Instil Bio Reports Fourth Quarter and Full Year 2025 Financial Results and Provides Corporate Update

Instil Bio (Nasdaq: TIL) reported Q4 and full‑year 2025 results and a corporate update on March 27, 2026.

Rhea-AI Summary

Instil Bio (Nasdaq: TIL) reported Q4 and full‑year 2025 results and a corporate update on March 27, 2026.

The company ended 2025 with $76.3M in cash, cash equivalents, restricted cash and marketable securities and expects this to fund operations beyond 2027. Instil said it will pursue acquisitions and in‑licensing to build its pipeline after discontinuing AXN‑2510 development.

Positive

• Cash runway expected to fund operations beyond 2027
• Company shifting strategy to acquisitions and in‑licensing for pipeline growth
• General and administrative expenses down ~38% year‑over‑year

Negative

• Total cash and marketable securities declined from $115.1M to $76.3M (≈34%)
• Research and development expense increased from $11.8M to $24.7M (≈109%)
• Restructuring and impairment charges totaled $16.6M for full year 2025

Argus Mar 27 session

-6.82% close to close Open Argus

Details

News Market Reaction – TIL

In the Mar 27 session, TIL declined 6.82%, reflecting a notable negative market reaction.

Data tracked by StockTitan Argus on the day of publication.

Market Context

The stock moved -6.8% in the session following this news. A negative reaction despite the extended c...

Analysis

The stock moved -6.8% in the session following this news. A negative reaction despite the extended cash runway beyond 2027 would fit the pattern of past earnings events, which averaged about -4.67%. The market has often focused on losses, restructuring charges, and program risk rather than headline cash levels. With AXN-2510 discontinued and strategy shifting to external innovation, uncertainty around pipeline rebuild and deal execution could contribute to downside pressure.

Key Figures

Total cash & investments: $76.3 million Prior-year cash balance: $115.1 million Q4 2025 R&D expense: $3.5 million +5 more

Total cash & investments

$76.3 million

Cash, cash equivalents, restricted cash and marketable securities as of Dec 31, 2025; runway beyond 2027

Prior-year cash balance

$115.1 million

Total cash, cash equivalents, restricted cash and marketable securities as of Dec 31, 2024

Q4 2025 R&D expense

$3.5 million

Research and development for quarter ended Dec 31, 2025 (vs $1.1M Q4 2024)

FY 2025 R&D expense

$24.7 million

Research and development for full year ended Dec 31, 2025 (vs $11.8M 2024)

Q4 2025 G&A expense

$6.1 million

General and administrative for quarter ended Dec 31, 2025 (vs $10.4M Q4 2024)

FY 2025 restructuring charges

$16.6 million

Restructuring and impairment charges full year 2025 (vs $7.5M 2024)

Q4 2025 GAAP EPS

$1.21 net loss per share

GAAP net loss per share, basic and diluted, Q4 2025 (vs $1.82 Q4 2024)

FY 2025 non-GAAP EPS

$6.91 net loss per share

Non-GAAP net loss per share, basic and diluted, full year 2025 (vs $7.59 2024)

Previous Earnings Reports

5 past events · Latest: Nov 13

Same Type 5 events

1. Nov 13

   Q3 2025 earnings

   24h Move

   -7.2%

   Q3 2025 results, cash of $83.4M, AXN-2510 Phase 1 initiation update.

2. Aug 13

   Q2 2025 earnings

   24h Move

   +0.5%

   Q2 2025 results, $103.6M cash and investments, IND clearance milestone.

3. May 13

   Q1 2025 earnings

   24h Move

   -6.9%

   Q1 2025 results with lower operating expenses but higher restructuring charges.

4. Mar 04

   FY 2024 earnings

   24h Move

   -4.3%

   FY 2024 results, $115.1M year-end cash and reduced losses versus 2023.

5. Nov 13

   Q3 2024 earnings

   24h Move

   -5.5%

   Q3 2024 results, SYN-2510 license and cash expected to fund beyond 2026.

24h Move is the share-price change in the day after each event; other market factors may also have contributed.

Key Terms

in-licensing, restricted cash, marketable securities, non-GAAP financial measures, +2 more

6 terms

in-licensing financial

"The company is pursuing potential acquisitions and in-licensing opportunities that could provide"

Acquiring the rights to develop, make, or sell a product or technology that another company already owns, usually through a contract that spells out payments, territory and responsibilities. For investors, in-licensing can speed growth and add potential revenue without building the product from scratch—like a restaurant using a successful chef’s recipe—but it also creates ongoing costs and dependence on an outside party’s data and performance.

restricted cash financial

"cash, cash equivalents, restricted cash and marketable securities, which consisted of $6.6"

Cash that a company holds but cannot use for day-to-day operations because it is set aside for a specific purpose—such as meeting loan covenants, serving as collateral, funding an escrow, or complying with regulations. Like money in a locked savings account earmarked for a bill, restricted cash reduces the cash available to run the business and pay dividends or debts, so investors treat it differently when assessing a company’s true short-term financial strength.

marketable securities financial

"cash, cash equivalents, restricted cash and marketable securities, which consisted of $6.6"

Marketable securities are financial assets — such as publicly traded stocks, bonds, and short-term government bills — that a company can quickly sell for cash at a known price. Investors watch them because they show how much ready cash a company can access without selling core operations, like keeping money in a highly liquid savings account versus being tied up in a house, and they affect short-term risk, financial flexibility, and balance-sheet strength.

non-GAAP financial measures financial

"Instil has presented certain financial information that has not been prepared in accordance with U.S. generally accepted accounting principles (“GAAP”). These non-GAAP financial measures include"

Non-GAAP financial measures are numbers companies use to show their financial performance that exclude certain expenses or income. They help investors see how the company might perform without one-time costs or other unusual items, giving a different perspective from official reports. However, since they can be adjusted, they don’t always tell the full story and should be looked at alongside standard financial figures.

stock-based compensation financial

"defined as net loss and net loss per share, respectively, excluding non-cash stock-based compensation expense and restructuring"

Stock-based compensation is when a company pays employees, directors or consultants with shares or the right to buy shares instead of or in addition to cash. It matters to investors because issuing stock or options spreads ownership thinner (like cutting a pie into more slices), which can reduce each existing share’s claim on profits and can also change reported earnings; investors watch it to assess true cost of running the business and how management is incentivized.

View in glossary

GAAP financial

"has not been prepared in accordance with U.S. generally accepted accounting principles (“GAAP”). These non-GAAP"

GAAP, or Generally Accepted Accounting Principles, are a set of standardized rules and guidelines that companies follow when preparing their financial statements. They ensure consistency, transparency, and comparability across different companies, making it easier for investors to understand and compare financial information accurately. This helps investors make informed decisions based on trustworthy and uniform financial reports.

View in glossary

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Company evaluating potential acquisitions and in-licensing opportunities to drive next phase of strategic development

Cash position of $76.3 million as of December 31, 2025 expected to fund current operating plan beyond 2027

DALLAS, March 27, 2026 (GLOBE NEWSWIRE) -- Instil Bio, Inc. (“Instil”) (Nasdaq: TIL), a biotechnology company focused on identifying and advancing innovative therapeutics, today reported its fourth quarter and full year 2025 financial results and provided a corporate update.

Recent Highlights:

• In January 2026, Axion Bio, Inc., a wholly owned subsidiary of Instil, discontinued clinical development of AXN-2510 and entered into a termination agreement with ImmuneOnco Biopharmaceuticals (Shanghai) Inc. to terminate the license and collaboration agreement for AXN-2510 and AXN-27M.
  
• Following this decision, Instil will focus on its next phase of strategic development through external innovation and disciplined capital deployment.
  
• The company is pursuing potential acquisitions and in-licensing opportunities that could provide access to promising novel therapeutic candidates. Instil is evaluating opportunities across several therapeutic areas.
  

“We have been taking important steps to sharpen Instil’s strategic focus and position the company for its next phase of strategic development,” said Bronson Crouch, Chief Executive Officer, Instil. “We are focused on identifying high-quality opportunities that can position Instil for long-term value creation. Our priority is to leverage our balance sheet to pursue acquisitions and in-licensing opportunities that can drive meaningful shareholder value. We believe this disciplined approach to capital deployment can allow us to build a differentiated pipeline and advance innovative therapies for patients with serious diseases.”

There can be no assurance that any transaction will result from these efforts, nor as to the timing of any such outcome. Instil does not intend to provide further updates unless and until a specific transaction is approved or disclosure is otherwise deemed appropriate.

Fourth Quarter and Full Year 2025 Financial and Operating Results:

As of December 31, 2025, Instil had $76.3 million in total cash, cash equivalents, restricted cash and marketable securities, which consisted of $6.6 million in cash and cash equivalents, $0.2 million in restricted cash and $69.5 million in marketable securities, compared to $115.1 million in total cash, cash equivalents, restricted cash and marketable securities, which consisted of $8.8 million in cash and cash equivalents, $1.8 million in restricted cash, and $104.5 million in marketable securities, as of December 31, 2024. Instil expects that its cash, cash equivalents, restricted cash and marketable securities as of December 31, 2025 will enable it to fund its current operating plan beyond 2027.

In-process research and development expenses were nil and $10.0 million for the fourth quarter and full year ended December 31, 2025, respectively, compared to nil and $10.0 million for the fourth quarter and full year ended December 31, 2024.

Research and development expenses were $3.5 million and $24.7 million for the fourth quarter and full year ended December 31, 2025, respectively, compared to $1.1 million and $11.8 million for the fourth quarter and full year ended December 31, 2024, respectively.

General and administrative expenses were $6.1 million and $27.2 million for the fourth quarter and full year ended December 31, 2025, respectively, compared to $10.4 million and $44.2 million for the fourth quarter and full year ended December 31, 2024, respectively.

Restructuring and impairment charges were nil and $16.6 million for the fourth quarter and full year ended December 31, 2025, respectively, compared to $0.3 million and $7.5 million for the fourth quarter and full year ended December 31, 2024, respectively.

Net loss per share, basic and diluted was $1.21 and $10.70 for the fourth quarter and full year ended December 31, 2025, respectively, compared to $1.82 and $11.39 for the fourth quarter and full year ended December 31, 2024, respectively. Non-GAAP net loss per share, basic and diluted was $0.97 and $6.91 for the fourth quarter and full year ended December 31, 2025, respectively, compared to $1.08 and $7.59 for the fourth quarter and full year ended December 31, 2024, respectively.

Note Regarding Use of Non-GAAP Financial Measures

In this press release, Instil has presented certain financial information that has not been prepared in accordance with U.S. generally accepted accounting principles (“GAAP”). These non-GAAP financial measures include non-GAAP net loss and non-GAAP net loss per share, which are defined as net loss and net loss per share, respectively, excluding non-cash stock-based compensation expense and restructuring and impairment charges. Instil believes that these non-GAAP financial measures, when considered together with the GAAP figures, can enhance an overall understanding of Instil’s financial performance. The non-GAAP financial measures are included with the intent of providing investors with a more complete understanding of Instil’s operating results. In addition, these non-GAAP financial measures are among the indicators Instil’s management uses for planning purposes and to measure Instil’s performance. These non-GAAP financial measures should be considered in addition to, and not as a substitute for, or superior to, financial measures calculated in accordance with GAAP. The non-GAAP financial measures used by Instil may be calculated differently from, and therefore may not be comparable to, non-GAAP financial measures used by other companies. Please refer to the below reconciliation of these non-GAAP financial measures to the comparable GAAP financial measures.

About Instil Bio

Instil Bio, Inc. is a biotechnology company focused on identifying and advancing innovative therapeutic opportunities. For more information, visit www.instilbio.com.

Forward-Looking Statements

This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Words such as “anticipates,” “believes,” “expects,” “exploring,” “future,” “intends,” “may,” “plans,” “potential,” “projects,” “targets,” “next phase” and “will” or similar expressions are intended to identify forward-looking statements. Forward-looking statements include express or implied statements concerning Instil's expectations regarding its next phase of strategic development and pursuing potential acquisition and in-licensing opportunities; Instil's expectations regarding its capital position, resources, and balance sheet, including its cash runway; and other statements that are not historical fact. Forward-looking statements are based on management's current expectations and are subject to various risks and uncertainties that could cause actual results to differ materially and adversely from those expressed or implied by such forward-looking statements, including risks and uncertainties related to the next phase of strategic development, pursuing potential transactions to acquire companies or in-license product candidates and the sufficiency of Instil's cash resources, as well as interest rates, inflation, tariffs, international conflicts and other factors which could materially and adversely affect Instil’s business and operations, and other risks and uncertainties affecting Instil's plans and strategy, including those discussed in the section titled “Risk Factors” in Instil's Annual Report on Form 10-K for the year ended December 31, 2025 to be filed with the SEC, as well as Instil's other filings with the SEC. These forward-looking statements do not constitute guarantees of future performance, and you are cautioned not to place undue reliance on these forward-looking statements. These forward-looking statements speak only as the date hereof, and Instil disclaims any obligation to update these statements except as may be required by law.

Contacts:

Investor Relations:
1-972-499-3350
investorrelations@instilbio.com
www.instilbio.com

Media Relations:
Kimberly Ha
KKH Advisors
917-291-5744
kimberly.ha@kkhadvisors.com

INSTIL BIO, INC. SELECTED FINANCIAL DATA (Unaudited; in thousands, except share and per share amounts) Selected Consolidated Balance Sheet Data
	December 31, 2025			December 31, 2024
Cash, cash equivalents, restricted cash and marketable securities	$	76,295		$	115,145
Total assets	$	203,523		$	263,567
Total liabilities	$	89,657		$	94,131
Total stockholders’ equity	$	113,866		$	169,436

Consolidated Statements of Operations
	Three Months Ended December 31,								Year Ended December 31,
		2025				2024				2025				2024
Operating expenses:
In-process research and development	$	—			$	—			$	10,000			$	10,000
Research and development		3,497				1,099				24,738				11,838
General and administrative		6,060				10,373				27,221				44,210
Restructuring and impairment charges		—				348				16,622				7,493
Total operating expenses		9,557				11,820				78,581				73,541
Loss from operations		(9,557	)			(11,820	)			(78,581	)			(73,541	)
Interest income		746				1,352				3,858				6,987
Interest expense		(1,567	)			(3,005	)			(5,829	)			(8,992	)
Other rental income		2,242				2,774				8,968				4,267
Other expense, net		(55	)			(1,196	)			212				(2,856	)
Net loss	$	(8,191	)		$	(11,895	)		$	(71,372	)		$	(74,135	)
Net loss per share, basic and diluted	$	(1.21	)		$	(1.82	)		$	(10.70	)		$	(11.39	)
Weighted-average shares used in computing net loss per share, basic and diluted		6,781,976				6,525,885				6,668,268				6,510,138

Reconciliation of GAAP to Non-GAAP Net Loss and Net Loss per Share (Unaudited; in thousands, except share and per share amounts)
	Three Months Ended December 31,								Year Ended December 31,
		2025				2024				2025				2024
Net loss	$	(8,191	)		$	(11,895	)		$	(71,372	)		$	(74,135	)
Adjustments:
Non-cash stock-based compensation expense		1,606				4,501				8,693				17,257
Restructuring and impairment charges		—				348				16,622				7,493
Non-GAAP net loss	$	(6,585	)		$	(7,046	)		$	(46,057	)		$	(49,385	)
Net loss per share, basic and diluted	$	(1.21	)		$	(1.82	)		$	(10.70	)		$	(11.39	)
Adjustments:
Non-cash stock-based compensation expense per share		0.24				0.69				1.30				2.65
Restructuring and impairment charges		—				0.05				2.49				1.15
Non-GAAP net loss per share, basic and diluted*	$	(0.97	)		$	(1.08	)		$	(6.91	)		$	(7.59	)
Weighted-average shares outstanding, basic and diluted		6,781,976				6,525,885				6,668,268				6,510,138

*     Non-GAAP net loss per share, basic and diluted may not total due to rounding.

FAQ

AI-generated questions and answers. How Rhea-AI works. Not financial advice.

How much cash did Instil Bio (TIL) have as of December 31, 2025?

Instil reported $76.3 million in cash, cash equivalents, restricted cash and marketable securities. According to the company, that total includes $6.6M cash and equivalents and $69.5M in marketable securities as of December 31, 2025.

What did Instil Bio (TIL) announce about AXN‑2510 on March 27, 2026?

Instil said it discontinued clinical development of AXN‑2510 and terminated the related license and collaboration agreement. According to the company, this decision freed resources to focus on acquisitions and in‑licensing opportunities for new therapeutic candidates.

Will Instil Bio (TIL) have enough cash to operate past 2027?

The company expects its December 31, 2025 cash and securities to fund the current operating plan beyond 2027. According to the company, this projection is subject to business decisions and there is no assurance transactions will occur.

How did Instil Bio's (TIL) R&D and G&A expenses change in 2025?

Research and development expenses rose to $24.7M in 2025, while general and administrative expenses fell to $27.2M. According to the company, R&D increased year‑over‑year and G&A decreased notably as part of cost management.

Is Instil Bio (TIL) pursuing acquisitions or licensing deals after Q4 2025?

Yes. Instil said it is actively evaluating potential acquisitions and in‑licensing opportunities across therapeutic areas. According to the company, the goal is disciplined capital deployment to build a differentiated pipeline and create long‑term shareholder value.