IOBTQ · IO Biotech, Inc.

These options vest on June 5, 2026, subject to the reporting person's continued service through the applicable vesting date, and subject to 100% acceleration upon a change of control.

These options vest on June 5, 2026, subject to the reporting person's continued service through the applicable vesting date, and subject to 100% acceleration upon a change of control.

These options vest on June 5, 2026, subject to the reporting person's continued service through the applicable vesting date, and subject to 100% acceleration upon a change of control.

These options vest on June 5, 2026, subject to the reporting person's continued service through the applicable vesting date, and subject to 100% acceleration upon a change of control.

These options vest on June 5, 2026, subject to the reporting person's continued service through the applicable vesting date, and subject to 100% acceleration upon a change of control.

These options vest on June 5, 2026, subject to the reporting person's continued service through the applicable vesting date, and subject to 100% acceleration upon a change of control.

The transaction was executed in multiple trades in prices ranging from $1.37 to $1.40, inclusive. The price reported in Column 4 above reflects the weighted average purchase price. The reporting person hereby undertakes to provide to the Securities and Exchange Commission staff, the Issuer, or a security holder of the Issuer, upon request, full information regarding the number of shares purchased at each separate price within the range set forth in this footnote.

One-fourth of these options vest on April 2, 2026, and 1/36th of the remaining options vest each month thereafter, subject to the reporting person's continued service through the applicable vesting date, and subject to 25% acceleration upon termination of service by the issuer without cause and 100% acceleration upon termination of service by the Issuer without cause if such termination occurs within 24 months of a change of control.

One-fourth of these options vest on April 2, 2026, and 1/36th of the remaining options vest each month thereafter, subject to the reporting person's continued service through the applicable vesting date, and subject to 25% acceleration upon termination of service by the issuer without cause and 100% acceleration upon termination of service by the Issuer without cause if such termination occurs within 24 months of a change of control.

One-fourth of these options vest on April 2, 2026, and 1/36th of the remaining options vest each month thereafter, subject to the reporting person's continued service through the applicable vesting date, and subject to 25% acceleration upon termination of service by the issuer without cause and 100% acceleration upon termination of service by the Issuer without cause if such termination occurs within 24 months of a change of control.

One-fourth of these options vest on April 2, 2026, and 1/36th of the remaining options vest each month thereafter, subject to the reporting person's continued service through the applicable vesting date, and subject to 25% acceleration upon termination of service by the issuer without cause and 100% acceleration upon termination of service by the Issuer without cause if such termination occurs within 24 months of a change of control.

One-fourth of these options vest on April 2, 2026, and 1/36th of the remaining options vest each month thereafter, subject to the reporting person's continued service through the applicable vesting date, and subject to 25% acceleration upon termination of service by the issuer without cause and 100% acceleration upon termination of service by the Issuer without cause if such termination occurs within 24 months of a change of control.

The transaction was executed in multiple trades in prices ranging from $0.7861 to $0.90, inclusive. The price reported in Column 4 above reflects the weighted average purchase price. The reporting person hereby undertakes to provide to the Securities and Exchange Commission staff, the Issuer, or a security holder of the Issuer, upon request, full information regarding the number of shares purchased at each separate price within the range set forth in this footnote.

The actual purchase price is $0.809556 per share of Common Stock, which has been rounded due to systematic character limitations.

The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $1.28 to $1.34, inclusive. The Reporting Person undertakes to provide to the Issuer, any security holder of the Issuer, or the staff of the Securities and Exchange Commission, upon request, full information regarding the number of shares sold at each separate price within the ranges set forth in this footnote.

The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $1.29 to $1.39, inclusive. The Reporting Person undertakes to provide to the Issuer, any security holder of the Issuer, or the staff of the Securities and Exchange Commission, upon request, full information regarding the number of shares sold at each separate price within the ranges set forth in this footnote.

These options vest on June 6, 2025, subject to the reporting person's continued service through the applicable vesting date, and subject to 100% acceleration upon a change of control.

These options vest on June 6, 2025, subject to the reporting person's continued service through the applicable vesting date, and subject to 100% acceleration upon a change of control.

These options vest on June 6, 2025, subject to the reporting person's continued service through the applicable vesting date, and subject to 100% acceleration upon a change of control.

These options vest on June 6, 2025, subject to the reporting person's continued service through the applicable vesting date, and subject to 100% acceleration upon a change of control.

These options vest on June 6, 2025, subject to the reporting person's continued service through the applicable vesting date, and subject to 100% acceleration upon a change of control.

These options vest on June 6, 2025, subject to the reporting person's continued service through the applicable vesting date, and subject to 100% acceleration upon a change of control.

One-fourth of these options vest on March 15, 2025, and 1/36th of the remaining options vest each month thereafter, subject to the reporting person's continued service through the applicable vesting date, and subject to 25% acceleration upon termination of service by the issuer without cause and 100% acceleration upon termination of service by the Issuer without cause if such termination occurs within 24 months of a change of control.

One-fourth of these options vest on March 15, 2025, and 1/36th of the remaining options vest each month thereafter, subject to the reporting person's continued service through the applicable vesting date, and subject to 25% acceleration upon termination of service by the issuer without cause and 100% acceleration upon termination of service by the Issuer without cause if such termination occurs within 24 months of a change of control.

One-fourth of these options vest on March 15, 2025, and 1/36th of the remaining options vest each month thereafter, subject to the reporting person's continued service through the applicable vesting date, and subject to 25% acceleration upon termination of service by the issuer without cause and 100% acceleration upon termination of service by the Issuer without cause if such termination occurs within 24 months of a change of control.

One-fourth of these options vest on March 15, 2025, and 1/36th of the remaining options vest each month thereafter, subject to the reporting person's continued service through the applicable vesting date, and subject to 25% acceleration upon termination of service by the issuer without cause and 100% acceleration upon termination of service by the Issuer without cause if such termination occurs within 24 months of a change of control.

One-fourth of these options vest on March 15, 2025, and 1/36th of the remaining options vest each month thereafter, subject to the reporting person's continued service through the applicable vesting date, and subject to 25% acceleration upon termination of service by the issuer without cause and 100% acceleration upon termination of service by the Issuer without cause if such termination occurs within 24 months of a change of control.

The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $1.50 to $1.80, inclusive. The Reporting Person undertakes to provide to the Issuer, any security holder of the Issuer, or the staff of the Securities and Exchange Commission, upon request, full information regarding the number of shares sold at each separate price within the ranges set forth in this footnote.

The transaction was executed in multiple trades in prices ranging from $1.03 to $1.04, inclusive. The price reported in Column 4 above reflects the weighted average purchase price. The reporting person hereby undertakes to provide to the Securities and Exchange Commission staff, the Issuer, or a security holder of the Issuer, upon request, full information regarding the number of shares purchased at each respective price within the range set forth in this footnote.

1/36th of these options vest each month over three years, subject to the reporting person's continued service through each applicable vesting date, and subject to 100% acceleration upon a change of control.

1/36th of these options vest each month over three years, subject to the reporting person's continued service through each applicable vesting date, and subject to 100% acceleration upon a change of control.

These warrants expire at 5:00 p.m. Eastern time on the earlier of (i) February 9, 2027, and (ii) one day prior to the closing of an Acquisition (as such term is defined in the Form of Warrant, attached as Exhibit 4.1 to the Issuer's Current Report on Form 8-K, filed with the Securities and Exchange Commission on August 7, 2023).

These Warrants expire at 5:00 p.m. Eastern time on the earlier of (i) February 9, 2027, and (ii) one day prior to the closing of an Acquisition of the Issuer, as defined in the Form of Warrant, attached as Exhibit 4.1 to the Issuer's Current Report on Form 8-K, filed with the Securities and Exchange Commission on August 7, 2023.

Represents a combined purchase price of $2.025 for Common Stock and Warrants from Issuer in a private placement.

These Warrants expire at 5:00 p.m. Eastern time on the earlier of (i) February 9, 2027, and (ii) one day prior to the closing of an Acquisition of the Issuer, as defined in the Form of Warrant, attached as Exhibit 4.1 to the Issuer's Current Report on Form 8-K, filed with the Securities and Exchange Commission on August 7, 2023.

Purchase was made pursuant to that certain Securities Purchase Agreement dated as of August 7, 2023, by and among the Issuer and the purchasers named therein.

The securities are held directly by Vivo Opportunity Fund Holdings, L.P. Vivo Opportunity, LLC is the general partner of Vivo Opportunity Fund Holdings, L.P. As the managing members of Vivo Opportunity, LLC, Gaurav Aggarwal, Hongbo Lu, Kevin Dai, Frank Kung and Michael Chang share voting and dispositive power over the securities held by Vivo Opportunity Fund Holdings, L.P., but each disclaims beneficial ownership of such securities except to the extent of their individual pecuniary interest therein.

These Warrants expire at 5:00 p.m. Eastern time on the earlier of (i) February 9, 2027, and (ii) one day prior to the closing of an Acquisition of the Issuer, as defined in the Form of Warrant, attached as Exhibit 4.1 to the Issuer's Current Report on Form 8-K, filed with the Securities and Exchange Commission on August 7, 2023.

Represents a combined purchase price of $2.025 for Common Stock and Warrants from Issuer in a private placement.

The securities are held of record by Lundbeckfond Invest A/S. The Reporting Person is Managing Partner of Lundbeckfonden Emerge, a division of Lundbeckfond Invest A/S. The Reporting Person disclaims beneficial ownership of the securities held by Lundbeckfond Invest A/S except to the extent of his pecuniary interest therein, if any.

These warrants expire at 5:00 p.m. Eastern time on the earlier of (i) February 9, 2027, and (ii) one day prior to the closing of an Acquisition (as such term is defined in the Form of Warrant, attached as Exhibit 4.1 to the Issuer's Current Report on Form 8-K, filed with the Securities and Exchange Commission on August 7, 2023).

The securities are held of record by Lundbeckfond Invest A/S. The Reporting Person is Managing Partner of Lundbeckfonden Emerge, a division of Lundbeckfond Invest A/S. The Reporting Person disclaims beneficial ownership of the securities held by Lundbeckfond Invest A/S except to the extent of his pecuniary interest therein, if any.