Company: IOBT
Filing Date: 2025-03-31
Form Type: 10-K
Source: 0000950170-25-047744
Chunk: 281

Company: IO Biotech, Inc.
Filing Date: 2025-03-31
Form: 10-K
Item: Item 1B
Chunk 281
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 31, 2024, we had an accumulated deficit of $359.3 million. We have incurred losses and negative cash flows from operations since inception, including net losses of $95.5 million and $86.1 million for the years ended December 31, 2024 and 2023, respectively. We expect that our operating losses and negative cash flows will continue for the foreseeable future as we continue to develop our product candidates. We currently expect that our cash and cash equivalents of $60.0 million as of December 31, 2024, along with the first two tranches of the EIB Loan will be sufficient to fund our operating expenses and capital requirements for at least 12 months from the date the financial statements are issued. Further, the Company believes that its operations are scalable and, if there is a need, certain cost reduction measures may be taken to preserve cash. Based on this assessment, management has concluded that there is no substantial doubt about our ability to continue as a going concern for this period, and the financial statements have been prepared on a going concern basis. We have based this evaluation on assumptions that may prove to be wrong, and we could exhaust our capital resources sooner than we expect. Our future capital requirements will depend on many factors, including: 

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•the scope, prioritization and number of our research and development programs;•the scope, progress, results and costs of our clinical trials, including the results of IOB-013, data from which will be available in the third quarter of 2025;•the costs, timing and outcome of regulatory review of our product candidate;•the costs of preparing, filing and prosecuting patent applications, maintaining and enforcing our intellectual property rights and defending intellectual property-related claims;•the costs to scale up and secure manufacturing arrangements for commercial production of Cylembio® in combination with pembrolizumab as a first-line treatment in advanced melanoma;•the costs of establishing and maintaining sales and marketing capabilities for Cylembio in combination with pembrolizumab as a first-line treatment in advanced melanoma, and any product candidate that obtains regulatory approval; and•the level of sales achieved, and costs related to the commercialization of Cylembio in combination with pembrolizumab as a first-line treatment in advanced melanoma.We will require additional capital to commercialize Cylembio (imsapepimut and etimupepimut, adjuvanted) in combination with pembrolizum