IN8BIO, INC. INAB
We are a leading clinical-stage biopharmaceutical company focused on the discovery, development and commercialization of gamma-delta T cellular therapy product candidates and gamma-delta T cell engagers ("TCEs") for cancer and autoimmune diseases. Gamma-delta T cells are a specialized population of T cells that possess unique properties. They are naturally occurring immune cells that can intrinsically regulate immune responses and have the ability to differentiate between healthy and diseased tissue. These cells serve as a functional bridge between innate and adaptive immunity, contributing to direct tumor-killing as well as immune cell recruitment and activation to drive deeper, more comprehensive immune responses. Multiple studies have demonstrated the robust tumor-killing ability of gamma-delta T cells and superior outcomes in cancer patients with elevated levels of gamma-delta T cells. Recent literature published in 2024 demonstrated that gamma-delta T cell levels are predictive of better survival outcomes even in melanoma patients being treated with checkpoint inhibitors and in leukemia patients being treated with chimeric antigen receptor T cell ("CAR-T") therapies. The pivotal role of gamma-delta T cells in immune function and activation against diseases such as cancer underscores their therapeutic potential across a wide range of solid and hematologic cancers.
Valuation FY2025 figures against the last close
Annual financial statements
Income statement
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 |
|---|---|---|---|---|---|---|---|
| R&D | $10.2M | $17.0M | $16.8M | $14.1M | $7.3M | $5.4M | — |
| SG&A | $9.7M | $12.6M | $13.5M | $14.5M | $7.3M | $3.2M | — |
| Total operating expenses | $19.9M | $30.7M | $30.3M | $28.5M | $14.7M | $8.6M | — |
| Operating income | -$19.4M | -$30.4M | -$30.0M | -$28.5M | -$14.7M | -$8.6M | — |
| Pre-tax income | -$19.4M | -$30.7M | -$30.0M | -$28.5M | -$14.7M | -$8.6M | — |
| Income tax | $0 | $0 | $0 | $0 | $0 | $0 | — |
| Net income | -$19.4M | -$30.4M | -$30.0M | -$28.5M | -$14.7M | -$8.6M | — |
| EPS, basic | -4.44 | -17.05 | -1.00 | -1.36 | -1.47 | — | — |
| EPS, diluted | -4.44 | -17.05 | -1.00 | -1.36 | -1.47 | -3.02 | — |
| Shares, diluted (wtd. avg.) | 4.4M | 1.8M | 29.9M | 21.0M | 10.0M | — | — |
Balance sheet
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 |
|---|---|---|---|---|---|---|---|
| Cash and equivalents | $27.3M | $11.4M | $21.5M | $18.4M | $37.3M | $18.1M | $751.0K |
| Total current assets | $27.9M | $12.6M | $24.6M | $22.2M | $39.0M | $18.1M | — |
| Property, plant and equipment | $1.9M | $2.9M | $3.5M | $4.4M | $97.0K | $186.0K | — |
| Total assets | $32.3M | $20.9M | $33.7M | $33.0M | $42.2M | $20.9M | — |
| Accounts payable | $309.0K | $389.0K | $924.0K | $2.1M | $395.0K | $620.0K | — |
| Total current liabilities | $3.2M | $3.1M | $5.4M | $5.8M | $2.3M | $2.6M | — |
| Total liabilities | $4.7M | $6.5M | $8.8M | $10.3M | $4.0M | $2.6M | — |
| Retained earnings | -$141.1M | -$121.7M | -$91.2M | -$61.2M | -$32.7M | -$18.0M | — |
| Total equity | $27.6M | $14.5M | $24.9M | $22.7M | -$38.2M | -$16.6M | -$9.2M |
Cash flow
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 |
|---|---|---|---|---|---|---|---|
| Operating cash flow | -$12.7M | -$24.1M | -$23.3M | -$24.1M | -$13.5M | -$7.1M | — |
| Depreciation and amortisation | $1.0M | $976.0K | $962.0K | $147.0K | $89.0K | $88.0K | — |
| Stock-based compensation | $3.2M | $5.0M | $4.4M | $3.5M | $2.2M | $357.0K | — |
| Investing cash flow | $0 | -$187.0K | -$600.0K | -$3.7M | -$309.0K | $0 | — |
| Financing cash flow | $28.6M | $14.2M | $27.0M | $9.0M | $33.0M | $24.5M | — |
Figures as tagged in each year's own filing, in US dollars. A year restated by a later filing shows the restated figure. Capital expenditure, dividends and buybacks are cash out, shown positive. A line the filer does not report is not listed. Latest from accession 0001193125-26-104181.
Plot the figures US dollars
- Revenue
- Gross profit
- Net income
| Fiscal year | FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|---|---|
| Revenue | — | — | — | — | — | — | — |
| Gross profit | — | — | — | — | — | — | — |
| Net income | — | -$8.6M | -$14.7M | -$28.5M | -$30.0M | -$30.4M | -$19.4M |
Recent filings and events
- Results announced The quarterly or annual earnings release. Arrives four times a year from almost every company here. Item 2.02
- Material agreement signed The company entered an agreement outside the ordinary course of business - a large contract, a credit facility, a merger agreement. Item 1.01
- Material agreement terminated An agreement that mattered has ended. Often the other half of a deal that fell through. Item 1.02
- Results announced Item 2.02
- Officer or director change Someone at the top arrived or left. The item covers everything from a board retirement to a chief executive being removed, and only the filing itself says which. Item 5.02
- Shareholder vote The results of the annual meeting or a special vote. Item 5.07
- Annual report filed A new 10-K. The figures and the business description on this site come from it. Form 10-K
- Results announced Item 2.02
- Officer or director change Item 5.02
- Officer or director change Item 5.02
- Material agreement signed Item 1.01
- Unregistered share sale Shares issued outside a registered offering. Dilution, and for a small company often the way it is funded. Item 3.02
Item numbers are Form 8-K's own, and a filing date is up to four business days after the thing it reports. The same feed across the whole market.
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