What is Instil Bio, Inc.'s earnings per share (EPS)?

Instil Bio, Inc. (TIL) reported diluted earnings per share of $-10.70 for fiscal year 2025. This represents a 6.1% change compared to the previous fiscal year. EPS represents the portion of a company's net income allocated to each outstanding share of common stock and is widely used to evaluate profitability on a per-share basis.

Instil Bio, Inc. Financials

TIL

Source SEC Filings (10-K/10-Q) Updated Mar 31, 2026 Currency USD FYE December

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).

Rhea AI TIL FY2025 2026-05-15

Instil Bio now runs as a balance-sheet-funded development company, with a much lighter cash-burn profile than during its earlier buildout phase.

The most important shift is the widening gap between accounting loss and cash use: net loss was still -$71.4M in FY2025 after -$74.1M in FY2024. Operating cash outflow improved to -$36.6M from -$55.7M, so reported losses are no longer translating one-for-one into near-term cash drain and the operating reset shows up more clearly in cash than in earnings.

Liquidity looks stronger than the cash line implies: cash and equivalents were only $6.6M, while current assets totaled $191.4M. With current liabilities at just $4.8M, near-term obligations are tiny relative to short-term resources, which means the headline cash balance understates day-to-day funding flexibility.

The balance sheet has become materially thinner even without a liability build: total equity fell to $113.9M in FY2025 from $225.8M in FY2023. Because total liabilities only moved from $99.8M to $89.7M, the business is becoming more leveraged mainly because its equity cushion is being used up, not because it layered on new obligations.

Financial Health Signals

Financial Profile 31/100

Based on FY2025 annual data, averaged across the last 3 years for performance metrics (most-recent year weighted highest). How this score is calculated →

Health score ≠ stock price. This rates the quality of Instil Bio, Inc.'s business: profitability, growth, balance sheet strength. It doesn't tell you whether the stock is a good buy at today's price. Not financial advice. Use it alongside valuation analysis and your own research.

Leverage

Instil Bio, Inc. carries a low D/E ratio of 0.79, meaning only $0.79 of long-term debt for every $1 of shareholders' equity. This conservative leverage earns a score of 86/100, indicating a strong balance sheet with room for future borrowing.

Liquidity

100

With a current ratio of 39.53, Instil Bio, Inc. holds $39.53 in current assets for every $1 of short-term obligations. This comfortable liquidity earns a score of 100/100.

Returns

Instil Bio, Inc. generates a -62.7% ROE, indicating limited profit relative to shareholders' investment. This results in a returns score of 0/100. This is down from -43.8% the prior year.

Piotroski F-Score Weak

2/9

Instil Bio, Inc. passes 2 of 9 financial strength tests. 1 of 4 profitability signals pass, 1 of 3 leverage/liquidity signals pass.

Earnings Quality Low Quality

0.51x

For every $1 of reported earnings, Instil Bio, Inc. generates $0.51 in operating cash flow (-$36.6M OCF vs -$71.4M net income). This low ratio suggests earnings are primarily driven by accounting accruals rather than cash generation, which may not be sustainable.

Interest Coverage At Risk

-13.5x

Instil Bio, Inc. earns $-13.5 in operating income for every $1 of interest expense (-$78.6M vs $5.8M). This narrow margin raises concern about the company's ability to service its debt if operating income declines.

Key Financial Metrics

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Earnings & Revenue

Revenue

N/A

EBITDA

-$78.0M

YoY-11.6%

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.

Net Income

-$71.4M

YoY+3.7%

Instil Bio, Inc. reported -$71.4M in net income in fiscal year 2025. This represents an increase of 3.7% from the prior year.

EPS (Diluted)

$-10.70

YoY+6.1%

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.

Cash & Balance Sheet

Free Cash Flow

N/A

Cash & Debt

$6.6M

YoY-24.6%

5Y CAGR-51.3%

Instil Bio, Inc. held $6.6M in cash against $0 in long-term debt as of fiscal year 2025.

Dividends Per Share

N/A

Shares Outstanding

YoY+3.9%

Instil Bio, Inc. had 7M shares outstanding in fiscal year 2025. This represents an increase of 3.9% from the prior year.

Margins & Returns

Gross Margin

N/A

Operating Margin

N/A

Net Margin

N/A

Return on Equity

-62.7%

YoY-18.9pp

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.

Capital Allocation

R&D Spending

$24.7M

YoY+109.0%

5Y CAGR+5.0%

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.

Share Buybacks

N/A

Capital Expenditures

N/A

TIL Income Statement

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Revenue	N/A	N/A	N/A	N/A	$0-100.0%	$138K
Cost of Revenue	N/A	N/A	N/A	N/A	N/A	N/A
Gross Profit	N/A	N/A	N/A	N/A	N/A	N/A
R&D Expenses	$24.7M+109.0%	$11.8M-70.1%	$39.6M-71.9%	$141.1M+31.5%	$107.3M+452.9%	$19.4M
SG&A Expenses	$27.2M-38.4%	$44.2M-7.0%	$47.6M-23.6%	$62.2M+28.8%	$48.3M+235.9%	$14.4M
Operating Income	-$78.6M-6.9%	-$73.5M+53.8%	-$159.2M+29.7%	-$226.5M-45.6%	-$155.6M-362.4%	-$33.6M
Interest Expense	$5.8M-35.2%	$9.0M+72.6%	$5.2M+176.6%	$1.9M	$0	N/A
Income Tax	$0	N/A	$0+100.0%	-$2.1M-5415.4%	$39K-74.2%	$151K
Net Income	-$71.4M+3.7%	-$74.1M+52.5%	-$156.1M+30.1%	-$223.2M-42.3%	-$156.8M-315.5%	-$37.7M
EPS (Diluted)	$-10.70+6.1%	$-11.39+52.5%	$-24.00+30.4%	$-34.46	$-1.48	$-2.36

Metric	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24
Revenue	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Cost of Revenue	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Gross Profit	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
R&D Expenses	$669K	N/A	$9.1M+35.4%	$6.7M+25.5%	$5.4M	N/A	$562K-80.8%	$2.9M
SG&A Expenses	$5.3M	N/A	$5.9M-4.3%	$6.2M-32.4%	$9.1M	N/A	$10.7M0.0%	$10.7M
Operating Income	-$7.0M	N/A	-$15.0M+35.9%	-$23.4M+23.3%	-$30.6M	N/A	-$23.6M-67.2%	-$14.1M
Interest Expense	$1.6M	N/A	$1.6M0.0%	$1.6M+44.1%	$1.1M	N/A	$2.0M+0.4%	$2.0M
Income Tax	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Net Income	-$4.2M	N/A	-$13.6M+36.5%	-$21.4M+24.1%	-$28.2M	N/A	-$23.0M-54.3%	-$14.9M
EPS (Diluted)	$-0.62	N/A	$-2.01+38.0%	$-3.24+25.0%	$-4.32	N/A	$-3.54-54.6%	$-2.29

TIL Balance Sheet

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Total Assets	$203.5M-22.8%	$263.6M-19.1%	$325.6M-32.5%	$482.1M-21.0%	$610.0M+91.2%	$319.0M
Current Assets	$191.4M+53.8%	$124.5M-22.6%	$160.8M-40.3%	$269.4M-41.9%	$464.0M+88.5%	$246.1M
Cash & Equivalents	$6.6M-24.6%	$8.8M-4.2%	$9.2M-79.0%	$43.7M+16.3%	$37.6M-84.4%	$241.7M
Inventory	N/A	N/A	N/A	N/A	N/A	N/A
Accounts Receivable	N/A	N/A	N/A	N/A	N/A	N/A
Goodwill	N/A	N/A	N/A	$0-100.0%	$5.7M0.0%	$5.7M
Total Liabilities	$89.7M-4.8%	$94.1M-5.7%	$99.8M-15.8%	$118.5M+116.3%	$54.8M-84.7%	$358.6M
Current Liabilities	$4.8M-38.7%	$7.9M-25.2%	$10.6M-67.8%	$32.8M-20.7%	$41.4M+211.4%	$13.3M
Long-Term Debt	N/A	N/A	N/A	N/A	N/A	N/A
Total Equity	$113.9M-32.8%	$169.4M-25.0%	$225.8M-37.9%	$363.6M-34.5%	$555.2M+1502.1%	-$39.6M
Retained Earnings	-$726.5M-10.9%	-$655.1M-12.8%	-$581.0M-36.7%	-$424.9M-110.6%	-$201.7M-349.0%	-$44.9M

Metric	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24
Total Assets	$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-7.4%	$294.3M
Current Assets	$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-14.4%	$154.9M
Cash & Equivalents	$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-1.7%	$6.8M
Inventory	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Accounts Receivable	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Goodwill	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Total Liabilities	$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-3.1%	$99.3M
Current Liabilities	$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-0.1%	$10.3M
Long-Term Debt	$85.0M	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Total Equity	$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-9.6%	$195.0M
Retained Earnings	-$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-3.7%	-$620.2M

TIL Cash Flow Statement

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Operating Cash Flow	-$36.6M+34.3%	-$55.7M+32.1%	-$82.0M+54.5%	-$180.2M-47.5%	-$122.1M-312.4%	-$29.6M
Capital Expenditures	N/A	$0-100.0%	$20.7M-75.6%	$84.6M+46.3%	$57.8M+13.8%	$50.8M
Free Cash Flow	N/A	-$55.7M+45.8%	-$102.7M+61.2%	-$264.8M-47.1%	-$180.0M-123.8%	-$80.4M
Investing Cash Flow	$25.5M-52.8%	$54.0M+31.2%	$41.1M-64.1%	$114.5M+124.1%	-$474.4M-828.0%	-$51.1M
Financing Cash Flow	$7.3M+315.5%	$1.8M-78.3%	$8.1M-88.8%	$71.9M-81.7%	$393.2M+25.6%	$313.0M
Dividends Paid	N/A	N/A	N/A	N/A	N/A	N/A
Share Buybacks	N/A	N/A	N/A	N/A	N/A	N/A

Metric	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24
Operating Cash Flow	-$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-89.7%	-$10.6M
Capital Expenditures	N/A	N/A	N/A	N/A	N/A	$0	$0	$0
Free Cash Flow	N/A	N/A	N/A	N/A	N/A	-$10.6M+47.6%	-$20.1M-89.7%	-$10.6M
Investing Cash Flow	-$317K-104.1%	$7.8M-7.4%	$8.4M+2211.8%	-$400K-104.2%	$9.6M-26.1%	$13.0M-34.4%	$19.8M+66.3%	$11.9M
Financing Cash Flow	$0	$0-100.0%	$378K-94.3%	$6.7M+2780.2%	$232K-85.5%	$1.6M+903.8%	$159K	$0
Dividends Paid	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Share Buybacks	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A

TIL Financial Ratios

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Gross Margin	N/A	N/A	N/A	N/A	N/A	N/A
Operating Margin	N/A	N/A	N/A	N/A	N/A	-24379.7%
Net Margin	N/A	N/A	N/A	N/A	N/A	-27346.4%
Return on Equity	-62.7%-18.9pp	-43.8%+25.4pp	-69.1%-7.7pp	-61.4%-33.1pp	-28.2%	N/A
Return on Assets	-35.1%-6.9pp	-28.1%+19.8pp	-47.9%-1.6pp	-46.3%-20.6pp	-25.7%-13.9pp	-11.8%
Current Ratio	39.53+23.8	15.76+0.5	15.22+7.0	8.22-3.0	11.22-7.3	18.53
Debt-to-Equity	0.79+0.2	0.56+0.1	0.44+0.1	0.33+0.2	0.10+9.2	-9.06
FCF Margin	N/A	N/A	N/A	N/A	N/A	-58284.1%

Metric	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24
Gross Margin	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Operating Margin	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Net Margin	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Return on Equity	-3.8%	N/A	-11.3%+5.0pp	-16.3%+3.2pp	-19.5%	N/A	-13.1%-5.4pp	-7.6%
Return on Assets	-2.1%	N/A	-6.4%+2.8pp	-9.3%+2.6pp	-11.9%	N/A	-8.5%-3.4pp	-5.1%
Current Ratio	39.87+0.3	39.53+5.1	34.45+19.5	14.97-15.4	30.33+14.6	15.76+2.9	12.90-2.2	15.06
Debt-to-Equity	0.81+0.0	0.79+0.0	0.760.0	0.75+0.1	0.64+0.1	0.560.0	0.55+0.0	0.51
FCF Margin	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A

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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) generated -$36.6M in operating cash flow during fiscal year 2025, representing cash generated from 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.

How many shares does Instil Bio, Inc. have outstanding?

Instil Bio, Inc. (TIL) had 7M shares outstanding as of 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.

What is Instil Bio, Inc.'s cash runway?

Based on fiscal year 2025 data, Instil Bio, Inc. (TIL) had $6.6M in cash against an annual operating cash burn of $36.6M. This gives an estimated cash runway of approximately 2 months at the current burn rate. Cash runway measures how long a company can continue operating before running out of cash, assuming no additional funding.

What is Instil Bio, Inc.'s Piotroski F-Score?

Instil Bio, Inc. (TIL) has a Piotroski F-Score of 2 out of 9, indicating weak financial health. 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) has an earnings quality ratio of 0.51x, considered low quality (accrual-driven). 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) has an interest coverage ratio of -13.5x, meaning it can struggle to cover its interest obligations. 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.

How financially healthy is Instil Bio, Inc.?

Instil Bio, Inc. (TIL) scores 31 out of 100 on our Financial Profile, indicating weak overall financial health. This composite score evaluates six dimensions: profitability (operating margin), revenue growth, leverage (debt-to-equity), liquidity (current ratio), cash flow quality (free cash flow margin), and shareholder returns (return on equity). Each dimension is normalized against standard financial benchmarks. Learn more in our complete guide to financial health indicators.