On March 31, 2026, IO Biotech, Inc. announced that it has ceased operations and filed a voluntary petition for relief under Chapter 7 of the Bankruptcy Code in the United States Bankruptcy Court for the District of Delaware. This decision follows a thorough evaluation of all strategic alternatives available to the company. The filing indicates that a Chapter 7 trustee will be appointed to manage the company's assets and liabilities, effectively stripping the Board of Directors and company officers of their authority. As a result, the company's assets will be liquidated, and claims will be settled according to the priorities established in the Bankruptcy Code. It is important to note that shareholders of IO Biotech, Inc. are unlikely to receive any distributions from the bankruptcy proceedings, as the liquidation process typically prioritizes creditors over equity holders. Concurrently with the bankruptcy filing, all members of the Board of Directors resigned, and all employees, including key executives such as the CEO and CFO, were terminated without cause. The company also indicated that it will not be able to file its Annual Report on Form 10-K for the fiscal year ended December 31, 2025, as the audit of its financial statements was not completed. This development raises significant concerns regarding the company's financial health and future prospects, leading to a highly speculative trading environment for its common stock.

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