IO Biotech (IOBT) AI Stock Analysis

• Market Cap: $40.36M
• Dividend Yield: N/A
• Average Volume (3M): 740.44K
• Price to Earnings (P/E): ―
• Beta (1Y): 0.94
• Revenue Growth: N/A
• EPS Growth: 2.36%
• Country: US
• Employees: 80
• Sector: Healthcare
• Sector Strength: 45
• Industry: Biotechnology
• EPS (TTM): -0.13
• Shares Outstanding: 71,948,845
• 10 Day Avg. Volume: 721,773
• 30 Day Avg. Volume: 740,439
• PEG Ratio: 0.02
• Price to Book (P/B): 1.29
• Price to Sales (P/S): 0.00
• P/FCF Ratio: -0.74
• Enterprise Value/Market Cap: 0.29
• Enterprise Value/Revenue: N/A
• Enterprise Value/Gross Profit: -12.92
• Enterprise Value/Ebitda: -0.13
• 1Y Price Target: $1.68
• Price Target Upside: 200.00% Upside
• Rating Consensus: Hold
• Number of Analyst Covering: 3
• EPS Forecast (FY): -0.48
• Revenue Forecast (FY): N/A

• Rating: 42 Neutral
• Price Target: $0.65 ▲(15.89% Upside)

The score is primarily held down by weak financial performance (pre-revenue, large losses, and significant cash burn with a thinner equity buffer). Technicals also remain bearish with the stock below key moving averages and negative MACD. Corporate events are mixed—delisting risk is a meaningful overhang, partly offset by encouraging (but not statistically decisive) Phase 3 updates—while valuation provides limited support due to negative earnings and no dividend.

Positive Factors

Breakthrough Therapy Designation

Receiving a Breakthrough Therapy Designation from the FDA can accelerate the development and review process, potentially leading to faster market entry and providing a competitive advantage in the oncology space.

Pipeline Development

The development of new vaccine candidates like IO112 and IO170 indicates a robust pipeline, which can enhance long-term growth prospects by expanding treatment options and addressing various cancer types.

Phase 3 Trial Results

Positive Phase 3 trial results for Cylembio in combination with pembrolizumab demonstrate potential efficacy, supporting the therapy's use in advanced melanoma and possibly improving its market acceptance.

Negative Factors

Financial Performance

The company's lack of revenue and significant losses highlight financial instability, increasing the risk of needing additional financing, which could dilute shareholder value.

Regulatory Challenges

Regulatory setbacks, such as the FDA's recommendation against submitting a BLA, can delay product approval and commercialization, impacting revenue generation and competitive positioning.

Delisting Risk

The risk of delisting from Nasdaq due to noncompliance with bid price requirements could limit access to capital markets, affecting the company's ability to raise funds and sustain operations.

IO Biotech Business Overview & Revenue Model

Company Description

IO Biotech, Inc., a clinical-stage biopharmaceutical company, develops immune-modulating cancer therapies based on the T-win technology platform. The company's lead product candidate, IO102-IO103, which is designed to target immunosuppressive proteins, such as Indoleamine 2,3-dehydrogenase (IDO), and programmed death-ligand (PD-L1) that is in phase 2 clinical trial to treat melanoma, as well as in phase 1 clinical trial to treat lung, head and neck, bladder, and melanoma cancer. It also develops IO112, a product candidate that contains a single Arginase 1-derived peptide designed to target T cells that recognize epitopes derived from Arginase 1 for the treatment of cancers. The company was incorporated in 2014 and is based in Copenhagen, Denmark.

How the Company Makes Money

IO Biotech makes money primarily through the development and commercialization of its immune-modulating cancer therapies. The company's revenue streams include potential product sales, licensing agreements, and collaborations with larger pharmaceutical companies. These partnerships often involve upfront payments, milestone payments, and royalties on future sales. Additionally, IO Biotech may receive funding from grants and research collaborations with academic institutions and healthcare organizations, which contribute to its earnings and support ongoing research and development activities.

IO Biotech Financial Statement Overview

Summary

IO Biotech demonstrates financial instability typical for early-stage biotech firms, with no revenue and increasing losses. The reliance on financing activities to sustain operations without future revenue poses a significant risk.

Income Statement

IO Biotech shows consistently negative EBIT and net income, with no revenue generated over the years, indicating no commercialized products. The company has seen an increase in losses, impacting profitability significantly.

Balance Sheet

The company has a reasonable level of cash and low debt, but a declining stockholders' equity and persistent losses indicate a potential risk in long-term sustainability. The equity ratio shows a decrease in equity cushion.

Cash Flow

Negative free cash flow and operating cash flow indicate operational struggles, with significant cash burn over the year. There is a lack of cash inflow from operations, relying on external financing.

Breakdown	TTM	Dec 2024	Dec 2023	Dec 2022	Dec 2021	Dec 2020
Income Statement
Total Revenue	0.00	0.00	0.00	0.00	0.00	0.00
Gross Profit	-910.00K	-849.00K	-756.00K	-540.00K	0.00	0.00
EBITDA	-87.25M	-93.20M	-84.47M	-69.34M	-67.45M	-12.02M
Net Income	-88.35M	-95.49M	-86.08M	-71.46M	-67.88M	-12.04M
Balance Sheet
Total Assets	39.96M	67.70M	150.72M	151.81M	222.29M	5.65M
Cash, Cash Equivalents and Short-Term Investments	30.66M	60.03M	143.19M	142.59M	211.53M	3.40M
Total Debt	1.46M	1.92M	2.49M	2.79M	0.00	0.00
Total Liabilities	39.05M	20.68M	17.56M	12.95M	10.36M	3.05M
Stockholders Equity	911.00K	47.02M	133.16M	138.85M	211.92M	2.60M
Cash Flow
Free Cash Flow	-81.06M	-82.39M	-72.06M	-60.42M	-40.80M	-9.96M
Operating Cash Flow	-81.00M	-82.35M	-71.74M	-59.73M	-40.65M	-9.96M
Investing Cash Flow	-69.00K	-44.00K	-323.00K	-690.00K	-153.00K	0.00
Financing Cash Flow	32.76M	0.00	71.86M	0.00	252.95M	5.10M

IO Biotech Technical Analysis

• Technical Analysis Sentiment: Negative
• Last Price: 0.56
• 50DMA: Negative
• 100DMA: Negative
• 200DMA: Negative
• MACD: Positive
• RSI: Neutral
• STOCH: Neutral

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For IOBT, the sentiment is Negative. The current price of 0.56 is below the 20-day moving average (MA) of 0.68, below the 50-day MA of 0.75, and below the 200-day MA of 1.19, indicating a bearish trend. The MACD of -0.04 indicates Positive momentum. The RSI at 39.39 is Neutral, neither overbought nor oversold. The STOCH value of 30.38 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for IOBT.

IO Biotech Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
EVAX	58 Neutral	$32.28M	-0.55	―	―	4455.07%	77.31%
Sector *	51 Neutral	$7.86B	-0.30	-43.30%	2.27%	22.53%	-2.21%
IGC	47 Neutral	$29.22M	-3.92	-83.34%	―	-6.51%	58.31%
ELUT	46 Neutral	$29.49M	-0.75	―	―	-14.92%	72.81%
IOBT	42 Neutral	$40.36M	-0.42	-240.48%	―	―	2.36%
PLUR	42 Neutral	$27.85M	-0.98	―	―	121.74%	24.75%

IO Biotech Corporate Events

IO Biotech Receives Nasdaq Notice for Bid Price Noncompliance

On December 17, 2025, IO Biotech, Inc. received a notice from Nasdaq that its common stock no longer met the Nasdaq Global Select Market’s minimum bid price requirement, as its closing bid price had remained below $1.00 per share for 30 consecutive trading days, though the stock continues to trade without immediate impact to its listing status. The company has until June 16, 2026, to regain compliance by maintaining a closing bid price of at least $1.00 for 10 consecutive trading days, and while it may seek an additional 180-day compliance period through a transfer to the Nasdaq Capital Market, failure to cure the deficiency could ultimately result in delisting, introducing heightened uncertainty for shareholders and potentially constraining the company’s access to capital markets.

The most recent analyst rating on (IOBT) stock is a Buy with a $3.00 price target. To see the full list of analyst forecasts on IO Biotech stock, see the IOBT Stock Forecast page.

IO Biotech Announces Resignation of Chief Accounting Officer

On November 17, 2025, IO Biotech, Inc. announced the resignation of Brian Burkavage from his role as Senior Vice President and Chief Accounting Officer, effective December 12, 2025. His departure is amicable and due to his pursuit of another opportunity. Following his resignation, Amy Sullivan, the current Chief Financial Officer, will assume the role of principal accounting officer. No new compensation arrangements will be made for Ms. Sullivan in her new role.

The most recent analyst rating on (IOBT) stock is a Buy with a $3.00 price target. To see the full list of analyst forecasts on IO Biotech stock, see the IOBT Stock Forecast page.

IO Biotech Presents at Jefferies Global Healthcare Conference

IO Biotech, Inc. announced its participation in the Jefferies Global Healthcare Conference starting November 18, 2025, where it will present updated corporate information to investors. The company highlighted the promising results of its Phase 3 trial for Cylembio in treating advanced melanoma, demonstrating improved progression-free survival compared to pembrolizumab alone. Despite narrowly missing statistical significance, the trial showed potential broad application across multiple cancer indications, positioning Cylembio as a promising partner in combination therapies and potentially addressing significant unmet medical needs in the oncology market.

The most recent analyst rating on (IOBT) stock is a Hold with a $0.39 price target. To see the full list of analyst forecasts on IO Biotech stock, see the IOBT Stock Forecast page.