IO Biotech : March 2023 Investor Deck

OUR GOAL:

Establish our T-win® immune- modulating cancer vaccines as the potential backbone of therapy for multiple cancer types

Nasdaq: IOBT

Corporate Overview

March 2023

© 2023 IO Biotech, Inc.

Non-Confidential Overview

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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.

Non-Confidential Overview

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"Cancer Vaccines: the next immunotherapy frontier"

Why Now?

Targeting the immune system

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2 key regulators: anti-CTLA-4 and anti-PD1 Recent addition of anti-LAG3

Hallmark results in both quality and durability of response

Current treatments don't address Tregs and TAM (M2) MDSC

T-win®IO102-IO103 vaccine provided activity across PD-L1 subgroups in Phase 1/2 study

T-win®IO102-IO103 vaccine has potential to significantly improve current treatment paradigm:

First immune-modulating	In Phase 1/2 study, induced meaningful tumor	IO 102-IO103 validated
vaccine designed to target the	regression and established durable antitumor	mechanism of action in Phase 1/2,
TME, currently in clinical	response while achieving a favorable safety profile	enrolling Phase 3 pivotal study
development	for patients

1.	Nature Cancer	Non-Confidential Overview	3
2.	National Geographic, published 22 Dec 2022

IO Biotech's Novel Technology: T-win® Vaccine Platform

Activates and expands T cells to modulate the tumor microenvironment, impacting the most important immune suppressive cell types (e.g. Tregs and TAMs)

Seminal discovery of T cells that provide immunity against immune suppressive molecules (e.g., IDO1, PDL1).

T-win Vaccine Platform:

IDO-Specific T cells are Naturally Occuring1

High frequency of T cells specific to IDO1 epitopes are found

in various cancer patients and healthy individuals

Pioneered first immune modulating therapy directed against cells (Tregs & TAMs) in the TME expressing immune-suppressive proteins (currently in Ph3)

Direct killing of immune suppressive cells (IDO1 & PDL1), including both tumor cells and genetically stable cells in the TME, demonstrated in Ph1/2

specific INF ƴ releasing cells/5x10e5 PBMC

Modulation of the TME into a more pro-inflammatory, anti- tumor environment by eradicating IDO and PD-L1 positive Tregs and TAMs

IDO

HD = healthy donors	MM = malignant melanoma
RCC = renal cell carcinoma	BC = breast cancer

1. Shamaila Munir, et. al. Plos ONE; vol. 7:4, 2012

Non-Confidential Overview

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Growth Trajectory Supported by Significant Clinical Milestone Momentum

Industry Pioneers

• First immune-modulating cancer vaccine designed to target the TME, currently in Phase 3 clinical development
• T-win® MOA designed to stimulate pre-existing T cells against both tumors and immune suppressive cells in the TME
• Infiltrating T cells modulate the TME into an anti-tumorpro-inflammatory environment

	• 1st line melanoma combo with nivolumab: 80% ORR, 50% CR and 25.5 months median PFS* (n=30); durable results with
Shifting the Paradigm		favorable safety profile shown in Ph1/2
•	Current SOC ~45%-58% ORR and ~7-12 months PFS
	•	Breakthrough Therapy Designation (BTD) for melanoma granted by FDA based on Phase 1/2 data for IO102-IO103

	• Phase 3 global multi-center pivotal trial evaluating combination with pembrolizumab in 1st line advanced melanoma;
Forging Ahead in 1st Line	completion of enrollment expected by year-end 2023; protocol calls for interim analysis of ORR one year after 75% of
Advanced Melanoma	patients have been randomized; potential submission of BLA for accelerated approval based on interim analysis
• Potential efficacy and safety profiles may lead to T-win vaccine becoming a backbone of future combination therapy
Multiple Upside	• Phase 2 basket trial enrolling patients across three cohorts (lung, head and neck, and bladder cancer)
Opportunities in Other	• Encouraging data from nine evaluable lung patients reported January 2023
Solid Tumors	• Early-stage pipeline targeting additional immune suppressive mechanisms
	• Nasdaq listing (IPO) in Nov. 2021
Poised for growth	• Cash: ~$142M (12-31-22 - preliminary and unaudited); runway through 3Q2024
	• Continue organizational development in Denmark and United States
* January 23 update: One patient was re-evaluated and did not have "real progression" but instead pseudo progression.	Non-Confidential Overview	5