IO Biotech (IOBT), mcap=$114m, price $3.88 vs $4.20

Pitch:
– Biopharma developing a drug for metastatic melanoma at a 35% discount to net cash.
– Sold-off 70% together with biopharma index $XBI, despite very positive company-specific news.
– Early study data published in Nature are outstanding and significantly exceed the current standard of care in terms of efficacy and durability.
– The phase 3 trial began recently.
– Current burn rate at $20 with $188m of cash on the balance – providing run-away into 2024.

Valuation:
– 70% discount to $14/share IPO price in Nov’21.
– 35% discount to net cash.

Exp. gain: Not specified.

Full $IOBT write-up (free guest account required):
https://www.valueinvestorsclub.com/idea/IO_BIOTECH_INC/8878914309

Published on: September 2, 2022  •  Published by:
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