Instil Bio, Inc. TIL
We are a biotechnology company focused on identifying and advancing innovative therapeutic opportunities.
In January 2026 we announced our wholly owned subsidiary, Axion Bio, Inc., or Axion Bio, was discontinuing development of our former lead product candidate, AXN-2510, a bispecific antibody targeting both programmed death-ligand 1 and the family of vascular endothelial growth factors in solid tumor cancers. Axion Bio in-licensed AXN-2510 from ImmuneOnco Biopharmaceuticals (Shanghai) Inc., or ImmuneOnco, in August 2024. The license and collaboration agreement with ImmuneOnco was terminated in January 2026. Prior to developing AXN-2510, our development efforts were focused on pursuing the development of cell therapies, including our proprietary folate receptor alpha co-stimulatory antigen receptor (CoStAR) tumor infiltrating lymphocyte (TIL) cell therapy for the treatment of cancer.
Valuation FY2025 figures against the last close
Annual financial statements
Income statement
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 |
|---|---|---|---|---|---|---|---|
| Revenue | — | — | — | — | $0 | $138.0K | — |
| R&D | — | — | $39.6M | $141.1M | $107.3M | $19.4M | — |
| SG&A | $27.2M | $44.2M | $47.6M | $62.2M | $48.3M | $14.4M | — |
| Total operating expenses | $78.6M | $73.5M | $159.2M | $226.5M | $155.6M | $33.8M | — |
| Operating income | -$78.6M | -$73.5M | -$159.2M | -$226.5M | -$155.6M | -$33.6M | — |
| Interest expense | $5.8M | $9.0M | $5.2M | $1.9M | $0 | — | — |
| Pre-tax income | -$71.4M | -$74.1M | -$156.1M | -$225.2M | -$156.8M | -$37.6M | — |
| Income tax | $0 | — | $0 | $2.1M | $39.0K | $151.0K | — |
| Net income | -$71.4M | -$74.1M | -$156.1M | -$223.2M | -$156.8M | -$37.7M | — |
| EPS, basic | -10.70 | -11.39 | -24.00 | -34.46 | -1.48 | -2.36 | — |
| EPS, diluted | -10.70 | -11.39 | -24.00 | -34.46 | -1.48 | -2.36 | — |
| Shares, diluted (wtd. avg.) | $6.7M | $6.5M | $6.5M | $6.5M | $106.0M | $16.0M | — |
Balance sheet
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 |
|---|---|---|---|---|---|---|---|
| Cash and equivalents | $6.6M | $8.8M | $10.7M | $43.7M | $38.1M | $241.8M | $8.9M |
| Short-term investments | — | — | $141.2M | $217.2M | $416.5M | $0 | — |
| Total current assets | $191.4M | $124.5M | $160.8M | $269.4M | $464.0M | $246.1M | — |
| Property, plant and equipment | $126.0K | $129.4M | $138.7M | $196.9M | $122.0M | $55.3M | — |
| Goodwill | — | — | — | $0 | $5.7M | $5.7M | — |
| Total assets | $203.5M | $263.6M | $325.6M | $482.1M | $610.0M | $319.0M | — |
| Accounts payable | $779.0K | $659.0K | $1.2M | $2.4M | $5.6M | $3.5M | — |
| Total current liabilities | $4.8M | $7.9M | $10.6M | $32.8M | $41.4M | $13.3M | — |
| Total liabilities | $89.7M | $94.1M | $99.8M | $118.5M | $54.8M | $26.6M | — |
| Retained earnings | -$726.5M | -$655.1M | -$581.0M | -$424.9M | -$201.7M | -$44.9M | — |
| Total equity | $113.9M | $169.4M | $225.8M | $363.6M | $555.2M | -$39.6M | -$6.9M |
Cash flow
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 |
|---|---|---|---|---|---|---|---|
| Operating cash flow | -$36.6M | -$55.7M | -$82.0M | -$180.2M | -$122.1M | -$29.6M | — |
| Depreciation and amortisation | $534.0K | $3.6M | $4.8M | $6.0M | $2.8M | $256.0K | — |
| Stock-based compensation | $8.7M | $17.3M | $18.2M | $30.4M | $26.2M | $1.7M | — |
| Capital expenditure | — | $0 | $20.7M | $84.6M | $57.8M | $50.8M | — |
| Investing cash flow | $25.5M | $54.0M | $41.1M | $114.5M | -$474.4M | -$51.1M | — |
| Financing cash flow | $7.3M | $1.8M | $8.1M | $71.9M | $393.2M | $313.0M | — |
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 0001789769-26-000019.
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