IO Biotech shares fall 2.29% premarket after Phase 3 trial results narrowly missed statistical significance.

IO Biotech, Inc. fell 2.29% in premarket trading. The company announced the topline results of its pivotal Phase 3 trial for Cylembio, an investigational, immune-modulatory, off-the-shelf therapeutic cancer vaccine, in combination with pembrolizumab vs. pembrolizumab alone as a first-line treatment for unresectable or metastatic melanoma. The trial showed clinical improvement in progression-free survival, but statistical significance was narrowly missed on the primary endpoint.