Reports Cash and cash equivalents as of December 31, were $142.6M, compared to $211.5M at December 31, 2021. During the fourth quarter 2022, the Company used cash, cash equivalents and restricted cash of $12.9M from operating, investing and financing activities that was offset by an increase of $4.3M in cash due to the effects of foreign currency exchange rates. Cash on hand is expected to support operations through the third quarter of 2024.. "We continue to build on the progress made in 2022, advancing development of IO102-IO103, our novel, investigational immune-modulating cancer vaccine, across multiple programs," said Mai-Britt Zocca, Ph.D., President and CEO of IO Biotech. "In our global Phase 3 pivotal trial for patients with advanced melanoma, the positive enrollment trends we observed at the end of last year have continued, putting us on track to reach 75% enrollment in this trial by mid-2023. The study protocol calls for an interim analysis of overall response rate one year after 75% of patients have been randomized. If these data are supportive, we could then prepare and submit a Biologics License Application for accelerated approval in the US. Dr. Zocca continued, "For the balance of 2023, we remain keenly focused on executing on the development of IO102-IO103 through both our own clinical trials as well as the five investigator-initiated trials currently underway in the United States and Europe. I am very excited that we are working with Memorial Sloan Kettering Cancer Center on a trial that may provide additional data to help position IO102-IO103 as the potential backbone of combination therapy for patients with melanoma. Our balance sheet is strong and we expect our cash runway to be sufficient to carry us through the third quarter of 2024."
Published first on TheFly
See today’s best-performing stocks on TipRanks >>
Read More on IOBT:
