Company: IOBT
Filing Date: 2025-03-31
Form Type: 10-K
Source: 0000950170-25-047744
Chunk: 299

Company: IO Biotech, Inc.
Filing Date: 2025-03-31
Form: 10-K
Item: Item 1B
Chunk 299
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, Tranches available to us had not been drawn upon. As such, the Company does not have outstanding current or long-term debt on the consolidated balance sheet as of December 31, 2024 or as of the date these financial statements are issued. Additionally, no Warrants were issued as of December 31, 2024 or as of the date these financial statements are issued in connection with the Warrant Issuance Agreement and Finance Contract with the EIB.

9. LeasesAs of December 31, 2024, the Company is party to six operating leases for laboratory and office space. The Company's finance leases are immaterial both individually and in the aggregate. In the consolidated balance sheet as of December 31, 2024, the Company has an ROU asset balance of $1.7 million and a current and non-current lease liability of $0.7 million and $1.2 million, respectively, relating to the ROU lease asset. The balance of both the ROU lease asset and the lease liabilities primarily consists of future payments under the Company’s office leased in New York, New York, Rockville, Maryland and Copenhagen, Denmark.
Rent expense for the years ended December 31, 2024 and 2023 was $0.8 million and $0.7 million, respectively.
Qualitative information regarding the Company’s leases as of December 31, 2024 is as follows:

        Location
         
        Lease Type
         
        Lease Nature
         
        Lease Commencement
         
        Lease Term Expiration
         
        Annual Base Rent (in Millions)

        Copenhagen, Denmark
         
         Operating
         
         Office
         
        March 2021
         
        December 2027
         
        $
        0.2

        Copenhagen, Denmark
         
         Operating
         
         Office
         
        December 2024
         
        December 2027
         
        $
        0.04

        Copenhagen, Denmark
         
         Operating
         
         Lab
         
        January 2023
         
        December 2027
         
        $
        0.04

        Newport, United Kingdom
         
         Operating
         
         Office
         
        June 2023
         
        May 2025
         
        $
        0.04

        New York, New York