IN8bio Reports Fourth Quarter and Full-Year 2025 Financial Results - Highlights Durable Survival Improvements in Glioblastoma, Advancing Pipeline and Strengthened Financial Position for 2026

Rhea-AI Summary

IN8bio (Nasdaq: INAB) reported Q4 and full-year 2025 results, updated GBM clinical data, pipeline progress, leadership promotion, and a strengthened balance sheet.

Repeat-dose DeltEx DRI patients showed mPFS of 13.0 months vs. 6.6 months for SOC (+97%). Cash was $27.1M at year-end; initial private placement tranche raised $20.1M (up to $40.2M) with net proceeds of $18.5M, extending runway into H1 2027.

Positive

• mPFS improved to 13.0 months (+97% vs SOC 6.6 months)
• Year-end cash $27.1M, >2x prior year cash
• Closed initial $20.1M tranche of up to $40.2M private placement
• No DLTs, CRS, ICANS or TIAN observed in reported GBM patients
• Advancing INB-619 into IND-enabling studies with animal data expected 2026

Negative

• Full-year net loss of $19.4M in 2025
• R&D spend declined to $10.2M from $17.0M, implying scaled program investment
• Cash runway extended only into first half of 2027, requiring further financing for longer-term plans

Key Figures

mPFS (DeltEx DRI): 13.0 months mPFS (SOC control): 6.6 months Private placement size: $40.2 million +5 more

8 metrics

mPFS (DeltEx DRI) 13.0 months Repeat-dose γδ T cells in GBM vs SOC

mPFS (SOC control) 6.6 months Contemporaneous standard-of-care GBM cohort

Private placement size $40.2 million Gross proceeds potential from December 2025 deal

Initial tranche raised $20.1 million Closed December 2025 private placement tranche

Year-end cash 2025 $27.1 million Cash as of December 31, 2025

Year-end cash 2024 $11.1 million Cash as of December 31, 2024

Net loss 2025 $19.4 million Full-year 2025 net loss

R&D expenses 2025 $10.2 million Full-year 2025 R&D vs $17.0M prior year

Market Reality Check

Price: $1.89 Vol: Volume 102,294 is about 2...

high vol

$1.89 Last Close

Volume Volume 102,294 is about 2.8x the 20-day average of 36,490, indicating elevated trading interest ahead of and around this earnings release and GBM update. high

Technical Shares at $1.99 are trading below the 200-day MA of $2.16, so the pre-news trend was still longer-term weak despite today’s strength.

Peers on Argus

INAB is up about 9.94%, while most close biotech peers listed (e.g., RNAZ, APRE,...

INAB is up about 9.94%, while most close biotech peers listed (e.g., RNAZ, APRE, CYCCP, PCSA) show negative moves and MBIO is only modestly positive. This divergence and the scanner flag support a stock-specific reaction rather than a broad sector move.

Previous Earnings Reports

5 past events · Latest: Nov 06 (Positive)

Same Type Pattern 5 events

Date	Event	Sentiment	Move	Catalyst
Nov 06	Q3 2025 earnings	Positive	-6.6%	Q3 2025 results plus preclinical INB-619 and platform advancement details.
Aug 07	Q2 2025 earnings	Positive	+7.4%	Q2 2025 results with strong INB-200 GBM data and cash runway update.
May 07	Q1 2025 earnings	Positive	+2.1%	Q1 2025 results highlighting INB-100 AML outcomes and added financing.
Mar 13	FY 2024 earnings	Neutral	-0.4%	Full-year 2024 results with mixed spend trends and GBM/AML updates.
Nov 12	Q3 2024 earnings	Positive	-9.5%	Q3 2024 results showing INB-100 remission data and reduced expenses.

Pattern Detected

Earnings updates have produced mixed reactions: some quarters saw selloffs despite positive clinical/financial progress, while others drew modest gains. Three of the last five earnings events aligned with the news tone, and two diverged with notable downside moves after seemingly constructive updates.

Recent Company History

Across prior earnings releases from Nov 2024 through Nov 2025, IN8bio consistently paired clinical progress in GBM and INB-100 with balance sheet management. Earlier results highlighted durable AML responses, GBM durability, and the emerging INB-600/INB-619 platforms, while also disclosing sizeable net losses and constrained cash. The current Q4/FY 2025 report continues this arc, emphasizing reduced net loss, higher year-end cash of $27.1M, and more mature GBM data and TCE pipeline updates.

Historical Comparison

-1.4% avg move · Over the past five earnings releases, INAB’s average move was about -1.4%. Today’s roughly +9.94% re...

earnings

-1.4%

Average Historical Move earnings

Over the past five earnings releases, INAB’s average move was about -1.4%. Today’s roughly +9.94% reaction to FY 2025 results marks a notably stronger, upside-skewed response versus prior earnings patterns.

Earnings updates since late 2024 show a steady narrative: durable responses in INB-100 AML, increasingly robust GBM data, and gradual balance-sheet improvements. The latest release adds lower 2025 net loss and more than doubled year-end cash, while advancing the INB-600/INB-619 engager platform toward IND-enabling milestones.

Regulatory & Risk Context

Active S-3 Shelf

Shelf Active

Active S-3 Shelf Registration 2026-01-20

An effective S-3 resale registration dated Jan 20, 2026 covers up to 14,384,052 shares (PIPE Shares and Pre-Funded Warrant Shares) from the December 2025 private placement. The company is not selling shares or receiving proceeds under this prospectus; it simply allows existing holders to resell registered shares in the market.

Market Pulse Summary

This announcement combines updated GBM data showing improved mPFS, a cleaner safety profile, and a m...

Analysis

This announcement combines updated GBM data showing improved mPFS, a cleaner safety profile, and a meaningfully stronger year-end cash position of $27.1M. The private placement of up to $40.2M and extended runway into 2027 support continued development of the γδ T cell and INB-619 engager platforms. Investors may watch upcoming FDA guidance, GBM overall survival updates, and progress of IND-enabling work through 2026.

Key Terms

median progression-free survival, median overall survival, cytokine release syndrome, IND-enabling studies, +4 more

8 terms

median progression-free survival medical

"nearly doubling median progression-free survival (“mPFS”) to 13.0 months versus 6.6 months"

Median progression-free survival is the length of time at which half of patients in a clinical study have not experienced disease worsening or progression. Think of it like the moment in a race when 50% of runners have not yet crossed a trouble line—it shows how long a therapy can delay disease activity for a typical patient. Investors use it as a straightforward signal of a drug’s effectiveness that can influence regulatory approval, market demand, and revenue potential.

median overall survival medical

"Median overall survival (“mOS”) in repeat dose patients had not yet been reached"

Median overall survival is the middle point of how long patients live after starting treatment, meaning half live longer and half live shorter. It helps doctors understand how effective a treatment is and gives patients an idea of what to expect about their future.

cytokine release syndrome medical

"No dose-limiting toxicities (“DLTs”), cytokine release syndrome (“CRS”), neurotoxicity"

An intense immune overreaction in which the body's defense system releases a large surge of signaling proteins, causing fever, low blood pressure, breathing trouble or organ stress; imagine the immune system's alarm going into overdrive and flooding the body with emergency responders. Investors care because this side effect can slow or block regulatory approval, increase clinical trial costs and liabilities, limit how widely a therapy can be used, and therefore affect a drug's market value and sales potential.

IND-enabling studies regulatory

"Proceeds intended to support IND-enabling studies for INB-619 γδ TCE"

Ind-enabling studies are early research efforts that test whether a new drug or treatment is safe and effective enough to move forward in development. They are like preliminary tests to ensure a product works as intended before investing more resources into large-scale trials. For investors, these studies are important because successful results can signal potential progress toward bringing a new product to market, impacting its future value.

pre-funded warrants financial

"pre-funded warrants for up to 9,452,677 shares (exercise price $0.0001)"

Pre-funded warrants are financial instruments that give investors the right to purchase a company's stock at a set price, but with most or all of the purchase price paid upfront. They function like a coupon or gift card for stock, allowing investors to buy shares later at a fixed price, which can be beneficial if they want to avoid future price increases. This makes them important for investors seeking flexibility and certainty in their investment plans.

net loss financial

"The Company reported a net loss of $4.9 million, or $0.45 per basic and diluted"

Net loss is the amount by which a company’s total costs and expenses exceed its total income during a reporting period, after taking into account taxes and one‑time items. It matters to investors because repeated or large net losses can shrink a company’s cash and owner value, reducing its ability to pay dividends, invest for growth or borrow money — like a household spending more than it earns and dipping into savings to cover the shortfall.

drug-resistant immunotherapy medical

"DeltEx™ Drug-Resistant Immunotherapy γδ T cells (“DRI”) nearly doubling"

An approach to treating disease that uses the body’s immune system to target illnesses that no longer respond to standard drugs, such as antibiotic‑resistant infections or tumors that have become resistant to chemotherapy. It matters to investors because these therapies address hard-to-treat cases with few options, creating potential for significant clinical benefit and market demand, much like a new tool that fixes a machine when the original parts stop working.

gamma-delta T cell engagers medical

"next-generation T cell engager platform... γδ T cell engagers designed to potentially improve"

Gamma-delta T cell engagers are engineered molecules that act like matchmakers, bringing a specific type of immune cell (gamma-delta T cells) into close contact with diseased cells so the immune cell can recognize and kill them. Investors care because these therapies aim to offer a targeted, potentially more durable way to treat cancers and some infections; success in development can lead to significant clinical and commercial value, while failures carry clear scientific and regulatory risks.

AI-generated analysis. Not financial advice.

• Presented updated glioblastoma (“GBM”) data demonstrating durable survival and a favorable safety profile across Phase 1 and Phase 2 programs, with repeat dosing of DeltEx™ Drug-Resistant Immunotherapy γδ T cells (“DRI”) nearly doubling median progression-free survival (“mPFS”) to 13.0 months versus 6.6 months in a contemporaneous standard-of-care control cohort (+97%)
  

• Closed initial $20.1 million tranche of a private placement of up to $40.2 million in gross proceeds; net proceeds extend cash runway into the first half of 2027 and support advancement of the gamma-delta T cell engager (“TCE”) platform
  

• Continued advancement of gamma-delta T cell therapies and TCE pipeline across oncology and autoimmune diseases with multiple milestones expected in 2026
  

NEW YORK, March 12, 2026 (GLOBE NEWSWIRE) -- IN8bio, Inc. (Nasdaq: INAB), a clinical-stage biopharmaceutical company developing innovative gamma-delta (“γδ”) T cell therapies and γδ T cell engagers for cancer and autoimmune diseases, today reported financial results and business highlights for the fourth quarter and full-year ended December 31, 2025.

“In 2025, we delivered meaningful progress financially and across our clinical γδ T cell therapy programs and our next-generation T cell engager platform,” said William Ho, co-founder and Chief Executive Officer of IN8bio. “Our deep knowledge of γδ T cell biology and their powerful immune properties enables us to create potential first-in-class or best-in-class programs to address significant unmet medical needs. Last year, we reported updated survival data from our INB-200 and 400 Phase 1 and 2 programs in GBM, along with data from a contemporaneously enrolled standard-of-care (“SOC”) control group. Patients treated with our DeltEx DRI γδ T cells nearly doubled the mPFS, compared to the SOC group, despite a higher number of patients receiving only partial resections. These findings underscore the aggressive nature of GBM, even with SOC treatment, and highlight the significant need for new treatment options. Importantly, our recent financing strengthens our balance sheet and is expected to extend our cash runway to allow us to advance multiple high-value programs. With differentiated science, advancing clinical programs, and a novel TCE platform, we believe IN8bio is well positioned to achieve key milestones and deliver value to shareholders and patients in 2026.”

Key Highlights

Strengthened Balance Sheet with up to $40.2 Million Private Placement

In December 2025, IN8bio announced a private placement of up to $40.2 million in gross proceeds, including $20.1 million in an initial closing and the potential for an additional milestone-based $20.1 million.

• Financing led by Coastlands Capital, with participation from new and existing investors.

• Net proceeds of $18.5 million expected to extend the Company’s cash runway into the first half of 2027.

• Proceeds intended to support IND-enabling studies for INB-619 γδ TCE, further discussions with the FDA on potential clinical pathways for the GBM program, continued advancement of the Company’s γδ T cell therapy programs, and general corporate purposes.
  

Presented Updated Clinical Data Demonstrating Durable Survival Improvements in Newly Diagnosed Glioblastoma

In January 2026, IN8bio reported updated data from its INB-200 Phase 1 and INB-400 Phase 2 trials evaluating DeltEx DRI γδ T cells in newly diagnosed GBM. The data included a contemporaneous SOC control group from multiple clinical sites. 

• mPFS for repeat dose DeltEx DRI patients was 13.0 months vs. 6.6 months for SOC control cohort (+97% improvement).

• Median overall survival (“mOS”) in repeat dose patients had not yet been reached at 17.2+ months, surpassing the 13.2-month final mOS for SOC control arm.

• Several patients remained progression-free beyond two years, and one grade 4 glioma patient remains progression-free for greater than 4.5 years, highlighting the long-term benefit of INB-200.

• No dose-limiting toxicities (“DLTs”), cytokine release syndrome (“CRS”), neurotoxicity (“ICANS”), tumor inflammation-associated neurotoxicity (“TIAN”) or other unexpected severe adverse events were observed.

• Results reinforce the potential of repeat-dose γδ T cell therapy to meaningfully improve outcomes in newly diagnosed glioblastoma and support continued regulatory engagement regarding potential clinical pathways.
  

Continued Advancing Next-Generation Gamma-Delta T Cell Engager Platform

• Continued advancing INB-600 platform, featuring novel γδ T cell engagers designed to potentially improve durability and safety compared with traditional CD3-targeting engagers.

• Progressing INB-619, a CD19-targeting γδ T cell engager for potential use in oncology and autoimmune diseases into IND-enabling studies with initial animal data expected in 2026.

• Presented encouraging preclinical data including complete B-cell depletion, robust γδ T cell expansion, and minimal CRS-associated cytokine release at The American College of Rheumatology (“ACR”) Convergence 2025 meeting, supporting differentiation of the platform.
  

Leadership Update

In February 2026, IN8bio announced the promotion of Kate Rochlin, Ph.D., to President and Chief Operating Officer. Dr. Rochlin has played a central role in advancing the Company’s clinical and preclinical programs, manufacturing capabilities, and strategic execution, and will continue overseeing company operations as IN8bio advances its pipeline and prepares for its next phase of growth.

Anticipated Milestones

• Guidance from the FDA on potential regulatory pathway by the second half of 2026

• Additional clinical updates on our GBM programs, including final mOS data from the total data set, at medical meetings in mid- and late-2026

• Initial preclinical animal data and additional IND-enabling data for INB-619 expected in the second half of 2026

• Completion of patient dosing in INB-100 in early 2026 and report long-term follow-up results at a medical meeting in late 2026

Fourth Quarter and Full Year 2025 Financial Highlights

IN8bio significantly improved its financial profile in 2025, reducing its full-year net loss by 36% year-over-year and ending the year with more than double the cash on hand compared to the prior year.

• Cash position: As of December 31, 2025, the Company had cash of $27.1 million, compared with $11.1 million as of December 31, 2024.

• Research and Development (R&D) expenses: R&D expenses were $2.6 million for the three months ended December 31, 2025, compared with $3.6 million for the comparable prior year period. R&D expenses were $10.2 million for the year ended December 31, 2025, compared with $17.0 million in the prior year. Non-cash stock-based compensation expense included in R&D expense was $1.2 million for the full year 2025 and $0.3 million for the fourth quarter of 2025.

• General and administrative (G&A) expenses: G&A expenses were $2.4 million for the three months ended December 31, 2025, compared with $2.6 million for the comparable prior year period. G&A expenses were $9.7 million for the year ended December 31, 2025, compared with $12.6 million in the prior year. Non-cash stock-based compensation expense included in G&A expense was $2.0 million for the full year 2025 and $0.4 million for the fourth quarter of 2025.

• Severance and related charges: Severance and related charges were nil for the year ended December 31, 2025, compared with $1.1 million in the prior year.

• Net loss: The Company reported a net loss of $4.9 million, or $0.45 per basic and diluted common share, for the three months ended December 31, 2025, compared with a net loss of $6.2 million, or $2.38 per basic and diluted common share, for the comparable prior year period. For the year ended December 31, 2025, net loss was $19.4 million, or $4.44 per basic and diluted common share, compared with a net loss of $30.4 million, or $17.05 per basic and diluted common share, for the prior year.
  

IN8bio enters 2026 with a strengthened balance sheet, advancing clinical programs, and multiple regulatory milestones ahead. The Company remains focused on generating meaningful clinical data, advancing its γδ T cell platforms toward key inflection points, and deploying capital efficiently across its highest-priority programs across oncology and autoimmune diseases.

About IN8bio

IN8bio is a clinical-stage biopharmaceutical company developing γδ T cell and γδ T cell engager (TCE) product candidates to address unmet medical needs. γδ T cells are a specialized population of T cells that possess unique properties, including the ability to differentiate between healthy and diseased tissue. The Company’s lead programs consist of INB-100, an allogeneic γδ T cell candidate for adult patients with high-risk leukemias undergoing haploidentical stem cell transplantation, and INB-200/400, an autologous genetically modified γδ T cell candidate for newly diagnosed Glioblastoma (GBM). The Company is also developing a novel γδ T cell engager platform, INB-600, for potential oncology and autoimmune indications. For more information about IN8bio, visit www.IN8bio.com.

Forward Looking Statements

This press release may contain forward-looking statements made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. These statements may be identified by words such as “aims,” “anticipates,” “believes,” “could,” “estimates,” “expects,” “forecasts,” “goal,” “intends,” “may,” “plans,” “possible,” “potential,” “seeks,” “will” and variations of these words or similar expressions that are intended to identify forward-looking statements, although not all forward-looking statements contain these words. Forward-looking statements in this press release include, but are not limited to, statements regarding: the therapeutic potential of IN8bio’s product candidates; the potential of repeat-dose γδ T cell therapy to meaningfully improve outcomes in newly diagnosed glioblastoma; the potential of IN8bio’s INB-600 platform to improve durability and safety compared with traditional CD3-targeting engagers; IN8bio’s ability to achieve anticipated milestones, including receipt of guidance from the FDA on regulatory pathways, expected presentations and data readouts from its preclinical studies and clinical trials, patient dosing timelines and advancement of clinical development plans; the milestone-driven closing of the private placement and the use of proceeds from the private placement; IN8bio’s cash runway; and other statements that are not historical fact. IN8bio may not actually achieve the plans, intentions or expectations disclosed in these forward-looking statements, and you should not place undue reliance on these forward-looking statements. Actual results or events could differ materially from the plans, intentions and expectations disclosed in these forward-looking statements as a result of various factors, including: risks to site initiation, clinical trial commencement, patient enrollment and follow-up, as well as IN8bio’s ability to meet anticipated deadlines and milestones; uncertainties inherent in the initiation and completion of preclinical studies and clinical trials and clinical development of IN8bio’s product candidates; the risk that IN8bio may be unable to raise additional capital and could be forced to delay, further reduce or to explore other strategic options for certain of its development programs, or even terminate its operations; IN8bio’s ability to continue to operate as a going concern; the risk that IN8bio may not realize the intended benefits of its DeltEx platform and TCE program; availability and timing of results from preclinical studies and clinical trials; whether the outcomes of preclinical studies will be predictive of clinical trial results; whether initial or interim results from a clinical trial will be predictive of the final results of the trial or the results of future trials; the risk that trials and studies may be delayed and may not have satisfactory outcomes; potential adverse effects arising from the testing or use of IN8bio’s product candidates; the uncertainty of regulatory approvals to conduct trials or to market products; IN8bio’s reliance on third parties, including licensors and clinical research organizations; and other important factors, any of which could cause IN8bio’s actual results to differ from those contained in the forward-looking statements, which are described in greater detail in the section entitled “Risk Factors” in IN8bio’s Quarterly Report on Form 10-Q filed with the Securities and Exchange Commission (SEC) on November 6, 2025, as well as in other filings IN8bio may make with the SEC in the future. Any forward-looking statements contained in this press release speak only as of the date hereof, and IN8bio expressly disclaims any obligation to update any forward-looking statements contained herein, whether because of any new information, future events, changed circumstances or otherwise, except as otherwise required by law.

IN8BIO, INC. BALANCE SHEETS (In thousands, except share and per share data)
		December 31,				December 31,
		2025				2024
Assets
Current assets
Cash		$	27,092			$	11,120
Prepaid expenses and other current assets			788				1,458
Total Current Assets			27,880				12,578
Non-current assets
Property and equipment, net			1,858				2,858
Restricted cash			220				266
Right-of-use assets – finance leases			296				1,068
Right-of-use assets – operating leases			1,882				3,899
Other non-current assets			146				275
Total Non-Current Assets			4,402				8,366
Total Assets		$	32,282			$	20,944
Liabilities and Stockholders' Equity
Liabilities
Current liabilities
Accounts payable		$	309			$	389
Accrued expenses and other current liabilities			1,633				1,047
Short-term finance lease liability			295				694
Short-term operating lease liability			924				953
Total Current Liabilities			3,161				3,083
Long-term finance lease liability			—				295
Long-term operating lease liability			1,563				3,088
Total Non-Current Liabilities			1,563				3,383
Total Liabilities			4,724				6,466
Commitments and Contingencies
Stockholders' Equity
Preferred stock, par value $0.0001 per share; 10,000,000 shares authorized at December 31, 2025 and 2024. No shares issued and outstanding			—				—
Common stock, par value $0.0001 per share; 490,000,000 shares authorized at December 31, 2025 and 2024; 9,766,132 and 2,416,066 shares issued and outstanding at December 31, 2025 and 2024, respectively(1)			10				7
Additional paid-in capital			168,644				136,127
Accumulated deficit			(141,096	)			(121,656	)
Total Stockholders' Equity			27,558				14,478
Total Liabilities and Stockholders' Equity		$	32,282			$	20,944
(1) All share amounts and per share amounts disclosed above have been restated to reflect a one-for-thirty reverse stock split effected in June 2025. Refer to the Annual Report on Form 10-K, for details.

IN8BIO, INC. STATEMENTS OF OPERATIONS (In thousands, except share and per share data)
		Year Ended December 31,
		2025				2024
Operating expenses:
Research and development		$	10,211			$	16,962
General and administrative			9,650				12,637
Severance and related charges			—				1,068
Total operating expenses			19,861				30,667
Interest income			421				230
Loss from operations			(19,440	)			(30,437	)
Net loss		$	(19,440	)		$	(30,437	)
Net loss per share – basic and diluted		$	(4.44	)		$	(17.05	)
Weighted-average number of shares used in computing net loss per common share, basic and diluted(1)			4,374,328				1,784,890
(1) All share amounts and per share amounts disclosed above have been restated to reflect a one-for-thirty reverse stock split effected in June 2025. Refer to the Annual Report on Form 10-K, for details.

Investors & Company Contacts:

IN8bio, Inc.
Patrick McCall
646.933.5603
pfmccall@IN8bio.com

Media Contact
Kimberly Ha
KKH Advisors
917.291.5744
kimberly.ha@kkhadvisors.com

FAQ

What did IN8bio (INAB) report for glioblastoma mPFS on March 12, 2026?

IN8bio reported a mPFS of 13.0 months for repeat-dose DeltEx DRI patients. According to the company, this compares to a contemporaneous SOC cohort mPFS of 6.6 months, a +97% improvement, from Phase 1/2 datasets.

How much cash did IN8bio (INAB) have at December 31, 2025 and how long is the runway?

IN8bio reported $27.1 million in cash at year-end 2025. According to the company, net proceeds from the financing are expected to extend the cash runway into the first half of 2027.

What financing did IN8bio (INAB) complete in late 2025 and who led it?

IN8bio closed an initial $20.1 million tranche of a private placement up to $40.2 million. According to the company, the financing was led by Coastlands Capital with new and existing investor participation.

What safety and survival signals did IN8bio (INAB) report for DeltEx DRI in GBM?

IN8bio reported no dose-limiting toxicities or major neurotoxicity events and durable survival signals. According to the company, several patients remain progression-free beyond two years and one >4.5 years.

What are IN8bio's near-term 2026 milestones for INB-619 and GBM programs?

IN8bio expects IND-enabling data and initial animal results for INB-619 in the second half of 2026. According to the company, FDA guidance on GBM regulatory pathway is targeted for the second half of 2026 with additional clinical updates planned.