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Why Did IO Biotech Stock Soar 10.94%?
Generated by AI AgentAinvest Pre-Market Radar
Friday, Aug 15, 2025 7:18 am ET1min read
Aime SummaryOn August 15, 2025, IO Biotech's stock surged by 10.94% in pre-market trading, marking a significant uptick in investor interest.
IO Biotech recently reported its second-quarter financial results, highlighting both progress and challenges. The company's pivotal Phase 3 trial for Cylembio® in advanced melanoma showed clinical improvement in progression-free survival, but narrowly missed its primary endpoint for statistical significance. This outcome underscores the risks and potential facing the company, with regulatory timing and funding runway now in sharper focus.
The company reported a GAAP net loss of $26.2 million for the quarter, driven by rising research and development expenses. Despite the setback,
remains optimistic about its pipeline, with several ongoing trials expected to yield data in the latter half of 2025. The company's financials reflect heavy investment in R&D, with cash and cash equivalents at $28.1 million at the end of the quarter. IO Biotech has received additional funding from the European Investment Bank, extending its cash runway into the first quarter of 2026.
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