Company: IOBT
Filing Date: 2025-03-31
Form Type: 10-K
Source: 0000950170-25-047744
Chunk: 139

Company: IO Biotech, Inc.
Filing Date: 2025-03-31
Form: 10-K
Item: Item 8
Chunk 139
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 but not for the purpose of expressing an opinion on the effectiveness of the Company's internal control over financial reporting. Accordingly, we express no such opinion. 

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion. 

/s/ EY Godkendt Revisionspartnerselskab 

We have served as the Company’s auditor since 2015. 

Copenhagen, Denmark 

March 31, 2025

142

io biotech, inc.

Consolidated Balance Sheets 

(In thousands, except share and per share amounts) 

    December 31,

    2024

    2023

    Assets

    Current assets

    Cash and cash equivalents
     
    $
    60,031

    $
    143,193

    Prepaid expenses and other current assets

    4,920

    4,062

    Total current assets

    64,951

    147,255

    Restricted cash

    268

    268

    Property and equipment, net

    638

    847

    Right of use lease asset

    1,725

    2,259

    Other non-current assets

    117

    89

    Total non-current assets

    2,748

    3,463

    Total assets
     
    $
    67,699

    $
    150,718

    Liabilities and stockholders’ equity

    Current liabilities

    Accounts payable
     
    $
    4,661

    $
    3,878

    Lease liability - current

    717

    655

    Accrued expenses and other current liabilities

    14,108

    11,184

    Total current liabilities

    19,486

    15,717

    Lease liability - non-current

    1,198

    1,839

    Total non-current liabilities

    1,198

    1,839

    Total liabilities

    20,