IO Biotech moved to bankruptcy after the company failed to secure an FDA path for its cancer vaccine following a pivotal phase 3 outcome. In an SEC filing, the Danish developer said it intends to seek bankruptcy protection after earlier hopes for approval were cut short by the FDA’s refusal and subsequent funding and operational retrenchment. The closure highlights how quickly vaccine and immuno-oncology developers can lose runway once regulators cite requirements tied to manufacturing or clinical evidence. IO Biotech’s shuttering also reflects how late-breaking clinical disappointments can cascade into liquidity risk, workforce reductions, and insolvency planning. For the sector, the bankruptcy is another reminder that regulatory alignment and post-trial readiness are decisive for survival—not just trial signals.