Company: IOBT
Filing Date: 2025-05-23
Form Type: S-3
Source: 0001193125-25-125831
Chunk: 16

Company: IO Biotech, Inc.
Filing Date: 2025-05-23
Form: S-3
Chunk 16
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 completion of the offering under this prospectus, other than through the exercise of the Warrants. However, because the selling stockholders may sell
all or some of the shares offered under this prospectus from time to time, or in another permitted manner, we cannot assure you as to the actual number of shares of our common stock that will be sold by the selling stockholders or that will be held
by the selling stockholders after completion of any sales. The selling stockholders may sell some, all or none of the shares of our common stock offered under this prospectus. We do not know how long the selling stockholders will hold the Shares or
Warrants, whether any will exercise the Warrants, and upon such exercise, how long such selling stockholders will hold the shares of common stock before selling them, and we currently have no agreements, arrangements or understandings with the
selling stockholders regarding the sale of any of the shares of common stock.

11

Under the terms of the Warrants, the selling stockholders may not exercise the Warrants to the extent such exercise would cause such selling stockholder, together with its affiliates and attribution parties, to beneficially own a number of shares of common stock which would exceed 4.99% of our then outstanding common stock following such exercise. The columns captioned “Ownership Before Offering” do not reflect this limitation.

|                          |     | Ownership Before Offering |           |    |     |               |     |   |     |              |           |     | Ownership After Offering |   |     |               |   |
| Selling Stockholder      |     | Number of                 
 shares of                 
 common stock              
 beneficially              
 owned                     |           |    |     | Percentage of 
 common stock  
 beneficially  
 owned         |     |   |     | Maximum      
 number of    
 shares of    
 common stock 
 offered      |           |     | Number of                
 shares of                
 common stock             
 beneficially             
 owned                    |   |     | Percentage of 
 common stock  
 beneficially  
 owned         |   |
| European Investment Bank |     |                           | 5,623,664 | -1 |     |               | 7.9 | % |     |              | 5,623,664 |     |                          | — |     |               | — |

| (1) | Consists of 5,623,664 shares of our common stock issuable upon the exercise of the Warrants issued under the                                       
 Warrant Issuance Agreement. The principal