On March 13, 2025, IN8bio Inc (INAB, Financial) released its 8-K filing detailing the financial results for the fourth quarter and full-year ending December 31, 2024. IN8bio Inc is a clinical-stage biopharmaceutical company focused on developing gamma-delta T cell therapies for treating solid and liquid tumors. The company is advancing its pipeline with product candidates like INB-400 for glioblastoma and INB-100 for high-risk leukemias.
Performance and Challenges
IN8bio Inc's ongoing clinical programs have shown promising results, with long-term durable remissions in challenging cancers such as glioblastoma and acute myeloid leukemia (AML). The company has expanded its pipeline with the INB-600 platform, targeting CD19 for potential oncology and autoimmune applications. Despite these advancements, the company faces challenges in maintaining its cash position and aligning resources to drive high-impact programs forward. These challenges are crucial as they may impact the company's ability to achieve its development milestones and sustain operations into 2026.
Financial Achievements
IN8bio Inc reported a net loss of $6.2 million, or $0.08 per share, for the fourth quarter of 2024, aligning with analyst estimates of -$0.08 per share. For the full year, the net loss was $30.4 million, or $0.57 per share, slightly exceeding the annual estimate of -$0.56 per share. The company's ability to meet quarterly EPS estimates is significant in the biotechnology industry, where research and development costs are high, and profitability is often delayed.
Key Financial Metrics
Research and development expenses for the fourth quarter were $3.6 million, a decrease from $4.5 million in the previous year, reflecting the company's strategic focus on pipeline prioritization. General and administrative expenses also decreased to $2.6 million from $3.1 million. However, the company incurred $1.1 million in severance and related charges due to workforce reductions. As of December 31, 2024, IN8bio Inc had a cash position of $11.1 million, down from $21.3 million the previous year, but subsequent equity offerings raised an additional $4.1 million.
William Ho, Chief Executive Officer and co-founder of IN8bio, stated, “In 2024, IN8bio made significant progress advancing its pipeline of gamma-delta T cell therapies and positioning the Company for long-term success. The INB-100 program continues to demonstrate 100% long-term durable response rates as of January 17, 2025, reinforcing its potential to help treat and maintain remissions in high-risk AML patients.”
Analysis of Financial Statements
The balance sheet reveals a decrease in total assets from $33.7 million in 2023 to $20.9 million in 2024, primarily due to a reduction in cash and prepaid expenses. Liabilities decreased from $8.8 million to $6.5 million, reflecting the company's efforts to manage costs and liabilities effectively. The company's stockholders' equity also decreased from $24.9 million to $14.5 million, indicating the impact of ongoing operational expenses and strategic investments in research and development.
| Financial Metric | 2024 | 2023 |
|---|---|---|
| Net Loss | $30.4 million | $30.0 million |
| R&D Expenses | $17.0 million | $16.8 million |
| Cash Position | $11.1 million | $21.3 million |
Conclusion
IN8bio Inc's financial results for 2024 reflect the company's strategic focus on advancing its clinical programs and managing operational costs. While the company faces challenges in maintaining its cash position, its ability to meet analyst EPS estimates and progress in clinical trials positions it well for future growth. The company's focus on innovative gamma-delta T cell therapies continues to offer potential breakthroughs in treating hard-to-treat cancers, making it a noteworthy player in the biotechnology sector.
Explore the complete 8-K earnings release (here) from IN8bio Inc for further details.
