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.
Plot the figures US dollars
- Revenue
- Gross profit
- Net income
| Fiscal year | FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|---|---|
| Revenue | — | $138.0K | $0 | — | — | — | — |
| Gross profit | — | — | — | — | — | — | — |
| Net income | — | -$37.7M | -$156.8M | -$223.2M | -$156.1M | -$74.1M | -$71.4M |
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
- Shareholder vote The results of the annual meeting or a special vote. Item 5.07
- Results announced Item 2.02
- Auditor changed The company changed auditors. Sometimes routine; historically one of the more reliable warnings that something is wrong. Item 4.01
- 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
- 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
- Results announced Item 2.02
- Other event The catch-all. The company chose to disclose something that fits no other item, so the content is whatever it says it is. Item 8.01
- Shareholder vote Item 5.07
- Regulation FD disclosure Something the company told the market and had to tell everyone at once - usually a slide deck or a press release. Item 7.01
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.
Others in SIC 2836
| Ticker | Company | Market cap | P/E | Revenue growth |
|---|---|---|---|---|
| AMGN | AMGEN INC | $237.48B | 30.9x | 10.0% |
| GILD | GILEAD SCIENCES, INC. | $193.48B | 23.0x | 2.4% |
| MRNA | Moderna, Inc. | $79.89B | — | -39.9% |
| RVMD | Revolution Medicines, Inc. | $40.08B | — | — |
| BIIB | BIOGEN INC. | $37.01B | 28.5x | 2.2% |
| EXEL | EXELIXIS, INC. | $15.99B | 23.2x | 7.0% |
| NBIX | NEUROCRINE BIOSCIENCES INC | $14.51B | 30.6x | 21.4% |
| HALO | HALOZYME THERAPEUTICS, INC. | $14.26B | 49.1x | 37.6% |