IN8bio (INAB) Q1 2026 earnings summary

Executive summary

• Focused on gamma-delta/yō T cell therapies for cancer and autoimmune diseases, with lead programs INB-100 (AML) and INB-200/400 (glioblastoma) in clinical development.

• INB-100 Phase 1 completed primary enrollment; expansion cohort ongoing, with long-term data expected late 2026.

• INB-400 Phase 2 enrollment suspended to conserve capital; further development contingent on funding or partnerships.

• Advanced next-generation yō T cell engager platform, with initial animal data expected in 2026.

• Reported glioblastoma data showing 97% improvement in progression-free survival versus standard-of-care; updated median overall survival data to be presented at ASCO 2026.

Financial highlights

• Cash as of March 31, 2026: $21.9 million, down from $27.1 million at December 31, 2025, but up from $11.9 million year-over-year.

• Net loss for Q1 2026: $5.1 million ($0.26 per share), improved from $5.6 million ($2.16 per share) in Q1 2025.

• Research and development expenses decreased to $2.6 million from $3.0 million year-over-year, mainly due to lower clinical trial and facility costs.

• General and administrative expenses stable at $2.7 million year-over-year.

• No revenue generated; operations funded by equity and warrant issuances.

Outlook and guidance

• Existing cash is not expected to fund operations for 12 months from the report date; substantial doubt about ability to continue as a going concern.

• Management pursuing additional capital via equity, debt, or strategic partnerships; up to $20.1 million in potential milestone-driven proceeds from private placement and up to $9 million from warrant exercises, but no assurance of receipt.

• Anticipates FDA guidance on accelerated regulatory pathways for the GBM program in 2H26 and plans to publish Phase 1 INB-200 clinical data.

• Expects initial TCE preclinical animal data and additional IND-enabling data for INB-619 in 2H26.

• Cash preservation measures in place, impacting timing of milestones and regulatory filings.