Company: IOBT
Filing Date: 2025-03-31
Form Type: 10-K
Source: 0000950170-25-047744
Chunk: 265

Company: IO Biotech, Inc.
Filing Date: 2025-03-31
Form: 10-K
Item: Item 1B
Chunk 265
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    )

    Net cash provided by financing activities

    —

    71,860

    Net decrease in cash and cash equivalents
     
    $
    (82,391
    )
     
    $
    (200
    )

Net Cash Used in Operating Activities 

Cash used in operating activities of $82.3 million during the year ended December 31, 2024 was primarily attributable to our net loss of $95.5 million and an increase of $2.2 million in our working capital account, partially offset by  an increase in non-cash items of $11.0 million primarily due to equity-based compensation. 

Cash used in operating activities of $71.7 million during the year ended December 31, 2023 was primarily attributable to our net loss of $86.1 million, partially offset by an increase of $5.9 million in our working capital accounts and an increase in non-cash items of $8.5 million primarily due to equity-based compensation.  

Net Cash Used in Investing Activities 

Cash used in investing activities of $0.04 million and $0.3 million for the years ended December 31, 2024 and 2023, respectively, was related to the purchase of property and equipment.

Net Cash Provided by Financing Activities 

We had no cash provided by financing activities for the year ended December 31, 2024.

Cash provided by financing activities of $71.9 million for the year ended December 31, 2023 was related to the net proceeds obtained from the issuance of common stock and warrants as part of the August 2023 private placement. 

134

Funding Requirements 

Any product candidates we may develop may never achieve commercialization and we anticipate that we will continue to incur losses for the foreseeable future. We expect that our research and development expenses, general and administrative expenses, and capital expenditures will continue to increase. As a result, until such time, if ever, as we can generate substantial product revenue, we expect to finance our cash needs through a combination of equity offerings, debt financings or other capital sources, including potentially collaborations, licenses and other similar arrangements. Our primary uses of capital are, and we expect will continue to be, compensation and related expenses; costs related to third-party clinical research, manufacturing and development services; costs relating to the build-out of our headquarters and our other offices, laboratories and manufacturing facility; license payments or milestone obligations that may arise; laboratory expenses and costs for related supplies; clinical costs; manufacturing costs