Company: IOBT
Filing Date: 2025-03-31
Form Type: 10-K
Source: 0000950170-25-047744
Chunk: 228

Company: IO Biotech, Inc.
Filing Date: 2025-03-31
Form: 10-K
Item: Item 1A
Chunk 228
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, our failure to meet these projections or changes in recommendations by securities analysts that elect to follow our common stock; 

•any delay in our regulatory filings for our product candidates and any adverse development or perceived adverse development with respect to the applicable regulatory authority’s review of such filings, including without limitation the FDA’s issuance of a “refusal to file” letter or a request for additional information; 

•regulatory or legal developments in the United States and other countries; 

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•the level of expenses related to future product candidates or clinical development programs; 

•our failure to achieve product development goals in the timeframe we announce; 

•announcements of acquisitions, strategic alliances or significant agreements by us or by our competitors; 

•recruitment or departure of key personnel; 

•the economy as a whole and market conditions in our industry; 

•trading activity by a limited number of stockholders who together beneficially own a majority of our outstanding common stock; 

•the expiration of market standoff or contractual lock-up agreements; 

•the size of our public float; 

•political uncertainty and/or instability in the United States and throughout the world; and 

•any other factors discussed elsewhere in this Annual Report on Form 10-K.  

In addition, the stock markets have experienced extreme price and volume fluctuations that have affected and continue to affect the market prices of equity securities of many immuno-oncology companies. Stock prices of many immuno-oncology companies have fluctuated in a manner unrelated or disproportionate to the operating performance of those companies. The trading prices for common stock of other biopharmaceutical companies have also been highly volatile as a result of the high inflation environment and geopolitical conflict in Ukraine and the Middle East. In the past, stockholders have filed securities class action litigation following periods of market volatility. If we were to become involved in securities litigation, it could subject us to substantial costs, divert resources and the attention of management from our business and adversely affect our business. 

If there are substantial sales of shares of our common stock, the price of our common stock could decline. 

The price of our common stock could decline if there are substantial sales of our common stock, particularly sales by our directors, executive officers and significant stockholders, or if there is a large number of shares of our common stock available for sale and the market perceives that sales will occur. As of December 31, 2024 we had 65,880,914 shares of common stock outstanding. Substantially all of our outstanding shares