Company: IOBT
Filing Date: 2025-03-31
Form Type: 10-K
Source: 0000950170-25-047744
Chunk: 274

Company: IO Biotech, Inc.
Filing Date: 2025-03-31
Form: 10-K
Item: Item 1B
Chunk 274
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OB. 

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. The Company is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. As part of our audits we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Company's internal control over financial reporting. Accordingly, we express no such opinion. 

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion. 

/s/ EY Godkendt Revisionspartnerselskab 

We have served as the Company’s auditor since 2015. 

Copenhagen, Denmark 

March 31, 2025

142

io biotech, inc.

Consolidated Balance Sheets 

(In thousands, except share and per share amounts) 

    December 31,

    2024

    2023

    Assets

    Current assets

    Cash and cash equivalents
     
    $
    60,031

    $
    143,193

    Prepaid expenses and other current assets

    4,920

    4,062

    Total current assets

    64,951

    147,255

    Restricted cash

    268

    268

    Property and equipment, net

    638

    847

    Right of use lease asset

    1,725

    2,259

    Other non-current assets

    117

    89

    Total non-current assets

    2,748

    3,463

    Total assets
     
    $
    67,699

    $
    150,718

    Liabilities and stockholders’ equity

    Current liabilities

    Accounts payable
     
    $
    4,661

    $
    3,878

    Lease liability - current