The capital structure appears increasingly fragile, with total assets declining from $172.6 million in 2023Q3 to $40.0 million in 2025Q3, alongside a debt-to-equity ratio that spiked to 1.60.
| Total Current Assets | 36.83M | 64.95M | 147.25M | 148.22M | 221.74M | 5.63M | 9.4M |
| Cash & Short-Term Investments | 30.66M | 60.03M | 143.19M | 142.59M | 211.53M | 3.4M | 7.85M |
| Cash Only | 30.66M | 60.03M | 143.19M | 142.59M | 211.53M | 3.4M | 7.85M |
| Short-Term Investments | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Accounts Receivable | 0 | 1.13M | 1.13M | 1.53M | 2.09M | 1.5M | 1.23M |
| Days Sales Outstanding | - | - | - | - | - | - | - |
| Inventory | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Days Inventory Outstanding | - | - | - | - | - | - | - |
| Other Current Assets | 6.17M | 803K | 754K | 685K | 149K | 371K | 103K |
| Total Non-Current Assets | 3.13M | 2.75M | 3.46M | 3.59M | 550K | 18K | 20K |
| Property, Plant & Equipment | 1.85M | 2.36M | 3.11M | 3.23M | 155K | 0 | 0 |
| Fixed Asset Turnover | 0.00x | - | - | - | - | - | - |
| Goodwill | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Intangible Assets | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Long-Term Investments | 804K | 268K | 0 | 268K | 268K | 0 | 0 |
| Other Non-Current Assets | 1.28M | 117K | 357K | 84K | 127K | 18K | 20K |
| Total Assets | 39.96M | 67.7M | 150.72M | 151.81M | 222.29M | 5.65M | 9.42M |
| Asset Turnover | 0.00x | - | - | - | - | - | - |
| Asset Growth % | -237% | -55.08% | -0.72% | -31.71% | 3832.21% | -40.01% | - |
| Total Current Liabilities | 18.31M | 19.49M | 15.72M | 10.68M | 10.3M | 3.05M | 10.84M |
| Accounts Payable | 5.59M | 4.66M | 3.88M | 4M | 3.93M | 522K | 997K |
| Days Payables Outstanding | 2.1K | 2K | 1.87K | 2.71K | - | - | - |
| Short-Term Debt | 788K | 0 | 0 | 515K | 0 | 0 | 8.66M |
| Deferred Revenue (Current) | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Current Liabilities | 11.94M | 500K | 5.03M | 4.29M | 461K | 1.74M | 931K |
| Current Ratio | 2.01x | 3.33x | 9.37x | 13.88x | 21.52x | 1.85x | 0.87x |
| Quick Ratio | 2.01x | 3.33x | 9.37x | 13.88x | 21.52x | 1.85x | 0.87x |
| Cash Conversion Cycle | - | - | - | - | - | - | - |
| Total Non-Current Liabilities | 20.73M | 1.2M | 1.84M | 2.27M | 59K | 0 | 52K |
| Long-Term Debt | 667K | 0 | 0 | 0 | 0 | 0 | 0 |
| Capital Lease Obligations | 3.09M | 1.2M | 1.84M | 2.27M | 0 | 0 | 0 |
| Deferred Tax Liabilities | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Non-Current Liabilities | 20.07M | 0 | 0 | 0 | 59K | 0 | 52K |
| Total Liabilities | 39.05M | 20.68M | 17.56M | 12.95M | 10.36M | 3.05M | 10.89M |
| Total Debt | 1.46M | 1.92M | 2.49M | 2.79M | 0 | 0 | 8.66M |
| Net Debt | -29.21M | -58.12M | -140.7M | -139.8M | -211.53M | -3.4M | 817K |
| Debt / Equity | 1.60x | 0.04x | 0.02x | 0.02x | - | - | - |
| Debt / EBITDA | -0.02x | - | - | - | - | - | - |
| Net Debt / EBITDA | 0.32x | - | - | - | - | - | - |
| Interest Coverage | -77.41x | - | - | -231.40x | -186.84x | -462.15x | -1789.50x |
| Total Equity | 911K | 47.02M | 133.16M | 138.85M | 211.92M | 2.6M | -1.47M |
| Equity Growth % | -338.9% | -64.69% | -4.1% | -34.48% | 8041.53% | 276.95% | - |
| Book Value per Share | 0.01 | 0.71 | 3.06 | 4.82 | 7.35 | 0.23 | -8.30 |
| Total Shareholders' Equity | 911K | 47.02M | 133.16M | 138.85M | 211.92M | 2.6M | -1.47M |
| Common Stock | 3.4M | 66K | 66K | 29K | 29K | 8K | 28K |
| Retained Earnings | -416.33M | -359.31M | -263.82M | -177.74M | -106.28M | -38.4M | -26.36M |
| Treasury Stock | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Accumulated OCI | -7.17M | -6.85M | -9.67M | -10.14M | -1.49M | 1.96M | 1.3M |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Binary clinical trial failure
As reported in financial statements, IOBT's total assets have declined from $172.6 million in 2023Q3 to $40.0 million by 2025Q3, reflecting a consistent and aggressive consumption of resources to fund clinical development activities that have yet to yield commercial revenue or a self-sustaining operational model.
The consistent downward trend in total assets suggests that the company is rapidly depleting its primary financial resources to support late-stage clinical trials. This trajectory indicates that the business model remains entirely dependent on external capital infusions, as the lack of revenue generation prevents any internal replenishment of the balance sheet.
Based on recent quarterly filings, IOBT's current ratio has compressed significantly from 12.96 in 2023Q3 to 2.01 in 2025Q3, signaling a tightening liquidity position that leaves the company with a narrowing margin of safety to manage its ongoing research and development obligations.
The sharp contraction in the current ratio highlights the increasing pressure on the company's liquid assets as cash reserves are deployed to meet clinical trial milestones. Investors should monitor this trend closely, as a further decline in liquidity may necessitate dilutive financing to ensure the continuity of operations.
According to the company's balance sheet data, equity has plummeted from $157.6 million in 2023Q3 to a marginal $0.9 million in 2025Q3, primarily driven by the accumulation of significant retained losses that reflect the high cost of advancing the T-win platform through clinical stages.
The near-total erosion of equity highlights the severe impact of sustained R&D spending on the company's capital structure. This trend suggests that the firm's book value is increasingly disconnected from its market valuation, placing the burden of future value creation entirely on the success of its lead clinical candidate.
As indicated by the reported figures, IOBT's asset base is almost entirely composed of cash and minimal property, plant, and equipment, with $0 in goodwill, which suggests that the company's valuation is purely speculative and lacks the support of tangible, income-generating assets or intellectual property book value.
The absence of goodwill or significant intangible assets on the balance sheet implies that the company has not engaged in value-accretive acquisitions, keeping the focus strictly on internal R&D. While this simplifies the balance sheet, it also means there is no cushion or secondary asset base to leverage should the primary clinical program face regulatory or efficacy setbacks.
Quick answers to the most common questions about buying IOBT stock.
As of 2024, IO Biotech, Inc. (IOBT) had total assets of $67.7M including $65.0M in current assets.
IO Biotech, Inc. (IOBT) carries total debt of $1.9M, offset by $60.0M in cash and short-term investments. Comparing total debt to cash helps evaluate the company's debt burden and net leverage.
IO Biotech, Inc. (IOBT) has total shareholders' equity (book value) of $47.0M ($0.71 book value per share). Book value represents the net worth of the company belonging to common stock holders.
IO Biotech, Inc. (IOBT) reported a current ratio of 3.33x. A current ratio above 1.0x indicates that the company has more current assets than current liabilities, suggesting sufficient short-term liquidity.