IO Biotech

The company’s lead candidate, Cylembio, is being evaluated in a pivotal Phase III trial in advanced melanoma patients, in combination with Merck’s Keytruda. Enrollment of 407 patients was completed ahead of schedule in December 2023. The trial aims to improve progression-free survival, with a topline data readout now expected in Q3 2025. Despite achieving a median PFS of 19.4 months versus 11.0 months for Keytruda alone, the study narrowly missed statistical significance (p = 0.056) in August 2025.

In March 2025, IO Biotech secured up to €57.5 million in debt financing from the European Investment Bank under the InvestEU programme, bolstering its runway into Q2 2026 and supporting clinical completion and pre-commercial activities .

IO Biotech also continues advancing its pipeline: the IO112 cancer vaccine is in development, with an IND submission expected in 2025.