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what it is
IO Biotech is trying to turn immune attacks on cancer into a treatment, led by its melanoma vaccine IO102-IO103.
how it gets paid
Last year Io Biotech made n/a in revenue.
what just happened
IO Biotech posted -$0.86 EPS in the latest quarter while revenue stayed at $0M.
At a glance
C++ balance sheet — some cracks in the foundation
-$1.45 fy2024 eps est
1.5 beta
~$14M market cap
small cap
xvary composite: 32/100 — weak
What they do
IO Biotech is trying to turn immune attacks on cancer into a treatment, led by its melanoma vaccine IO102-IO103.
You are mostly buying 79 employees and one clinical shot. IO102-IO103 got FDA Breakthrough Therapy Designation, which is the FDA's fast lane, after positive Phase 1/2 metastatic melanoma data. That is a real moat for your money only if the next data points keep saying the same thing.
How they make money
n/a
annual revenue
The products that matter
lead cancer vaccine candidate
IO102-IO103
Phase 3 readout expected in 2026
this is the lead asset aimed at first-line melanoma, and the entire equity story bends around a single 2026 data event.
lead program
immuno-oncology platform
T-win Platform
one platform · no fallback revenue
it is the company’s core technology, but with $0 revenue and one main clinical path, platform value only exists if the science survives 2026.
binary setup
Key numbers
$14M
market cap
A $14M equity value leaves almost no room for a bad quarter or a failed trial.
$17M
long-term debt
Debt is larger than the company’s equity value, which is a rough setup for holders.
79
employees
A 79-person team means you are buying a very small machine with one big clinical bet.
1.5
beta
A beta of 1.5 means this stock has moved 50% more than the market in either direction.
Financial health
C++
strength
- balance sheet grade C++ — below average — limited financial resources
- risk rank 5 — safer than 5% of stocks
- price stability 5 / 100
- long-term debt $17M (56% of capital)
C++ — balance sheet grade and long-term debt are flagged. this stock carries more risk than average.
Total return vs. market
Return history isn't available for IOBT right now.
source: institutional data · return history unavailable
What just happened
missed estimates
IO Biotech posted -$0.86 EPS in the latest quarter while revenue stayed at $0M.
This is a pre-revenue biotech, so the quarter is about burn, not sales. EDGAR shows the latest quarter EPS at -$0.86, and Yahoo Finance shows TTM revenue at $0M.
$0M
revenue
-$0.86
eps
0.00%
gross margin
the number that mattered
The -$0.86 EPS loss shows the company is still burning cash while it waits on trial data.
source: EDGAR SEC filings and Yahoo Finance, 2026
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What could go wrong
The top threat here is failing to secure a transaction or fresh capital before the stated Q1 2026 cash runway ends.
med
strategic review goes nowhere
Management has already told you it is exploring strategic alternatives. The stock dropped 46.5% on that update, which means investors are treating a deal as necessary, not optional.
If no buyer or partner appears, the equity is left standing on a pre-revenue balance sheet with limited time.
med
cash runway expires before the science pays off
Management says cash lasts through Q1 2026, while the Phase 3 melanoma readout is expected in 2026. Those dates are uncomfortably close for a company with $0 revenue.
The mismatch forces financing pressure. That usually means dilution, expensive capital, asset sales, or all three.
med
single-platform clinical dependency
The pipeline is built around the T-win platform and the lead IO102-IO103 program. There is no diversified revenue base and no second commercial engine to absorb bad data.
If the lead study slips or disappoints, the platform narrative weakens fast because there is no operating business underneath it.
med
capital structure leaves little room for error
Long-term debt is $17M, or 56% of capital, and debt/equity is 1,829.2%. For a $14M market cap biotech, those are not abstract ratios.
Any rescue financing can land on shareholders hard because the company is negotiating from weakness.
Put it together and you get a stock with no revenue, a visible funding deadline, and one lead clinical shot. That is less an operating business than a binary event tree.
source: institutional data · regulatory filings · risk analysis
Pay attention to
financing risk
any update on the strategic review
A sale, licensing deal, merger, or partner announcement changes the story immediately. No update as Q1 2026 approaches does too.
calendar
the 2026 Phase 3 melanoma readout
This is the science catalyst that could revive the equity case. Delay it, and financing pressure gets worse before the data even arrives.
balance sheet
cash versus the stated Q1 2026 runway
The next update needs to show the company still has a path to operate into its key clinical milestones. With $0 revenue, runway is the business metric.
street view
whether the $1.66 average target starts getting cut
Seven analysts still show an average one-year target of $1.66. If those numbers move down after the strategic review, the Street is admitting the old thesis broke.
Analyst rankings
risk profile
high risk
risk rank 5 — significant risk of large drawdowns.
chart momentum
average
momentum rank 3 — the stock is moving with the broader market, no unusual signal.
source: institutional data
Institutional activity
institutional ownership data for IOBT is being compiled.
source: institutional data
Price targets
3-5 year target range
n/a
n/a
$0
current price
n/a
target midpoint · n/a from current
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