Company: IOBT
Filing Date: 2025-03-31
Form Type: 10-K
Source: 0000950170-25-047744
Chunk: 127

Company: IO Biotech, Inc.
Filing Date: 2025-03-31
Form: 10-K
Item: Item 7
Chunk 127
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 million and $60.0 million in cash and cash equivalents. Our primary use of cash is to fund operating expenses, which consist primarily of research and development expenditures, and to a lesser extent, general and administrative expenditures. Cash used to fund operating expenses is impacted by the timing of when we pay these expenses, as reflected in the change in our outstanding accounts payable and accrued expenses. 

We currently expect that our cash and cash equivalents of $60.0 million as of December 31, 2024 will be sufficient to fund our operating expenses and capital requirements into the second quarter of 2026 assuming draw down of the first three committed tranches of the EIB loan facility. However, additional funding will be necessary to fund our future clinical and preclinical activities. If we are unable to obtain funding, we could be forced to delay, reduce or eliminate our research and development programs, product portfolio expansion or commercialization efforts, which could adversely affect our business prospects and our ability to continue operations. 

Cash Flows 

The following table summarizes our cash flows for the periods indicated: 

    Year Ended December 31,

    2024

    2023

    (in thousands)

    Net cash used in operating activities
     
    $
    (82,347
    )
     
    $
    (71,737
    )

    Net cash used in investing activities

    (44
    )

    (323
    )

    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