Company: IOBT
Filing Date: 2025-07-24
Form Type: S-3
Source: 0001193125-25-164495
Chunk: 14

Company: IO Biotech, Inc.
Filing Date: 2025-07-24
Form: S-3
Chunk 14
---
 our business operations;                                                                             |

| • |     | the impact of laws and regulations, including legislative developments; and developments and projections relating 
 to our competitors or our industry.                                                                               |

These statements relate to future events or to our future financial performance and involve known and unknown risks, uncertainties, and other factors that may cause our actual results, performance, or achievements to be materially different from any future results, performance, or achievements expressed or implied by these forward-looking statements. Factors that may cause actual results to differ materially from current expectations include, among other things, those set forth in Part I, Item 1A of our Annual Report on Form 10-Kfor the year ended December 31, 2024 and for the reasons described in our Quarterly Report on Form 10-Qfor the period ended March 31, 2025 and any risks contained in any other documents incorporated by reference herein. Any forward-looking statement in this prospectus reflects our current view with respect to future events and is subject to these and other risks, uncertainties, and assumptions relating to our operations, results of operations, industry, and future growth. Given these uncertainties, you should not place undue reliance on these forward-looking statements. Except as required by law, we assume no obligation to update or revise these forward-looking statements for any reason, even if new information becomes available in the future. This prospectus and the documents incorporated by reference may also contain estimates, projections, and other information concerning our industry, our business, and the markets for certain drugs, including data regarding the estimated size of those markets, their projected growth rates, and the incidence of certain medical conditions. 8

Information that is based on estimates, forecasts, projections, or similar methodologies is inherently subject to uncertainties, and actual events or circumstances may differ materially from
events and circumstances reflected in this information. Unless otherwise expressly stated, we obtained these industry, business, market, and other data from reports, research surveys, studies, and similar data prepared by third parties, industry,
medical and general publications, government data, and similar sources. In some cases, we do not expressly refer to the sources from which these data are derived.

9

USE OF PROCEEDS

We will not receive any proceeds from the sale of shares of our common stock by the selling stockholders.

We may receive proceeds from the exercise of the Warrants. We can make no assurances that any of the Warrants will be exercised, or if exercised, the quantity
that will be exercised or the period in which such Warrants