IO Biotech Inc. has released its first quarter 2025 financial results, reporting a net loss of $22.4 million for the three months ended March 31, 2025, compared to a net loss of $19.5 million for the same period in 2024. The company's research and development expenses increased to $16.4 million from $14.3 million year-over-year. General and administrative expenses rose slightly to $6.2 million from $5.9 million for the same period in the previous year. The company's cash and cash equivalents as of March 31, 2025, stood at $37.1 million, a decrease from $60.0 million at December 31, 2024. IO Biotech utilized $22.9 million in cash, cash equivalents, and restricted cash during the first quarter of 2025. The company expects its cash reserves, coupled with funds from the EIB loan facility, to sustain operations into the second quarter of 2026. Additionally, IO Biotech continues to make strides in its clinical trials and business operations. The primary endpoint of its pivotal Phase 3 trial for its lead investigational therapeutic cancer vaccine in advanced melanoma patients is anticipated in the third quarter of 2025. The company has also been recognized by Fast Company as one of the most innovative biotechnology companies globally, ranking 9th in the biotechnology category. Upcoming events include participation in the TD Cowen's 6th Annual Oncology Innovation Summit on May 27, 2025, and the Jefferies Global Healthcare Conference on June 4, 2025, with webcasts available on the company's website.