INAB

IN8BIO, INC. (INAB) - Q2 2026 Filing Summary

Business Context and Reporting Period

This Form 10-Q covers the quarterly period ended June 30, 2026. IN8bio, Inc. is a clinical-stage biopharmaceutical company focused on gamma-delta T cell product candidates and T cell engagers for cancer and autoimmune diseases. The company is classified as a non-accelerated filer, a smaller reporting company, and an emerging growth company. As of August 3, 2026, there were 9,858,383 shares of common stock outstanding.

Key Financial Metrics

Material Changes vs. Prior Period

• Reduced Net Loss: The net loss for the six months ended June 30, 2026, decreased by $0.77 million compared to the same period in 2025, primarily due to lower operating expenses.
• Expense Reduction: Total operating expenses declined by $0.66 million year-over-year. This was driven by a $0.35 million decrease in Research and Development (R&D) and a $0.31 million decrease in General and Administrative (G&A) expenses.
• R&D Shifts: R&D spending decreased largely due to a $0.56 million reduction in costs for the INB-400 program (suspended enrollment) and lower facility costs, partially offset by increased preclinical expenses for the TCE program and clinical costs for INB-100 and INB-200.
• Stock-Based Compensation: Non-cash stock-based compensation expense decreased significantly to $0.75 million for the six months ended June 30, 2026, compared to $1.79 million in the prior year period.
• Share Count: The weighted-average shares outstanding increased significantly due to a 1-for-30 reverse stock split effected in June 2025 and subsequent issuances, impacting the per-share loss calculation.

Guidance, Outlook, Risks, and Contingencies

• Going Concern Warning: The company has disclosed substantial doubt about its ability to continue as a going concern. With $18.0 million in cash as of June 30, 2026, management does not anticipate sufficient funds to cover operating expenses and capital expenditures for at least 12 months from the filing date.
• Liquidity Strategy: To extend its runway, the company is pursuing cash preservation measures, pipeline prioritization, and raising additional capital through equity/debt offerings (including an ATM program) or strategic collaborations.
• Potential Funding Sources:
  • Up to ~$20.1 million in additional proceeds from a December 2025 private placement, contingent on preclinical data milestones for INB-619.
  • Up to $6.7 million from the exercise of Series C warrants.
  • Up to $2.3 million from the exercise of Series B warrants.
• Operational Updates:
  • INB-100: Phase 1 trial for AML is enrolling an expansion cohort; clinical update expected late 2026.
  • INB-200: Phase 1 data for GBM published in July 2026; long-term follow-up data presented at ASCO in June 2026.
  • INB-400: Phase 2 enrollment suspended in September 2024 to conserve capital; IND remains open.
  • INB-619: Initial in vivo data expected in the second half of 2026.
• Risks: Key risks include the inability to raise capital on acceptable terms, potential delisting from Nasdaq if market value falls below $5 million (subject to SEC rule status), and the inherent uncertainties of clinical development and regulatory approval.

Investor Verification Checklist

• Cash Runway: Verify the specific timeline for cash exhaustion and the status of the "substantial doubt" going concern assessment.
• Financing Milestones: Confirm the status of the preclinical data milestones required to unlock the ~$20.1 million from the December 2025 private placement.
• Warrant Exercise: Assess the likelihood of Series B and Series C warrant exercises given current stock prices versus exercise prices ($13.50 and $8.10, respectively).
• Nasdaq Compliance: Monitor the company's market capitalization and stock price to ensure compliance with Nasdaq listing standards, particularly the potential $5 million market value rule.
• INB-400 Status: Review any updates regarding the potential resumption of the suspended INB-400 Phase 2 trial or strategic partnerships for this asset.