Company: IOBT
Filing Date: 2025-03-31
Form Type: 10-K
Source: 0000950170-25-047744
Chunk: 294

Company: IO Biotech, Inc.
Filing Date: 2025-03-31
Form: 10-K
Item: Item 1B
Chunk 294
---
 to IO102-IO103.  

155

In November 2022, we entered into a clinical collaboration with MSD to evaluate IO102-IO103 in combination with KEYTRUDA® as a neoadjuvant/adjuvant therapy for patients with metastatic melanoma and SCCHN. 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 trial and MSD is providing KEYTRUDA® to be used in the clinical trial 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 trial are shared by us and MSD and we maintain global commercial rights to IO102-IO103.

5. Prepaid Expenses and Other Current Assets Prepaid expenses and other current assets consist of the following (in thousands):  

        December 31,

        2024

        2023

        Prepaid income taxes
         
        $
        1,292

        $
        829

        Insurance

        1,119

        1,352

        Research and development tax credit receivable

        768

        814

        Prepaid contract research and development costs

        573

        —

        Value-added tax refund receivable

        365

        313

        Other

        803

        754

        Total prepaid expenses and other current assets
         
        $
        4,920

        $
        4,062

6. Property and Equipment, NetProperty and equipment, net consist of the following (in thousands):  

        December 31,

        2024

        2023

        Laboratory equipment
         
        $
        839

        $
        836

        Office furniture

        235

        238

        Computer hardware

        141

        103

        Less: accumulated depreciation

        (577
        )

        (330
        )

        Total property and equipment, net
         
        $
        638

        $
        847

For the years ended December 31, 2024 and 2023, the Company recognized $0.3 million and $0.2 million, respectively, of depreciation expense in the consolidated