<SEC-DOCUMENT>0001104659-25-012953.txt : 20250213
<SEC-HEADER>0001104659-25-012953.hdr.sgml : 20250213
<ACCEPTANCE-DATETIME>20250213161551
ACCESSION NUMBER:		0001104659-25-012953
CONFORMED SUBMISSION TYPE:	SCHEDULE 13G/A
PUBLIC DOCUMENT COUNT:		1
FILED AS OF DATE:		20250213
DATE AS OF CHANGE:		20250213

SUBJECT COMPANY:	

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			IO Biotech, Inc.
		CENTRAL INDEX KEY:			0001865494
		STANDARD INDUSTRIAL CLASSIFICATION:	PHARMACEUTICAL PREPARATIONS [2834]
		ORGANIZATION NAME:           	03 Life Sciences
		IRS NUMBER:				870909276
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		SCHEDULE 13G/A
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	005-93023
		FILM NUMBER:		25620488

	BUSINESS ADDRESS:	
		STREET 1:		OLE MAALOES VEH 3
		CITY:			COPENHAGEN
		STATE:			G7
		ZIP:			2200
		BUSINESS PHONE:		4570702980

	MAIL ADDRESS:	
		STREET 1:		OLE MAALOES VEH 3
		CITY:			COPENHAGEN
		STATE:			G7
		ZIP:			2200

FILED BY:		

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			HBM Healthcare Investments (Cayman) Ltd.
		CENTRAL INDEX KEY:			0001232258
		ORGANIZATION NAME:           	
		IRS NUMBER:				000000000
		STATE OF INCORPORATION:			E9
		FISCAL YEAR END:			0331

	FILING VALUES:
		FORM TYPE:		SCHEDULE 13G/A

	BUSINESS ADDRESS:	
		STREET 1:		GOVERNORS SQUARE, 23 LIME TREE BAY AVE.,
		STREET 2:		PO BOX 30852
		CITY:			GRAND CAYMAN
		STATE:			E9
		ZIP:			KY1-1204
		BUSINESS PHONE:		345-946-8002

	MAIL ADDRESS:	
		STREET 1:		GOVERNORS SQUARE, 23 LIME TREE BAY AVE.,
		STREET 2:		PO BOX 30852
		CITY:			GRAND CAYMAN
		STATE:			E9
		ZIP:			KY1-1204

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	HBM BIOVENTURES CAYMAN LTD
		DATE OF NAME CHANGE:	20030512
</SEC-HEADER>
<DOCUMENT>
<TYPE>SCHEDULE 13G/A
<SEQUENCE>1
<FILENAME>primary_doc.xml
<TEXT>
<XML>
<?xml version="1.0" encoding="UTF-8"?><edgarSubmission xmlns="http://www.sec.gov/edgar/schedule13g" xmlns:com="http://www.sec.gov/edgar/common">
  <headerData>
    <submissionType>SCHEDULE 13G/A</submissionType>
    <previousAccessionNumber>0001104659-22-020452</previousAccessionNumber>
    <filerInfo>
      <filer>
        <filerCredentials>
          <!-- Field: Pseudo-Tag; ID: Name; Data: HBM Healthcare Investments (Cayman) Ltd. -->
          <cik>0001232258</cik>
          <ccc>XXXXXXXX</ccc>
        </filerCredentials>
      </filer>
      <liveTestFlag>LIVE</liveTestFlag>



    </filerInfo>
  </headerData>
  <formData>
    <coverPageHeader>
      <amendmentNo>4</amendmentNo>
      <securitiesClassTitle>Common Stock, par value $0.001 per share</securitiesClassTitle>
      <eventDateRequiresFilingThisStatement>12/31/2023</eventDateRequiresFilingThisStatement>
      <issuerInfo>
        <issuerCik>0001865494</issuerCik>
        <issuerName>IO Biotech, Inc.</issuerName>
        <issuerCusip>449778109</issuerCusip>
        <issuerPrincipalExecutiveOfficeAddress>
          <com:street1>Ole Maaloes Vej 3</com:street1>
          <com:street2>DK-2200</com:street2>
          <com:city>Copenhagen N</com:city>
          <com:stateOrCountry>G7</com:stateOrCountry>
          <com:zipCode>Denmark</com:zipCode>
        </issuerPrincipalExecutiveOfficeAddress>
      </issuerInfo>
      <designateRulesPursuantThisScheduleFiled>
        <designateRulePursuantThisScheduleFiled>Rule 13d-1(d)</designateRulePursuantThisScheduleFiled>
      </designateRulesPursuantThisScheduleFiled>
    </coverPageHeader>
    <coverPageHeaderReportingPersonDetails>


      <reportingPersonName>HBM Healthcare Investments (Cayman) Ltd.</reportingPersonName>
      <citizenshipOrOrganization>E9</citizenshipOrOrganization>
      <reportingPersonBeneficiallyOwnedNumberOfShares>
        <soleVotingPower>5523439.00</soleVotingPower>
        <sharedVotingPower>0.00</sharedVotingPower>
        <soleDispositivePower>5523439.00</soleDispositivePower>
        <sharedDispositivePower>0.00</sharedDispositivePower>
      </reportingPersonBeneficiallyOwnedNumberOfShares>
      <reportingPersonBeneficiallyOwnedAggregateNumberOfShares>5523439.00</reportingPersonBeneficiallyOwnedAggregateNumberOfShares>
      <aggregateAmountExcludesCertainSharesFlag>N</aggregateAmountExcludesCertainSharesFlag>
      <classPercent>8.2</classPercent>
      <typeOfReportingPerson>CO</typeOfReportingPerson>
      <comments>(1) Voting and investment power over the shares held by HBM Healthcare Investments (Cayman) Ltd. is exercised by the board of directors of HBM Healthcare Investments (Cayman) Ltd. (the "Board").  The Board consists of Jean-Marc LeSieur, Richard H. Coles, Sophia Harris, Dr. Andreas Wicki, Mark Kronenfeld, M.D., and Richard Paul Woodhouse, none of whom has individual voting or investment power with respect to the shares.

(2) This Schedule 13G/A is being filed solely to correct the Schedule 13G/A that the Reporting Person filed on February 13, 2024, which inadvertently excluded the Warrants (as defined herein) from the Reporting Person's beneficial ownership.</comments>
    </coverPageHeaderReportingPersonDetails>
    <items>
      <item1>
        <issuerName>IO Biotech, Inc.</issuerName>
        <issuerPrincipalExecutiveOfficeAddress>Ole Maaloes Vej 3, DK-2200, Copenhagen N, G7</issuerPrincipalExecutiveOfficeAddress>
      </item1>
      <item2>
        <filingPersonName>HBM Healthcare Investments (Cayman) Ltd. (the "Reporting Person")</filingPersonName>
        <principalBusinessOfficeOrResidenceAddress>Governors Square, 23 Lime Tree Bay Avenue, PO Box 30852, Grand Cayman, KY1-1204, Cayman Islands</principalBusinessOfficeOrResidenceAddress>
        <citizenship>Cayman Islands, British West Indies</citizenship>
      </item2>
      <item3>
        <notApplicableFlag>Y</notApplicableFlag>
      </item3>
      <item4>
        <amountBeneficiallyOwned>As of December 31, 2023 and the date hereof, the Reporting Person may be deemed the beneficial owner of 5,523,439 shares of Common Stock. This amount includes 3,944,492 shares of Common Stock and 1,578,947 shares of Common Stock the Reporting Person has the right to acquire within sixty (60) days upon exercise of warrants, at an exercise price of $2.47 per share (the "Warrants"). The Warrants are subject to a 9.99% beneficial ownership limitation, pursuant to which the Reporting Person shall not have the right to exercise any portion of the Warrants to the extent that, after giving effect to such exercise, the Reporting Person would beneficially own in excess of 9.99% of the shares of Common Stock outstanding.

As of December 31, 2023 and the date hereof, the Reporting Person may be deemed the beneficial owner of approximately 8.2% of the shares of Common Stock outstanding. The percentage set forth herein is calculated based on the sum of (i) 65,880,914 shares of Common Stock outstanding as of November 8, 2024, as reported in the Issuer's quarterly report on Form 10-Q, filed with the Securities and Exchange Commission on November 12, 2024, and (ii) 1,578,947 shares of Common Stock issuable to the Reporting Person upon exercise of the Warrants held by the Reporting Person, which shares have been added to the total shares of Common Stock outstanding for purposes of calculating the Reporting Person's beneficial ownership percentage in accordance with Rule 13d-3(d)(1)(i) under the Act.</amountBeneficiallyOwned>
        <classPercent>8.2</classPercent>
        <numberOfSharesPersonHas>
          <solePowerOrDirectToVote>5,523,439</solePowerOrDirectToVote>
          <sharedPowerOrDirectToVote>0</sharedPowerOrDirectToVote>
          <solePowerOrDirectToDispose>5,523,439</solePowerOrDirectToDispose>
          <sharedPowerOrDirectToDispose>0</sharedPowerOrDirectToDispose>
        </numberOfSharesPersonHas>
      </item4>
      <item5>
        <notApplicableFlag>Y</notApplicableFlag>
      </item5>
      <item6>
        <notApplicableFlag>Y</notApplicableFlag>
      </item6>
      <item7>
        <notApplicableFlag>Y</notApplicableFlag>
      </item7>
      <item8>
        <notApplicableFlag>Y</notApplicableFlag>
      </item8>
      <item9>
        <notApplicableFlag>Y</notApplicableFlag>
      </item9>
      <item10>
        <notApplicableFlag>Y</notApplicableFlag>
      </item10>
    </items>
    <signatureInformation>
      <reportingPersonName>HBM Healthcare Investments (Cayman) Ltd.</reportingPersonName>
      <signatureDetails>
        <signature>/s/ Jean-Marc LeSieur</signature>
        <title>Jean-Marc LeSieur, Managing Director</title>
        <date>02/13/2025</date>
      </signatureDetails>
    </signatureInformation>
  </formData>
</edgarSubmission>
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</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
