IN8bio, Inc. (NASDAQ: INAB) reported its fourth‑quarter and full‑year 2025 financial results on March 12, 2026. The company posted a net loss of $4.9 million for the three months ended December 31, 2025, and a net loss of $19.4 million for the year, a 36 % decline from the $30.7 million loss recorded in 2024. Cash and cash equivalents stood at $27.1 million at year‑end, up from $10.7 million at the end of Q3 2025.
IN8bio also highlighted a private placement that raised up to $40.2 million in gross proceeds. The initial closing of $20.1 million was followed by a milestone‑based closing of an additional $20.1 million tied to the INB‑619 program, extending the company’s cash runway into the second half of 2027. The company’s auditors issued a going‑concern warning, underscoring the importance of the new capital to sustain operations.
Clinical updates focused on the INB‑200 and INB‑400 programs in newly diagnosed glioblastoma. The company reported a median progression‑free survival of 16.1 months for patients receiving the therapy, compared with 6.9 months in a contemporaneous standard‑of‑care control cohort. A separate analysis of the DRI platform showed a median progression‑free survival of 13.0 months versus 6.6 months in controls, and a patient in the INB‑200 trial has remained progression‑free for more than four years.
CEO William Ho said, ‘In 2025, we delivered meaningful progress financially and across our clinical γδ T cell therapy programs and our next‑generation T cell engager platform.’ He added that the company’s cost‑control measures—reducing R&D expenses from $17.0 million in 2024 to $10.2 million in 2025 and cutting G&A costs from $12.6 million to $9.7 million—were key drivers of the narrowed loss.
The company also promoted Dr. Kate Rochlin to President and Chief Operating Officer in February 2026, a move that the company said would strengthen operational execution as it advances multiple high‑value programs.
With a stronger balance sheet and a 36 % reduction in annual loss, IN8bio is positioned to pursue its pipeline, including the INB‑100 AML program and the TCE platform, while managing the headwinds highlighted by the auditors. The company’s focus on disciplined cost management and accelerated clinical milestones signals confidence in achieving future regulatory and commercial milestones.
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