Lundbeckfond Invest A/S - Nov 9, 2021 Form 4 Insider Report for IO Biotech, Inc. (IOBT)

Role: 10%+ Owner
Signature: Lundbeckfond Invest A/S, by: /s/ Brian Burkavage, Attorney-in-Fact for Christian Elling, Managing Partner, and Lene Skole, Chief Executive Officer
Stock symbol: IOBT
Transactions as of: Nov 9, 2021
Transactions value $: $29,999,998
Form type: 4
Date filed: 11/12/2021, 03:15 PM
Previous filing: Nov 4, 2021
Next filing: Aug 11, 2023

Transactions Table

Type	Sym	Class	Transaction	Value $	Shares	Change %	* Price $	Shares After	Date	Ownership	Footnotes
transaction	IOBT	Common Stock	Conversion of derivative security		+2.01M			2.01M	Nov 9, 2021	Direct	F1
transaction	IOBT	Common Stock	Conversion of derivative security		+1.89M	+93.96%		3.91M	Nov 9, 2021	Direct	F2
transaction	IOBT	Common Stock	Purchase	$30M	+2.14M	+54.85%	$14.00^*	6.05M	Nov 9, 2021	Direct

Derivative Securities (e.g., puts, calls, warrants, options, convertible securities)

Type	Sym	Class	Transaction	Value $	Shares	Change %	* Price $	Shares After	Date	Underlying Class	Amount	Exercise Price	Ownership	Footnotes
transaction	IOBT	Series B Preferred Stock	Conversion of derivative security	$0	-220K	-100%	$0.00^*	0	Nov 9, 2021	Common Stock	2.01M		Direct	F1
transaction	IOBT	Series C Preferred Stock	Conversion of derivative security	$0	-151K	-100%	$0.00^*	0	Nov 9, 2021	Common Stock	1.89M		Direct	F2

* An asterisk sign (*) next to the price indicates that the price is likely invalid.

Explanation of Responses:

Id	Content
F1	Upon the closing of the Issuer's initial public offering ("IPO"), each share of Series B Preferred Stock beneficially owned by the reporting person automatically converted, for no additional consideration, into the number of shares of Common Stock reported in Column 7 of Table II. These shares of Series B Preferred Stock had no expiration date.
F2	Upon the closing of the IPO, each share of Series C Preferred Stock beneficially owned by the reporting person automatically converted, for no additional consideration, into the number of shares of Common Stock reported in Column 7 of Table II. These shares of Series C Preferred Stock had no expiration date.