X0202 SCHEDULE 13G/A 0001104659-22-020452 0001232258 XXXXXXXX LIVE 5 Common Stock, par value $0.001 per share 04/02/2026 0001865494 IO Biotech, Inc. 449778109 Ole Maaloes Vej 3 DK-2200 Copenhagen N G7 2200 Rule 13d-1(d) HBM Healthcare Investments (Cayman) Ltd. E9 2433943.00 0.00 2433943.00 0.00 2433943.00 N 3.3 CO Voting and investment power over the shares held by HBM Healthcare Investments (Cayman) Ltd. is exercised by the board of directors of HBM Healthcare Investments (Cayman) Ltd. (the "Board"). The Board consists of Jean-Marc LeSieur, Richard H. Coles, Sophia Harris, Dr. Andreas Wicki, Mark Kronenfeld, M.D., and Richard Paul Woodhouse, none of whom has individual voting or investment power with respect to the shares. IO Biotech, Inc. Ole Maaloes Vej 3, DK-2200 Copenhagen N, Denmark HBM Healthcare Investments (Cayman) Ltd. (the "Reporting Person") Governors Square, 23 Lime Tree Bay Avenue, PO Box 30852, Grand Cayman, KY1-1204, Cayman Islands Cayman Islands, British West Indies Y As of the date hereof, the Reporting Person may be deemed the beneficial owner of 2,433,943 shares of Common Stock. This amount includes 854,996 shares of Common Stock and 1,578,947 shares of Common Stock the Reporting Person has the right to acquire within sixty (60) days upon exercise of warrants, at an exercise price of $2.47 per share (the "Warrants"). The Warrants are subject to a 9.99% beneficial ownership limitation, pursuant to which the Reporting Person shall not have the right to exercise any portion of the Warrants to the extent that, after giving effect to such exercise, the Reporting Person would beneficially own in excess of 9.99% of the shares of Common Stock outstanding. As of the date hereof, the Reporting Person may be deemed the beneficial owner of approximately 3.3% of the shares of Common Stock outstanding. The percentage set forth herein is calculated based on the sum of (i) 71,948,842 shares of Common Stock outstanding as of November 10, 2025, as reported in the Issuer's quarterly report on Form 10-Q, filed with the Securities and Exchange Commission on November 14, 2025, and (ii) 1,578,947 shares of Common Stock issuable to the Reporting Person upon exercise of the Warrants held by the Reporting Person, which shares have been added to the total shares of Common Stock outstanding for purposes of calculating the Reporting Person's beneficial ownership percentage in accordance with Rule 13d-3(d)(1)(i) under the Act. 3.3% 2,433,943 0 2,433,943 0 N Y Y Y Y Y Y HBM Healthcare Investments (Cayman) Ltd. /s/ Jean-Marc LeSieur 04/06/2026