IN8bio (INAB 2.38%), a clinical-stage biotechnology company focused on developing gamma-delta T cell therapies for cancer and autoimmune diseases, released its second quarter results on August 7, 2025. The most significant news was a sharply reduced net loss (GAAP) compared to the same quarter in the prior year and clinical progress for its lead programs, particularly in glioblastoma. IN8bio reported a loss per share of $(1.24) (GAAP). As expected for a clinical-stage biotech, no revenue was recorded. Research and development costs (GAAP) dropped steeply from the prior year, falling to $2.5 million from $5.2 million in Q2 2024, while cash on hand rose to $13.2 million. The quarter showed controlled spending and clinical milestones, yet still reflects the challenges of no operating revenue and limited funding runway.
| Metric | Q2 2025 | Q2 2025 Estimate | Q2 2024 | Y/Y Change |
|---|---|---|---|---|
| EPS (GAAP) | $(1.24) | $(1.73) | $(5.51) | (77.5%) |
| Revenue (GAAP) | $0.0 | $0.0 | $0.0 | — |
| Research and Development Expenses | $2.5 million | $5.2 million | (52.1%) | |
| General and Administrative Expenses | $2.7 million | $3.5 million | (22.9%) | |
| Cash (end of period) | $13.2 million | $10.2 million | N/A |
Source: Analyst estimates for the quarter provided by FactSet.
About IN8bio and Business Focus
IN8bio is developing a platform of cell therapies using gamma-delta T cells, a type of immune cell believed to help target and destroy cancer cells. Its current lead programs include INB-200 for glioblastoma (an aggressive brain tumor), INB-100 for leukemia, and preclinical work on autoimmune disorders.
The company has focused recently on narrowing its research and development pipeline, pausing certain programs to control expenses and prioritize the therapies showing the greatest clinical impact. Key factors in its success revolve around demonstrating strong clinical trial outcomes and establishing manufacturing systems that support the scale-up of cell therapies, as well as ensuring enough funding to reach major milestones.
Quarter in Review: Key Data and Program Milestones
During Q2 2025, IN8bio reduced its net loss (GAAP) sharply compared to the previous year, with total expenses dropping as it reprioritized spending. Research and development outlays (GAAP) fell to $2.5 million from $5.2 million in Q2 2024, mainly because of strategic pauses in some clinical trial activities and lower personnel-related costs after a pipeline prioritization announced in September 2024. General and administrative expenses (GAAP) declined to $2.7 million from $3.5 million in the prior year period, reflecting staff and professional service reductions.
No revenue was reported, aligning with expectations for a company focused solely on advancing drug candidates through trials rather than commercial sales. Loss per share improved but remains negative as the company continues to invest in development without offsetting product income. Cash balance was $13.2 million as of June 30, 2025. IN8bio stated this level allows it to fund operations into June 2026, with management stating in August 2025 that the runway now extends into June 2026.
On the clinical side, the company made progress in several programs. In its INB-200 clinical trial, a patient with grade IV glioblastoma remained progression-free for four years as of May 31, 2025, and the group receiving multiple doses had a median progression-free survival of 16.1 months as of May 31, 2025. This figure is more than double the 6.9 months generally seen with the current standard therapy, called the Stupp protocol. Notably, 40% of patients receiving multiple doses had no disease progression for at least 18 months after treatment. There were no significant toxicities reported, suggesting a favorable safety profile.
In preclinical work, the company presented data for INB-619, a gamma-delta T cell therapy aimed at depleting harmful B cells in lupus, an autoimmune disorder. INB-619 achieved full, targeted B cell depletion in laboratory samples without triggering unwanted inflammation, highlighting the therapy’s potential in autoimmune settings.
Manufacturing capabilities also earned industry recognition. The DeltEx™ manufacturing platform, which supports automated and scalable production of cell therapies, received the Host Region USA East Abstract Award from the International Society for Cell & Gene Therapy in 2025. This award points to progress in efficient, scalable manufacturing -- a critical piece for bringing therapies to larger patient populations.
IN8bio did not report any new regulatory milestones this quarter. However, its portfolio continues to benefit from prior steps such as Orphan Drug Designation for INB-400 and earlier regulatory meetings for INB-100, setting up potential future clinical trial expansions. There were no new updates on intellectual property or patents, but previous filings cover its technology platform and candidates into the next decade. No dividend was paid or announced in the period.
Looking Ahead: Outlook and Upcoming Milestones
Management did not provide explicit financial guidance for upcoming periods. It instead focused on near-term clinical catalysts, including updates for the INB-100 leukemia trial, more data from INB-200 and INB-400 in glioblastoma, and further preclinical updates for INB-619 in autoimmune disease expected by late 2025.
Investors should watch for progress on enrolling and expanding clinical trials, as well as for any developments in external partnerships or funding. The company has also extended its runway into June 2026, but absent future revenue or capital raises, funding risk will remain a key issue in quarters ahead. The company does not currently pay a dividend.
Revenue and net income presented using U.S. generally accepted accounting principles (GAAP) unless otherwise noted.
