IN8bio Q2 2024 Financial Results and Corporate Highlights

IN8bio, Inc. (Nasdaq: INAB), a clinical-stage biopharmaceutical company, is making significant strides in developing gamma-delta T cell therapies for treating both solid and hematologic malignancies. During the second quarter of 2024, the company showcased promising results and maintained its position as a leader in the field.

Clinical Progress and Data Presentation
At the European Hematology Association (EHA) 2024 Congress, IN8bio presented compelling Phase 1 data for INB-100, demonstrating a 100% one-year complete remission (CR) rate among evaluable patients with hematologic cancers, including acute myelogenous leukemia (AML). Patients treated exhibited long-term in vivo expansion and persistence of allogeneic gamma-delta T cells 365 days post-administration. This finding marks a milestone in cellular therapy, suggesting durable remissions could be achievable in high-risk leukemia cases. Notably, two patients treated with INB-100 have remained relapse-free for over three and a half years, and another for nearly three years.

Additionally, at the 2024 American Society of Clinical Oncology (ASCO) Annual Meeting, IN8bio shared data on INB-200, showing that 92% of glioblastoma (GBM) patients treated surpassed the median seven-month progression-free survival (PFS) benchmark typically observed with standard-of-care treatments. These results indicate that INB-200 may significantly extend PFS in GBM patients.

Manufacturing Advances
IN8bio has also demonstrated advancements in its gamma-delta T cell manufacturing technology. Presentations at the American Society of Gene & Cell Therapy (ASGCT) 2024 Annual Meeting illustrated the robust and reproducible nature of their DeltEx gamma-delta T cell platform. This manufacturing process is crucial for developing investigational candidates aimed at eradicating cancer cells, thereby improving patient outcomes. The platform's success in creating products with enhanced potency, effector functions, and trafficking capabilities represents significant progress in the characterization and potential efficacy of gamma-delta T cell-based therapies.

Safety Profile
The safety profile of IN8bio’s therapies remains strong. Across both Phase 1 trials for INB-100 and INB-200, no cell therapy-related toxicities, such as immune effector cell-associated neurotoxicity syndrome or cytokine release syndrome, were reported. This favorable safety profile is promising for the continued development and clinical application of these therapies.

Financial Overview
For the second quarter ending June 30, 2024, IN8bio reported research and development (R&D) expenses of $5.2 million, up from $4.1 million in the same period last year. This increase was primarily attributed to higher personnel-related costs and clinical program enrollment expenses. General and administrative expenses remained consistent at approximately $3.5 million. The company's net loss for the period was $8.6 million, or $0.19 per share, compared to a net loss of $7.7 million, or $0.27 per share, in the prior year’s quarter. As of June 30, 2024, IN8bio’s cash reserves stood at $10.2 million, down from $21.3 million at the end of 2023.

Corporate Outlook
William Ho, CEO and co-founder of IN8bio, emphasized the potential of gamma-delta T cell therapies to transform cancer treatment. The company remains focused on advancing its pipeline, with plans to provide further updates as patient data matures. The positive clinical outcomes and robust manufacturing capabilities highlight IN8bio’s commitment to developing innovative treatments for cancers that currently have limited therapeutic options.

In summary, IN8bio is making noteworthy progress in the development of its gamma-delta T cell therapies, with significant clinical achievements and advancements in manufacturing processes. The company's focus on innovative cancer treatments holds promise for improving patient outcomes in challenging malignancies like AML and GBM.

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