Company: IOBT
Filing Date: 2025-03-31
Form Type: 10-K
Source: 0000950170-25-047744
Chunk: 261

Company: IO Biotech, Inc.
Filing Date: 2025-03-31
Form: 10-K
Item: Item 1B
Chunk 261
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 $
    3,655

    5.4
    %

Research and development expenses were $71.5 million for the year ended December 31, 2024, compared to $67.8 million for the year ended December 31, 2023. The increase of $3.7 million was primarily related to an increase in clinical trial-related activities of $4.2 million for Cylembio®, our therapeutic cancer vaccine candidate, including the continued execution of our Phase 3 clinical trial, and an increase in personnel costs of $2.4 million primarily related to an increase in personnel compensation related costs. This increase was partially offset by a decrease in costs for chemistry, manufacturing and control activities of $3.5 million related to the timing of manufacturing activities and production of Cylembio, our therapeutic cancer vaccine candidate, for use in our ongoing clinical trials. 

General and Administrative Expenses 

General and administrative expenses were composed of: 

    Year Ended December 31,

    Change

    2024

    2023

    Amount

    Percent

    (in thousands)

    Personnel
     
    $
    11,367

    $
    10,294

    $
    1,073

    10.4
    %

    Professional services

    4,847

    4,469

    378

    8.5
    %

    Consultants and other costs

    7,479

    8,851

    (1,372
    )

    (15.5
    )%

    Total general and administrative expenses
     
    $
    23,693

    $
    23,614

    $
    79

    0.3
    %

132

General and administrative expenses were $23.7 million for the year ended December 31, 2024, compared to $23.6 million for the year ended December 31, 2023. The increase of $0.1 million was primarily due to an increase in personnel costs of $1.1 million related to an increase in personnel compensation related costs and an increase in professional services costs of $0.4 million primarily related to an increase in legal fees.  These increases were partially offset by a decrease in consultants and other costs of $1.4 million primarily related to a decrease in consultant spend and insurance premiums. 

Other Income (Expense), Net 

Other income (expense), net was comprised of: