Instil Bio Q2 2024 Financial Results and Corporate Update

Instil Bio, Inc., a clinical-stage biopharmaceutical company, revealed its financial results for the second quarter of 2024 and shared a corporate update. The company's CEO, Bronson Crouch, emphasized the expansion of their therapeutic pipeline with the acquisition of SYN-2510 and SYN-27M. Additionally, Instil has fortified its financial position by entering a 15-year lease agreement for its cell therapy manufacturing facility with AstraZeneca Pharmaceuticals LP.

In August 2024, SynBioTx, a subsidiary of Instil, signed an exclusive licensing and collaboration agreement with ImmuneOnco for the global rights (excluding Greater China) to develop and commercialize SYN-2510 and SYN-27M. SYN-2510 is a PD-L1xVEGF bispecific antibody, and SYN-27M is an ADCC-enhanced CTLA-4 antibody. Both have completed Phase 1a dose escalation studies in multiple solid tumor types in China, with ongoing patient enrollment for dose optimization and expansion.

In July 2024, Instil executed a lease for its U.S. cell therapy manufacturing facility with AstraZeneca Pharmaceuticals LP. The initial base rent is over $7.5 million annually, with a 3% annual escalation. The lease includes provisions for the tenant to cover certain operating and tax expenses, along with potential rent abatement in the first year. This agreement substantially bolsters Instil's financial foundation.

Instil is also exploring additional opportunities to acquire or in-license new therapeutic candidates with the potential to be first-in-class or best-in-class. The company's cash reserves are expected to sustain operations beyond 2026.

Financially, as of June 30, 2024, Instil had $152.6 million in cash, equivalents, marketable securities, and long-term investments, down from $175.0 million at the end of 2023. This includes $6.8 million in cash and equivalents, $141.8 million in marketable securities, and $4.0 million in long-term investments. Despite this reduction, the company is confident in its ability to fund operations beyond 2026.

Instil's research and development expenses were $2.9 million for Q2 2024, a significant reduction from $8.5 million in Q2 2023. For the first half of 2024, these expenses were $10.2 million, down from $29.1 million for the same period in 2023. General and administrative expenses also decreased slightly to $10.7 million in Q2 2024 from $11.5 million in Q2 2023, and $23.1 million for the first half of 2024 compared to $24.7 million in the first half of 2023. Restructuring and impairment charges were $0.5 million for Q2 2024 and $4.8 million for the first half of 2024, both lower than the same periods in 2023.

The net loss per share was $2.29 for Q2 2024 and $6.03 for the first six months of 2024, compared to $2.87 and $11.64 for the same periods in 2023. On a non-GAAP basis, the net loss per share was $1.57 for Q2 2024 and $3.95 for the first six months of 2024, compared to $2.03 and $6.33 for the same periods in 2023.

Instil presented these non-GAAP financial measures to provide a clearer understanding of its financial performance, excluding non-cash stock-based compensation and restructuring and impairment charges.

Instil Bio focuses on developing innovative therapies, with SYN-2510, a PD-L1xVEGF bispecific antibody, being its lead asset for treating multiple solid tumors.

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