Company: IOBT
Filing Date: 2025-03-31
Form Type: 10-K
Source: 0000950170-25-047744
Chunk: 123

Company: IO Biotech, Inc.
Filing Date: 2025-03-31
Form: 10-K
Item: Item 7
Chunk 123
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.4
    %

    Net loss
     
    $
    (95,491
    )
     
    $
    (86,083
    )
     
    $
    (9,408
    )

    10.9
    %

Research and Development Expenses 

Research and development expenses were composed of: 

    Year Ended December 31,

    Change

    2024

    2023

    Amount

    Percent

    (in thousands)

    Clinical trial-related activities
     
    $
    36,632

    $
    32,449

    $
    4,183

    12.9
    %

    Personnel

    19,701

    17,276

    2,425

    14.0
    %

    Chemistry, manufacturing and control

    11,350

    14,865

    (3,515
    )

    (23.6
    )%

    Preclinical studies and activities

    1,629

    1,267

    362

    28.6
    %

    Consultants and other costs

    2,172

    1,972

    200

    10.1
    %

    Total research and development expenses
     
    $
    71,484

    $
    67,829

    $
    3,655

    5.4
    %

Research and development expenses were $71.5 million for the year ended December 31, 2024, compared to $67.8 million for the year ended December 31, 2023. The increase of $3.7 million was primarily related to an increase in clinical trial-related activities of $4.2 million for Cylembio®, our therapeutic cancer vaccine candidate, including the continued execution of our Phase 3 clinical trial, and an increase in personnel costs of $2.4 million primarily related to an increase in personnel compensation related costs. This increase was partially offset by a decrease in costs for chemistry, manufacturing and control activities of $3.5 million related to the timing of manufacturing activities and production of Cylembio, our therapeutic cancer vaccine candidate, for use in our ongoing clinical trials. 

General and Administrative Expenses 

General and administrative expenses were composed of: 

    Year Ended December 31,

    Change

    2024

    2023

    Amount

    Percent