IN8BIO, INC. (INAB) - Q3 2025 Filing Summary
Business Context and Reporting Period
This Form 10-Q covers the quarterly period ended September 30, 2025. IN8BIO, Inc. is a clinical-stage biopharmaceutical company focused on gamma-delta T cell product candidates. The company is currently advancing INB-100 (AML) and INB-200 (Glioblastoma) in clinical trials, while suspending enrollment in the INB-400 Phase 2 trial to conserve cash. All share and per-share data have been restated to reflect a 1-for-30 reverse stock split effective June 5, 2025.
Key Financial Metrics
| Metric | Q3 2025 (3 Months) | Q3 2024 (3 Months) | YTD 2025 (9 Months) | YTD 2024 (9 Months) |
|---|---|---|---|---|
| Revenue | $0 | $0 | $0 | $0 |
| Net Loss | $(3.9) million | $(7.1) million | $(14.5) million | $(24.3) million |
| Net Loss Per Share (Basic/Diluted) | $(0.85) | $(4.49) | $(4.18) | $(16.02) |
| Cash and Restricted Cash | $10.7 million (as of Sept 30, 2025) | |||
| Accumulated Deficit | $136.2 million (as of Sept 30, 2025) | |||
| Operating Cash Flow (YTD) | $(10.6) million | $(20.1) million | ||
| Financing Cash Flow (YTD) | $10.1 million | $3.0 million |
Material Changes vs. Prior Period
- Expense Reduction: Total operating expenses decreased by 44% in Q3 2025 ($3.97M) compared to Q3 2024 ($7.11M). This was driven by a $1.07M reduction in severance charges (which were present in 2024 but not 2025) and significant cuts in R&D and G&A personnel costs.
- R&D Spend: R&D expenses dropped from $3.31M in Q3 2024 to $2.10M in Q3 2025, primarily due to the suspension of the INB-400 Phase 2 trial and reduced headcount.
- Capital Raising: The company raised approximately $8.5 million net proceeds via its At-The-Market (ATM) program and $1.9 million from warrant exercises/exchanges during the nine months ended September 30, 2025.
- Stock Structure: A 1-for-30 reverse stock split was executed in June 2025, increasing the share price and reducing the number of outstanding shares to 4.59 million.
Guidance, Outlook, and Risks
- Going Concern Warning: Management has expressed substantial doubt about the company's ability to continue as a going concern. As of September 30, 2025, cash of $10.7 million is projected to fund operations only until June 2026.
- Liquidity Strategy: The company is pursuing additional capital through equity/debt offerings (including ATM and private placements) and strategic collaborations. It may receive up to $12.1 million from the exercise of outstanding warrants, though this is not guaranteed.
- Clinical Outlook:
- INB-100: Enrollment in the expansion cohort is ongoing, with long-term follow-up data expected in 2026.
- INB-200: Updated clinical data is expected at the 2025 Society of Neuro-Oncology Annual Meeting.
- INB-400: Enrollment remains suspended pending funding or partnership opportunities.
- Risks: Key risks include the inability to raise additional capital, potential dilution from future equity issuances, and the uncertainty of clinical trial outcomes. The company is also subject to "baby shelf" rules limiting primary public offerings due to a public float under $75 million.
Investor Verification Checklist
- Verify the timeline for the next capital raise and the terms of any potential private placements or ATM activity.
- Confirm the status of the INB-400 suspension and whether any partnership discussions are active.
- Review the exercise status of Series B and Series C warrants to assess potential near-term cash inflows.
- Monitor the upcoming data release for INB-200 at the Society of Neuro-Oncology meeting for potential impact on valuation and partnership interest.
- Assess the impact of the reverse stock split on trading liquidity and market perception.