IO Biotech to present phase 3 melanoma vaccine data at ESMO

NEW YORK - IO Biotech (NASDAQ:IOBT), a $98 million market cap biotech company whose stock has surged over 55% in the past six months, will present results from its Phase 3 trial of cancer vaccine IO102-IO103 in combination with pembrolizumab for advanced melanoma at the European Society for Medical Oncology (ESMO) Congress in October, the company announced Tuesday. According to InvestingPro data, the company currently trades near its Fair Value.

The presentation has been selected as a late-breaking abstract for oral presentation at the conference taking place in Berlin from October 17-21, 2025. Late-breaking abstracts at ESMO are typically reserved for high-quality research with potential implications for clinical practice.

The Phase 3 trial evaluated the efficacy and safety of IO Biotech’s IO102-IO103 vaccine combined with pembrolizumab versus pembrolizumab alone as first-line treatment for advanced melanoma. The study enrolled 407 patients across more than 100 centers globally, with progression-free survival as the primary endpoint.

Professor Jessica Hassel from the University Hospital Heidelberg will present the results on October 20 during the melanoma and skin tumors session.

Additionally, the company will present a poster on October 19 showing final data from its Phase 2 basket trial of the same combination therapy in non-small cell lung cancer and head and neck cancer. This presentation will include updated efficacy, safety, and biomarker data.

IO102-IO103, also known as Cylembio, is designed to target both tumor cells and immune-suppressive cells in the tumor microenvironment by activating T cells against specific markers. The clinical trials were conducted in collaboration with Merck, which supplied the pembrolizumab component.

The company completed enrollment in the Phase 3 trial by December 2023 and reported topline results in the third quarter of 2025, according to the press release statement. With analyst price targets ranging from $4 to $14 and a strong buy consensus, the upcoming data presentation could be crucial for the company’s valuation trajectory.

In other recent news, IO Biotech has reported the results of its pivotal Phase 3 trial for the cancer vaccine Cylembio, in combination with Merck’s KEYTRUDA, aimed at treating advanced melanoma. The trial demonstrated an improvement in progression-free survival (PFS) for patients using the combination therapy, achieving a median PFS of 19.4 months compared to 11.0 months for those using KEYTRUDA alone. Despite these promising results, the trial narrowly missed statistical significance on the primary endpoint, which has led Morgan Stanley to adjust its price target for IO Biotech to $4.00 from $6.00, while still maintaining an Overweight rating on the stock. The trial involved 407 patients with unresectable or metastatic melanoma, showing a hazard ratio of 0.77. The company held a conference call to discuss these findings, emphasizing the clinical improvements observed. However, questions remain about the future path for Cylembio due to the narrow miss on the primary endpoint.

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