IO Biotech, Inc.'s (NASDAQ:IOBT) market cap touched US$104m last week, benefiting both private equity firms who own 59% as well as institutions

Private equity firms own 59% of IO Biotech, with institutions holding 22%. The top 5 shareholders control 54% of the company. Insider ownership is under 1%. Public investors own 19% of the company. Private equity firms may influence key decisions.