IO Biotech (IOBTQ) Financials
A multiple compares the market's price with a filed figure; it says what the market pays, not how the business is doing. The market capitalization is the vendor's as of Nov 2, 2026; every other figure is from the SEC filings on this page. Not financial advice.
Newest figures come from the filing for Q3 FY2025, filed Nov 14, 2025. Each column of the statement tables below links to the filing it was taken from, and every filing is listed on the IOBTQ SEC filings page.
This page shows IO Biotech Inc (IOBTQ) financial statements, including the income statement, balance sheet, cash flow statement, and key financial ratios. View 5 years of annual fundamentals and quarterly data, with year-over-year growth rates and compound annual growth rates (CAGR). All figures are derived from SEC filings.
Financial Health Signals
We do not publish a peer-relative financial health score for IO Biotech Inc, because the score only covers companies whose filings and listing give us what it needs to compare them with their peers. The signals and metrics below are current.
IO Biotech Inc passes 2 of 6 computable financial strength tests (3 of the nine could not be computed from available data). 1 of 4 profitability signals pass, 1 of 2 leverage/liquidity signals pass.
IO Biotech Inc reported a net loss of $95.5M while operations used $82.3M of cash. With neither figure positive, the ratio between the two carries no quality signal.
Key Financial Metrics
Earnings & Revenue
IO Biotech Inc's EBITDA was -$19.3M in Q3 2025, measuring earnings before interest, taxes, depreciation, and amortization. The change from the same quarter a year earlier is not meaningful, because that figure was zero or negative. The change from the prior quarter is not meaningful, because that quarter’s figure was zero or negative.
IO Biotech Inc reported a net loss of $8.4M in Q3 2025. The change from the same quarter a year earlier is not meaningful, because that figure was zero or negative. The change from the prior quarter is not meaningful, because that quarter’s figure was zero or negative.
IO Biotech Inc earned -$0.13 per diluted share (EPS) in Q3 2025. The change from the same quarter a year earlier is not meaningful, because that figure was zero or negative. The change from the prior quarter is not meaningful, because that quarter’s figure was zero or negative.
Not reported for Q3 2025.
Cash & Balance Sheet
IO Biotech Inc recorded an outflow of $18.5M in free cash flow in Q3 2025, representing a cash shortfall after capex. The change from the same quarter a year earlier is not meaningful, because that figure was zero or negative. The change from the prior quarter is not meaningful, because that quarter’s figure was zero or negative.
IO Biotech Inc held $30.7M in cash against $16.7M in long-term debt as of Q3 2025.
Not reported for Q3 2025.
Margins & Returns
IO Biotech Inc's quarterly ROE was -919.7% in Q3 2025: one quarter's net income over shareholder equity, not annualized. This is down 886.6 percentage points from the same quarter a year earlier. Against the prior quarter it is up 727.1 percentage points.
Not reported for Q3 2025.
Not reported for Q3 2025.
Not reported for Q3 2025.
Capital Allocation
IO Biotech Inc invested $13.7M in research and development in Q3 2025. This represents a decrease of 31.9% from the same quarter a year earlier. Against the prior quarter it is down 17.5%.
IO Biotech Inc invested $4K in capex in Q3 2025, funding long-term assets and infrastructure. This represents a decrease of 60.0% from the same quarter a year earlier. Against the prior quarter it is down 84.6%.
Not reported for Q3 2025.
IOBTQ Income Statement
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.
| Metric | Q3'25Filing | Q2'25Filing | Q1'25Filing | Q4'24Filing | Q3'24Filing | Q2'24Filing | Q1'24Filing | Q4'23Filing |
|---|---|---|---|---|---|---|---|---|
| R&D Expenses | $13.7M-31.9% | $16.7M+5.1% | $16.4M+14.4% | $21.1M-2.9% | $20.2M+14.3% | $15.8M-4.0% | $14.3M+20.3% | $21.8M+50.8% |
| SG&A Expenses | $5.6M-11.3% | $6.5M+14.7% | $6.2M+5.5% | $5.8M-9.6% | $6.3M+8.5% | $5.7M+6.3% | $5.9M-2.3% | $6.4M+7.7% |
| Operating Income | -$19.4Mn/m | -$23.2Mn/m | -$22.6Mn/m | -$26.9Mn/m | -$26.5Mn/m | -$21.5Mn/m | -$20.2Mn/m | -$28.2Mn/m |
| EBITDA | -$19.3Mn/m | -$23.1Mn/m | -$22.5Mn/m | N/A | -$26.4Mn/m | -$21.4Mn/m | -$20.1Mn/m | N/A |
| Income Tax | -$1.7M-896.2% | $118K-68.4% | $146K-64.8% | $445K+26.1% | $209Kn/m | $374K-29.7% | $415K+2.2% | $353K |
| Net Income | -$8.4Mn/m | -$26.2Mn/m | -$22.4Mn/m | N/A | -$24.0Mn/m | -$20.7Mn/m | -$19.5Mn/m | N/A |
| EPS (Basic) | -$0.13n/m | -$0.40n/m | -$0.34n/m | -$0.48n/m | -$0.36n/m | -$0.31 | -$0.30 | -$0.32 |
| EPS (Diluted) | -$0.13n/m | -$0.40n/m | -$0.34n/m | -$0.48n/m | -$0.36n/m | -$0.31 | -$0.30 | -$0.32 |
| Diluted Shares (Avg) | 67M+1.6% | 66M0.0% | 66M0.0% | N/A | 66M+31.3% | 66M | 66M | N/A |
Not reported in any period shown, so not listed: Revenue, Cost of Revenue, Gross Profit, Interest Expense.
IOBTQ Balance Sheet
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.
| Metric | Q3'25Filing | Q2'25Filing | Q1'25Filing | Q4'24Filing | Q3'24Filing | Q2'24Filing | Q1'24Filing | Q4'23Filing |
|---|---|---|---|---|---|---|---|---|
| Total Assets | $40.0M-55.6% | $42.3M-62.0% | $45.7M-64.3% | $67.7M-55.1% | $89.9M-47.9% | $111.5M-5.2% | $128.2M-6.3% | $150.7M-0.7% |
| Current Assets | $36.8M-57.3% | $39.0M-63.8% | $42.3M-65.9% | $65.0M-55.9% | $86.2M-48.7% | $107.7M-4.8% | $124.1M-6.2% | $147.3M-0.7% |
| Cash & Equivalents | $30.7M-61.8% | $28.1M-72.1% | $37.1M-68.6% | $60.0M-58.1% | $80.2M-51.6% | $100.7M-8.5% | $118.0M-8.2% | $143.2M+0.4% |
| Short-Term Investments | $0n/m | $0n/m | $0n/m | $0n/m | $0n/m | $0n/m | $0n/m | $0n/m |
| Long-Term Investments | $0n/m | $0n/m | $0n/m | $0n/m | $0n/m | $0n/m | $0n/m | $0n/m |
| Total Liabilities | $39.0M+124.7% | $40.7M+168.1% | $19.3M+52.2% | $20.7M+17.8% | $17.4M+16.2% | $15.2M+16.6% | $12.7M+0.5% | $17.6M+35.6% |
| Current Liabilities | $18.3M+14.1% | $19.9M+45.0% | $18.3M+65.6% | $19.5M+24.0% | $16.1M+23.6% | $13.7M+26.2% | $11.0M+6.6% | $15.7M+47.2% |
| Non-Current Liabilities | $20.7M+1464.8% | $20.8M+1315.6% | $1.0M-37.7% | $1.2M-34.9% | $1.3M-32.9% | $1.5M-31.8% | $1.6M-27.4% | $1.8M-19.2% |
| Long-Term Debt | $16.7M | $6.7M | $0 | $0 | N/A | N/A | N/A | N/A |
| Total Equity | $911K-98.7% | $1.6M-98.3% | $26.4M-77.1% | $47.0M-64.7% | $72.6M-54.0% | $96.3M-7.9% | $115.5M-7.0% | $133.2M-4.1% |
| Retained Earnings | -$416.3Mn/m | -$408.0Mn/m | -$381.7Mn/m | -$359.3Mn/m | -$328.0Mn/m | -$304.0Mn/m | -$283.3Mn/m | -$263.8Mn/m |
Not reported in any period shown, so not listed: Inventory, Accounts Receivable, Goodwill.
IOBTQ Cash Flow Statement
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.
| Metric | Q3'25Filing | Q2'25Filing | Q1'25Filing | Q4'24Filing | Q3'24Filing | Q2'24Filing | Q1'24Filing | Q4'23Filing |
|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | -$18.5Mn/m | -$19.8Mn/m | -$23.1Mn/m | -$19.6Mn/m | -$20.8Mn/m | -$17.0Mn/m | -$24.9Mn/m | -$22.8Mn/m |
| Depreciation & Amortization | $100K0.0% | $100K0.0% | $100K0.0% | $100Kn/m | $100K0.0% | $100K0.0% | $100K+100.0% | $0-100.0% |
| Stock-Based Compensation | $1.5M-12.3% | $1.6M-2.1% | $1.6M+0.1% | N/A | $1.7M-43.7% | $1.6M+1.1% | $1.6M-17.0% | N/A |
| Capital Expenditures | $4K-60.0% | $26K+116.7% | $28K+154.5% | $11K-90.2% | $10K-58.3% | $12K-69.2% | $11K-92.6% | $112K-67.9% |
| Free Cash Flow | -$18.5Mn/m | -$19.8Mn/m | -$23.1Mn/m | -$19.6Mn/m | -$20.8Mn/m | -$17.0Mn/m | -$24.9Mn/m | -$22.9Mn/m |
| Investing Cash Flow | -$4Kn/m | -$26Kn/m | -$28Kn/m | -$11Kn/m | -$10Kn/m | -$12Kn/m | -$11Kn/m | -$112Kn/m |
| Financing Cash Flow | $21.3Mn/m | $11.5Mn/m | $0n/m | N/A | $0-100.0% | $0 | $0 | -$10K |
Not reported in any period shown, so not listed: Dividends Paid, Share Buybacks.
IOBTQ Financial Ratios
Margins and returns are percentages; the remaining ratios are unitless multiples. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.
| Metric | Q3'25Filing | Q2'25Filing | Q1'25Filing | Q4'24Filing | Q3'24Filing | Q2'24Filing | Q1'24Filing | Q4'23Filing |
|---|---|---|---|---|---|---|---|---|
| Return on Equity | -919.7%-886.6pp | -1646.8%-1625.3pp | -84.9%-68.0pp | N/A | -33.1%-19.3pp | -21.5%-1.2pp | -16.9%-3.1pp | N/A |
| Return on Assets | -21.0%+5.7pp | -61.9%-43.4pp | -49.0%-33.8pp | N/A | -26.7%-14.1pp | -18.6%-0.5pp | -15.2%-2.7pp | N/A |
| Current Ratio | 2.01-3.4x | 1.96-5.9x | 2.32-8.9x | 3.33-6.0x | 5.37-7.6x | 7.84-2.5x | 11.24-1.5x | 9.37-4.5x |
| Debt-to-Equity | 18.29 | 4.22 | 0.00 | 0.00 | N/A | N/A | N/A | N/A |
| Liabilities-to-Equity | 42.86+42.6x | 25.59+25.4x | 0.73+0.6x | 0.44+0.3x | 0.24+0.1x | 0.160.0x | 0.110.0x | 0.130.0x |
Not reported in any period shown, so not listed: Gross Margin, Operating Margin, Net Margin, Asset Turnover, FCF Margin.
Similar Companies
Newest fiscal year on record for each company. The health score is the peer-relative Financial Health Score for that year; a dash means no score is published for it. Market cap is stated at each company's latest close.
| Company | Fiscal year | Revenue | Net income | Net margin | Market cap | Health score |
|---|---|---|---|---|---|---|
| IO Biotech Inc IOBTQ | FY2024 | N/A | -$95.5M | N/A | $7K | — |
| ZyVersa Therapeutics Inc ZVSA | FY2025 | N/A | N/A | N/A | $8K | — |
Where IO Biotech Inc Ranks
Frequently Asked Questions
No, IO Biotech Inc (IOBTQ) reported a net loss of $95.5M in fiscal year 2024.
IO Biotech Inc (IOBTQ) had EBITDA of -$94.9M in fiscal year 2024, measuring earnings before interest, taxes, depreciation, and amortization.
As of fiscal year 2024, IO Biotech Inc (IOBTQ) had $60.0M in cash and equivalents against $0 in long-term debt.
IO Biotech Inc (IOBTQ) has a return on equity of -203.1% for fiscal year 2024, measuring how efficiently the company generates profit from shareholder equity.
IO Biotech Inc (IOBTQ) recorded an outflow of $82.4M in free cash flow during fiscal year 2024. The change from the previous fiscal year is not meaningful, because that year’s figure was zero or negative. Free cash flow represents the cash a company generates after accounting for capital expenditures, and is widely used to assess financial flexibility and shareholder value.
IO Biotech Inc (IOBTQ) recorded an outflow of $82.3M in operating cash flow during fiscal year 2024, representing cash used by core business activities.
IO Biotech Inc (IOBTQ) had $67.7M in total assets as of fiscal year 2024, including both current and long-term assets.
IO Biotech Inc (IOBTQ) invested $44K in capital expenditures during fiscal year 2024, funding long-term assets and infrastructure.
IO Biotech Inc (IOBTQ) invested $71.5M in research and development during fiscal year 2024.
IO Biotech Inc (IOBTQ) had a current ratio of 3.33 as of fiscal year 2024, which is generally considered healthy.
IO Biotech Inc (IOBTQ) had a debt-to-equity ratio of 0.00 as of fiscal year 2024. We compute it as long-term debt divided by total shareholder equity, where long-term debt is the noncurrent part of the company's borrowings, so debt due within the next twelve months is not counted.
IO Biotech Inc (IOBTQ) had a liabilities-to-equity ratio of 0.44 as of fiscal year 2024, which is total liabilities divided by total shareholder equity. Total liabilities counts every obligation on the balance sheet (payables, deposits, insurance reserves and deferred taxes as well as borrowings), so this ratio usually runs well above debt-to-equity.
IO Biotech Inc (IOBTQ) had a return on assets of -141.1% for fiscal year 2024, measuring how efficiently the company uses its assets to generate profit.
IO Biotech Inc (IOBTQ) has no price-to-earnings ratio at the moment: net loss, so no earnings multiple (FY2024). The market capitalization is $7K as of Nov 2, 2026; a multiple compares that price with a filed figure and says nothing about the quality of the business.
IO Biotech Inc (IOBTQ) has no price-to-sales ratio at the moment: no revenue reported. The market capitalization is $7K as of Nov 2, 2026; a multiple compares that price with a filed figure and says nothing about the quality of the business.
At the end of fiscal year 2024, IO Biotech Inc (IOBTQ) held $60.0M in cash, cash equivalents and investments, and reported an operating cash outflow of $82.3M over that year. Dividing the one by the other, the reported balance equals about 9 months of the outflow reported that year. This is arithmetic over figures already filed, not a projection: it assumes nothing about future spending, financing or operations.
IO Biotech Inc (IOBTQ) has a Piotroski F-Score of 2 out of 6 computable signals; 3 of the nine could not be computed from available data, so the full-scale strength rating is not shown. The F-Score evaluates nine binary signals across profitability (positive ROA, positive cash flow, improving ROA, earnings quality), leverage (decreasing debt, improving liquidity, no share dilution), and operating efficiency (improving gross margin, improving asset turnover). Scores of 7 to 9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.
IO Biotech Inc (IOBTQ) reported a net loss of $95.5M while operations used $82.3M of cash. With neither figure positive, the ratio between the two carries no quality signal. This ratio compares operating cash flow to net income. A ratio above 1.0x means the company generates more cash than its reported earnings, indicating sustainable, cash-backed profits. Ratios below 1.0x suggest earnings rely on accounting accruals rather than actual cash generation. Learn more in our complete guide to financial health indicators.