Company: IOBT
Filing Date: 2025-07-24
Form Type: S-3
Source: 0001193125-25-164495
Chunk: 5

Company: IO Biotech, Inc.
Filing Date: 2025-07-24
Form: S-3
Chunk 5
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 and
prospects may have changed since that date.

The terms “IO Biotech,” the “Company,” “our,” “us” and
“we,” as used in this prospectus, refer to IO Biotech, Inc., a Delaware corporation, and its subsidiaries unless we state otherwise or the context indicates otherwise.

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SUMMARY

This summary highlights selected information from this prospectus and does not contain all of the information that you need to consider in making your investment decision. You should carefully read the entire prospectus, any applicable prospectus supplement and any related free writing prospectus, including the risks of investing in our securities discussed under the heading “Risk Factors” contained in this prospectus, any applicable prospectus supplement and any related free writing prospectus, and under similar headings in the other documents that are incorporated by reference into this prospectus. You should also carefully read the information incorporated by reference into this prospectus, including our consolidated financial statements, and the exhibits to the registration statement of which this prospectus is a part.

Company Overview

IO Biotech, Inc. is a clinical-stage
biotechnology company dedicated to the identification and development of disruptive immune therapies for the treatment of cancer. IO Biotech ApS, a wholly-owned subsidiary of the Company following our corporate reorganization in November 2021, was
incorporated in Denmark in December 2014. We are developing novel, immune-modulatory, off-the-shelf therapeutic cancer vaccines based on our T-win technology platform.

Private Placement of Warrants

On December 19, 2024, the Borrower entered into the Finance Contract with EIB, establishing three tranches of potential financing in an aggregate
principal amount of up to €37.5 million, subject to certain conditions precedent (the “EIB Loan Facility”).

Pursuant to the Finance
Contract, the Company (through the Borrower) will have €10.0 million available to draw in an initial tranche of the term loan facility (“Tranche A”), subject to satisfaction of certain customary conditions and the issuance of
warrants pursuant to a Warrant Issuance Agreement (described below). The Finance Contract also provides for two potential additional term loan tranches in principal amounts of €12.5 million (“Tranche B”) and
€15.0 million (“Tranche C” and, together with Tranche A and Tranche B, each a “Tranche”), respectively, each of which is subject to specified conditions, including, but not limited,