Instil Bio Reports $21.4 Million Net Loss for Q2 2025, Increased Operating Expenses

Instil Bio, Inc. reported a net loss of $21.4 million for the three months ended June 30, 2025, compared to a net loss of $14.9 million for the same period in 2024. For the six months ended June 30, 2025, the company recorded a net loss of $49.6 million, up from $39.2 million in the prior year. The increase in losses is attributed to higher operating expenses, which totaled $23.4 million for the second quarter of 2025, compared to $14.1 million in the same quarter of 2024. The rise in expenses was primarily driven by a $10 million in-process research and development charge related to the collaboration with ImmuneOnco, as well as increased research and development costs associated with the development of the lead product candidate, AXN-2510/IMM2510.

In terms of financial position, Instil Bio's total assets decreased to $231.0 million as of June 30, 2025, down from $263.6 million at the end of 2024. The decline was largely due to a reduction in cash and cash equivalents, which fell to $7.7 million from $8.8 million, and a decrease in marketable securities from $104.5 million to $84.1 million. The company's accumulated deficit also increased to $704.7 million, reflecting ongoing operational losses. Total stockholders' equity decreased to $131.7 million from $169.4 million at the end of 2024.

Strategically, Instil Bio has made significant advancements in its product pipeline. The company in-licensed several bispecific antibodies, including AXN-2510/IMM2510, from ImmuneOnco in August 2024. This collaboration has led to the recent clearance of an Investigational New Drug (IND) application for AXN-2510, with plans to initiate a Phase 1 trial for patients with relapsed/refractory solid tumors by the end of 2025. The company also reported $4.5 million in rental income from its Tarzana facility, which is currently leased to AstraZeneca Pharmaceuticals.

Operationally, Instil Bio's restructuring efforts have resulted in a reduction of its workforce and the closure of its UK manufacturing facility. The company recorded restructuring and impairment charges of $16.6 million for the six months ended June 30, 2025, compared to $4.8 million in the same period of 2024. As of June 30, 2025, the company had approximately 6.75 million shares of common stock outstanding, reflecting a slight increase from 6.53 million shares at the end of 2024. The company continues to focus on advancing its clinical programs while managing its cash resources, which totaled $103.6 million, including cash, cash equivalents, restricted cash, marketable securities, and long-term investments.

Looking ahead, Instil Bio anticipates continued net losses as it invests in research and development activities, particularly for AXN-2510/IMM2510. The company expects its existing cash resources to be sufficient to fund operations beyond 2026, contingent on the successful sale of its Tarzana facility and the progress of its clinical trials. The company remains committed to exploring additional in-licensing or acquisition opportunities to enhance its therapeutic pipeline.