Company: IOBT
Filing Date: 2025-03-31
Form Type: 10-K
Source: 0000950170-25-047744
Chunk: 41

Company: IO Biotech, Inc.
Filing Date: 2025-03-31
Form: 10-K
Item: Item 1
Chunk 41
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2) for the other party’s uncured material breach. 

38

Each research program under the Framework Cooperation Agreement will be conducted under a separate cooperation agreement (each, a “Cooperation Agreement”). We are currently engaged in one sponsored research program in the Field, under a separate Cooperation Agreement. Each Cooperation Agreement will continue until the completion of the applicable research program, and either party may terminate such Cooperation Agreement, (1) for convenience, upon three months’ prior written notice, or (2) for the other party’s uncured material breach. 

Additionally, we have entered into a separate agreement with Herlev pursuant to which we were obligated to pay a cash fee in the amount of DKK 5.0 million (which is approximately $0.7 million based on the exchange rate of DKK 7.16 to one U.S. dollar as of December 31, 2024) upon the occurrence of a change of control, stock or asset sale or IPO. This was triggered by our IPO in November 2021, and has subsequently been paid.

Clinical Trial Collaboration and Supply Agreements with MSD International GmbH 

November 2022 Agreement for the Phase 2 IOB-032/PN-E40 Basket Trial

In November 2022, we entered into a clinical collaboration with MSDIG, an affiliate of Merck, and MSD International Business GmbH (“MSDIB”), another affiliate of Merck (collectively, “MSD”) to evaluate IO102-IO103 in combination with KEYTRUDA® (pembrolizumab) as a neoadjuvant/adjuvant therapy for patients with metastatic melanoma and SSCHN. Under the terms of the collaboration with MSD, we are conducting an international Phase 2 study to evaluate a combination therapy of IO102-IO103 and KEYTRUDA®. We are sponsoring the clinical trials and MSD is providing KEYTRUDA® to be used in the clinical trials free of charge. We and MSD are responsible for our own internal costs and expenses to support the study and we bear all other costs associated with conducting the study, including costs of providing IO102-IO103 for use in the study. The rights to the data from the clinical trials are shared by us and MSD and we maintain global commercial rights to IO102-IO103.

December 2021 Agreement for the Phase 2 IOB-022/KN-D38 Basket Trial

In December 2021, we entered into a Clinical Trial Collaboration and Supply Agreement (the “CTCSA