Instil Bio(TIL) - 2024 Q2 - Quarterly Results

Part I Corporate Update and Strategy Instil Bio expanded its pipeline with new assets, strengthened finances via a facility lease, and extended its cash runway beyond 2026 - In-licensed two clinical-stage assets from ImmuneOnco: SYN-2510 (a PD-L1xVEGF bispecific antibody) and SYN-27M (a next-gen CTLA-4 antibody), acquiring exclusive global development and commercialization rights outside of Greater China[1][2] - Executed a 15-year lease for its U.S. cell therapy manufacturing facility to AstraZeneca, with an initial annual base rent exceeding $7.5 million, escalating at 3% per year[1][3] - The company's cash runway is expected to extend beyond 2026, supported by recent strategic moves[3][4] - Instil continues to actively explore opportunities to in-license or acquire other novel therapeutic candidates[3] Second Quarter 2024 Financial Results Instil Bio reported a reduced net loss in Q2 2024, driven by lower operating expenses, and maintained a strong cash position Financial Position As of June 30, 2024, Instil Bio held $152.6 million in cash and investments, with total assets at $294.3 million Selected Balance Sheet Data (in thousands) | Metric | June 30, 2024 | Dec 31, 2023 | | :--- | :--- | :--- | | Cash, cash equivalents, marketable securities & long-term investments | $152,578 | $175,018 | | Total assets | $294,316 | $325,630 | | Total liabilities | $99,297 | $99,801 | | Total stockholders' equity | $195,019 | $225,829 | Operating Results Instil Bio significantly reduced its net loss in Q2 2024 and H1 2024, primarily due to decreased operating expenses Comparison of Operating Expenses (in thousands) | Expense Category | Q2 2024 | Q2 2023 | H1 2024 | H1 2023 | | :--- | :--- | :--- | :--- | :--- | | Research and development | $2,921 | $8,459 | $10,177 | $29,129 | | General and administrative | $10,706 | $11,518 | $23,130 | $24,740 | | Restructuring and impairment | $508 | $1,010 | $4,783 | $25,564 | | Total operating expenses | $14,135 | $20,987 | $38,090 | $79,433 | Net Loss and Net Loss Per Share | Metric | Q2 2024 | Q2 2023 | H1 2024 | H1 2023 | | :--- | :--- | :--- | :--- | :--- | | Net Loss (in thousands) | $(14,917) | $(18,662) | $(39,219) | $(75,730) | | Net Loss Per Share | $(2.29) | $(2.87) | $(6.03) | $(11.64) | Non-GAAP Financial Measures Non-GAAP net loss for Q2 and H1 2024 significantly improved, excluding non-cash and restructuring charges - Non-GAAP financial measures are presented to enhance understanding of financial performance by excluding non-cash stock-based compensation and restructuring/impairment charges[7] GAAP to Non-GAAP Net Loss Reconciliation (in thousands) | Metric | Q2 2024 | Q2 2023 | H1 2024 | H1 2023 | | :--- | :--- | :--- | :--- | :--- | | GAAP Net Loss | $(14,917) | $(18,662) | $(39,219) | $(75,730) | | Adjustments | $4,681 | $5,423 | $13,471 | $34,507 | | Non-GAAP Net Loss | $(10,236) | $(13,239) | $(25,748) | $(41,223) | GAAP to Non-GAAP Net Loss Per Share Reconciliation | Metric | Q2 2024 | Q2 2023 | H1 2024 | H1 2023 | | :--- | :--- | :--- | :--- | :--- | | GAAP Net Loss Per Share | $(2.29) | $(2.87) | $(6.03) | $(11.64) | | Non-GAAP Net Loss Per Share | $(1.57) | $(2.03) | $(3.95) | $(6.33) |