IN8bio, Inc.

What they do

IN8bio develops allogeneic, autologous, iPSC, and genetically modified gamma-delta T cell product candidates and TCEs using its DeltEx platform. Its lead clinical programs are INB-100 (allogeneic gamma-delta T cells for high-risk leukemias post-haploidentical stem cell transplant) and INB-200/INB-400 (autologous DRI cells for newly diagnosed glioblastoma). The company also has a preclinical CD19-targeting TCE, INB-619, for oncology and autoimmune indications.

Revenue drivers

• INB-100 (DeltEx Allo) — Phase 1 trial completed primary enrollment; expansion cohort underway; no approved product or revenue.
• INB-200/INB-400 (DeltEx DRI) — Phase 1 and Phase 2 trials for GBM; enrollment suspended in Phase 2 in September 2024; no approved product or revenue.
• INB-619 (TCE platform) — preclinical CD19-targeting gamma-delta TCE; IND submission targeted for 2027; no revenue.

Recent performance

For Q2 2026, IN8bio reported cash and equivalents of $18.1 million as of June 30, 2026. Net loss for 2025 was $19.4 million, narrowing from $30.4 million in 2024. Operating cash flow improved to -$12.7 million in 2025 from -$24.1 million in 2024. In Q2 2026, the company presented ASCO data showing median overall survival exceeding 19.5 months in repeat-dose GBM patients versus 13.2 months for standard of care.

Strategy

Management's stated strategy is to complete the INB-100 expansion cohort and provide long-term follow-up data in late 2026. For the GBM program, they are seeking FDA guidance on regulatory pathways and evaluating funding/partnering options. They plan to advance INB-619 into IND-enabling studies, with initial in vivo data expected in the second half of 2026 and an IND submission targeted for 2027. They also intend to scale manufacturing via internal capabilities, academic collaborators, and CDMOs, and to retain development/commercialization rights where feasible.

Risks

• No approved products or revenue — IN8bio has no products approved for commercial sale and has generated no revenue from product sales.
• Dependence on additional capital — The company's strategy explicitly depends on raising additional capital or deploying strategic alternatives; cash of $18.1 million may be insufficient to fund all planned operations.
• Clinical trial discontinuation risk — Enrollment in the Phase 2 INB-400 trial was suspended in September 2024, and the company may not be able to resume or achieve registration.
• Early-stage TCE platform — INB-619 is preclinical; preliminary animal data are not yet reported, and an IND submission is not expected until 2027.

Outlook

Management expects to report initial long-term follow-up data from the INB-100 expansion cohort at a medical meeting in late 2026. They also plan to present additional mOS data from the GBM program at mid- and late-2026 medical meetings, and seek FDA guidance on a regulatory pathway. For INB-619, they expect initial in vivo data in the second half of 2026.