Io Biotech, Inc. Stock Price, News & Analysis

IO Biotech announced significant progress in its clinical trials and financial results for 2022. The company expects to enroll 75% of patients in its Phase 3 trial (IOB-013/KN-D18) for advanced melanoma by mid-2023, with full enrollment anticipated by year-end. An interim analysis could lead to a Biologics License Application for accelerated approval in the US. The Phase 2 basket study (IOB-022/KN-D38) continues to recruit patients, with data expected soon. Financially, IO Biotech reported a net loss of $71.5 million for 2022 and ended the year with $142.6 million in cash, expected to last through Q3 2024.

IO Biotech (Nasdaq: IOBT) announced its participation in two investor conferences scheduled for March 2023. President and CEO, Mai-Britt Zocca, will join the Novel IO Panel at the Cowen 43rd Annual Health Care Conference from March 6-8 in Boston, and will also present at the Oppenheimer 33rd Annual Healthcare Conference virtually from March 13-15. During both events, Dr. Zocca and CFO Amy Sullivan will be available for one-on-one meetings with investors. The company is focused on developing immune-modulating cancer therapies with its T-win® vaccine platform, targeting IDO and PD-L1 with its leading candidate, IO102-IO103.

IO Biotech has appointed Devin Smith as its first General Counsel and Chief Compliance Officer, bringing over 25 years of legal experience in the life sciences sector. Smith's role will involve overseeing legal activities and corporate governance, contributing to the company’s growth and pipeline advancements.

Smith previously held senior legal positions at Yumanity Therapeutics and Minerva Neurosciences, where he played key roles in significant transactions, including a $155 million deal. His expertise is expected to enhance IO Biotech’s operations as it develops immune-modulating cancer vaccines, including the IO102-IO103 candidate.

IO Biotech (Nasdaq: IOBT) reported a positive update on its clinical trials for IO102-IO103. An independent monitoring committee recommended that the Phase 3 trial in advanced melanoma continue without modifications, with over 80 sites enrolled globally. Encouraging preliminary data from a Phase 2 trial showed a partial response in 4 out of 9 lung cancer patients. The company is also set to support a study with Johns Hopkins University for head and neck cancer, expected to start in H1 2023. IO Biotech ended 2022 with approximately $142.7 million in cash, sufficient to support operations into mid-2024.

IO Biotech presented preclinical data for two new pipeline candidates targeting the immunosuppressive effects of Arginase-1 (ARG1) and Transforming Growth Factor Beta 1 (TGFβ1) during the SITC 37th Annual Meeting on November 10-11, 2022. CEO Mai-Britt Zocca highlighted promising results from the Phase 1/2 study of their lead asset, IO102-103, confirming efficacy in treating metastatic melanoma. The company plans to file Investigational New Drug applications for the new candidates in 2023, indicating ongoing progress in their clinical studies.

IO Biotech announced key developments in its clinical trials and financial performance for Q3 2022. The global Phase 3 trial of IO102-IO103 with KEYTRUDA® has seen a significant increase in site activations, from 19 to 55 over three months, indicating strong patient enrollment potential. The Phase 1/2 study reports a median overall survival of 46.8 months and a complete response rate of 50%. The company ended the quarter with $151.2 million in cash, ensuring funding for upcoming data readouts into mid-2024. However, net losses for the quarter increased to $16.1 million.

IO Biotech (Nasdaq: IOBT) announced a fourth clinical trial collaboration with Merck to evaluate IO102-IO103 combined with KEYTRUDA® in patients with resectable tumors. This multicenter trial aims to assess anti-tumor activity and safety in neoadjuvant and adjuvant settings. The study will investigate pathologic tumor response and overall survival. IO Biotech holds global rights for IO102-IO103, which has shown early clinical promise in melanoma. The company is also conducting a Phase 3 trial for first-line melanoma treatment with KEYTRUDA®.

IO Biotech (Nasdaq: IOBT) announced that CEO Mai-Britt Zocca, Ph.D., and CFO Amy Sullivan will participate in the Jefferies London Healthcare Conference from November 15-17, 2022. They will discuss the company's innovative cancer therapies based on the T-win® technology platform and provide updates on the lead program IO102-103, currently in Phase 3 for metastatic melanoma. Early data from a Phase 2 study is expected by year-end. The fireside chat is scheduled for November 15, 2022, from 7:25-7:55 a.m. EST.

IO Biotech (Nasdaq: IOBT) appointed Amy Sullivan as its new Chief Financial Officer. With over 25 years in the life sciences sector, Sullivan's expertise includes capital raising and corporate management. She previously served as CFO at TABA and played a critical role at Kiadis Pharma, overseeing fundraising and the company's sale to Sanofi. President Mai-Britt Zocca expressed confidence in Sullivan's ability to contribute to the company's growth and promising pipeline of cancer immunotherapies, particularly leveraging the T-win technology platform.