{"product_id":"iobt-vrio-analysis","title":"IO Biotech, Inc. (IOBT): VRIO Analysis [Mar-2026 Updated]","description":"\u003cbr\u003e\u003cp\u003eIs the competitive edge of IO Biotech, Inc. (IOBT) truly sustainable? Our deep-dive VRIO analysis cuts straight to the core, evaluating whether its current resources possess the necessary Value, Rarity, Inimitability, and Organization to secure long-term market dominance. Discover the critical strengths - and potential vulnerabilities - that define its future success right below.\u003c\/p\u003e\n\n\u003cbr\u003e\u003ch2\u003eIO Biotech, Inc. (IOBT) - VRIO Analysis: \u003cstrong\u003e1. T-win® Immune-Modulatory Vaccine Platform\u003c\/strong\u003e\n\u003c\/h2\u003e\n\n\u003cp\u003eYou’re looking at a core technology, the T-win® platform, that defines IO Biotech’s entire value proposition. My take, based on the late 2025 data, is that this platform is rare and hard to copy, but the organization is currently under stress translating that potential into regulatory wins.\u003c\/p\u003e\n\n\u003cp\u003eThe platform’s design is meant to activate T cells to attack both cancer cells and the immune-suppressive cells in the tumor microenvironment (TME). This dual-targeting mechanism is what makes it stand out in the crowded immunotherapy space.\u003c\/p\u003e\n\n\u003ctable\u003e\n  \u003ctr\u003e\n    \u003cth\u003eVRIO Dimension\u003c\/th\u003e\n    \u003cth\u003eAssessment\u003c\/th\u003e\n    \u003cth\u003e2025 Data\/Justification\u003c\/th\u003e\n  \u003c\/tr\u003e\n  \u003ctr\u003e\n    \u003ctd\u003e\u003cstrong\u003eValue\u003c\/strong\u003e\u003c\/td\u003e\n    \u003ctd\u003eYes\u003c\/td\u003e\n    \u003ctd\u003eEnabled Cylembio® to achieve a median Progression-Free Survival (PFS) of \u003cstrong\u003e19.4 months\u003c\/strong\u003e versus \u003cstrong\u003e11.0 months\u003c\/strong\u003e for pembrolizumab alone in advanced melanoma (Phase 3 IOB-013 data).\u003c\/td\u003e\n  \u003c\/tr\u003e\n  \u003ctr\u003e\n    \u003ctd\u003e\u003cstrong\u003eRarity\u003c\/strong\u003e\u003c\/td\u003e\n    \u003ctd\u003eYes\u003c\/td\u003e\n    \u003ctd\u003eThe dual-targeting approach to modulate the TME is novel and relatively rare in the current vaccine landscape.\u003c\/td\u003e\n  \u003c\/tr\u003e\n  \u003ctr\u003e\n    \u003ctd\u003e\u003cstrong\u003eImitability\u003c\/strong\u003e\u003c\/td\u003e\n    \u003ctd\u003eDifficult\u003c\/td\u003e\n    \u003ctd\u003eRequires deep, proprietary understanding of T-cell activation against multiple targets simultaneously, built over years of R\u0026amp;D.\u003c\/td\u003e\n  \u003c\/tr\u003e\n  \u003ctr\u003e\n    \u003ctd\u003e\u003cstrong\u003eOrganization\u003c\/strong\u003e\u003c\/td\u003e\n    \u003ctd\u003eYes\u003c\/td\u003e\n    \u003ctd\u003ePlatform successfully generated multiple pipeline candidates (Cylembio, IO112, IO170). However, the organization is restructuring, reducing its workforce by approximately \u003cstrong\u003e50 percent\u003c\/strong\u003e following the FDA’s recommendation against a BLA submission for Cylembio.\u003c\/td\u003e\n  \u003c\/tr\u003e\n  \u003ctr\u003e\n    \u003ctd\u003e\u003cstrong\u003eCompetitive Advantage\u003c\/strong\u003e\u003c\/td\u003e\n    \u003ctd\u003eSustained (Potential)\u003c\/td\u003e\n    \u003ctd\u003eThe platform is the foundation for all future product value. The company ended Q3 2025 with \u003cstrong\u003e$31 million\u003c\/strong\u003e in cash, expected to last through Q1 2026.\u003c\/td\u003e\n  \u003c\/tr\u003e\n\u003c\/table\u003e\n\n\u003cp\u003eHere’s the quick math on the platform’s output: The Q3 2025 operating expenses were \u003cstrong\u003e$19.4 million\u003c\/strong\u003e, a decrease from \u003cstrong\u003e$26.5 million\u003c\/strong\u003e the prior year, showing a focused burn rate as they pivot strategy.\u003c\/p\u003e\n\n\u003cp\u003eWhat this estimate hides is the immediate organizational hurdle: the Phase 3 trial narrowly missed its primary endpoint (p=0.0558 vs. p≤0.045), leading to a significant strategic pivot and workforce reduction.\u003c\/p\u003e\n\n\u003cp\u003eStill, the platform’s ability to generate new candidates like IO112 (targeting arginase 1) and IO170 (targeting TGF-β) shows its underlying scientific power.\u003c\/p\u003e\n\u003cul\u003e\n  \u003cli\u003ePlatform supports multiple indications beyond melanoma.\u003c\/li\u003e\n  \u003cli\u003eIO Biotech maintains global commercial rights to Cylembio®.\u003c\/li\u003e\n  \u003cli\u003ePre-clinical data for IO112 and IO170 were presented at SITC 2025.\u003c\/li\u003e\n\u003c\/ul\u003e\n\n\u003cp\u003eFinance: draft the revised 13-week cash flow view incorporating the Q3 2025 burn rate by Friday.\u003c\/p\u003e\n\n\u003cbr\u003e\u003ch2\u003eIO Biotech, Inc. (IOBT) - VRIO Analysis: \u003cstrong\u003e2. Cylembio® (IO102-IO103) Clinical Data Package\u003c\/strong\u003e\n\u003c\/h2\u003e\n\u003cp\u003e\u003cstrong\u003eValue\u003c\/strong\u003e\u003c\/p\u003e\n\u003cp\u003eProvides clinically relevant data from the pivotal Phase 3 (IOB-013) clinical trial in advanced melanoma, demonstrating improvement in progression-free survival (PFS) when Cylembio is combined with pembrolizumab versus pembrolizumab monotherapy. The median PFS (mPFS) achieved was \u003cstrong\u003e19.4 months\u003c\/strong\u003e compared to \u003cstrong\u003e11.0 months\u003c\/strong\u003e for the control arm. The results narrowly missed the study's statistical significance threshold of \u003cstrong\u003ep≤0.045\u003c\/strong\u003e, with an observed Hazard Ratio (HR) of \u003cstrong\u003e0.77\u003c\/strong\u003e (CI 0.58-1.00) (p=0.056). The trial enrolled \u003cstrong\u003e407 patients\u003c\/strong\u003e.\u003c\/p\u003e\n\u003ctable\u003e\n\u003cthead\u003e\n\u003ctr\u003e\n\u003cth\u003eMetric\u003c\/th\u003e\n\u003cth\u003eCylembio + Pembrolizumab\u003c\/th\u003e\n\u003cth\u003ePembrolizumab Monotherapy (Control)\u003c\/th\u003e\n\u003cth\u003eStatistical Measure\u003c\/th\u003e\n\u003c\/tr\u003e\n\u003c\/thead\u003e\n\u003ctbody\u003e\n\u003ctr\u003e\n\u003ctd\u003eMedian PFS (Overall Population)\u003c\/td\u003e\n\u003ctd\u003e\u003cstrong\u003e19.4 months\u003c\/strong\u003e\u003c\/td\u003e\n\u003ctd\u003e\u003cstrong\u003e11.0 months\u003c\/strong\u003e\u003c\/td\u003e\n\u003ctd\u003eHR=\u003cstrong\u003e0.77\u003c\/strong\u003e; p=\u003cstrong\u003e0.056\u003c\/strong\u003e\n\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003ePFS (Patients without prior anti-PD-1)\u003c\/td\u003e\n\u003ctd\u003e\u003cstrong\u003e24.8 months\u003c\/strong\u003e\u003c\/td\u003e\n\u003ctd\u003e\u003cstrong\u003e11.0 months\u003c\/strong\u003e\u003c\/td\u003e\n\u003ctd\u003eHR=\u003cstrong\u003e0.74\u003c\/strong\u003e; nominal p=\u003cstrong\u003e0.037\u003c\/strong\u003e\n\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003emPFS (PD-L1 Negative Tumors)\u003c\/td\u003e\n\u003ctd\u003e\u003cstrong\u003e16.6 months\u003c\/strong\u003e\u003c\/td\u003e\n\u003ctd\u003e\u003cstrong\u003e3.0 months\u003c\/strong\u003e\u003c\/td\u003e\n\u003ctd\u003eHR=\u003cstrong\u003e0.54\u003c\/strong\u003e; nominal p=\u003cstrong\u003e0.006\u003c\/strong\u003e\n\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003c\/tbody\u003e\n\u003c\/table\u003e\n\u003cp\u003e\u003cstrong\u003eRarity\u003c\/strong\u003e\u003c\/p\u003e\n\u003cp\u003eModerate; while combination data with checkpoint inhibitors is common, this specific dataset supports a novel mechanism targeting both tumor cells and immune-suppressive cells in a major indication. The observed mPFS of \u003cstrong\u003e19.4 months\u003c\/strong\u003e in the overall population is reported as the longest median PFS ever observed in a Phase 3 clinical study in advanced melanoma at the time of reporting.\u003c\/p\u003e\n\u003cp\u003e\u003cstrong\u003eImitability\u003c\/strong\u003e\u003c\/p\u003e\n\u003cp\u003eTemporary; the specific trial data from the IOB-013 trial is unique, but competitors can design and execute similar clinical trials utilizing different agents or mechanisms. The underlying T-Win platform technology represents a specific intellectual property barrier.\u003c\/p\u003e\n\u003cp\u003e\u003cstrong\u003eOrganization\u003c\/strong\u003e\u003c\/p\u003e\n\u003cp\u003eYes; the company is actively using the \u003cstrong\u003eQ3 2025\u003c\/strong\u003e topline data to plan a potential new registrational trial with the \u003cstrong\u003eFDA\u003c\/strong\u003e, with a meeting scheduled for \u003cstrong\u003eDecember\u003c\/strong\u003e to align on the design. The company reported \u003cstrong\u003e69,692,179\u003c\/strong\u003e shares issued and outstanding as of \u003cstrong\u003eSeptember 30, 2025\u003c\/strong\u003e. Financial resources as of \u003cstrong\u003eSeptember 30, 2025\u003c\/strong\u003e, included \u003cstrong\u003e$30.7 million\u003c\/strong\u003e in cash and cash equivalents, expected to support operations through the \u003cstrong\u003efirst quarter of 2026\u003c\/strong\u003e. Total operating expenses for Q3 2025 were \u003cstrong\u003e$19.4 million\u003c\/strong\u003e.\u003c\/p\u003e\n\u003cp\u003e\u003cstrong\u003eCompetitive Advantage\u003c\/strong\u003e\u003c\/p\u003e\n\u003cp\u003eTemporary; the value is contingent on successful navigation of regulatory discussions with the FDA in \u003cstrong\u003eDecember\u003c\/strong\u003e and subsequent success in a future registrational trial. The addressable market for advanced melanoma therapeutics is projected to grow to \u003cstrong\u003e$18 billion by 2032\u003c\/strong\u003e.\u003c\/p\u003e\n\u003cul\u003e\n\u003cli\u003eEnrollment in the Phase 3 trial was completed by \u003cstrong\u003eDecember 2023\u003c\/strong\u003e.\u003c\/li\u003e\n\u003cli\u003eResearch and development expenses for Q3 2025 were \u003cstrong\u003e$13.7 million\u003c\/strong\u003e.\u003c\/li\u003e\n\u003cli\u003eThe company secured a \u003cstrong\u003e€12.5 million\u003c\/strong\u003e drawdown from the European Investment Bank in \u003cstrong\u003eJuly 2025\u003c\/strong\u003e.\u003c\/li\u003e\n\u003c\/ul\u003e\n\n\u003cbr\u003e\u003ch2\u003eIO Biotech, Inc. (IOBT) - VRIO Analysis: \u003cstrong\u003e3. Global Commercial Rights to Lead Asset\u003c\/strong\u003e\n\u003c\/h2\u003e\n\u003cp\u003e\u003cstrong\u003eValue:\u003c\/strong\u003e IO Biotech maintains \u003cstrong\u003eglobal\u003c\/strong\u003e commercial rights to Cylembio®, meaning they capture \u003cstrong\u003e100%\u003c\/strong\u003e of future net sales revenue, unlike many partners who only retain US or EU rights.\u003c\/p\u003e\n\u003cp\u003e\n\u003c\/p\u003e\u003ctable\u003e\n\u003cthead\u003e\n\u003ctr\u003e\n\u003cth\u003eMetric\u003c\/th\u003e\n\u003cth\u003eValue\u003c\/th\u003e\n\u003cth\u003eContext\/Date\u003c\/th\u003e\n\u003c\/tr\u003e\n\u003c\/thead\u003e\n\u003ctbody\u003e\n\u003ctr\u003e\n\u003ctd\u003eProjected Advanced Melanoma Market Size\u003c\/td\u003e\n\u003ctd\u003e\u003cstrong\u003e$18 billion\u003c\/strong\u003e\u003c\/td\u003e\n\u003ctd\u003eBy \u003cstrong\u003e2032\u003c\/strong\u003e\n\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003ePhase 3 Median Progression-Free Survival (PFS) - Cylembio + KEYTRUDA\u003c\/td\u003e\n\u003ctd\u003e\u003cstrong\u003e19.4 months\u003c\/strong\u003e\u003c\/td\u003e\n\u003ctd\u003evs. Monotherapy\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003ePhase 3 Median Progression-Free Survival (PFS) - KEYTRUDA Monotherapy\u003c\/td\u003e\n\u003ctd\u003e\u003cstrong\u003e11.0 months\u003c\/strong\u003e\u003c\/td\u003e\n\u003ctd\u003e\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003ePhase 3 PFS P-value\u003c\/td\u003e\n\u003ctd\u003e\u003cstrong\u003e0.056\u003c\/strong\u003e\u003c\/td\u003e\n\u003ctd\u003eNarrowly missed statistical significance\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003eCash \u0026amp; Cash Equivalents\u003c\/td\u003e\n\u003ctd\u003e\u003cstrong\u003e$30.7 million\u003c\/strong\u003e\u003c\/td\u003e\n\u003ctd\u003eAs of September 30, 2025\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003c\/tbody\u003e\n\u003c\/table\u003e\n\n\u003cp\u003e\u003cstrong\u003eRarity:\u003c\/strong\u003e Yes; retaining \u003cstrong\u003eglobal\u003c\/strong\u003e rights for a late-stage asset, especially one partnered with a major like Merck, is uncommon for a company with $28.1 million in cash as of June 30, 2025.\u003c\/p\u003e\n\u003cp\u003e\u003cstrong\u003eImitability:\u003c\/strong\u003e Not applicable; this is a contractual right, not an imitable resource.\u003c\/p\u003e\n\u003cp\u003e\u003cstrong\u003eOrganization:\u003c\/strong\u003e Yes; this structure maximizes potential upside if Cylembio® is approved. The company expects current funding, including the second tranche of the EIB loan, to be sufficient to fund operations into the \u003cstrong\u003efirst quarter of 2026\u003c\/strong\u003e.\u003c\/p\u003e\n\u003cp\u003e\n\u003c\/p\u003e\u003cul\u003e\n\u003cli\u003eGlobal commercial rights control over Cylembio®.\u003c\/li\u003e\n\u003cli\u003eCollaboration with Merck supplying KEYTRUDA® for Phase 3 IOB-013\/KN-D18 trial.\u003c\/li\u003e\n\u003cli\u003ePhase 3 enrolled \u003cstrong\u003e407 patients\u003c\/strong\u003e.\u003c\/li\u003e\n\u003cli\u003eProjected revenue in \u003cstrong\u003e2025\u003c\/strong\u003e from partnerships: $21.4 million.\u003c\/li\u003e\n\u003c\/ul\u003e\n\n\u003cp\u003e\u003cstrong\u003eCompetitive Advantage:\u003c\/strong\u003e Sustained; this contractual control is locked in.\u003c\/p\u003e\n\n\u003cbr\u003e\u003ch2\u003eIO Biotech, Inc. (IOBT) - VRIO Analysis: \u003cstrong\u003e4. Strategic Collaboration with Merck\u003c\/strong\u003e\n\u003c\/h2\u003e\n\u003cp\u003eThe collaboration centers on the combination of IO Biotech's Cylembio® (imsapepimut and etimupepimut, adjuvanted) with Merck's KEYTRUDA® (pembrolizumab).\u003c\/p\u003e\n\n\u003cp\u003e\n\u003ch\u003eValue\u003c\/h\u003e\n\u003c\/p\u003e\n\u003cp\u003eAccess to Merck’s industry-leading anti-PD-1 therapy, KEYTRUDA® (pembrolizumab), which is essential for the combination therapy being tested in the pivotal trial. The combination therapy demonstrated a median Progression-Free Survival (mPFS) of \u003cstrong\u003e19.4 months\u003c\/strong\u003e in the Phase 3 trial, compared to \u003cstrong\u003e11.0 months\u003c\/strong\u003e for pembrolizumab alone in advanced melanoma patients. Earlier Phase 1\/2 data for the combination showed an Objective Response Rate (ORR) of \u003cstrong\u003e73%\u003c\/strong\u003e and a Complete Response Rate (CRR) of \u003cstrong\u003e50%\u003c\/strong\u003e, with a PFS of \u003cstrong\u003e25.5 months\u003c\/strong\u003e, which supported a Breakthrough Therapy Designation (BTD) from the FDA.\u003c\/p\u003e\n\n\u003cp\u003e\n\u003ch\u003eRarity\u003c\/h\u003e\n\u003c\/p\u003e\n\u003cp\u003ePartnerships are common, but securing supply from a leader like Merck for a Phase 3 trial is a strong validation. The pivotal Phase 3 trial (IOB-013\/KN-D18) involved \u003cstrong\u003e407 patients\u003c\/strong\u003e across more than \u003cstrong\u003e100 centers\u003c\/strong\u003e in the United States, Europe, Australia, Turkey, Israel, and South Africa.\u003c\/p\u003e\n\n\u003cp\u003e\n\u003ch\u003eImitability\u003c\/h\u003e\n\u003c\/p\u003e\n\u003cp\u003eRequires established trust and scientific alignment with a major pharmaceutical player. The collaboration structure involves IO Biotech sponsoring the trials while Merck supplies KEYTRUDA. IO Biotech maintains \u003cstrong\u003eglobal commercial rights to Cylembio\u003c\/strong\u003e.\u003c\/p\u003e\n\n\u003cp\u003e\n\u003ch\u003eOrganization\u003c\/h\u003e\n\u003c\/p\u003e\n\u003cp\u003eYes; the collaboration is actively managed, with Merck supplying the necessary drug for ongoing trials. The parties \u003cstrong\u003ejointly own\u003c\/strong\u003e all clinical data and inventions relating to the combined use of IO102 and Keytruda arising from the Study. IO Biotech ended the third quarter of 2025 with approximately \u003cstrong\u003e$31 million\u003c\/strong\u003e in cash and cash equivalents.\u003c\/p\u003e\n\n\u003cp\u003eThe collaboration supports multiple clinical studies:\u003c\/p\u003e\n\u003cul\u003e\n\u003cli\u003ePhase 3 (IOB-013\/KN-D18) in advanced melanoma.\u003c\/li\u003e\n\u003cli\u003ePhase 2 (IOB-022\/KN-D38) in metastatic non-small cell lung cancer (NSCLC) or recurrent\/metastatic squamous cell carcinoma of the head and neck (SCCHN).\u003c\/li\u003e\n\u003cli\u003ePhase 2 (IOB-032\/PN-E40) as neo-adjuvant\/adjuvant treatment of solid tumors.\u003c\/li\u003e\n\u003c\/ul\u003e\n\n\u003cp\u003eKey Trial Metrics:\u003c\/p\u003e\n\u003ctable\u003e\n\u003cthead\u003e\n\u003ctr\u003e\n\u003cth\u003eTrial\/Metric\u003c\/th\u003e\n\u003cth\u003eValue\u003c\/th\u003e\n\u003cth\u003eContext\u003c\/th\u003e\n\u003c\/tr\u003e\n\u003c\/thead\u003e\n\u003ctbody\u003e\n\u003ctr\u003e\n\u003ctd\u003ePhase 3 Patient Count (IOB-013\/KN-D18)\u003c\/td\u003e\n\u003ctd\u003e\u003cstrong\u003e407\u003c\/strong\u003e\u003c\/td\u003e\n\u003ctd\u003eAdvanced Melanoma, Combination vs. KEYTRUDA alone.\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003ePhase 3 Combination mPFS\u003c\/td\u003e\n\u003ctd\u003e\u003cstrong\u003e19.4 months\u003c\/strong\u003e\u003c\/td\u003e\n\u003ctd\u003evs. \u003cstrong\u003e11.0 months\u003c\/strong\u003e for KEYTRUDA alone.\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003ePhase 1\/2 ORR\u003c\/td\u003e\n\u003ctd\u003e\u003cstrong\u003e73%\u003c\/strong\u003e\u003c\/td\u003e\n\u003ctd\u003eFor combination therapy in advanced melanoma.\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003ePhase 1\/2 CRR\u003c\/td\u003e\n\u003ctd\u003e\u003cstrong\u003e50%\u003c\/strong\u003e\u003c\/td\u003e\n\u003ctd\u003eFor combination therapy in advanced melanoma.\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003ePhase 2 Patient Count (IOB-022\/KN-D38)\u003c\/td\u003e\n\u003ctd\u003e\u003cstrong\u003e93\u003c\/strong\u003e\u003c\/td\u003e\n\u003ctd\u003eTotal enrolled across US, Europe, Australia for resectable melanoma\/SCCHN.\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003c\/tbody\u003e\n\u003c\/table\u003e\n\n\u003cp\u003e\n\u003ch\u003eCompetitive Advantage\u003c\/h\u003e\n\u003c\/p\u003e\n\u003cp\u003eTemporary; the terms and value are dependent on the ongoing clinical success of the combination. Topline results from the pivotal Phase 3 trial in Q3 2025 indicated that the primary endpoint narrowly missed statistical significance.\u003c\/p\u003e\n\n\u003cbr\u003e\u003ch2\u003eIO Biotech, Inc. (IOBT) - VRIO Analysis: \u003cstrong\u003e5. Deep Pipeline of Next-Generation Vaccine Candidates\u003c\/strong\u003e\n\u003c\/h2\u003e\n\u003ch\u003e\u003ch\u003eValue: Pipeline Expansion Beyond Lead Candidate\u003c\/h\u003e\u003c\/h\u003e\n\u003cp\u003ePre-clinical data for IO112 (targeting Arginase 1) and IO170 (targeting TGF-β) suggests the T-win® platform can be applied to other critical immune checkpoints, diversifying future revenue streams. The T-win® platform has a dual mechanism of action designed to kill both tumor cells and immune-suppressive cells in the tumor microenvironment (TME).\u003c\/p\u003e\n\u003cul\u003e\n\u003cli\u003eIO112 demonstrated anti-tumor activity via modulation of immunosuppressive myeloid cells, including tumor-associated macrophages (TAMs).\u003c\/li\u003e\n\u003cli\u003eIO170 demonstrated induction of immune responses that could inhibit tumor growth and reduce lung metastasis in a cancer model.\u003c\/li\u003e\n\u003c\/ul\u003e\n\u003ch\u003e\u003ch\u003eRarity: Multiple Novel Targets\u003c\/h\u003e\u003c\/h\u003e\n\u003cp\u003eHaving two distinct, next-generation candidates in the pipeline is strong for a clinical-stage firm. The T-win® platform is designed to target established and well-known immune-suppressive antigens, unlike neoantigen vaccines. The company was valued at approximately \u003cstrong\u003e$55.5 million\u003c\/strong\u003e around the time of the SITC 2025 presentation.\u003c\/p\u003e\n\u003ctable\u003e\n\u003cthead\u003e\n\u003ctr\u003e\n\u003cth\u003eCandidate\u003c\/th\u003e\n\u003cth\u003eTarget Antigen\u003c\/th\u003e\n\u003cth\u003ePre-clinical Indication\/Finding\u003c\/th\u003e\n\u003cth\u003eNext Major Milestone\u003c\/th\u003e\n\u003c\/tr\u003e\n\u003c\/thead\u003e\n\u003ctbody\u003e\n\u003ctr\u003e\n\u003ctd\u003eIO112\u003c\/td\u003e\n\u003ctd\u003eArginase 1\u003c\/td\u003e\n\u003ctd\u003eTumor growth inhibition via modulation of TAMs\u003c\/td\u003e\n\u003ctd\u003eIND filing anticipated in \u003cstrong\u003e2026\u003c\/strong\u003e\n\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003eIO170\u003c\/td\u003e\n\u003ctd\u003eTransforming Growth Factor (TGF-β)\u003c\/td\u003e\n\u003ctd\u003eInhibition of tumor growth and reduction of lung metastasis\u003c\/td\u003e\n\u003ctd\u003eData presented at \u003cstrong\u003eSITC 2025\u003c\/strong\u003e\n\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003c\/tbody\u003e\n\u003c\/table\u003e\n\u003ch\u003e\u003ch\u003eImitability: Proprietary Peptide Design\u003c\/h\u003e\u003c\/h\u003e\n\u003cp\u003eThe specific peptide designs for these novel targets are proprietary. The T-win® platform's approach is to selectively modulate TGF-β activity rather than fully inhibit it, which is a differentiation from global inhibition strategies that have shown limited success due to systemic toxicity.\u003c\/p\u003e\n\u003ch\u003e\u003ch\u003eOrganization: Advancing Development Timelines\u003c\/h\u003e\u003c\/h\u003e\n\u003cp\u003ePre-clinical data was presented at \u003cstrong\u003eSITC 2025\u003c\/strong\u003e. The company reported Q3 2025 operating expenses of \u003cstrong\u003e$19.4 million\u003c\/strong\u003e, with cash and cash equivalents of \u003cstrong\u003e$30.7 million\u003c\/strong\u003e as of September 30, 2025, expected to fund operations through \u003cstrong\u003eQ1 2026\u003c\/strong\u003e.\u003c\/p\u003e\n\u003cul\u003e\n\u003cli\u003eIND for IO112 is anticipated in \u003cstrong\u003e2026\u003c\/strong\u003e.\u003c\/li\u003e\n\u003cli\u003eQ3 2025 Research and Development (R\u0026amp;D) expenses were \u003cstrong\u003e$13.7 million\u003c\/strong\u003e.\u003c\/li\u003e\n\u003c\/ul\u003e\n\u003ch\u003e\u003ch\u003eCompetitive Advantage: Platform Versatility\u003c\/h\u003e\u003c\/h\u003e\n\u003cp\u003eThe platform’s versatility creates a pipeline moat by enabling the development of multiple immune-modulatory vaccines against different immunosuppressive pathways (e.g., Arg1 and TGF-β).\u003c\/p\u003e\n\n\u003cbr\u003e\u003ch2\u003eIO Biotech, Inc. (IOBT) - VRIO Analysis: \u003cstrong\u003e6. Financial Runway and Capital Structure\u003c\/strong\u003e\n\u003c\/h2\u003e\n\u003cp\u003e\u003cstrong\u003eValue\u003c\/strong\u003e: As of $30.7 million in cash and cash equivalents on September 30, 2025, the company held approximately $31 million in cash, expected to fund operations into Q1 2026. This is supported by the draw down of the €12.5 million EIB loan Tranche B on July 4, 2025.\u003c\/p\u003e\n\u003ctable\u003e\n\u003cthead\u003e\n\u003ctr\u003e\n\u003cth\u003eMetric\u003c\/th\u003e\n\u003cth\u003eQ3 2025 Amount\u003c\/th\u003e\n\u003cth\u003eComparison\/Context\u003c\/th\u003e\n\u003c\/tr\u003e\n\u003c\/thead\u003e\n\u003ctbody\u003e\n\u003ctr\u003e\n\u003ctd\u003eCash \u0026amp; Cash Equivalents (End of Q3 2025)\u003c\/td\u003e\n\u003ctd\u003e\u003cstrong\u003e$30.7 million\u003c\/strong\u003e\u003c\/td\u003e\n\u003ctd\u003eDown from $60.0 million at December 31, 2024\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003eResearch \u0026amp; Development Expenses (Q3 2025)\u003c\/td\u003e\n\u003ctd\u003e\u003cstrong\u003e$13.7 million\u003c\/strong\u003e\u003c\/td\u003e\n\u003ctd\u003eDown from $20.2 million in Q3 2024\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003eTotal Operating Expenses (Q3 2025)\u003c\/td\u003e\n\u003ctd\u003e\u003cstrong\u003e$19.4 million\u003c\/strong\u003e\u003c\/td\u003e\n\u003ctd\u003eDown from $26.5 million in Q3 2024\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003eNet Loss (Q3 2025)\u003c\/td\u003e\n\u003ctd\u003e\u003cstrong\u003e$8.38 million\u003c\/strong\u003e\u003c\/td\u003e\n\u003ctd\u003eCompared to $24.02 million in Q3 2024\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003c\/tbody\u003e\n\u003c\/table\u003e\n\u003cp\u003e\u003cstrong\u003eRarity\u003c\/strong\u003e:  Moderate; many clinical-stage biotechs struggle with cash; this runway is strategically managed.\u003c\/p\u003e\n\u003cp\u003e\u003cstrong\u003eImitability\u003c\/strong\u003e:  Difficult; the specific, non-covenanted debt structure with the EIB offers unique flexibility.\u003c\/p\u003e\n\u003cul\u003e\n\u003cli\u003eThe total EIB loan facility is up to \u003cstrong\u003e€57.5 million\u003c\/strong\u003e.\u003c\/li\u003e\n\u003cli\u003eThe committed tranches total up to \u003cstrong\u003e€37.5 million\u003c\/strong\u003e.\u003c\/li\u003e\n\u003cli\u003eThe facility is \u003cstrong\u003eunsecured\u003c\/strong\u003e and has \u003cstrong\u003eno minimum cash covenants\u003c\/strong\u003e.\u003c\/li\u003e\n\u003cli\u003eEach tranche has a maturity of \u003cstrong\u003e6 years\u003c\/strong\u003e from its disbursement.\u003c\/li\u003e\n\u003c\/ul\u003e\n\u003cp\u003e\u003cstrong\u003eOrganization\u003c\/strong\u003e:  Yes; R\u0026amp;D expenses were managed down to \u003cstrong\u003e$13.7 million\u003c\/strong\u003e in Q3 2025, showing cost discipline.\u003c\/p\u003e\n\u003cp\u003e\u003cstrong\u003eCompetitive Advantage\u003c\/strong\u003e:  Temporary; cash reserves are finite and will be depleted by the $16.7 million Q2 2025 R\u0026amp;D burn rate.\u003c\/p\u003e\n\n\u003cbr\u003e\u003ch2\u003eIO Biotech, Inc. (IOBT) - VRIO Analysis: \u003cstrong\u003e7. Management Expertise and Innovation Recognition\u003c\/strong\u003e\n\u003c\/h2\u003e\n\u003cp\u003eThe assessment of management expertise and innovation recognition focuses on quantifiable external validation and active engagement with the market and regulatory bodies.\u003c\/p\u003e\n\n\u003cp\u003e\u003cstrong\u003eValue:\u003c\/strong\u003e Led by Dr. Mai-Britt Zocca, Founder and Chief Executive Officer since \u003cstrong\u003eJanuary 2015\u003c\/strong\u003e, the company achieved significant external validation. IO Biotech was recognized as the \u003cstrong\u003e9th\u003c\/strong\u003e most innovative company in the world in the \u003cstrong\u003ebiotechnology category\u003c\/strong\u003e by Fast Company in its \u003cstrong\u003e2025\u003c\/strong\u003e list, which was announced on March 18, 2025.\u003c\/p\u003e\n\n\u003ctable\u003e\n\u003cthead\u003e\n\u003ctr\u003e\n\u003cth\u003eMetric\u003c\/th\u003e\n\u003cth\u003eDetail\u003c\/th\u003e\n\u003cth\u003eValue\/Date\u003c\/th\u003e\n\u003c\/tr\u003e\n\u003c\/thead\u003e\n\u003ctbody\u003e\n\u003ctr\u003e\n\u003ctd\u003eCEO Tenure\u003c\/td\u003e\n\u003ctd\u003eDr. Zocca serving as Founder and CEO\u003c\/td\u003e\n\u003ctd\u003eSince \u003cstrong\u003eJanuary 2015\u003c\/strong\u003e\n\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003eInnovation Ranking\u003c\/td\u003e\n\u003ctd\u003eFast Company World's Most Innovative Companies 2025 (Biotech Category)\u003c\/td\u003e\n\u003ctd\u003e\n\u003cstrong\u003e9th\u003c\/strong\u003e globally\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003eClinical Data Context\u003c\/td\u003e\n\u003ctd\u003eCylembio Phase 3 Trial mPFS Benefit vs. Pembrolizumab Alone\u003c\/td\u003e\n\u003ctd\u003e\n\u003cstrong\u003e19.4 months\u003c\/strong\u003e vs. \u003cstrong\u003e11.0 months\u003c\/strong\u003e\n\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003c\/tbody\u003e\n\u003c\/table\u003e\n\n\u003cp\u003e\u003cstrong\u003eRarity:\u003c\/strong\u003e Moderate; external validation from a major publication like Fast Company, ranking the company \u003cstrong\u003e9th\u003c\/strong\u003e in its sector globally, is a strong signal of quality and distinct achievement within the competitive biotech landscape.\u003c\/p\u003e\n\n\u003cp\u003e\u003cstrong\u003eImitability:\u003c\/strong\u003e Difficult; replicating the specific team culture and scientific vision, evidenced by the sustained leadership of Dr. Zocca since \u003cstrong\u003e2015\u003c\/strong\u003e and the development of the T-win® platform, is hard for competitors to immediately match.\u003c\/p\u003e\n\n\u003cp\u003e\u003cstrong\u003eOrganization:\u003c\/strong\u003e Yes; management is actively engaging investors and regulators, demonstrating organizational structure for external communication and strategic planning. This engagement includes planned meetings with the FDA and participation in major investor conferences.\u003c\/p\u003e\n\u003cul\u003e\n\u003cli\u003ePlanned Q3 meeting with the \u003cstrong\u003eFDA\u003c\/strong\u003e to discuss pivotal trial data.\u003c\/li\u003e\n\u003cli\u003eSenior management, including Dr. Zocca, participated in multiple investor conferences in late 2025:\n\u003cul\u003e\n\u003cli\u003eMorgan Stanley 23rd Annual Global Healthcare Conference on \u003cstrong\u003eSeptember 9, 2025\u003c\/strong\u003e.\u003c\/li\u003e\n\u003cli\u003eH.C. Wainwright 27th Annual Global Investment Conference on \u003cstrong\u003eSeptember 10, 2025\u003c\/strong\u003e.\u003c\/li\u003e\n\u003cli\u003eJefferies Global Healthcare Conference on \u003cstrong\u003eNovember 18, 2025\u003c\/strong\u003e.\u003c\/li\u003e\n\u003cli\u003e8th Annual Evercore Healthcare Conference on \u003cstrong\u003eDecember 2, 2025\u003c\/strong\u003e.\u003c\/li\u003e\n\u003cli\u003ePiper Sandler Annual Healthcare Conference on \u003cstrong\u003eDecember 3, 2025\u003c\/strong\u003e.\u003c\/li\u003e\n\u003c\/ul\u003e\n\u003c\/li\u003e\n\u003c\/ul\u003e\n\n\u003cp\u003e\u003cstrong\u003eCompetitive Advantage:\u003c\/strong\u003e Sustained; strong leadership with tenure since \u003cstrong\u003e2015\u003c\/strong\u003e and external reputation, such as the \u003cstrong\u003e9th\u003c\/strong\u003e global biotech ranking by Fast Company in \u003cstrong\u003e2025\u003c\/strong\u003e, attracts talent and partners.\u003c\/p\u003e\n\n\u003cbr\u003e\u003ch2\u003eIO Biotech, Inc. (IOBT) - VRIO Analysis: \u003cstrong\u003e8. Proprietary Dual-Targeting Mechanism\u003c\/strong\u003e\n\u003c\/h2\u003e\n\u003cp\u003e\u003cstrong\u003eValue:\u003c\/strong\u003e The T-win® approach is specifically designed to overcome immune resistance by targeting both tumor cells and the immune-suppressive cells in the TME, offering a complementary approach to checkpoint inhibitors.\u003c\/p\u003e\n\u003cp\u003eThe lead candidate, IO102-IO103, targets cells expressing indoleamine 2,3-dehydrogenase (IDO) and programmed death-ligand (PD-L1).\u003c\/p\u003e\n\u003cp\u003e\u003cstrong\u003eRarity:\u003c\/strong\u003e High; this specific mechanism to reprogram the TME via vaccination is a significant scientific differentiator.\u003c\/p\u003e\n\u003cp\u003ePhase 2 clinical melanoma trial showed a Complete Response (CR) rate of \u003cstrong\u003e45\u003c\/strong\u003e Percent with IO102 and IO103 in combination with nivolumab.\u003c\/p\u003e\n\u003cp\u003e\u003cstrong\u003eImitability:\u003c\/strong\u003e Very Difficult; requires replicating years of foundational research into T-cell activation against these specific suppressive elements.\u003c\/p\u003e\n\u003cp\u003eResearch and development expenses for the three months ended September 30, 2025, were \u003cstrong\u003e$13.7M\u003c\/strong\u003e.\u003c\/p\u003e\n\u003ctable\u003e\n\u003cthead\u003e\n\u003ctr\u003e\n\u003ctd\u003eCandidate\u003c\/td\u003e\n\u003ctd\u003eTarget Antigens\u003c\/td\u003e\n\u003ctd\u003eClinical Phase (Lead Indication)\u003c\/td\u003e\n\u003ctd\u003eCombination Partner\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003c\/thead\u003e\n\u003ctbody\u003e\n\u003ctr\u003e\n\u003ctd\u003eIO102-IO103 (Cylembio®)\u003c\/td\u003e\n\u003ctd\u003eIDO1 and PD-L1\u003c\/td\u003e\n\u003ctd\u003ePhase 3 (Advanced Melanoma)\u003c\/td\u003e\n\u003ctd\u003ePembrolizumab\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003eIO112\u003c\/td\u003e\n\u003ctd\u003eArginase 1\u003c\/td\u003e\n\u003ctd\u003ePreclinical\u003c\/td\u003e\n\u003ctd\u003eN\/A\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003eIO170\u003c\/td\u003e\n\u003ctd\u003eTGF-β\u003c\/td\u003e\n\u003ctd\u003ePreclinical\u003c\/td\u003e\n\u003ctd\u003eN\/A\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003c\/tbody\u003e\n\u003c\/table\u003e\n\u003cp\u003e\u003cstrong\u003eOrganization:\u003c\/strong\u003e Yes; this mechanism is the core scientific thesis underpinning the entire pipeline.\u003c\/p\u003e\n\u003cp\u003eCash and cash equivalents as of September 30, 2025, were \u003cstrong\u003e$30.7M\u003c\/strong\u003e, expected to fund operations through \u003cstrong\u003eQ1 2026\u003c\/strong\u003e.\u003c\/p\u003e\n\u003cp\u003eThe company drew tranche A of \u003cstrong\u003e€10.0M\u003c\/strong\u003e from the EIB loan facility on May 6, 2025, and received the second tranche of \u003cstrong\u003e€12.5M\u003c\/strong\u003e on July 4, 2025.\u003c\/p\u003e\n\u003cp\u003eThe T-win platform is designed to:\u003c\/p\u003e\n\u003cul\u003e\n\u003cli\u003eActivate T cells against IDO+ and PDL1+ cells.\u003c\/li\u003e\n\u003cli\u003eReduce tumor growth cooperatively through distinct molecular pathways in animal models.\u003c\/li\u003e\n\u003cli\u003ePredominantly reduce myeloid-derived immune suppression via the IDO1 vaccine where IDO1\/PD-L1 expression is high.\u003c\/li\u003e\n\u003cli\u003eEnhance anti-tumor T-effector functions via the PD-L1 vaccine where IDO1\/PD-L1 expression is high.\u003c\/li\u003e\n\u003cli\u003eReprogram the TME through induction of inflammatory cytokines and phenotypic changes in macrophages.\u003c\/li\u003e\n\u003c\/ul\u003e\n\u003cp\u003e\u003cstrong\u003eCompetitive Advantage:\u003c\/strong\u003e Sustained; this is rooted in proprietary scientific discovery.\u003c\/p\u003e\n\u003cp\u003eThe Phase 3 IOB-013\/KN-D18 trial showed a clinically relevant improvement in Progression-Free Survival (PFS) across most subgroups, despite narrowly missing the primary statistical significance endpoint.\u003c\/p\u003e\n\u003cp\u003eA prior private placement in August 2023 generated gross proceeds of approximately \u003cstrong\u003e$75 Million\u003c\/strong\u003e.\u003c\/p\u003e\n\n\u003cbr\u003e\u003ch2\u003eIO Biotech, Inc. (IOBT) - VRIO Analysis: \u003cstrong\u003e9. Defined Regulatory Strategy Post-Readout\u003c\/strong\u003e\n\u003c\/h2\u003e\n\u003cp\u003e\u003cstrong\u003eValue:\u003c\/strong\u003e A clear, actionable plan to meet with the FDA in \u003cstrong\u003eDecember 2025\u003c\/strong\u003e to discuss the Phase 3 data and align on the design of a potential new registrational trial for Cylembio.\u003c\/p\u003e\n\u003cp\u003e\u003cstrong\u003eRarity:\u003c\/strong\u003e  Moderate; having a clear, immediate next step after a mixed clinical readout is a sign of preparedness.\u003c\/p\u003e\n\u003cp\u003e\u003cstrong\u003eImitability:\u003c\/strong\u003e  Not applicable; this is a strategic process, not a static resource.\u003c\/p\u003e\n\u003cp\u003e\u003cstrong\u003eOrganization:\u003c\/strong\u003e  Yes; the management team is already scheduling investor updates around this critical regulatory engagement. The organization implemented a restructuring, reducing its workforce by approximately \u003cstrong\u003e50 percent\u003c\/strong\u003e.\u003c\/p\u003e\n\u003cp\u003e\u003cstrong\u003eCompetitive Advantage:\u003c\/strong\u003e  Temporary; the advantage is realized only if the FDA agrees to the proposed path.\u003c\/p\u003e\n\u003cp\u003eFinance: The 13-week cash flow projection incorporates the Q3 cash balance, which stood at \u003cstrong\u003e\\$30.7 million\u003c\/strong\u003e as of September 30, 2025, expected to sustain operations through the \u003cstrong\u003efirst quarter of 2026\u003c\/strong\u003e.\u003c\/p\u003e\n\u003ctable\u003e\n\u003cthead\u003e\n\u003ctr\u003e\n\u003ctd\u003eFinancial Metric\u003c\/td\u003e\n\u003ctd\u003eAmount (USD)\u003c\/td\u003e\n\u003ctd\u003ePeriod\/Date\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003c\/thead\u003e\n\u003ctbody\u003e\n\u003ctr\u003e\n\u003ctd\u003eCash and Cash Equivalents (Q3 End)\u003c\/td\u003e\n\u003ctd\u003e\u003cstrong\u003e\\$30.7 million\u003c\/strong\u003e\u003c\/td\u003e\n\u003ctd\u003eSeptember 30, 2025\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003eCash and Cash Equivalents (Prior Year End)\u003c\/td\u003e\n\u003ctd\u003e\u003cstrong\u003e\\$60.0 million\u003c\/strong\u003e\u003c\/td\u003e\n\u003ctd\u003eDecember 31, 2024\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003eTotal Operating Expenses\u003c\/td\u003e\n\u003ctd\u003e\u003cstrong\u003e\\$19.4 million\u003c\/strong\u003e\u003c\/td\u003e\n\u003ctd\u003eQ3 2025\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003eTotal Operating Expenses (Prior Year Q3)\u003c\/td\u003e\n\u003ctd\u003e\u003cstrong\u003e\\$26.5 million\u003c\/strong\u003e\u003c\/td\u003e\n\u003ctd\u003eQ3 2024\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003eResearch and Development Expenses\u003c\/td\u003e\n\u003ctd\u003e\u003cstrong\u003e\\$13.7 million\u003c\/strong\u003e\u003c\/td\u003e\n\u003ctd\u003eQ3 2025\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003eNon-Recurring Restructuring Charge\u003c\/td\u003e\n\u003ctd\u003e\u003cstrong\u003e\\$1.0 - \\$1.5 million\u003c\/strong\u003e\u003c\/td\u003e\n\u003ctd\u003eQ3 2025\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003c\/tbody\u003e\n\u003c\/table\u003e\n\u003cp\u003eRegulatory Milestones and Context:\u003c\/p\u003e\n\u003cul\u003e\n\u003cli\u003eMeeting scheduled with FDA in \u003cstrong\u003eDecember\u003c\/strong\u003e to align on the design of a potential new Phase 3 registrational trial.\u003c\/li\u003e\n\u003cli\u003eTopline data from Phase 3 (IOB-013) trial presented in Q3 2025 narrowly missed statistical significance on the Progression-Free Survival (PFS) primary endpoint.\u003c\/li\u003e\n\u003cli\u003eThe company plans to discuss the next Phase 3 study design for Cylembio with the FDA.\u003c\/li\u003e\n\u003cli\u003eThe company previously planned to submit a Biologics License Application (BLA) in 2025, which was adjusted following a pre-BLA meeting where the FDA recommended against submission based on IOB-013 data.\u003c\/li\u003e\n\u003c\/ul\u003e","brand":"dcf.fm","offers":[{"title":"Default Title","offer_id":45516188352661,"sku":"iobt-vrio-analysis","price":7.0,"currency_code":"USD","in_stock":true}],"thumbnail_url":"\/\/cdn.shopify.com\/s\/files\/1\/0630\/5189\/0837\/files\/iobt-vrio-analysis.png?v=1740186101","url":"https:\/\/dcf-model.com\/pt\/products\/iobt-vrio-analysis","provider":"AI-Powered Discounted Cash Flow Model Templates","version":"1.0","type":"link"}