Common Stock, par value $0.001 per share

IO Biotech, Inc.

Ole Maaloes Vej 3, Copenhagen N, G7, DK-2200

Novo Holdings A/S beneficially owns 2,469,135 shares of Common Stock issuable upon the exercise of immediately exercisable warrants representing approximately 3.3% of the Issuer's outstanding shares of Common Stock, based upon the sum of (i) 71,948,842 shares of the Common Stock outstanding as of November 10, 2025, as reported in the Issuer's Quarterly Report on Form 10-Q filed with the SEC on November 14, 2025 and (ii) 2,469,135 shares of Common Stock issuable upon the exercise of the warrants.

Novo Holdings A/S is a Danish corporation wholly owned by the Novo Nordisk Foundation. Novo Holdings A/S has the sole power to vote and dispose of the Novo Shares. Neither the Foundation nor any person listed on the updated Schedule I has the power to direct the vote as to, or the disposition of the Novo Shares.

Except as described herein, Novo Holdings A/S has not effected any transactions in the Issuer's Common Stock within the past 60 days and neither the Foundation nor any person listed on the updated Schedule I has effected any transactions in the Issuer's Common Stock within the past 60 days.

Novo Holdings A/S does not know of any other person having the right to receive or the power to direct the receipt of dividends from, or the proceeds from the sale of, the Novo Shares.

The Reporting Person ceased to be the beneficial owner of more than five percent of the Common Stock on January 21, 2026.