IO Biotech : Investor Deck

There's a new way to kill tumors

by eradicating the immune suppressive nature of the TME

IO Biotech is a Phase 3 company leading the way

November 2022

Forward Looking Statements

Certain information contained in this presentation includes "forward-looking statements", within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, related to our business plan, clinical trials and regulatory submissions. We may, in some cases, use terms such as "may,"

"should," "would," "expects," "plans," "anticipates," "could," "intends," "target," "projects," "contemplates," "believes,"

"estimates," "predicts," "potential" or "continue" or other words that convey uncertainty of the future events or outcomes to identify these forward-looking statements. Our forward-looking statements are based on current beliefs and expectations of our management team that involve risks, potential changes in circumstances, assumptions, and uncertainties. Any or all of the forward-looking statements may turn out to be wrong or be affected by inaccurate assumptions we might make or by known or unknown risks and uncertainties. These forward-looking statements are subject to risks and uncertainties including risks related to the execution of our business plan, success and timing of our clinical trials or other studies and the other risks set forth in our filings with the U.S. Securities and Exchange Commission. For all these reasons, actual results and developments could be materially different from those expressed in or implied by our forward-looking statements. You are cautioned not to place undue reliance on these forward- looking statements, which are made only as of the date of this presentation. We undertake no obligation to publicly update such forward-looking statements to reflect subsequent events or circumstances.

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Investment Highlights

	Differentiated	• Proprietary T-win® designed to activate pre-existing T cells
	•	MOA stimulates pre-existing T cells against both tumors and immunosuppressive cells in the TME
	Platform - T-win®
	• Infiltrating T cells modulate the TME into an anti-tumor proinflammatory environment
		•	1st line melanoma combo with nivolumab: 46.8 months OS, 50% CR and 22.5 months median PFS*
	Strong Phase 1/2		(n=30)
	Data for IO102-IO103	•	Current SOC ~45-58% ORR and ~7-12 months PFS
		• Breakthrough Therapy Designation (BTD) granted based on Phase 1/2 data
	Phase 3 in 1st Line	• Phase 3 initiated: FPI May 2022; enrollment ongoing for global multi-site trial
	•	Combination with pembrolizumab in 1st line advanced melanoma
	Advanced Melanoma
	•	Durable efficacy with favorable safety
	Multiple Upside	•	Phase 2 basket trial initiated: FPI April 2022; currently enrolling several cohorts, such as head and
	Opportunities in		neck cancer and lung cancer; initial data expected in 2022
	•	Early-stage pipeline targeting additional immunosuppressive mechanisms
	Other Solid Tumors
	Strong Cash	•	Nasdaq listing (IPO) in Nov. 2021
	•	Cash: ~$151M (9-30-22)
	Position
	•	Sufficient runway into mid 2024

* As of October 2022

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Experienced Leadership

Mai-Britt Zocca, PhD

President and CEO

• 20 years industry and oncology drug development experience
• PhD in medicine (Immuno-Oncology)
• Serial life sciences entrepreneur, corporate strategy, financing and management, board member

Amy Sullivan, MBA

Chief Financial Officer

• 30 years experience in life sciences industry
• Extensive experience with corporate strategy and investor relations for early through commercial-stage biotech
• Deep U.S. network and experience
• Raised >$2B in capital, incl. public equity in U.S. and EU

Eva Ehrnrooth, MD PhD

Chief Medical Officer

• 20+ years in oncology & drug development
• Board certified clinical oncologist with a PhD in molecular oncology
• Successfully led multiple phase 3 oncology programs across multiple solid tumor indications leading to global registration

Muhammad Al-Hajj, PhD

Chief Scientific Officer

• 18+ years in oncology drug discovery
• PhD in molecular genetics with postdoctoral training in cancer and stem cell biology
• Leadership in oncology and immunotherapy translational sciences within pharma and biotech

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Ideally Positioned in the Evolving Melanoma Landscape

• Only P3 competitor in the desired "quadrant"

Benefit-Risk Ratio

• High PFS, high ORR, low AE's

	In Phase 3	• First mover advantage with targets of IO102-IO103

• Consistent efficacy across melanoma subgroups

Broad Applicability

• Potential for use among patients regardless of PD-L1 expression

					Competitive Advantages
		Triple therapy - Strong position			BEMPEG learnings - Ratio of			Opdualag learnings (Nivo-
		to be considered in a potential			PD-L1 positive/negative patients			LAG-3) - Effect only in a subset
		new paradigm			can be an important determinant			of patients (PD-L1 low)
					of efficacy

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