Consolidated Statements of Cash Flows - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Cash flows from operating activities
Net loss	$ (71,458)	$ (67,879)
Adjustment to reconcile net loss to net cash used in operating activities
Depreciation	104	2
Equity-based compensation	7,040	1,791
Fair value adjustments preference shares tranche obligations		26,535
Amortization of right of use lease asset	436
Foreign currency gain	(130)	(319)
Provision for deferred tax	87
Changes in operating assets and liabilities
Prepaid expenses and other current assets	4,578	(8,090)
Other noncurrent assets	(44)	(25)
Accounts payable	77	3,406
Lease liability	(139)
Accrued expenses and other current liabilities	(280)	3,933
Net cash used in operating activities	(59,729)	(40,646)
Cash flows from investing activities
Purchase of property and equipment	(690)	(153)
Net cash used in investing activities	(690)	(153)
Cash flows from financing activities
Proceeds from issuance of preference shares		149,941
Proceeds from issuance of common stock		115,115
Net cash provided by financing activities		252,951
Net (decrease) increase in cash, cash equivalents and restricted cash	(60,419)	212,152
Effect of exchange rate changes on cash, cash equivalents and restricted cash	(8,522)	(3,758)
Cash, cash equivalents and restricted cash, beginning of period	211,799	3,405
Cash, cash equivalents and restricted cash, end of period	142,858	211,799
Components of cash, cash equivalents, and restricted cash
Cash and cash equivalents	142,590	211,531
Restricted cash	268	268
Total cash, cash equivalents, and restricted cash	$ 142,858	211,799
Supplemental disclosures of non-cash investing activities:
Exchange of preferred and ordinary shares of IO Biotech ApS into common stock of IO Biotech, Inc. upon closing of initial public offering		213,443
Non-cash portion of settlement of preference shares tranche obligation		25,908
Preferred Stock
Cash flows from financing activities
Issuance costs		(340)
Common Stock
Cash flows from financing activities
Issuance costs		$ (11,765)