IN8bio (INAB) Q4 2025 earnings summary

Executive summary

• Achieved significant clinical progress in glioblastoma, with repeat dosing of DeltEx Drug-Resistant Immunotherapy T cells nearly doubling median progression-free survival to 13.0 months versus 6.6 months for standard-of-care controls (+97%).

• Advanced gamma-delta T cell therapies and T cell engager pipeline, with multiple milestones expected in 2026.

• Strengthened financial position through a $20.1 million private placement, extending cash runway into the first half of 2027.

Financial highlights

• Cash position at December 31, 2025 was $27.1 million, more than double the prior year’s $11.1 million.

• Full-year net loss reduced by 36% year-over-year to $19.4 million, or $4.44 per share, compared to $30.4 million, or $17.05 per share, in 2024.

• R&D expenses for 2025 were $10.2 million, down from $17.0 million in 2024; G&A expenses were $9.7 million, down from $12.6 million.

• No severance or related charges in 2025, compared to $1.1 million in 2024.

Outlook and guidance

• FDA guidance on regulatory pathway for GBM program expected in the second half of 2026.

• Additional clinical updates, including final median overall survival data, anticipated at medical meetings in mid- and late-2026.

• Initial preclinical animal data for INB-619 expected in the second half of 2026.

• Completion of patient dosing in INB-100 and long-term follow-up results expected in 2026.