Company: IOBT
Filing Date: 2025-03-31
Form Type: 10-K
Source: 0000950170-25-047744
Chunk: 295

Company: IO Biotech, Inc.
Filing Date: 2025-03-31
Form: 10-K
Item: Item 1B
Chunk 295
---
 statements of operations.   

7. Accrued Expenses and Other Current Liabilities Accrued expenses and other current liabilities consist of the following (in thousands):  

        December 31,

        2024

        2023

        Accrued contract research and development costs
         
        $
        9,070

        $
        6,153

        Employee compensation costs

        4,311

        4,225

        Professional fees

        227

        243

        Other liabilities

        500

        563

        Total accrued expenses and other current liabilities
         
        $
        14,108

        $
        11,184

8. Term Loan Facility 2024 EIB Term Loan FacilityOn December 19, 2024, IO Biotech ApS (the “Borrower”) entered into a Finance Contract with the EIB, establishing three tranches of potential financing in an aggregate principal amount of up to €37.5 million, subject to certain conditions precedent.

156

Pursuant to the Finance Contract, the Company (through the Borrower) will have €10.0 million available to draw in an initial tranche of the term loan facility (“Tranche A”), subject to satisfaction of certain customary conditions and the issuance of warrants pursuant to a Warrant Issuance Agreement (described below). The Company believes that we have satisfied the specified business conditions of the Tranche A loan to draw up to €10.0 million before payment of certain fees and transaction related expense. The Borrower has six months from the date of the Finance Contract to satisfy the conditions  for the Tranche A loan.The Finance Contract provides for two potential additional term loan tranches in principal amounts of €12.5 million (“Tranche B”) and €15.0 million (“Tranche C” and, together with Tranche A and Tranche B, each a “Tranche”), respectively, each of which is subject to specified conditions, including, but not limited, the issuance of warrants and achievement of certain clinical trial and other milestones. We believe that the Tranche B loan business conditions have been satisfied to draw up to €12.5 million before payment of certain fees and transaction related expense, subject to certain customary conditions, including the completion of the Tranche A draw. The Borrower has twenty-four months from the date of the Finance Contract to satisfy the conditions of the Tranche B loan. The Borrower has thirty-six months to satisfy