0001193125-26-104181
SEC filingIN8bio, Inc. reported a net loss of $19.4 million for fiscal year 2025, an improvement from a net loss of $30.4 million in the prior year. The company generated no revenue, consistent with its clinical-stage status. The reduced loss was driven by a significant decrease in total operating expenses to $19.9 million from $30.7 million in 2024, primarily due to pipeline prioritization and a 49% workforce reduction implemented in September 2024. Research and development expenses decreased to $10.2 million from $17.0 million, while general and administrative expenses fell to $9.7 million from $12.6 million. The company ended the year with $27.1 million in cash, which management states is expected to fund operations through April 2027, though substantial doubt about the company's ability to continue as a going concern remains. Cash flow from financing activities provided $28.6 million, mainly from a $18.5 million private placement and $8.6 million from an ATM program.
IN8bio reported a net loss of $19.4 million for fiscal year 2025, representing a significant improvement from the $30.4 million net loss in 2024. The company generated no revenue, as expected for its clinical-stage biopharmaceutical operations. Total operating expenses decreased by $10.8 million to $19.9 million, driven by strategic cost reduction measures including pipeline prioritization and a 49% workforce reduction implemented in September 2024. Research and development expenses fell to $10.2 million from $17.0 million, with notable decreases in INB-400 program costs ($4.0 million reduction) and personnel expenses ($2.4 million reduction). General and administrative expenses decreased to $9.7 million from $12.6 million, primarily due to lower insurance costs and professional services.
The company reported no revenue for fiscal year 2025, consistent with its status as a clinical-stage biopharmaceutical company focused on gamma-delta T cell therapies for cancer and autoimmune diseases. Management notes that the company does not expect to generate revenue from product sales in the foreseeable future. Revenue generation would depend on successful regulatory approval of product candidates or entering into collaboration/license agreements. The company's primary focus remains on advancing clinical programs including INB-100 (allogeneic gamma-delta T cell therapy for high-risk leukemias) and INB-200/INB-400 (DRI gamma-delta T cell therapy for glioblastoma), with clinical updates expected in 2026.
As a pre-revenue company, traditional margin metrics are not applicable. The company's loss from operations was $19.4 million, improved from $30.4 million in the prior year. The improvement in operating results was driven by the substantial reduction in operating expenses. Research and development expenses decreased by 39.8% year-over-year, while general and administrative expenses decreased by 23.6%. Severance and related charges were $0 in 2025 compared to $1.1 million in 2024 related to the workforce reduction. Interest income increased to $421,000 from $230,000 due to additional interest earned from cash sweep accounts.
The company ended 2025 with $27.1 million in cash and total assets of $32.3 million. Net cash used in operating activities was $12.7 million, improved from $24.1 million in 2024. Cash provided by financing activities was $28.6 million, primarily from a $18.5 million private placement in December 2025 and $8.6 million from ATM program sales. The company has total liabilities of $4.7 million and stockholders' equity of $27.6 million. Management states that existing cash is anticipated to fund projected operating expenses and capital expenditure requirements only through April 2027, creating substantial doubt about the company's ability to continue as a going concern.
Management's plans to address liquidity concerns include pipeline prioritization, raising additional capital through equity/debt offerings (including the ATM program), and seeking strategic collaborations or licensing arrangements. The company may receive up to $20.1 million in additional gross proceeds from a second closing of the December 2025 private placement, contingent on achieving preclinical data milestones for INB-619 and meeting stock price thresholds. Additional potential funding includes up to $6.7 million from Series C warrant exercises and $2.3 million from Series B warrant exercises. Key risk factors include the company's dependence on raising additional capital, uncertainty of clinical trial outcomes, and competitive pressures in the biopharmaceutical industry. Clinical updates for INB-100 and INB-200/INB-400 are expected in 2026.