(IO-102 + IO-103) is a subunit vaccine commercialized by IO Biotech, with a leading Phase III program in Metastatic Melanoma. According to Globaldata, it is involved in 7 clinical trials, of which 4 are ongoing, 2 are planned, and 1 was terminated. GlobalData uses proprietary data and analytics to provide a complete picture of (IO-102 + IO-103)’s valuation in its risk-adjusted NPV model (rNPV). Buy the model here.
The revenue for (IO-102 + IO-103) is expected to reach an annual total of $116 mn by 2037 globally based off GlobalData’s Expiry Model. The drug’s revenue forecasts along with estimated costs are used to measure the value of an investment opportunity in that drug, otherwise known as net present value (NPV). Applying the drug’s phase transition success rate to remaining R&D costs and likelihood of approval (LoA) to sales related costs provides a risk-adjusted NPV model (rNPV). The rNPV model is a more conservative valuation measure that accounts for the risk of a drug in clinical development failing to progress.
(IO-102 + IO-103) Overview
PD-L1/IDO (IO102/IO103) peptide vaccine is under development for the treatment of melanoma, metastatic melanoma, head and neck cancer and non muscle invasive bladder cancer (NMIBC), metastatic non-small cell lung cancer (NSCLC), squamous cell carcinoma of head or neck (SCCHN), metastatic urothelial bladder cancer (mUBC), ureter cancer, kidney cancer (renal cell cancer), bladder cancer, urethral cancer, transitional cell carcinoma (urothelial cell carcinoma), oral cavity cancer, oropharyngeal cancer, hypopharyngeal cancer and laryngeal cancer and metastatic solid tumors. It comprises of programmed cell death ligand 1 (PD-L1) and indoleamine 2,3-dioxygenase (IDO) peptides. It acts by targeting PD-L1 and IDO. It is developed based on T-win technology. It is administered through subcutaneous route.
IO Biotech Overview
IO Biotech is a biotechnology company, which develops disruptive immune modulating anti-cancer drugs. The company is investigating IO102 vaccine, against non-small cell lung cancer (NSCLC); IO130, a PD-L1 inhibitor targeting basal cell carcinoma of the skin; IO112 vaccine, to treat solid tumors; IO140, an immune modulatory vaccine containing a single CCL22 derived peptide, against ovarian cancer; and IO160, a neo antigen vaccine to treat myeloproliferative neoplasms (MPN). It utilizes T-win technology platform to discover, design, and validate new immune modulating vaccine candidates. The company is a spin off from the Center for Cancer Immune Therapy (CCIT), University of Copenhagen Herlev Hospital. IO Biotech is headquartered in Copenhagen, Denmark.
The operating loss of the company was US$41.2 million in FY2021, compared to an operating loss of US$10.1 million in FY2020. The net loss of the company was US$67.9 million in FY2021, compared to a net loss of US$12 million in FY2020.
For a complete picture of (IO-102 + IO-103)’s valuation, buy the drug’s risk-adjusted NPV model (rNPV) here.