Company: IOBT
Filing Date: 2025-03-31
Form Type: 10-K
Source: 0000950170-25-047744
Chunk: 122

Company: IO Biotech, Inc.
Filing Date: 2025-03-31
Form: 10-K
Item: Item 7
Chunk 122
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 business operations and other administrative functions. We expect to continue to incur significant general and administrative expenses to support our continued research and development activities, manufacturing activities, and to continue to operate as a public company. These costs will likely include hiring and retaining key personnel, fees to outside consultants, lawyers and accountants, and costs associated with being a public company such as expenses related to services associated with maintaining compliance with Nasdaq listing rules and SEC requirements, director and officer insurance premiums and investor relations costs.  

Other Income (Expense), Net 

Our other income (expense), net comprises: 

•Foreign currency exchange: The functional currency of our subsidiaries operating in Denmark and United Kingdom is the Euro and  the British Pound, respectively. Transactions denominated in currencies other than the Euro and the British Pound result in exchange gains and losses that are recorded in our consolidated statements of operations.

131

•Interest income: For the years ended December 31, 2024 and 2023, we recognized interest income on account balances invested in money market funds and on account balances with banks.

Results of Operations 

Comparison of the Years Ended December 31, 2024 and 2023

The following sets forth our results of operations: 

    Year Ended December 31,

    Change

    2024

    2023

    Amount

    Percent

    (in thousands)

    Operating expenses

    Research and development
     
    $
    71,484

    $
    67,829

    $
    3,655

    5.4
    %

    General and administrative

    23,693

    23,614

    79

    0.3
    %

    Total operating expenses

    95,177

    91,443

    3,734

    4.1
    %

    Loss from operations

    (95,177
    )

    (91,443
    )

    (3,734
    )

    4.1
    %

    Other income, net

    1,129

    6,212

    (5,083
    )

    (81.8
    )%

    Loss before income tax expense

    (94,048
    )

    (85,231
    )

    (8,817
    )

    10.3
    %

    Income tax expense

    1,443

    852

    591

    69