Company: IOBT
Filing Date: 2025-03-31
Form Type: 10-K
Source: 0000950170-25-047744
Chunk: 124

Company: IO Biotech, Inc.
Filing Date: 2025-03-31
Form: 10-K
Item: Item 7
Chunk 124
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 (in thousands)

    Personnel
     
    $
    11,367

    $
    10,294

    $
    1,073

    10.4
    %

    Professional services

    4,847

    4,469

    378

    8.5
    %

    Consultants and other costs

    7,479

    8,851

    (1,372
    )

    (15.5
    )%

    Total general and administrative expenses
     
    $
    23,693

    $
    23,614

    $
    79

    0.3
    %

132

General and administrative expenses were $23.7 million for the year ended December 31, 2024, compared to $23.6 million for the year ended December 31, 2023. The increase of $0.1 million was primarily due to an increase in personnel costs of $1.1 million related to an increase in personnel compensation related costs and an increase in professional services costs of $0.4 million primarily related to an increase in legal fees.  These increases were partially offset by a decrease in consultants and other costs of $1.4 million primarily related to a decrease in consultant spend and insurance premiums. 

Other Income (Expense), Net 

Other income (expense), net was comprised of:

    Year Ended December 31,

    Change

    2024

    2023

    Amount

    Percent

    (in thousands)

    Currency exchange (loss) gain, net
     
    $
    (3,589
    )
     
    $
    331

    $
    (3,920
    )

    (1,184.3
    )%

    Interest income

    4,718

    5,881

    (1,163
    )

    (19.8
    )%

    Other income, net
     
    $
    1,129

    $
    6,212

    $
    (5,083
    )

    (81.8
    )%

Other income (expense), net was $1.1 million for the year ended December 31, 2024 compared to $6.2 million for the year ended December 31, 2023. The decrease of $5.1 million was primarily due to a decrease of $1.2 million in interest