IO Biotech reports Q3 EPS (43c), consensus (44c)

Cash and cash equivalents as of September 30, 2023, were $165.5M, compared to $142.6M at December 31, 2022. “Our focus for 2023 has been to successfully execute multiple clinical trials for our novel, investigational therapeutic cancer vaccine, IO102-IO103. We recently achieved several milestones, completion of enrollment in our pivotal Phase 3 trial in patients with advanced melanoma, the presentation of encouraging preliminary data from the Phase 2 basket trial of IO102-IO103 at WCLC and ESMO, and expanding into earlier stages of melanoma treatment with the initiation of an additional Phase 2 basket study in the neoadjuvant/adjuvant setting,” said CEO Mai-Britt Zocca. “With our strengthened balance sheet as a result of our $75 million private placement and key additions to both our management team and board of directors, we are in a strong position as we work diligently to bring our lead therapeutic cancer vaccine candidate, IO102-IO103, toward the market, potentially as early as 2025.”