The company continues to operate without revenue while sustaining significant quarterly losses, evidenced by a $19.4 million operating loss in 2025Q3.
| Sales/Revenue | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Revenue Growth % | - | - | - | - | - | - | - |
| Cost of Goods Sold | 910K | 849K | 756K | 540K | 0 | 0 | 0 |
| COGS % of Revenue | - | - | - | - | - | - | - |
| Gross Profit | -910K | -849K | -756K | -540K | 0 | 0 | 0 |
| Gross Margin % | - | - | - | - | - | - | - |
| Gross Profit Growth % | - | -12.3% | -40% | - | - | - | - |
| Operating Expenses | 91.14M | 94.33M | 90.69M | 70.88M | 41.23M | 10.14M | 9.91M |
| OpEx % of Revenue | - | - | - | - | - | - | - |
| Selling, General & Admin | 23.23M | 22.84M | 22.86M | 23.9M | 11.08M | 1.68M | 1.98M |
| SG&A % of Revenue | - | - | - | - | - | - | - |
| Research & Development | 67.92M | 71.48M | 67.83M | 46.99M | 30.15M | 8.46M | 7.94M |
| R&D % of Revenue | - | - | - | - | - | - | - |
| Other Operating Expenses | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Operating Income | -92.05M | -95.18M | -91.44M | -71.42M | -41.23M | -10.14M | -9.91M |
| Operating Margin % | - | - | - | - | - | - | - |
| Operating Income Growth % | - | -4.08% | -28.03% | -73.22% | -306.45% | -2.34% | - |
| EBITDA | -91.14M | -94.33M | -90.69M | -70.88M | -41.23M | -12.02M | 0 |
| EBITDA Margin % | - | - | - | - | - | - | - |
| EBITDA Growth % | 4.65% | -4.01% | -27.94% | -71.91% | -243.14% | - | - |
| D&A (Non-Cash Add-back) | 910K | 849K | 756K | 540K | 2K | 0 | 9.91M |
| EBIT | -88.17M | -94.05M | -85.23M | -69.88M | -67.45M | -12.02M | -10.74M |
| Net Interest Income | 537K | 4.72M | 5.88M | 1.11M | -360.64K | -25.97K | -5.99K |
| Interest Income | 1.68M | 4.72M | 5.88M | 1.41M | 361 | 26 | 6 |
| Interest Expense | 1.14M | 0 | 0 | 302K | 361K | 26K | 6K |
| Other Income/Expense | 2.75M | 1.13M | 6.21M | 1.24M | -26.58M | -1.9M | -830K |
| Pretax Income | -89.3M | -94.05M | -85.23M | -70.19M | -67.81M | -12.04M | -10.74M |
| Pretax Margin % | - | - | - | - | - | - | - |
| Income Tax | -955K | 1.44M | 852K | 1.27M | 68K | 0 | 0 |
| Effective Tax Rate % | 1.07% | -1.53% | -1% | -1.81% | -0.1% | 0% | 0% |
| Net Income | -88.35M | -95.49M | -86.08M | -71.46M | -67.88M | -12.04M | -10.75M |
| Net Margin % | - | - | - | - | - | - | - |
| Net Income Growth % | 2.2% | -10.93% | -20.47% | -5.27% | -463.69% | -12.03% | - |
| Net Income (Continuing) | -88.35M | -95.49M | -86.08M | -71.46M | -67.88M | -12.04M | -10.74M |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | -1.32 | -1.45 | -1.98 | -2.48 | -2.36 | -1.05 | -60.66 |
| EPS Growth % | 1.46% | 26.77% | 20.16% | -5.08% | -124.76% | 98.27% | - |
| EPS (Basic) | - | -1.45 | -1.98 | -2.48 | -2.36 | -1.05 | -60.73 |
| Diluted Shares Outstanding | 66.94M | 65.88M | 43.54M | 28.82M | 28.82M | 11.55M | 177.2K |
| Basic Shares Outstanding | 66.94M | 65.88M | 43.54M | 28.82M | 28.82M | 11.55M | 177K |
| Dividend Payout Ratio | - | - | - | - | - | - | - |
Binary clinical trial failure
As indicated by recent financial disclosures, IOBT maintains a high-cost structure dominated by R&D, which reached $13.7 million in 2025Q3, reflecting the substantial capital requirements necessary to sustain late-stage clinical trial execution and associated contract research organization fees for its primary oncology pipeline candidates.
The company's cost structure is almost entirely composed of R&D, which is typical for a pre-revenue clinical-stage entity. Investors should note that these expenditures are not discretionary but are essential to meeting the regulatory milestones required for potential future commercialization.
According to quarterly income statements, IOBT consistently records stock-based compensation expenses, with $1.5 million reported in 2025Q3, which warrants scrutiny as it represents a non-cash outflow that persists despite the company's lack of revenue and ongoing net losses from its core research operations.
While stock-based compensation is a standard tool for talent retention in biotechnology, its impact on the net loss profile should be monitored to ensure alignment with long-term clinical progress. The persistence of these charges during periods of high cash burn suggests that management is prioritizing human capital investment even as the company approaches critical binary data readouts.
Based on the reported figures, IOBT's operating losses remain significant, with a $19.4 million loss in 2025Q3, demonstrating that the company lacks the operating leverage to scale its expenses effectively until it can transition from a research-focused entity to a commercial-stage organization with revenue.
The absence of revenue means that any increase in R&D or SG&A directly expands the operating loss, leaving little room for efficiency gains in the current phase. Future operating leverage will depend entirely on the successful transition of the IO102-IO103 program into a commercial product, which would fundamentally alter the current cost-to-income relationship.
As reported in financial filings, the company's cash position of approximately $60 million faces pressure from quarterly operating losses, suggesting that the current funding level may be insufficient to reach the primary Phase 3 trial endpoints without a dilutive capital raise or strategic partnership.
Short-term liquidity risks are elevated given the high burn rate relative to the cash balance. Investors should consider that the company's reliance on external financing to fund its clinical pipeline creates a structural vulnerability that could lead to significant equity dilution if market conditions for biotech financing deteriorate.
Quick answers to the most common questions about buying IOBT stock.
For fiscal year 2024, IO Biotech, Inc. (IOBT) reported total revenue of $0.0M.
IO Biotech, Inc. (IOBT) reported a net loss of $95.5M for the fiscal year ending 2024.