IO Biotech, Inc. 8-K

What Happened

• IO Biotech, Inc. announced on March 31, 2026 that it has ceased operations and filed a voluntary Chapter 7 petition in the U.S. Bankruptcy Court for the District of Delaware. A Chapter 7 trustee will be appointed to take control of the company’s assets and liabilities and liquidate assets under the Bankruptcy Code.
• Concurrent with the filing, all six directors—Peter Hirth, Helen Collins, Christian Elling, Kathleen Glaub, Heidi Hunter and David Smith—resigned, and all employees and officers were terminated without cause, including CEO Mai-Britt Zocca and CFO/CAO Amy Sullivan.

Key Details

• Filing date: March 31, 2026; court: U.S. Bankruptcy Court, District of Delaware; Chapter: Chapter 7 (liquidation).
• Board and officer departures: all directors resigned and all officers/employees were terminated the same day as the filing.
• Financial reporting and audit: the independent audit for fiscal year ended December 31, 2025 was not completed; the company says it will no longer be able to prepare or file its Form 10-K for 2025 or other periodic reports.
• Shareholder impact: the company states it is unlikely that holders of common stock will receive any payment or distribution from the bankruptcy proceedings; trading in the common stock is “highly speculative” and poses substantial risk of loss.

Why It Matters

• For investors, this is a liquidation bankruptcy (Chapter 7), not a reorganization: a trustee will sell assets and pay creditors in priority order, and shareholders are at the bottom of that priority list.
• The company cannot complete its 2025 audited financial statements or file required SEC reports, which removes transparency and eliminates normal regulatory disclosures.
• Practically, holders of IO Biotech common stock should expect a very low likelihood of recovery and high risk if trading the shares after the filing.