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 second quarter ended June 30, 2021. In addition, the Company provided an overview of recent corporate developments.
“In the second quarter and subsequent months, we have demonstrated progress in both of our clinical programs,” said William Ho, Chief Executive Officer and co-founder of IN8bio. “We successfully completed treatment of the first cohort in the INB-200 Phase 1 trial using our genetically modified gamma-delta T cell candidate in development for treating solid tumors. We also completed dosing of the first cohort of the Phase 1 trial of INB-100, an allogeneic gamma-delta T cell product candidate in development for leukemia patients. We anticipate reporting updates to both programs in the coming months, and given our strengthened cash position from the IPO, we will continue to progress our trials and other pipeline programs.”
Successful Initial Public Offering
On August 3, 2021, IN8bio completed its initial public offering, in which it issued and sold 4,000,000 shares of common stock at a public offering price of $10.00 per share. The net proceeds to the Company were approximately $32.6 million, after deducting underwriting discounts, commissions and estimated offering expenses. On September 7, 2021, subsequent to the IPO, there were 18,754,553 shares of common stock outstanding.
Second Quarter Business Highlights & Company Updates
Second Quarter 2021 Financial Highlights
IN8BIO, INC.
CONDENSED BALANCE SHEETS
(In thousands, except share and per share data)
| June 30, | ||||||||
| 2021 | December 31, | |||||||
| (unaudited) | 2020 | |||||||
| Assets | (Note 2) | |||||||
| Current assets | ||||||||
| Cash | $ | 11,999 | $ | 17,994 | ||||
| Prepaid expenses and other current assets | 168 | 150 | ||||||
| Total Current Assets | 12,167 | 18,144 | ||||||
| Non-current assets | ||||||||
| Property and equipment, net | 142 | 186 | ||||||
| Deferred offering costs | 3,362 | 2,439 | ||||||
| Right of use assets - financing leases | 990 | — | ||||||
| Right of use assets - operating leases | 762 | — | ||||||
| Other non-current assets | 141 | 141 | ||||||
| Total Non-Current Assets | 5,397 | 2,766 | ||||||
| Total Assets | $ | 17,564 | $ | 20,910 | ||||
| Liabilities, Convertible Preferred Stock and Stockholders' Deficit | ||||||||
| Liabilities | ||||||||
| Current liabilities | ||||||||
| Accounts payable | $ | 462 | $ | 620 | ||||
| Accrued expenses and other current liabilities | 1,485 | 1,778 | ||||||
| Short-term financing lease liability | 517 | — | ||||||
| Short-term operating lease liability | 135 | — | ||||||
| Loan payable, current | 174 | 174 | ||||||
| Total Current Liabilities | 2,773 | 2,572 | ||||||
| Deferred rent | — | 17 | ||||||
| Long-term financing lease liability | 432 | — | ||||||
| Long-term operating lease liability | 698 | — | ||||||
| Total Liabilities | 3,903 | 2,589 | ||||||
| Commitments and Contingencies | ||||||||
| Convertible preferred stock, Series A, par value $0.0001 per share; 27,564,260 shares authorized at June 30, 2021 and December 31, 2020; 9,993,727 shares, issued and outstanding at June 30, 2021 and December 31, 2020, and a liquidation preference of $39,390 and $37,969 at June 30, 2021 and December 31, 2020, respectively | 34,900 | 34,900 | ||||||
| Stockholders' Deficit | ||||||||
| Common stock, par value $0.0001 per share; 50,700,000 shares authorized at June 30, 2021 and December 31, 2020; 3,764,488 shares issued and outstanding at June 30, 2021 and December 31, 2020, respectively | 1 | 1 | ||||||
| Additional paid-in capital | 2,211 | 1,458 | ||||||
| Accumulated deficit | (23,451 | ) | (18,038 | ) | ||||
| Total Stockholders' Deficit | (21,239 | ) | (16,579 | ) | ||||
| Total Liabilities, Convertible Preferred Stock and Stockholders' Deficit | $ | 17,564 | $ | 20,910 | ||||
IN8BIO, INC.
CONDENSED STATEMENTS OF OPERATIONS
(In thousands, except share and per share data)
(Unaudited)
| Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||||||
| 2021 | 2020 | 2021 | 2020 | |||||||||||||
| Operating expenses: | ||||||||||||||||
| Research and development | $ | 2,064 | $ | 1,784 | $ | 3,310 | $ | 2,836 | ||||||||
| General and administrative | 986 | 1,090 | 2,103 | 1,729 | ||||||||||||
| Total operating expenses | 3,050 | 2,874 | 5,413 | 4,565 | ||||||||||||
| Loss from operations | (3,050 | ) | (2,874 | ) | (5,413 | ) | (4,565 | ) | ||||||||
| Net loss | $ | (3,050 | ) | $ | (2,874 | ) | $ | (5,413 | ) | $ | (4,565 | ) | ||||
| Net loss attributable to common stockholders (Note 11) | $ | (3,765 | ) | $ | (3,178 | ) | $ | (6,834 | ) | $ | (5,129 | ) | ||||
| Net loss per share attributable to common stockholders – basic and diluted | $ | (1.00 | ) | $ | (0.92 | ) | $ | (1.82 | ) | $ | (1.52 | ) | ||||
| Weighted-average number of shares used in computing net loss per common share, basic and diluted | 3,764,488 | 3,462,182 | 3,764,488 | 3,383,774 | ||||||||||||
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 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
Certain statements herein concerning the Company’s future expectations, plans and prospects, including without limitation, the Company’s current expectations regarding the advancement of its product candidates through preclinical studies and clinical trials and the prospects for such candidates and underlying technology, constitute forward-looking statements under the Private Securities Litigation Reform Act of 1995. The use of words such as “may,” “might,” “will,” “should,” “expect,” “plan,” “anticipate,” “believe,” “estimate,” “project,” “intend,” “future,” “potential,” or “continue,” the negative of these and other similar expressions are intended to identify such forward looking statements. Such statements, based as they are on the current expectations of management, inherently involve numerous risks and uncertainties, known and unknown, many of which are beyond the Company’s control. Consequently, actual future results may differ materially from the anticipated results expressed in such statements. Specific risks which could cause actual results to differ materially from the Company’s current expectations include: scientific, regulatory and technical developments; failure to demonstrate safety, tolerability and/or efficacy; final and quality controlled verification of data and the related analyses; expense and uncertainty of obtaining regulatory approval, including from the U.S. Food and Drug Administration; and the Company’s reliance on third parties, including licensors and clinical research organizations. These risks and uncertainties are more fully described in our filings with the Securities and Exchange Commission, including in the section entitled “Risk Factors” in our quarterly report on Form 10-Q for the fiscal quarter ended June 30, 2021 and other filings and reports that we may file from time to time with the U.S. Securities and Exchange Commission. Do not place undue reliance on any forward-looking statements included herein, which speak only as of the date hereof and which the Company is under no obligation to update or revise as a result of any event, circumstances or otherwise, unless required by applicable law.
Company Contact:
IN8bio, Inc.
Kate Rochlin, Ph.D.
+1 646.600.6GDT (6438)
This email address is being protected from spambots. You need JavaScript enabled to view it.
Investors:
Solebury Trout
David Buck
+ 1 646.378.2927
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Media:
Burns McClellan, Inc.
Robert Flamm, Ph.D. / Harrison Wong
+1 212.213.0006 - ext. 364 / 316
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| Last Trade: | US$0.32 |
| Daily Change: | -0.05 -13.32 |
| Daily Volume: | 1,397,219 |
| Market Cap: | US$23.120M |
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