IO Biotech, Inc.

IOBTNASDAQHealthcare

$0.01

$-0.00(-27.59%)

Market Cap$885690

P/E Ratio—

52W High$2.79

52W Low$0.01231

Avg Volume20.0M

Open$0.02

Beta0.89

Free Cash Flow Financials Revenue

IO Biotech, Inc. (IOBT) Free Cash Flow & Analysis

Annual & trailing free cash flow, FCF margin, YoY change, valuation ratios, and peer context.

IOBT · free cash flow · updated Jun 9, 2026

Core FCF metrics

IOBT · FCF · TTM · margin & CAGR

Free cash flow was −$82.4M for FY2024 (fiscal year ending 2024-12-31), down 14.3% year-over-year

FY2024 Free Cash Flow−$82.4M▼ -14.3% YoY

Trailing 12M (TTM)−$81.1Mtrailing 4 quarters sum

FCF Margin——

3-Year CAGRN/AN/A — contains negative FCF

5-Year CAGRN/AN/A — contains negative FCF

FormulaFCF = Operating Cash Flow − Capital ExpendituresTTM = trailing 4 quarters sumCAGR → N/A if either endpoint ≤ 0

Source: FMP /cash-flow-statement · SEC 10-K / 10-Q · USDUpdated: Jun 9, 2026

Annual free cash flow history

FCF ($B, upper) · YoY Growth % (lower)

Positive FCFNegative FCF

Free Cash Flow

YoY Growth %

Annual free cash flow data

IOBT · free cash flow history · annual / quarterly

Fiscal YearOperating CFCapExFree Cash FlowYoY ChangeFCF Margin

FY2024Latest−$82.3M(0M)−$82.4M▼ 14.3%—

FY2023−$71.7M(0M)−$72.1M▼ 19.3%—

FY2022−$59.7M(1M)−$60.4M▼ 48.1%—

FY2021−$40.6M(0M)−$40.8M▼ 309.8%—

FY2020−$10.0M(0M)−$10.0M▼ 12.0%—

FCF = Operating Cash Flow − Capital Expenditures · CapEx shown as (negative) · Source: SEC filings via FMP

FCF valuation metrics

IOBT · P/FCF · FCF yield · FCF per share

IO Biotech, Inc. (IOBT) reported negative free cash flow of −$0.08B. FCF-based valuation ratios are not meaningful when FCF is negative.

FCF Yield (TTM)

N/A

Free Cash Flow ÷ Market Cap

per FMP freeCashFlowYieldTTM definition

FCF per Share (TTM)

N/A

TTM FCF ÷ Shares Outstanding

Price / FCF

N/A

Share Price ÷ FCF per Share

EV / FCF (TTM)

N/A

Enterprise Value basis

FCF-based valuation ratios are only meaningful when free cash flow is positive. Negative FCF indicates capital expenditures exceeded operating cash flow.

Source: FMP /key-metrics-ttm · /cash-flow-statement Q · /income-statementFY2024 · 2024-12-31

Cash flow statement summary

IOBT · cash flow statement · operating / investing / financing

For FY2024, IO Biotech, Inc. generated −$82.3M in operating cash flow and spent 0M in capital expenditures, yielding −$82.4M in free cash flow.

Operating Activities

−$82.3M

Cash from core business operations

2024-12-31

Investing Activities

−$0.0M

CapEx, acquisitions & investments

2024-12-31

Financing Activities

+$0.0M

Buybacks, dividends & debt

2024-12-31

FCF FormulaOperating CF (−$82.3M) − |CapEx| (0M) = FCF (−$82.4M)

For the complete Operating / Investing / Financing line-item breakdown:

View Full Cash Flow Statement →

Free cash flow vs peers (Healthcare)

IOBT vs peers · FCF

#CompanyFree Cash FlowYoYFCF MarginRelative

IO Biotech, Inc.YOU

IOBT

−$82.4M-14.3%—

Loss

UnitedHealth Group Incorporated

UNH

$16.07B-22.4%3.6%

82%

Eli Lilly and Company

LLY

$8.97B+2065.6%13.8%

46%

Healthcare · Sorted by FCF · FMP /cash-flow-statementFull FCF Rankings →

About Free Cash Flow & Methodology

IO Biotech, Inc. (IOBT) reported free cash flow of −$82.4M for FY2024 (fiscal year ending 2024-12-31), down 14.3% year-over-year.

IO Biotech, Inc. has reported negative free cash flow in recent periods, indicating capital expenditures have exceeded operating cash flow. Data available for 6 fiscal years.

Data sourced from FMP /cash-flow-statement · SEC 10-K / 10-Q · USD.

Q&A and summaries align with SEC 10-K/10-Q cash flow disclosures and FMP /cash-flow-statement where noted.

Revenue Financial statements Net income Earnings Forecast Price history Market cap Cash on hand P/E ratio

Frequently asked questions

IOBT free cash flow · 8 questions

IO Biotech, Inc. free cash flow was −$82.4M for FY2024, down 14.3% year-over-year. On a trailing twelve-month (TTM) basis, free cash flow stands at −$81.1M.

IOBT free cash flowIOBT FCFIOBT FCF 2024IOBT free cash flow TTM

▸ Source: FMP /cash-flow-statement · US GAAP · IO Biotech, Inc. · IO Biotech, Inc. SEC 10-K & 10-Q filings · US GAAP · Last updated: Jun 9, 2026