Devin Whittemore Smith, General Counsel at IO Biotech, Inc. (NASDAQ:IOBT), has recently acquired 12,000 shares of the company's common stock. The purchase comes as the $50.79 million market cap company has seen its shares surge approximately 13% over the past week, though still trading at $0.89, well below its 52-week high of $2.10. The transaction, which took place on December 23, 2024, was executed at a price of $0.81 per share, amounting to a total value of $9,720. Following this acquisition, Smith now holds a total of 16,938 shares directly. According to InvestingPro, IO Biotech maintains a strong liquidity position with more cash than debt on its balance sheet, though the company faces near-term profitability challenges. This transaction reflects Smith's continued investment in the pharmaceutical company, which specializes in innovative cancer treatments. Subscribers to InvestingPro can access 8 additional key insights about IOBT's financial health and growth prospects.
In other recent news, IO Biotech secured a €57.5 million loan from the European Investment Bank (EIB) to advance its therapeutic cancer vaccines, including IO102-IO103, expected to reach a Biologics License Application submission in 2025. The funding is anticipated to extend the company's financial runway into the second quarter of 2026. The company also reported promising results from a Phase 2 trial of IO102-IO103, showing potential in treating patients with metastatic non-small cell lung cancer. Furthermore, IO Biotech revealed encouraging pre-clinical data for its second vaccine candidate, IO112, indicating its potential for tumor growth inhibition.
The company also amended its bylaws and adjusted its fiscal year-end, according to a recent SEC filing. In the realm of analysts' input, Piper Sandler and Morgan Stanley (NYSE:MS) maintained an Overweight rating on IO Biotech, while Jefferies and H.C. Wainwright kept their Buy ratings. Lastly, Kathleen Sereda Glaub, Peter Hirth, and Mai-Britt Zocca were elected as class III directors, serving until the 2027 Annual Meeting of Stockholders. These are the recent developments for IO Biotech.
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