IN8bio, Inc., a clinical-stage biopharmaceutical company focused on developing gamma-delta T cell therapies for solid and liquid tumors, reported significant financial challenges in its latest 10-Q filing for the quarter ending September 30, 2024. The company recorded a net loss of $7.1 million for the third quarter, slightly improved from a net loss of $7.2 million in the same period of 2023. For the nine months ended September 30, 2024, the net loss increased to $24.3 million, compared to $22.4 million for the prior year.
Total operating expenses for the third quarter were $7.1 million, a marginal decrease from $7.2 million in 2023. Research and development (R&D) expenses decreased to $3.3 million from $3.8 million, while general and administrative (G&A) expenses fell to $2.7 million from $3.4 million. However, the company incurred $1.1 million in severance and related charges due to a workforce reduction of approximately 49% announced in September 2024, aimed at optimizing resources and prioritizing its pipeline.
As of September 30, 2024, IN8bio's current assets plummeted to $6.7 million from $24.6 million at the end of 2023, with cash reserves decreasing to $4.0 million from $21.3 million. The total assets also declined to $16.0 million from $33.7 million, and total stockholders' equity fell to $8.6 million from $24.9 million. The company has an accumulated deficit of $115.5 million.
In terms of financing, IN8bio raised $11.6 million in October 2024 through a private placement, which is expected to fund operations through December 2025. However, there remains substantial doubt about the company's ability to continue as a going concern without additional capital. The company plans to raise further funds through equity and/or debt offerings and is exploring strategic collaborations.
The lead product candidate, INB-100, is currently in a Phase 1 clinical trial for acute myeloid leukemia (AML), with promising preliminary results. However, enrollment in the Phase 2 trial for INB-400 has been suspended while the company seeks partnership opportunities. The company has not generated any revenue since its inception and does not anticipate product sales in the near future, continuing to face significant operational losses as it advances its clinical programs.
About IN8BIO, INC.
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