Company: IOBT
Filing Date: 2025-03-31
Form Type: 10-K
Source: 0000950170-25-047744
Chunk: 292

Company: IO Biotech, Inc.
Filing Date: 2025-03-31
Form: 10-K
Item: Item 1B
Chunk 292
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 measurement date. Valuation techniques used to measure fair value are performed in a manner to maximize the use of observable inputs and minimize the use of unobservable inputs.

154

The Company classified its money market funds within Level 1 as the fair value of the funds are based on their quoted market prices in an active market. The following tables present information about our financial assets and liabilities measured at fair value on a recurring basis and indicate the level of the fair value hierarchy utilized to determine such fair values as of December 31, 2024 and 2023 (in thousands): 

        December 31, 2024

        Total

        Level 1

        Level 2

        Level 3

        Assets

        Money market funds(1)
         
        $
        46,134

        $
        46,134

        $
        —

        $
        —

        Total assets measured at fair value
         
        $
        46,134

        $
        46,134

        $
        —

        $
        —

        December 31, 2023

        Total

        Level 1

        Level 2

        Level 3

        Assets

        Money market funds(1)
         
        $
        131,613

        $
        131,613

        $
        —

        $
        —

        Total assets measured at fair value
         
        $
        131,613

        $
        131,613

        $
        —

        $
        —

       (1) Money market funds with maturities of 90 days or less at the date of purchase are included within cash and cash equivalents in the accompanying consolidated balance sheets and are recognized at fair value.As of December 31, 2024 and 2023, the Company only held Level 1 financial instruments.

There were no transfers among Level 1, Level 2 or Level 3 categories in the years ended December 31, 2024 and 2023. 

4. License and Collaboration Agreements Clinical Trial Collaboration and Supply Agreements with MSD International GmbHIn February 2018, we entered into a clinical collaboration with MSD International GmbH (“MSDIG”), an affiliate of Merck & Co. Inc., to evaluate IO102 in combination with KEYTRUDA® (“pembrolizumab”) in first-line treatment of patients with metastatic non-small cell lung cancer. Under the terms of the collaboration with MSDIG, we conducted an international Phase 1/2