Company: IOBT
Filing Date: 2025-07-24
Form Type: S-3
Source: 0001193125-25-164495
Chunk: 2

Company: IO Biotech, Inc.
Filing Date: 2025-07-24
Form: S-3
Chunk 2
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 by the selling stockholders named in this prospectus (the “selling stockholders”) of up to
4,221,867 shares of our common stock (the “Shares”), issuable upon the exercise of warrants held by the selling stockholders (the “Warrants”).

Our registration of shares of common stock covered by this prospectus does not mean that the selling stockholders will offer or sell any such shares. The
Warrants were issued by us pursuant to a warrant issuance agreement (the “Warrant Issuance Agreement”), dated as of December 19, 2024, by and between us and the European Investment Bank (“EIB”), which was entered into in
connection with the execution of a finance contract (the “Finance Contract”), dated as of December 19, 2024, by and between our wholly owned subsidiary, IO Biotech ApS (the “Borrower”) and EIB. We are registering the offer
and resale of the Shares to satisfy a covenant set forth in the registration rights agreement (the “Registration Rights Agreement”) executed concurrently with the Finance Contract and the Warrant Issuance Agreement, pursuant to which we
agreed to register the resale of the Shares within a limited period of time following the date of the registration rights agreement.

We will not receive
any of the proceeds from the sale of our common stock by the selling stockholders, although we will receive proceeds from the cash exercise of any Warrants.

Any shares of our common stock subject to resale hereunder will have been issued by us and received by the selling stockholders prior to any resale of such
shares pursuant to this prospectus.

The selling stockholders, or their donees, pledgees, transferees or other successors-in-interest may offer or resell the Shares from time to time through public or private transactions at prevailing market prices, at prices related to prevailing market prices or at privately
negotiated prices. The selling stockholders will bear all commissions and discounts and similar selling expenses, if any, attributable to the sale of Shares. We will bear all costs, expenses and fees (other than commissions and discounts and similar
selling expenses) in connection with the registration of the Shares. For additional information on the methods of sale that may be used by the selling stockholders, see “Plan of Distribution” beginning on page 13 of this prospectus.

Our common stock is listed on the Nasdaq Global Select Market under the symbol “IOBT.” On July 23, 2025, the last reported