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SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

SCHEDULE 13G

UNDER THE SECURITIES EXCHANGE ACT OF 1934

(Name of Issuer)

(Title of Class of Securities)

(CUSIP Number)

(Date of Event Which Requires Filing of this Statement)

Check the appropriate box to designate the rule pursuant to which this Schedule is filed:

Rule 13d-1(b)

Rule 13d-1(c)

Rule 13d-1(d)

SCHEDULE 13D/A 0001193125-21-326112 0001388325 XXXXXXXX LIVE 7 Common Stock, par value $0.001 per share 08/11/2025 false 0001865494 449778109 IO Biotech, Inc. Ole Maaloes Vej 3 Copenhagen N G7 DK-2200 Barbara Fiorini 45 3527 6592 Novo Holdings A/S Tuborg Havnevej 19 Hellerup G7 DK-2900 0001388325 N Novo Holdings A/S WC N G7 4981588.00 0.00 4981588.00 0.00 4981588.00 N 7.3 CO Common Stock, par value $0.001 per share IO Biotech, Inc. Ole Maaloes Vej 3 Copenhagen N G7 DK-2200 This Amendment No. 7 (this "Amendment No. 7" or this "Schedule 13D/A") amends and supplements the statement on Schedule 13D originally filed with the Securities and Exchange Commission (the "SEC") on November 10, 2021, and amended on May 26, 2022, September 30, 2022, August 11, 2023, February 13, 2024, May 14, 2024 and September 17, 2024 (as amended, the "Statement") by the Reporting Persons. Unless otherwise defined herein, capitalized terms used in this Amendment No. 7 shall have the meanings ascribed to them in the Statement. Unless amended or supplemented below, the information in the Statement remains unchanged. Item 3 of the Statement is hereby amended and supplemented as follows: On August 11, 2025, Novo Holdings A/S sold 841,996 shares at $1.7673 per share in a block trade. Novo Holdings A/S beneficially owns 2,512,453 shares of Common Stock and 2,469,135 shares of Common Stock issuable upon the exercise of immediately exercisable warrants representing approximately 7.3% of the Issuer's outstanding shares of Common Stock, based upon the sum of (i) 65,880,914 shares of the Common Stock outstanding as of August 11, 2025, as reported in the Issuer's Quarterly Report on Form 10-Q filed with the SEC on August 14, 2025 and (ii) 2,469,135 shares of Common Stock issuable upon the exercise of the warrants. Novo Holdings A/S is a Danish corporation wholly owned by the Novo Nordisk Foundation. Novo Holdings A/S has the sole power to vote and dispose of the Novo Shares. Neither the Foundation nor any person listed on the updated Schedule I has the power to direct the vote as to, or the disposition of the Novo Shares. Except as described herein, Novo Holdings A/S has not effected any transactions in the Issuer's Common Shares within the past 60 days and neither the Foundation nor any person listed on the updated Schedule I has effected any transactions in the Issuer's Common Shares within the past 60 days. Novo Holdings A/S does not know of any other person having the right to receive or the power to direct the receipt of dividends from, or the proceeds from the sale of, the Novo Shares. Not applicable. Novo Holdings A/S /s/ Barbara Fiorini By Barbara Fiorini, General Counsel, Finance & Operations 08/18/2025