Instil Bio, Inc. Financials
This page shows Instil Bio, Inc. (TIL) financial statements, including the income statement, balance sheet, cash flow statement, and key financial ratios. View 6 years of annual fundamentals and quarterly data, with year-over-year growth rates and compound annual growth rates (CAGR). All figures are derived from SEC filings (10-K and 10-Q reports).
Development-stage cash consumption remains the dominant mechanic, with lower spending improving outflow without producing operating breakeven.
Operating cash flow improved from-$82.0M in FY2023 to-$36.6M in FY2025, but the improvement did not eliminate losses. In FY2025, cash conversion was better than earnings: operating cash flow of-$36.6M was less negative than net income of-$71.4M , suggesting non-cash charges or balance-sheet timing reduced the cash impact of the reported loss.
R&D fell from
Equity funding has contracted: equity fell from
Financial Health Signals
Instil Bio, Inc. does not currently provide enough eligible data for a peer-relative financial health score, so none is published. The signals and metrics below are current.
Instil Bio, Inc. passes 2 of 6 computable financial strength tests (3 of the nine could not be computed from available data). 1 of 4 profitability signals pass, 1 of 2 leverage/liquidity signals pass.
Instil Bio, Inc. reported a net loss of $71.4M while operations used $36.6M of cash. With neither figure positive, the ratio between the two carries no quality signal.
Instil Bio, Inc. reported an operating loss of $78.6M against $5.8M in interest expense. There is no operating profit to cover interest, so interest must be met from cash reserves or from financing rather than from operations.
Key Financial Metrics
Earnings & Revenue
Instil Bio, Inc.'s EBITDA was -$78.0M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization. This represents a decrease of 11.6% from the prior year.
Instil Bio, Inc. reported -$71.4M in net income in fiscal year 2025. This represents an increase of 3.7% from the prior year.
Instil Bio, Inc. earned -$10.70 per diluted share (EPS) in fiscal year 2025. This represents an increase of 6.1% from the prior year.
Not reported for fiscal year 2025.
Cash & Balance Sheet
Instil Bio, Inc. held $6.6M in cash as of fiscal year 2025; long-term debt is not reported for that period.
Not reported for fiscal year 2025.
Not reported for fiscal year 2025.
Margins & Returns
Instil Bio, Inc.'s ROE was -62.7% in fiscal year 2025, measuring profit generated per dollar of shareholder equity. This is down 18.9 percentage points from the prior year.
Not reported for fiscal year 2025.
Not reported for fiscal year 2025.
Not reported for fiscal year 2025.
Capital Allocation
Instil Bio, Inc. invested $24.7M in research and development in fiscal year 2025. This represents an increase of 109.0% from the prior year.
Not reported for fiscal year 2025.
Not reported for fiscal year 2025.
TIL Income Statement
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type.
| Metric | Q2'26 | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 |
|---|---|---|---|---|---|---|---|---|
| R&D Expenses | $270K-59.6% | $669K | N/A | $9.1M+35.4% | $6.7M+25.5% | $5.4M | N/A | $562K |
| SG&A Expenses | $5.1M-4.1% | $5.3M | N/A | $5.9M-4.3% | $6.2M-32.4% | $9.1M | N/A | $10.7M |
| Operating Income | -$5.6M+20.4% | -$7.0M | N/A | -$15.0M+35.9% | -$23.4M+23.3% | -$30.6M | N/A | -$23.6M |
| Interest Expense | $1.6M+1.9% | $1.6M | N/A | $1.6M0.0% | $1.6M+44.1% | $1.1M | N/A | $2.0M |
| Net Income | -$4.3M-2.3% | -$4.2M | N/A | -$13.6M+36.5% | -$21.4M+24.1% | -$28.2M | N/A | -$23.0M |
| EPS (Diluted) | -$0.63-1.6% | -$0.62+47.0% | -$1.17+41.8% | -$2.01+38.0% | -$3.24+25.0% | -$4.32-137.4% | -$1.82+48.6% | -$3.54 |
Not reported in any period shown, so not listed: Revenue, Cost of Revenue, Gross Profit, Income Tax.
TIL Balance Sheet
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type.
| Metric | Q2'26 | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 |
|---|---|---|---|---|---|---|---|---|
| Total Assets | $197.7M-1.4% | $200.4M-1.5% | $203.5M-3.9% | $211.8M-8.3% | $231.0M-2.7% | $237.4M-9.9% | $263.6M-3.3% | $272.6M |
| Current Assets | $71.6M-62.0% | $188.3M-1.6% | $191.4M-2.5% | $196.3M-5.4% | $207.4M-5.4% | $219.3M+76.2% | $124.5M-6.1% | $132.6M |
| Cash & Equivalents | $5.5M+10.3% | $5.0M-24.3% | $6.6M+14.4% | $5.8M-24.5% | $7.7M-50.0% | $15.4M+74.5% | $8.8M+32.1% | $6.7M |
| Total Liabilities | $90.3M+0.7% | $89.7M+0.1% | $89.7M-1.8% | $91.3M-8.0% | $99.3M+7.3% | $92.5M-1.7% | $94.1M-2.2% | $96.2M |
| Current Liabilities | $3.3M-30.0% | $4.7M-2.5% | $4.8M-15.0% | $5.7M-58.9% | $13.9M+91.6% | $7.2M-8.4% | $7.9M-23.2% | $10.3M |
| Total Equity | $107.4M-3.0% | $110.7M-2.8% | $113.9M-5.4% | $120.4M-8.5% | $131.7M-9.1% | $144.9M-14.5% | $169.4M-3.9% | $176.3M |
| Retained Earnings | -$735.0M-0.6% | -$730.7M-0.6% | -$726.5M-1.1% | -$718.3M-1.9% | -$704.7M-3.1% | -$683.3M-4.3% | -$655.1M-1.8% | -$643.2M |
Not reported in any period shown, so not listed: Inventory, Accounts Receivable, Goodwill, Long-Term Debt.
TIL Cash Flow Statement
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type.
| Metric | Q2'26 | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 |
|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | -$4.6M-247.2% | -$1.3M+81.1% | -$7.1M+33.0% | -$10.6M+28.6% | -$14.8M-252.6% | -$4.2M+60.3% | -$10.6M+47.6% | -$20.1M |
| Capital Expenditures | N/A | N/A | N/A | N/A | N/A | N/A | $0 | $0 |
| Free Cash Flow | N/A | N/A | N/A | N/A | N/A | N/A | -$10.6M+47.6% | -$20.1M |
| Investing Cash Flow | $5.3M+1769.1% | -$317K-104.1% | $7.8M-7.4% | $8.4M+2211.8% | -$400K-104.2% | $9.6M-26.1% | $13.0M-34.4% | $19.8M |
| Financing Cash Flow | $0 | $0 | $0-100.0% | $378K-94.3% | $6.7M+2780.2% | $232K-85.5% | $1.6M+903.8% | $159K |
Not reported in any period shown, so not listed: Dividends Paid, Share Buybacks.
TIL Financial Ratios
Margins and returns are percentages; the remaining ratios are unitless multiples.
| Metric | Q2'26 | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 |
|---|---|---|---|---|---|---|---|---|
| Return on Equity | -4.0%-0.2pp | -3.8% | N/A | -11.3%+5.0pp | -16.3%+3.2pp | -19.5% | N/A | -13.1% |
| Return on Assets | -2.2%-0.1pp | -2.1% | N/A | -6.4%+2.8pp | -9.3%+2.6pp | -11.9% | N/A | -8.5% |
| Current Ratio | 21.67-18.2x | 39.87+0.3x | 39.53+5.1x | 34.45+19.5x | 14.97-15.4x | 30.33+14.6x | 15.76+2.9x | 12.90 |
| Debt-to-Equity | 0.840.0x | 0.810.0x | 0.790.0x | 0.760.0x | 0.75+0.1x | 0.64+0.1x | 0.560.0x | 0.55 |
Not reported in any period shown, so not listed: Gross Margin, Operating Margin, Net Margin, FCF Margin.
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Where Instil Bio, Inc. Ranks
Frequently Asked Questions
Is Instil Bio, Inc. profitable?
No, Instil Bio, Inc. (TIL) reported a net income of -$71.4M in fiscal year 2025.
What is Instil Bio, Inc.'s EBITDA?
Instil Bio, Inc. (TIL) had EBITDA of -$78.0M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization.
What is Instil Bio, Inc.'s return on equity (ROE)?
Instil Bio, Inc. (TIL) has a return on equity of -62.7% for fiscal year 2025, measuring how efficiently the company generates profit from shareholder equity.
What is Instil Bio, Inc.'s operating cash flow?
Instil Bio, Inc. (TIL) recorded an outflow of $36.6M in operating cash flow during fiscal year 2025, representing cash used by core business activities.
What are Instil Bio, Inc.'s total assets?
Instil Bio, Inc. (TIL) had $203.5M in total assets as of fiscal year 2025, including both current and long-term assets.
How much does Instil Bio, Inc. spend on research and development?
Instil Bio, Inc. (TIL) invested $24.7M in research and development during fiscal year 2025.
What is Instil Bio, Inc.'s current ratio?
Instil Bio, Inc. (TIL) had a current ratio of 39.53 as of fiscal year 2025, which is generally considered healthy.
What is Instil Bio, Inc.'s debt-to-equity ratio?
Instil Bio, Inc. (TIL) had a debt-to-equity ratio of 0.79 as of fiscal year 2025, measuring the company's financial leverage by comparing total debt to shareholder equity.
What is Instil Bio, Inc.'s return on assets (ROA)?
Instil Bio, Inc. (TIL) had a return on assets of -35.1% for fiscal year 2025, measuring how efficiently the company uses its assets to generate profit.
How does Instil Bio, Inc.'s liquidity compare with its operating cash outflow?
At the end of fiscal year 2025, Instil Bio, Inc. (TIL) held $6.6M in cash, cash equivalents and investments, and reported an operating cash outflow of $36.6M over that year. Dividing the one by the other, the reported balance equals about 2 months of the outflow reported that year. This is arithmetic over figures already filed, not a projection: it assumes nothing about future spending, financing or operations.
What is Instil Bio, Inc.'s Piotroski F-Score?
Instil Bio, Inc. (TIL) has a Piotroski F-Score of 2 out of 6 computable signals; 3 of the nine could not be computed from available data, so the full-scale strength rating is not shown. The F-Score evaluates nine binary signals across profitability (positive ROA, positive cash flow, improving ROA, earnings quality), leverage (decreasing debt, improving liquidity, no share dilution), and operating efficiency (improving gross margin, improving asset turnover). Scores of 7 to 9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.
Are Instil Bio, Inc.'s earnings high quality?
Instil Bio, Inc. (TIL) reported a net loss of $71.4M while operations used $36.6M of cash. With neither figure positive, the ratio between the two carries no quality signal. This ratio compares operating cash flow to net income. A ratio above 1.0x means the company generates more cash than its reported earnings, indicating sustainable, cash-backed profits. Ratios below 1.0x suggest earnings rely on accounting accruals rather than actual cash generation. Learn more in our complete guide to financial health indicators.
Can Instil Bio, Inc. cover its interest payments?
Instil Bio, Inc. (TIL) reported an operating loss of $78.6M against $5.8M in interest expense. There is no operating profit to cover interest, so interest must be met from cash reserves or from financing rather than from operations. This ratio divides operating income by interest expense. Ratios above 5x indicate strong debt-servicing ability, while ratios below 2x suggest the company may face difficulty meeting interest payments if earnings decline. Learn more in our complete guide to financial health indicators.