidence:

PRIMARY RISK

null

Mechanism: null

Supporting Evidence:

Key KPI Watchlist

KPI	Threshold	Rationale

Core Investment Debate

BULL VIEW

CORE TENSION

PREVAILING SENTIMENT

BEAR VIEW

Next 6 months: Risks and Catalysts

Timeline	Event & Metric To Watch

Key Events in Last 6 Months

Date	Event	Stock Impact

Risk Management

Position Sizing

null

Diversification Alternatives

How Is The Market Pricing IOBT?

What will confirm the thesis

What will damage the thesis

Noise: Real but irrelevant to thesis

Repricing Catalyst

What IOBT Makes & Who Pays

TTM figures based on

IOBT Evolution: Price Return by Era

① Structure

② Volume / Momentum

③ Catalyst

Combined Score

0 / 12

1 Price Structure & Trend · ▾

2 Momentum ▾

3 Relative Strength vs. SPY ▾

4 Institutional Footprint & Volume ▾

5 Volatility ▾

6 Key Price Levels Range · Vol ▾

7 Earnings Reaction History ▾

8 How the Verdict Is Derived Three Pillars ▾

Pillar	Score
① Structure	0
② Vol / Mom	0
③ Catalyst	0

ℹ Bull Pillars: 0 · Bear Pillars: 0 · Combined Score: 0 →

Industry Resources

Health Care Resources

U.S. National Library of Medicine

Health Data Management

FDA Tracker

Biotechnology Resources

Fierce Biotech

Nature Biotechnology

Genetic Engineering & Biotechnology News

Biotechnology Innovation Organization

BioWorld

BioTechniques

HBS Biotechnology Publications

External Quote Links

0	Y Finance	Barrons
1	TradingView	Morningstar
2	SeekingAlpha	ValueLine
3	Motley Fool	Robinhood
4	CNBC	Etrade
5	MarketWatch	Unusual Whales
6	YCharts	Perplexity Finance
7	FinViz

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IO Biotech (IOBT)

Market Price (3/15/2026): $0.1999 | Market Cap: $13.4 MilSector: Health Care | Industry: Biotechnology

IO Biotech (IOBT)

Market Price (3/15/2026): $0.1999Market Cap: $13.4 MilSector: Health CareIndustry: Biotechnology

Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.

Valuation, Metrics & Events

Price Chart

Why The Stock Moved

Qualitative Assessment

Stock Movement Drivers

Fundamental Drivers

Market Drivers

Fundamental Drivers

Market Drivers

Fundamental Drivers

Market Drivers

Fundamental Drivers

Market Drivers

Return vs. Risk

Price Returns Compared

How Low Can It Go

In The Past

Preserve Wealth

Asset Allocation

About IO Biotech (IOBT)

Interactive Breakdown

Better Bets vs. IO Biotech (IOBT)

Latest Trefis Analyses

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Bank Loans

FDA Approved Drugs Data

Financials

Segment Financials

Price Behavior

Based On 1-Year Data

Based On 5-Year Data

Based On 10-Year Data

Short Interest

Returns Analyses

Earnings Returns History

SEC Filings

Insider Activity

IOBT Trade Sentinel

null

CONVICTION RATIONALE

STOCK ARCHETYPE

INVESTMENT THESIS

PRIMARY RISK

BULL VIEW

CORE TENSION

PREVAILING SENTIMENT

BEAR VIEW

Position Sizing

null

Diversification Alternatives

Repricing Catalyst

Industry Resources

External Quote Links

Market Price (3/15/2026): $0.1999 | Market Cap: $13.4 Mil
Sector: Health Care | Industry: Biotechnology

Market Price (3/15/2026): $0.1999
Market Cap: $13.4 Mil
Sector: Health Care
Industry: Biotechnology