IN8bio(INAB) - 2023 Q4 - Annual Results

Financial Performance - IN8bio reported a net loss of $30.0 million, or $1.00 per basic and diluted common share, for the year ended December 31, 2023, compared to a net loss of $28.5 million, or $1.36 per basic and diluted common share, for the prior year[14]. - The total operating expenses for the year ended December 31, 2023, were $30.3 million, compared to $28.5 million in the prior year[14]. - As of December 31, 2023, IN8bio had cash of $21.3 million, an increase from $18.2 million as of December 31, 2022[6]. Research and Development - Research and Development (R&D) expenses increased to $16.8 million for the year ended December 31, 2023, from $14.1 million in the prior year, primarily due to increased personnel-related costs and clinical trial activities[6]. - IN8bio plans to submit an investigational new drug (IND) application for a Phase 3 randomized control trial in 2024 for INB-100[5]. - INB-200 demonstrated that all patients treated exceeded a median progression-free survival (PFS) of seven months, surpassing the standard-of-care median PFS of four to seven months[5]. - The company achieved 100% remission in evaluable patients (n=10) treated with INB-100 in leukemia, with all patients remaining alive and progression-free past 12 months[3]. Administrative Expenses - General and Administrative (G&A) expenses decreased to $13.5 million for the year ended December 31, 2023, from $14.5 million in the prior year, attributed to cost savings in D&O insurance premiums and professional services[6]. Capital and Funding - IN8bio secured initial gross proceeds of $14.4 million from a private placement in December 2023, extending its cash runway into Q1 2025, with potential for up to $32.5 million in additional capital[3]. Leadership Changes - The company appointed Dr. Corinne Epperly to the Board of Directors, enhancing its leadership in immuno-oncology and cell therapy[3].