Detailed financial statements for IN8bio, Inc. (INAB): income statement, balance sheet and cash-flow summary. Track margins, debt, liquidity and profitability trends year over year with up to 20 years of history.
IN8bio, Inc. is a biotechnology firm currently in the clinical trial phase, dedicated to identifying, advancing, and bringing to market gamma-delta T cell-based treatments specifically for various forms of cancer. The company's primary therapeutic asset, INB-200, is an autologous (patient-derived) gamma-delta T cell product that has been genetically engineered and is presently undergoing a Phase I clinical study for glioblastoma and other solid tumor malignancies.
Analysis Summary
Balance sheet quality for INAB: current ratio of 8.8, net cash position of $24.3M. A debt-to-equity below 1.0 typically signals conservative capital structure, while a current ratio above 1.5 indicates comfortable short-term liquidity.
Income Statement (10y)
| Year | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Revenue | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Cost of Revenue | $96000 | $96000 | 0 | 0 | 0 | $2.5M | 0 | $2.5M |
| Gross Profit | -$96000 | -$96000 | 0 | 0 | 0 | -$2.5M | 0 | -$2.5M |
| Research & Development | $581000 | $2.4M | $5.4M | $7.3M | $14.1M | $16.8M | $17.0M | $10.2M |
| Selling, General & Admin | $1.4M | $2.7M | $3.2M | $7.3M | $14.5M | $13.5M | $12.6M | $9.7M |
| Operating Expenses | $2.0M | $5.1M | $8.6M | $14.7M | $28.5M | $27.8M | $30.4M | $17.4M |
| Operating Income | -$2.0M | -$5.1M | -$8.6M | -$14.7M | -$28.5M | -$30.3M | -$30.4M | -$19.9M |
| EBITDA | -$2.0M | -$5.0M | -$8.5M | -$13.9M | -$27.4M | -$27.5M | -$26.9M | -$16.9M |
| Interest Expense | $14000 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Pre-tax Income | -$2.1M | -$5.1M | -$8.6M | -$14.7M | -$28.5M | -$30.0M | -$30.4M | -$19.4M |
| Income Tax | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Net Income | -$2.1M | -$5.1M | -$8.6M | -$14.7M | -$28.5M | -$30.0M | -$30.4M | -$19.4M |
| EPS | $-3.89 | $-9.16 | $-16.03 | $-23.41 | $-40.81 | $-30.14 | $-17.05 | $-4.44 |
| EPS (Diluted) | $-3.89 | $-9.16 | $-16.03 | $-23.41 | $-40.81 | $-30.14 | $-17.05 | $-4.44 |
| Shares Outstanding (Diluted) | $645151 | $645151 | $645151 | $626041 | $698931 | $995497 | $1.8M | $4.4M |
Income Statement (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|
| Revenue | 0 | 0 | 0 | 0 |
| Gross Profit | 0 | 0 | -$500000 | 0 |
| Operating Income | -$3.9M | -$4.9M | -$5.3M | -$4.8M |
| EBITDA | -$3.3M | -$4.5M | -$4.6M | -$4.3M |
| Net Income | -$3.9M | -$4.9M | -$5.1M | -$4.8M |
| EPS | $-0.85 | $-0.51 | $-0.26 | $-0.25 |
| EPS (Diluted) | $-0.85 | $-0.51 | $-0.26 | $-0.25 |
Balance Sheet (10y)
| Year | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Cash & Equivalents | $5.0M | $610000 | $18.0M | $37.0M | $18.2M | $21.3M | $11.1M | $27.1M |
| Short-term Investments | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Receivables | $30000 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Inventory | $15000 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total Current Assets | $5.1M | $763000 | $18.1M | $39.0M | $22.2M | $24.6M | $12.6M | $27.9M |
| Property, Plant & Equipment | $795000 | $274000 | $186000 | $2.8M | $10.3M | $8.6M | $7.8M | $4.0M |
| Goodwill | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Intangible Assets | 0 | 0 | 0 | 0 | $126000 | 0 | 0 | 0 |
| Total Assets | $5.9M | $1.1M | $20.9M | $42.2M | $33.0M | $33.7M | $20.9M | $32.3M |
| Accounts Payable | $419000 | $560000 | $620000 | $395000 | $2.1M | $924000 | $389000 | $309000 |
| Short-term Debt | 0 | 0 | $174000 | 0 | 0 | 0 | 0 | 0 |
| Total Current Liabilities | $419000 | $647000 | $2.6M | $2.3M | $5.8M | $5.4M | $3.1M | $3.2M |
| Long-term Debt | 0 | 0 | 0 | 0 | 0 | 0 | 0 | $1.6M |
| Total Liabilities | $1.2M | $1.5M | $2.6M | $4.0M | $10.3M | $8.8M | $6.5M | $4.7M |
| Retained Earnings | -$4.3M | -$9.5M | -$18.0M | -$32.7M | -$61.2M | -$91.2M | -$121.7M | -$141.1M |
| Total Equity | $4.6M | -$346000 | $18.3M | $38.2M | $22.7M | $24.9M | $14.5M | $27.6M |
| Total Debt | 0 | 0 | $174000 | $2.4M | $5.9M | $4.9M | $5.0M | $2.8M |
| Net Debt | -$5.0M | -$610000 | -$17.8M | -$34.6M | -$12.3M | -$16.4M | -$6.1M | -$24.3M |
| Working Capital | $4.7M | $116000 | $15.6M | $36.7M | $16.4M | $19.2M | $9.5M | $24.7M |
Balance Sheet (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|
| Cash & Equivalents | $10.7M | $27.1M | $21.9M | $18.0M |
| Total Assets | $16.8M | $32.3M | $26.3M | $21.7M |
| Total Liabilities | $3.6M | $4.7M | $3.5M | $3.4M |
| Total Equity | $13.2M | $27.6M | $22.8M | $18.4M |
| Total Debt | $3.0M | $2.8M | $2.4M | $2.2M |
Cash Flow (10y)
| Year | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Net Income | -$2.1M | -$5.1M | -$8.6M | -$14.7M | -$28.5M | -$30.0M | -$30.4M | -$19.4M |
| Depreciation & Amortization | $96000 | $96000 | $88000 | $788000 | $1.1M | $2.5M | $2.7M | $1.8M |
| Stock-based Compensation | $31000 | $76000 | $357000 | $2.2M | $3.5M | $4.4M | $5.0M | $3.2M |
| Change in Working Capital | -$885000 | $93000 | $611000 | -$1.8M | -$170000 | -$204000 | -$1.4M | $1.0M |
| Operating Cash Flow | -$2.8M | -$4.8M | -$7.1M | -$13.5M | -$24.1M | -$23.3M | -$24.1M | -$12.7M |
| Capital Expenditure | -$757000 | -$330000 | 0 | -$309000 | -$3.7M | -$600000 | -$104000 | 0 |
| Acquisitions | 0 | $686000 | 0 | 0 | 0 | 0 | 0 | 0 |
| Stock Repurchased | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Free Cash Flow | -$3.5M | -$5.1M | -$7.1M | -$13.8M | -$27.8M | -$23.9M | -$24.3M | -$12.7M |
Cash Flow (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|
| Operating Cash Flow | -$3.5M | -$2.1M | -$4.9M | -$3.7M |
| Capital Expenditure | 0 | 0 | -$9000 | -$233000 |
| Free Cash Flow | -$3.5M | -$2.1M | -$5.0M | -$4.0M |
| Dividends Paid | 0 | 0 | 0 | 0 |
| Stock-based Compensation | $692000 | $711000 | $401000 | $352000 |
Growth & Margins (10y)
| Year | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Net Income Growth (YoY) | | -146.7% | -66.7% | -71.2% | -94.6% | -5.2% | -1.4% | +36.1% |
| EPS Growth (YoY) | | -135.5% | -75.0% | -46.0% | -74.3% | +26.1% | +43.4% | +74.0% |
| Shares Change (YoY) | | +0.0% | +0.0% | -3.0% | +11.6% | +42.4% | +79.3% | +145.1% |
| FCF Growth (YoY) | | -45.5% | -39.0% | -93.7% | -101.4% | +14.0% | -1.3% | +47.6% |
| Effective Tax Rate | -0.0% | -0.0% | -0.0% | -0.0% | -0.0% | -0.0% | -0.0% | -0.0% |
Per-Share Data (10y)
| Year | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| FCF Per Share | $-5.47 | $-7.95 | $-11.06 | $-22.07 | $-39.81 | $-24.05 | $-13.59 | $-2.91 |
| Dividends Per Share | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 |
| Shares Outstanding (Basic) | $645151 | $645151 | $645151 | $626041 | $698931 | $995497 | $1.8M | $4.4M |
What to look at in Biotech
Most small biotechs lose money. Analysing them with P/E makes no sense — look at cash and pipeline.
- Cash Runway — Months of cash at current burn rate. <18 months = urgent dilution risk
- Annual cash burn — Rate at which they burn operating cash. Compare with cash position to project runway
- Total Debt — Biotech with no revenue + debt = recipe for bankruptcy
- R&D / Market cap — How much they invest in pipeline vs the company value — research-intensity indicator
- Market cap / Cash — If it trades near its cash, the market assigns ~0 value to the pipeline — opportunity or trap
Key Ratios (10y)
| Year | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| P/E | -77.12 | -32.75 | -18.71 | -5.63 | -1.70 | -1.37 | -0.45 | -0.53 |
| P/B | 41.65 | -559.38 | 10.56 | 2.16 | 2.13 | 1.65 | 0.95 | 0.37 |
| P/S | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Gross Margin | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
| Operating Margin | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
| Net Margin | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |