NEW YORK, May 12, 2022 (GLOBE NEWSWIRE) — IN8bio, Inc. (Nasdaq: INAB), a clinical-stage biopharmaceutical company focused on the discovery and development of innovative gamma-delta T cell therapies utilizing its DeltEx platform, today announced financial results and operational highlights for the quarter ended March 31, 2022. In addition, the Company provided an overview of recent corporate developments.
“Our team continues to execute and advance our programs on multiple fronts despite these challenging times in biotech,” said William Ho, CEO and co-founder of IN8bio. “Our Phase I clinical trials for both DeltEx gamma-delta product candidates, INB-200 in GBM and INB-100 in leukemia patients, continue to progress with encouraging early data. We added key clinical and regulatory expertise to our senior management team and we will be introducing our iPSC derived gamma-delta T cell platform at ASGCT next week. The IN8bio team will be disciplined with our capital and we will use our resources to continue to accelerate the growth and momentum in our Company.”
Business Highlights & Updates
Upcoming Milestones and Events
Expected Upcoming Presentations
First Quarter 2022 Financial Highlights
About IN8bio
IN8bio is a clinical-stage biopharmaceutical company focused on the discovery, development and commercialization of gamma-delta T cell product candidates for solid and liquid tumors. Gamma-delta T cells are a specialized population of T cells that possess unique properties, including the ability to differentiate between healthy and diseased tissue. IN8bio’s DeltEx platform employs allogeneic, autologous, iPSC and genetically modified approaches to develop cell therapies, designed to effectively identify and eradicate tumor cells.
IN8bio is currently conducting two investigator-initiated Phase 1 clinical trials for its lead gamma-delta T cell product candidates: INB-200 for the treatment of newly diagnosed glioblastoma and INB-100 for the treatment of patients with leukemia undergoing hematopoietic stem cell transplantation. IN8bio also has a broad portfolio of preclinical programs focused on addressing other solid tumor types. For more information about IN8bio and its programs, please visit www.IN8bio.com.
Forward Looking Statements
This press release may contain forward-looking statements made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. These statements may be identified by words such as “aims,” “anticipates,” “believes,” “could,” “estimates,” “expects,” “forecasts,” “goal,” “intends,” “may,” “plans,” “possible,” “potential,” “seeks,” “will” and variations of these words or similar expressions that are intended to identify forward-looking statements, although not all forward-looking statements contain these words. Forward-looking statements in this press release include, but are not limited to, statements regarding the timing of initiation, progress and scope of clinical trials for IN8bio’s product candidates; the potential of IN8bio’s DeltEx platform to discover and develop innovative product candidates, including iPSC-derived cell therapies; and IN8bio’s ability to achieve planned milestones, including data readouts from its trials and plans to file an IND application. IN8bio may not actually achieve the plans, intentions or expectations disclosed in these forward-looking statements, and you should not place undue reliance on these forward-looking statements. Actual results or events could differ materially from the plans, intentions and expectations disclosed in these forward-looking statements as a result of various factors, including: risks to site initiation, clinical trial commencement, patient enrollment and follow-up, as well as IN8bio’s ability to meet anticipated deadlines and milestones, presented by the ongoing COVID-19 pandemic; uncertainties inherent in the initiation and completion of preclinical studies and clinical trials and clinical development of IN8bio’s product candidates; the risk that IN8bio may not realize the intended benefits of its DeltEx platform; availability and timing of results from preclinical studies and clinical trials; whether the outcomes of preclinical studies will be predictive of clinical trial results; whether initial or interim results from a clinical trial will be predictive of the final results of the trial or the results of future trials; the risk that trials and studies may be delayed and may not have satisfactory outcomes; potential adverse effects arising from the testing or use of IN8bio’s product candidates; expectations for regulatory approvals to conduct trials or to market products; IN8bio’s reliance on third parties, including licensors and clinical research organizations; and other important factors, any of which could cause our actual results to differ from those contained in the forward-looking statements, are described in greater detail in the section entitled “Risk Factors” in our Quarterly Report on Form 10-K filed with the Securities and Exchange Commission (SEC) on March 17, 2022, as well as in other filings IN8bio may make with the SEC in the future. Any forward-looking statements contained in this press release speak only as of the date hereof, and IN8bio expressly disclaims any obligation to update any forward-looking statements contained herein, whether because of any new information, future events, changed circumstances or otherwise, except as otherwise required by law.
IN8BIO, INC.
CONDENSED BALANCE SHEETS
(In thousands, except share and per share data)
March 31, | ||||||||
2022 | December 31, | |||||||
(unaudited) | 2021 | |||||||
Assets | ||||||||
Current assets | ||||||||
Cash | $ | 32,107 | $ | 37,021 | ||||
Prepaid expenses and other current assets | 1,167 | 1,959 | ||||||
Total Current Assets | 33,274 | 38,980 | ||||||
Non-current assets | ||||||||
Property and equipment, net | 240 | 97 | ||||||
Construction in progress | 497 | 403 | ||||||
Restricted cash | 251 | 251 | ||||||
Right of use assets – financing leases | 555 | 704 | ||||||
Right of use assets – operating leases | 1,563 | 1,630 | ||||||
Other non-current assets | 158 | 158 | ||||||
Total Non-Current Assets | 3,264 | 3,243 | ||||||
Total Assets | $ | 36,538 | $ | 42,223 | ||||
Liabilities and Stockholders’ Equity | ||||||||
Liabilities | ||||||||
Current liabilities | ||||||||
Accounts payable | $ | 553 | $ | 395 | ||||
Accrued expenses and other current liabilities | 884 | 1,235 | ||||||
Short-term financing lease liability | 325 | 392 | ||||||
Short-term operating lease liability | 306 | 234 | ||||||
Total Current Liabilities | 2,068 | 2,256 | ||||||
Long-term financing lease liability | 201 | 269 | ||||||
Long-term operating lease liability | 1,434 | 1,515 | ||||||
Total Non-Current Liabilities | 1,635 | 1,784 | ||||||
Total Liabilities | 3,703 | 4,040 | ||||||
Commitments and Contingencies | ||||||||
Stockholders’ Equity | ||||||||
Common stock, par value $0.0001 per share; 490,000,000 shares authorized at March 31, 2022 and December 31, 2021; 18,812,267 and 18,781,242 shares issued and outstanding at March 31, 2022 and December 31, 2021, respectively | 2 | 2 | ||||||
Additional paid-in capital | 71,669 | 70,872 | ||||||
Accumulated deficit | (38,836 | ) | (32,691 | ) | ||||
Total Stockholders’ Equity | 32,835 | 38,183 | ||||||
Total Liabilities and Stockholders’ Equity | $ | 36,538 | $ | 42,223 |
IN8BIO, INC.
CONDENSED STATEMENTS OF OPERATIONS
(In thousands, except share and per share data)
(Unaudited)
Three Months Ended March 31, |
||||||||
2022 | 2021 | |||||||
Operating expenses: | ||||||||
Research and development | $ | 2,381 | $ | 1,245 | ||||
General and administrative | 3,764 | 1,118 | ||||||
Total operating expenses | 6,145 | 2,363 | ||||||
Loss from operations | (6,145 | ) | (2,363 | ) | ||||
Net loss | $ | (6,145 | ) | $ | (2,363 | ) | ||
Net loss attributable to common stockholders (Note 10) | $ | (6,145 | ) | $ | (3,069 | ) | ||
Net loss per share attributable to common stockholders – basic and diluted | $ | (0.33 | ) | $ | (0.82 | ) | ||
Weighted-average number of shares used in computing net loss per common share, basic and diluted | 18,800,546 | 3,764,488 |
Company Contact:
IN8bio, Inc.
Kate Rochlin, Ph.D.
+ 1 646.600.6438
info@IN8bio.com
Investors:
Solebury Trout
David Buck
+ 1 646.378.2927
dbuck@soleburytrout.com
Media:
Burns McClellan, Inc.
Robert Flamm, Ph.D. / Katie Larch
rflamm@burnsmc.com / klarch@burnsmc.com
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