Instil Bio Reports Third Quarter 2025 Financial Results and Provides Corporate Update
Rhea-AI Summary
Instil Bio (Nasdaq: TIL) reported Q3 2025 results and a corporate update on Nov 13, 2025.
Key points: $83.4 million in cash, cash equivalents, restricted cash, marketable securities and long-term investments as of Sep 30, 2025 versus $115.1 million as of Dec 31, 2024; company expects these resources to fund operations beyond 2026. Axion Bio, a subsidiary, dosed the first patient in a Phase 1 monotherapy trial of AXN-2510/IMM2510 in Oct 2025; collaborator ImmuneOnco presented updated relapsed/refractory squamous NSCLC data at WCLC 2025.
Selected financials: Q3 2025 net loss per share was $2.01 (GAAP) and non-GAAP net loss per share was $1.75; nine-month GAAP net loss per share was $9.53.
Positive
- Total liquidity of $83.4M as of Sep 30, 2025
- Company expects funding runway beyond 2026
- First patient dosed in Phase 1 AXN-2510 monotherapy trial (Oct 2025)
- Updated relapsed/refractory squamous NSCLC data presented at WCLC 2025
Negative
- Total liquidity declined from $115.1M on Dec 31, 2024
- Nine-month restructuring and impairment charges of $16.6M
- Q3 2025 GAAP net loss per share of $2.01
News Market Reaction
On the day this news was published, TIL declined 7.20%, reflecting a notable negative market reaction. Argus tracked a peak move of +2.6% during that session. Our momentum scanner triggered 3 alerts that day, indicating moderate trading interest and price volatility. This price movement removed approximately $8M from the company's valuation, bringing the market cap to $100M at that time.
Data tracked by StockTitan Argus on the day of publication.
First patient dosed in Phase 1 clinical trial evaluating AXN-2510/IMM2510 (“’2510”) monotherapy in adult patients with advanced solid tumors
DALLAS, Nov. 13, 2025 (GLOBE NEWSWIRE) -- Instil Bio, Inc. (“Instil”) (Nasdaq: TIL), a clinical-stage biopharmaceutical company focused on developing a pipeline of novel therapies, today reported its third quarter 2025 financial results and provided a corporate update.
Recent Highlights:
- In September, ImmuneOnco, Instil’s collaborator, presented updated data from additional patients with relapsed/refractory squamous non-small cell lung cancer treated with ‘2510 as monotherapy in a poster presentation at the 2025 World Conference on Lung Cancer hosted by the International Association for the Study of Lung Cancer.
- In October, Axion Bio, Instil’s subsidiary, dosed the first patient in its Phase 1 clinical trial of ‘2510 as monotherapy in patients with relapsed or refractory solid tumors.
Third Quarter 2025 Financial and Operating Results:
As of September 30, 2025, Instil had cash, cash equivalents, restricted cash, marketable securities and long-term investments of
In-process research and development expenses were nil and
Research and development expenses were
General and administrative expenses were
Restructuring and impairment charges were nil and
Net loss per share, basic and diluted were
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 is a clinical-stage biopharmaceutical company focused on developing a pipeline of novel therapies. Instil’s lead asset, AXN-2510, is a novel and differentiated PD-L1xVEGF bispecific antibody in development for the treatment of multiple solid tumors. 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” and “will” or similar expressions are intended to identify forward-looking statements. Forward-looking statements include express or implied statements regarding Instil's expectations regarding 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 associated with the costly and time-consuming drug product development process and the uncertainty of clinical success; the risks inherent in relying on collaborators and other third parties, including for manufacturing and generating clinical data, and the ability to rely on any such data from clinical trials in China in regulatory filings submitted to regulatory authorities outside of China; the risks and uncertainties related to successfully making regulatory submissions and initiating, enrolling, completing and reporting data from clinical trials, particularly collaborator-led clinical trials, as well as the risks that results obtained in any clinical trials to date may not be indicative of results obtained in ongoing or future trials and that product candidates may have undesirable side effects or otherwise not be effective treatments in their planned indications; risks related to macroeconomic conditions, including as a result of international conflicts and U.S.-China trade and political tensions, as well as interest rates, inflation, tariffs and other factors, which could materially and adversely affect our business and operations and those of our collaborators; the risks and uncertainties associated with the time-consuming and uncertain regulatory approval process and the sufficiency of Instil's cash resources; and other risks and uncertainties affecting Instil's plans and development programs, including those discussed in the section titled “Risk Factors” in Instil's Quarterly Report on Form 10-Q for the quarter ended September 30, 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
Kimberly Ha
KKH Advisors
CEO & Founder
917-291-5744
kkhadvisors.com
| INSTIL BIO, INC. | |||||
| SELECTED FINANCIAL DATA | |||||
| (Unaudited; in thousands, except share and per share amounts) | |||||
| Selected Condensed Consolidated Balance Sheet Data | |||||
| September 30, 2025 | December 31, 2024 | ||||
| Cash, cash equivalents, restricted cash, marketable securities and long-term investments | $ | 83,392 | $ | 115,145 | |
| Total assets | $ | 211,768 | $ | 263,567 | |
| Total liabilities | $ | 91,346 | $ | 94,131 | |
| Total stockholders’ equity | $ | 120,422 | $ | 169,436 | |
| Condensed Consolidated Statements of Operations | |||||||||||||||
| Three Months Ended | Nine Months Ended | ||||||||||||||
| September 30, | September 30, | ||||||||||||||
| 2025 | 2024 | 2025 | 2024 | ||||||||||||
| Operating expenses: | |||||||||||||||
| In-process research and development | $ | — | $ | 10,000 | $ | 10,000 | $ | 10,000 | |||||||
| Research and development | 9,127 | 562 | 21,241 | 10,739 | |||||||||||
| General and administrative | 5,895 | 10,707 | 21,161 | 33,837 | |||||||||||
| Restructuring and impairment charges | — | 2,362 | 16,622 | 7,146 | |||||||||||
| Total operating expenses | 15,022 | 23,631 | 69,024 | 61,722 | |||||||||||
| Loss from operations | (15,022 | ) | (23,631 | ) | (69,024 | ) | (61,722 | ) | |||||||
| Interest income | 893 | 1,654 | 3,112 | 5,635 | |||||||||||
| Interest expense | (1,582 | ) | (2,007 | ) | (4,262 | ) | (5,988 | ) | |||||||
| Other rental income | 2,242 | 1,493 | 6,726 | 1,493 | |||||||||||
| Other (expense) income, net | (118 | ) | (530 | ) | 267 | (1,658 | ) | ||||||||
| Net loss | $ | (13,587 | ) | $ | (23,021 | ) | $ | (63,181 | ) | $ | (62,240 | ) | |||
| Net loss per share, basic and diluted | $ | (2.01 | ) | $ | (3.54 | ) | $ | (9.53 | ) | $ | (9.57 | ) | |||
| Weighted-average shares used in computing net loss per share, basic and diluted | 6,757,742 | 6,506,681 | 6,629,949 | 6,504,842 | |||||||||||
| INSTIL BIO, INC. | |||||||||||||||
| 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 | Nine Months Ended | ||||||||||||||
| September 30, | September 30, | ||||||||||||||
| 2025 | 2024 | 2025 | 2024 | ||||||||||||
| Net loss | $ | (13,587 | ) | $ | (23,021 | ) | $ | (63,181 | ) | $ | (62,240 | ) | |||
| Adjustments: | |||||||||||||||
| Non-cash stock-based compensation expense | 1,768 | 4,068 | 7,087 | 12,756 | |||||||||||
| Restructuring and impairment charges | — | 2,362 | 16,622 | 7,146 | |||||||||||
| Non-GAAP net loss | $ | (11,819 | ) | $ | (16,591 | ) | $ | (39,472 | ) | $ | (42,338 | ) | |||
| Net loss per share, basic and diluted | $ | (2.01 | ) | $ | (3.54 | ) | $ | (9.53 | ) | $ | (9.57 | ) | |||
| Adjustments: | |||||||||||||||
| Non-cash stock-based compensation expense per share | 0.26 | 0.63 | 1.07 | 1.96 | |||||||||||
| Restructuring and impairment charges per share | — | 0.36 | 2.51 | 1.10 | |||||||||||
| Non-GAAP net loss per share, basic and diluted* | $ | (1.75 | ) | $ | (2.55 | ) | $ | (5.95 | ) | $ | (6.51 | ) | |||
| Weighted-average shares outstanding, basic and diluted | 6,757,742 | 6,506,681 | 6,629,949 | 6,504,842 | |||||||||||
* Non-GAAP net loss per share, basic and diluted may not total due to rounding.
FAQ
How much cash did Instil Bio (TIL) report on Sep 30, 2025?
Does Instil Bio (TIL) have a funding runway beyond 2026?
When was the first patient dosed in the Phase 1 AXN-2510 monotherapy trial for TIL?
What were Instil Bio's (TIL) Q3 2025 net loss per share figures?
What material non-recurring charges did Instil report in the first nine months of 2025?
Did Instil present clinical data at a major conference in 2025?
