Company: IOBT
Filing Date: 2025-09-29
Form Type: 8-K
Source: 0001193125-25-221704
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Company: IO Biotech, Inc.
Filing Date: 2025-09-29
Form: 8-K
Item: Item 2.05
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Item 2.05.      Costs Associated with Exit or Disposal Activities.  

On September 25, 2025, the Board of Directors of IO Biotech, Inc. (the “ Company”) approved a restructuring and workforce reduction plan (the “ Plan”) to conserve capital to align the Company’s operations with its primary focus of advancing development of Cylembio®(imsapepimut and etimupepimut, adjuvanted). The Plan is expected to result in a reduction of approximately 50% of the Company’s workforce globally.

In connection with the implementation of the Plan, the Company expects to incur one-time chargesand cash expenditures in a range of approximately $1.0 million to $1.5 million, primarily related to employee wages and severance payments, healthcare continuation, earned vacation time and related termination costs.. The Company expects to incur these charges primarily during the third quarter of 2025 and payment of these charges is expected to be completed by the fourth quarter of 2025.

The actual timing and amount of these charges may differ from the Company’s current estimates due to a variety of factors, including the finalization of severance terms, jurisdiction-specific legal requirements, and the pace of transition activities. The Company may also incur additional non-materialcharges in future periods related to the Plan.