This company is no longer publicly traded

Delisted / no longer publicly traded (per market data provider) Any Winston Score and financials shown below are based on the last available data and should be treated as historical — they are no longer updated.

Delisted: April 7, 2026

IO Biotech

IOBT

Biotechnology · Healthcare

Price

$0.01

-0.00 (-27.59%)

Market Cap

$885,690

Winston Score

–

No score yet — Winston is napping.

We couldn’t gather enough financial data to score this stock reliably.

Share count rising — dilution

+470.5% over 4y

The company has issued more shares over this period, which dilutes each existing shareholder’s stake.

Diluted shares outstanding: 11.5M (2020) → 65.9M (2024)

IO Biotech is a clinical-stage biotechnology company focused on developing cancer treatments. Its main approach uses the body's own immune system to fight tumors, a method called immunotherapy. The company's lead drug candidate, IO102-IO103, targets melanoma and other solid tumors, and is being tested in clinical trials rather than sold to patients yet.

IO Biotech does not generate meaningful revenue because its drugs are still in development and not yet approved for sale. The company is headquartered in Copenhagen, Denmark, with operations also in the United States, and it funds itself primarily through cash raised from investors. The biggest risk the company faces is clinical and regulatory: if its drug candidates fail in trials or do not receive approval from the FDA or other regulators, the company would need to raise more money or could run out of funding entirely.

Winston Score History

Growth Profile

For growth stock investors

When traditional metrics don't capture the full picture, these are the signals growth stock investors use instead.

Revenue Growth

Revenue data limited

EPS Growth

+63.9% YoY

YoY Growth Rate

EPS growth accelerating

R&D Spend

$71M/ year

↑ Rising (+5% vs prior year)

R&D investment increasing — building for the future

Insider Activity

16.1%ownership

→ Flat

Insiders holding steady — not selling despite ability to

Cash Runway

~5 months

$31M cash & investments

Quarterly Free Cash Flow

↓ Burn rate worsening

Short runway — potential dilution ahead through share issuance

Cash watch

IO Biotech has less than a year of cash at its current burn rate. Growth investors should watch for potential share dilution from future fundraising — that directly reduces your ownership.

The Winston Score above measures business quality today. Growth stocks often score lower because they invest in the future rather than maximising current profits. These metrics show what matters most for evaluating that future.

Score breakdown

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Quality

Gross Margin

N/A

—

Data not available

Operating Margin

N/A

—

Data not available

ROCE

-818.0%

Weak — -818.0% return on capital

Negative ROIC means the business is losing money on every dollar invested in it.

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Growth

Sales YoY

N/A

—

Data not available

EPS YoY

N/A

—

Data not available

EPS Consistency

0/8 quarters

Earnings rarely grow — volatile business

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Cash Flow

Cash Conversion

N/A

—

Data not available

FCF Margin

N/A

—

Data not available

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Stability

Debt / Equity

1.60

Elevated debt (1.60)

Interest Cover

N/A

Data not available

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Valuation

P/E Ratio (TTM)

N/M

—

Negative earnings — P/E not meaningful

P/E vs Forward

N/A

not available

Data not available

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Dividends

Not applicable for this business.

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