SAN DIEGO - IO Biotech (NASDAQ:IOBT), a biopharmaceutical firm focused on developing cancer vaccines, shared new findings on its lead candidate, IO102-IO103, at the American Association for Cancer Research (AACR) Annual Meeting. The event, which is currently underway until April 10, 2024, in San Diego, California, has become a platform for the company to build on prior studies of its therapeutic cancer vaccine.
According to IO Biotech's President and CEO, Mai-Britt Zocca, Ph.D., the latest data demonstrate that IO102-IO103, when used in combination, significantly bolster anti-tumor activity. The vaccines target IDO1 and PD-L1 expressing cells within the tumor microenvironment (TME), aiming to reduce immune suppression and enhance T-effector functions against tumors.
The research presented at AACR included results from two animal tumor models. It showed that the vaccines could cooperatively reduce tumor growth, with each vaccine contributing to the anti-tumor effect through distinct molecular pathways. The IDO1 vaccine primarily attenuated myeloid-derived immune suppression, while the PD-L1 vaccine amplified anti-tumor T-effector functions. The company's findings suggest that a dual antigen approach may offer a strategic advantage in combating the immunosuppression present in the TME.
IO102-IO103 is an investigational, off-the-shelf therapeutic cancer vaccine designed to stimulate T cells against cells expressing indoleamine 2,3-dioxygenase (IDO) and/or programmed death-ligand 1 (PD-L1). IO Biotech is currently conducting a pivotal Phase 3 trial evaluating IO102-IO103 in combination with pembrolizumab for patients with advanced melanoma. Additional trials are investigating the vaccine in various solid tumors in combination with pembrolizumab.
The company's collaboration with Merck involves the latter supplying pembrolizumab for the clinical trials, while IO Biotech maintains global commercial rights to IO102-IO103. IO Biotech, headquartered in Copenhagen with a US base in New York, aims to advance its lead candidate through clinical development, leveraging its T-win platform to activate T cells against the immunosuppressive cells in the TME.
This report is based on a press release statement from IO Biotech, and it reflects the company's ongoing research and clinical trial efforts in the field of cancer immunotherapy.
InvestingPro Insights
While IO Biotech (NASDAQ:IOBT) continues to make strides in the field of cancer immunotherapy with its T-win platform and lead candidate IO102-IO103, financial metrics from InvestingPro paint a picture of a company facing significant challenges. With a market capitalization of $101.46 million, IOBT is navigating through a difficult period characterized by a negative price-to-earnings (P/E) ratio, which stands at -1.21 for the last twelve months as of Q4 2023. This figure suggests that investors are cautious about the company's profitability prospects.
IOBT's financial health shows a company that holds more cash than debt, providing some solace to investors concerned about immediate liquidity. However, the company is quickly burning through its cash reserves, an InvestingPro Tip that aligns with the significant operating loss of -$91.44 million over the same period. This cash burn rate is a critical consideration for stakeholders, given that analysts do not anticipate IOBT will be profitable this year, another InvestingPro Tip that may influence investor sentiment.
The stock performance reflects these challenges, with a one-month price total return of -15.38%, indicating that the stock has fared poorly in the short term. Despite the recent downturn, IOBT's liquid assets exceed its short-term obligations, providing a buffer against immediate financial strain.
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