Company: IOBT
Filing Date: 2025-07-24
Form Type: S-3
Source: 0001193125-25-164495
Chunk: 15

Company: IO Biotech, Inc.
Filing Date: 2025-07-24
Form: S-3
Chunk 15
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 will be exercised.

We intend to use the net proceeds from any exercise of the Warrants for
advancement of the Company’s clinical development pipeline, working capital and general corporate purposes.

10

SELLING STOCKHOLDERS

The shares of common stock being offered by the selling stockholders, consisting of Shares underlying the Warrants issued to the selling stockholders pursuant
to the Warrant Issuance Agreement, are being registered hereby to fulfill our contractual obligations under the Registration Rights Agreement. See “Prospectus Summary.”

The following table sets forth the number and percentage of shares of our common stock beneficially owned by the selling stockholders as of June 30,
2025, taking into account the number of shares that may be offered under this prospectus and the number and percentage of our common stock beneficially owned by the selling stockholders assuming all of the shares offered under this prospectus are
sold. Beneficial ownership is determined in accordance with the rules of the SEC and includes voting or investment power with respect to shares of our common stock. Generally, a person “beneficially owns” shares of our common stock if the
person has or shares with others the right to vote those shares or to dispose of them, or if the person has the right to acquire voting or disposition rights within 60 days.

All information contained in the table below and the footnotes thereto is based upon information provided to us by the selling stockholders. The information
in the table below and the footnotes thereto regarding shares of our common stock to be beneficially owned after the offering under this prospectus assumes the sale of all shares of our common stock being offered by the selling stockholders under
this prospectus. The percentage of shares of our common stock owned is based on 65,880,914 shares of our common stock issued and outstanding as of June 30, 2025. Unless otherwise indicated in the footnotes to this table, we believe that the
selling stockholders have sole voting and investment power with respect to the shares of our common stock indicated as beneficially owned.

As used in
this prospectus, the term “selling stockholder” includes the selling stockholders named below and any donees, pledgees, transferees or other
successors-in-interest selling shares of our common stock received after the date of this prospectus from the selling stockholders as a gift, pledge, or other non-sale related transfer. Other than the Finance Contract, the Side Letter, the Warrant Issuance Agreement, and