Lundbeckfond Invest A/S Discloses 27.4% Stake in IO Biotech Amidst Chapter 7 Bankruptcy Filing

Lundbeckfond Invest A/S filed an amendment to its Schedule 13D regarding its investment in IO Biotech, Inc. (IOBT). As of the event date of March 31, 2026, the reporting person holds 21,851,920 shares of common stock, representing a 27.4% ownership stake. This total includes 13,950,686 shares held directly and 7,901,234 shares issuable upon the exercise of warrants. The filing is significant as it reports that IO Biotech, Inc. ceased operations and filed a voluntary petition for relief under Chapter 7 of the U.S. Bankruptcy Code on March 31, 2026. Consequently, the company's assets will be liquidated to pay claims according to bankruptcy priorities. Concurrently with the petition, all members of the Issuer's board of directors, including Christian Elling (associated with the reporting person), resigned from their positions. While the share count reflects an increase from previous filings, the underlying value is severely impacted by the bankruptcy proceedings. voting and investment authority is shared among the board of directors and CEO of Lundbeckfond Invest A/S.