Notice of Delisting or Failure to Satisfy a Continued Listing Rule or Standard

IO Biotech, Inc. received a notice from Nasdaq indicating non-compliance with the minimum bid price requirement for continued listing on the Nasdaq Global Select Market. The company's common stock closing bid price fell below $1.00 for 30 consecutive trading days. IO Biotech has 180 days, until June 16, 2026, to regain compliance by ensuring the stock price meets or exceeds $1.00 for 10 consecutive trading days. Failure to comply may result in an additional 180-day period to transfer to the Nasdaq Capital Market, provided other listing requirements are met. The company cannot assure regaining compliance or avoiding delisting.