IN8bio, Inc. (IN8BIO), a clinical-stage biopharmaceutical company focused on gamma-delta T cell therapies, reported a net loss of $30.4 million for the year ended December 31, 2024, compared to a net loss of $30.0 million in 2023. Total operating expenses increased slightly from $30.3 million to $30.7 million, driven by a $135,000 rise in research and development expenses to $17.0 million, partially offset by a decrease in general and administrative expenses to $12.6 million from $13.5 million. The increase in research and development costs was primarily due to increased spending on INB-100 and INB-400 clinical trials, partially offset by decreased spending on INB-200 and preclinical activities. A significant $1.1 million in severance and related charges was also incurred in 2024 due to a workforce reduction.
The company's cash position decreased significantly from $21.3 million at the end of 2023 to $11.1 million at the end of 2024. This decrease reflects net cash used in operating activities of $24.1 million and investing activities of $0.2 million, partially offset by net cash provided by financing activities of $14.2 million. Financing activities included net proceeds of $11.2 million from a private placement and $3.8 million from an at-the-market (ATM) program. The company's auditors noted substantial doubt about IN8bio's ability to continue as a going concern due to its operating losses and anticipated need for further funding.
Strategic developments during the year included a pipeline prioritization in September 2024, resulting in the suspension of patient enrollment in the INB-400 Phase 2 clinical trial and a 49% workforce reduction. The company also completed enrollment in the INB-200 Phase 1 trial and determined a recommended Phase 2 dose for INB-100. IN8bio presented updated data for INB-100 at the 2025 Transplantation & Cellular Therapy Meeting, showing 100% of AML patients in complete remission with a median follow-up of 20.1 months. Further, the company introduced INB-600, a proprietary TCE platform, and presented preclinical data for INB-300 at the 2024 AACR Annual Meeting.
As of December 31, 2024, IN8bio had 18 full-time employees, 14 of whom were engaged in research and development. The company's financial statements included a discussion of its critical accounting policies, including research and development costs, stock-based compensation, and lease accounting. The company also disclosed its status as an emerging growth company and smaller reporting company, and its election not to use the extended transition period for complying with new or revised financial accounting standards. The company's outlook remains contingent upon securing additional funding to support its ongoing operations and clinical development programs. The company is actively exploring partnership opportunities to further advance its pipeline.
About IN8BIO, INC.
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