IO Biotech, Inc. (IOBT) - Dilution Analysis

Visualizing historical and potential share dilution over time

Dilution Analysis

Medium Risk
Moderate dilution risk
Last updated: November 14, 2025

Risk Assessment Details

Potential Dilution: 190.53% of current shares
Recent Dilution: 1.61% (2 years)
Historical Dilution Factor: minimal recent dilution
Outstanding Shares
67M
Potential Supply
130M
Additional shares possible
Splits
None
Past 2 years

Summary

IOBT currently has 66.9M outstanding shares. with significant dilution risk as 128M authorized shares could dilute existing holders by 190.5%. The company has minimally diluted shareholders by 1.61% over the past 2 years.

Share Structure Timeline

Outstanding Shares
Total Supply

Historical Data Points

Date Event Outstanding Supply
Nov 14, 2025

10-Q filing | 66.9M shares outstanding

67M 130M
Aug 14, 2025

10-Q filing | 65.9M shares outstanding

66M 130M
Jul 24, 2025

S-3 filing: IO Biotech, Inc. is offering up to 4,221,867 shares of common stock issuable upon the exercise of warrants held by the selling stockholders.

66M 130M
May 23, 2025

S-3 filing: IO Biotech, Inc. is offering up to 5,623,664 shares of common stock issuable upon the exercise of warrants held by selling stockholders.

66M 120M
May 14, 2025

10-Q filing | 65.9M shares outstanding

66M 120M
Mar 31, 2025

10-K filing | 65.9M shares outstanding

66M 120M
Nov 12, 2024

10-Q filing | 65.9M shares outstanding

66M 120M
Aug 13, 2024

10-Q filing | 65.9M shares outstanding

66M 120M
May 14, 2024

10-Q filing | 65.9M shares outstanding

66M 120M
Mar 05, 2024

10-K filing | 65.9M shares outstanding

66M 120M
Nov 13, 2023

10-Q filing | 65.9M shares outstanding

66M 120M
Aug 30, 2023

S-3 filing: IO Biotech, Inc. is offering up to 74,131,294 shares of common stock by selling stockholders, consisting of 37,065,647 shares held by the selling stockholders and 37,065,647 shares issuable upon the exercise of warrants.

66M 120M
Aug 11, 2023

10-Q filing | 65.9M shares outstanding

66M 6.5M
May 11, 2023

10-Q filing | 28.8M shares outstanding

29M 6.5M
Mar 14, 2023

10-K filing | 28.8M shares outstanding

29M 6.5M
Feb 03, 2023

S-3 filing: IO Biotech, Inc. files an S-3 to offer common stock, preferred stock, debt securities, warrants, rights to purchase common stock, preferred stock, debt securities or units, as well as units that include any of these securities, with an aggregate offering price of up to $250,000,000.

29M 6.5M
Nov 09, 2022

10-Q filing | 28.8M shares outstanding

29M 6.5M
Aug 11, 2022

10-Q filing | 28.8M shares outstanding

29M 6.5M
May 16, 2022

10-Q filing | 28.8M shares outstanding

29M 6.5M
Mar 31, 2022

10-K filing | 28.8M shares outstanding

29M 6.5M
Dec 17, 2021

10-Q filing | 28.8M shares outstanding

29M 6.5M
Nov 01, 2021

S-1/A filing: S-1/A filing describes the issuance of Class B preference shares, conversion of convertible notes, equity-based compensation, currency translation, and net loss. It includes information about existing and new stockholders, shares purchased, total consideration, and average price per share, based on an assumed IPO price of $15.50 per share.

19M 6.5M
Oct 26, 2021

S-1/A filing: This is an S-1/A filing from IO Biotech ApS detailing recent sales of unregistered securities, including convertible notes, preference shares, and warrants.

N/A 650K
Oct 15, 2021

S-1 filing: This is an S-1 filing.

N/A 0
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