Company: IOBT
Filing Date: 2025-03-31
Form Type: 10-K
Source: 0000950170-25-047744
Chunk: 262

Company: IO Biotech, Inc.
Filing Date: 2025-03-31
Form: 10-K
Item: Item 1B
Chunk 262
---
    Year Ended December 31,

    Change

    2024

    2023

    Amount

    Percent

    (in thousands)

    Currency exchange (loss) gain, net
     
    $
    (3,589
    )
     
    $
    331

    $
    (3,920
    )

    (1,184.3
    )%

    Interest income

    4,718

    5,881

    (1,163
    )

    (19.8
    )%

    Other income, net
     
    $
    1,129

    $
    6,212

    $
    (5,083
    )

    (81.8
    )%

Other income (expense), net was $1.1 million for the year ended December 31, 2024 compared to $6.2 million for the year ended December 31, 2023. The decrease of $5.1 million was primarily due to a decrease of $1.2 million in interest income recognized on our money market fund and a decrease of $3.9 million in foreign currency impacts due to changes in U.S. Dollar to Euro exchange rates. 

Liquidity and Capital Resources

Sources of Liquidity 

 Our operations to date have been financed primarily by aggregate net proceeds of $360.6 million from the issuance of convertible preference shares, convertible notes, ordinary shares, our IPO, our Private Placement, and as of December 2024, the EIB Loan Facility (as defined below) from which we have access to tranche A and tranche B loans to draw up to €10.0 million and €12.5 million in available funds, respectively, before payment of certain fees and transaction related expense. In December 2024, IO Biotech ApS, our wholly-owned subsidiary, entered into the Finance Contract (the “Finance Contract”)  with the EIB establishing the EIB Loan Facility, which consists of three committed tranches of potential financing in an aggregate principal amount of up to €37.5 million, subject to certain conditions precedent (the “EIB Loan Facility”). Concurrently with the execution of the Finance Contract, IO Biotech ApS entered into a non-binding side letter, pursuant to which EIB may, in its discretion and subject to approvals by its investment committee, make available to the Company an additional €20.0 million in funding related to the Company’s ongoing clinical trials.