IO Biotech to Reduce Headcount by 50% Amid Restructuring

Dow Jones

Sep 29

By Connor Hart

IO Biotech will lay off approximately half of its employees, or around 40 workers, in a restructuring aimed at conserving capital while the company works to complete current studies.

The restructuring comes after the biopharmaceutical company said on Monday that the Food and Drug Administration recommended it not to submit a biologics license application for its cancer vaccine, Cylembio. The recommendation followed results from a recent trial that the company said narrowly missed statistical significance.

Shares tumbled 75% to 39 cents in premarket trading.

IO Biotech said it will continue pursuing a pathway to regulatory approval for Cylembio while working to complete current studies. The company currently has capital to run its operations into next year's first quarter, it added.

The company said it expects its restructuring to reduce its continuing expense structure and anticipates a non-recurring charge of between $1 million and $1.5 million in the current quarter stemming from the restructuring.

IO Biotech had 80 full-time employees at the end of 2024, according to the most recent headcount available in Securities and Exchange Commission filings.

Write to Connor Hart at connor.hart@wsj.com

(END) Dow Jones Newswires

September 29, 2025 07:46 ET (11:46 GMT)

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