IN8bio (INAB) AI Stock Analysis

• Market Cap: $18.12M
• Dividend Yield: N/A
• Average Volume (3M): 74.58K
• Price to Earnings (P/E): ―
• Beta (1Y): 1.74
• Revenue Growth: N/A
• EPS Growth: 70.57%
• Country: US
• Employees: 18
• Sector: Healthcare
• Sector Strength: 45
• Industry: Biotechnology
• EPS (TTM): -0.45
• Shares Outstanding: 9,766,132
• 10 Day Avg. Volume: 64,995
• 30 Day Avg. Volume: 74,576
• PEG Ratio: >-0.01
• Price to Book (P/B): 0.37
• Price to Sales (P/S): 0.00
• P/FCF Ratio: -0.81
• Enterprise Value/Market Cap: -0.90
• Enterprise Value/Revenue: N/A
• Enterprise Value/Gross Profit: 13.93
• Enterprise Value/Ebitda: 0.94
• 1Y Price Target: $5.00
• Price Target Upside: 171.74% Upside
• Rating Consensus: Strong Buy
• Number of Analyst Covering: 3
• EPS Forecast (FY): -1.72
• Revenue Forecast (FY): N/A

• Rating: 47 Neutral
• Price Target: $2.00 ▲(8.70% Upside)
• Action: Reiterated Date: 03/13/26
• Date: Action: Reiterated 03/13/26

The score is primarily held back by weak financial performance (no revenue, ongoing losses, and negative free cash flow despite improved burn) and a low valuation score driven by losses (negative P/E, no dividend yield provided). Technical indicators are mixed with only mild short-term improvement, while corporate events modestly support the outlook via added financing runway and leadership continuity.

Positive Factors

Structured $40.2M private placement

A two-tranche, structured private placement providing ~ $20.1M upfront and a contingent second tranche materially extends near-term runway and reduces immediate financing pressure. Tying follow-on capital to milestones aligns funding with program progress and supports clinical advancement over months.

Modest leverage; low debt-to-equity

Low absolute debt and a debt-to-equity ratio near 0.10 provide financial flexibility for a capital-intensive clinical-stage biotech. Modest leverage reduces interest and covenant risk, making it easier to fund trials or secure non-dilutive capital while preserving operational continuity.

Leadership continuity: COO promoted to President

Consolidating strategic and operational leadership under an experienced internal executive supports smoother execution of clinical programs and regulatory milestones. Continuity lowers execution risk during trial advancement and commercial prep, improving long-term program management stability.

Negative Factors

Pre-revenue biotech profile

Having no product revenue across multiple years means the company remains fully dependent on clinical and regulatory success to ever generate operating income. This structural absence of revenues heightens financing dependence and makes long-term sustainability contingent on trial outcomes.

Ongoing negative cash flow and operating losses

Material negative operating and free cash flow, despite improvement, indicate persistent burn from R&D and operations. Continued negative cash generation requires recurrent capital raises or partnerships, creating dilution risk and pressuring resource allocation for multi-year clinical development.

Follow-on funding contingent on milestones

Linking additional capital to clinical and share-price milestones places financing at risk if development stalls. Contingent tranches and investor participation rights create structural dilution and execution-linked funding uncertainty, increasing long-term financing and program-risk for a small biotech.

IN8bio Business Overview & Revenue Model

Company Description

IN8bio, Inc., a clinical-stage biotechnology company, focuses on the discovery, development, and commercialization of gamma-delta T cell therapies for the treatment of cancers. Its lead product candidate includes INB-200, a genetically modified autologous gamma-delta T cell product candidate that is in Phase I clinical trial for the treatment of glioblastoma and solid tumors; and INB-100, an allogeneic product candidate, which is in Phase I clinical trial to treat patients with acute leukemia undergoing hematopoietic stem cell transplantation. It also develops INB-400 and INB-300 that is in preclinical Phase for treatment of various solid tumor cancers. The company was formerly known as Incysus Therapeutics, Inc. and changed its name to IN8bio, Inc. in August 2020. IN8bio, Inc. was incorporated in 2016 and is headquartered in New York, New York.

How the Company Makes Money

As a clinical-stage biotechnology company, IN8bio does not have publicly established, recurring product revenue from commercialized therapies (null). Its funding and cash generation typically come from financing activities (e.g., issuing equity and other capital-raising transactions) and, where applicable, collaboration-related income such as upfront payments, milestone payments, and cost reimbursements tied to research or development partnerships; however, specific recurring revenue streams and the material terms/amounts of any such arrangements are not available here (null). Accordingly, the company\u2019s ability to generate future operating revenue is primarily dependent on successfully advancing candidates through clinical trials, obtaining regulatory approvals, and then commercializing therapies directly or via partners through product sales and/or licensing arrangements (specific commercialization/partner revenue details: null).

IN8bio Financial Statement Overview

Summary

Early-stage biotech profile with no revenue (2020–2025), persistent losses, and consistently negative free cash flow despite improvement in 2025 (net loss improved to ~$19.4M; FCF burn improved to about -$12.7M). Balance sheet leverage is modest (debt-to-equity ~0.10 in 2025), but deeply negative ROE and ongoing burn imply continued financing/dilution risk.

Income Statement

The income statement is weak and typical of a pre-revenue biotech: revenue is consistently $0 from 2020–2025, with persistent operating losses. Losses remain sizable (net loss of ~$19.4M in 2025 vs. ~$30.4M in 2024), showing some year-over-year improvement, but profitability is still far from breakeven and there is no demonstrated revenue trajectory yet.

Balance Sheet

The balance sheet is a relative strength: leverage is modest in 2025 with debt of ~$2.8M against equity of ~$27.6M (debt-to-equity ~0.10), improving from 2024 (~0.35). However, equity has been volatile over time and returns on equity are deeply negative due to ongoing losses (about -71% in 2025), highlighting continued dependence on financing and execution risk.

Cash Flow

Cash flow remains pressured with ongoing cash burn, though 2025 shows meaningful improvement. Operating and free cash flow were both about -$12.7M in 2025 versus roughly -$24.2M in 2024, indicating a lower burn rate. Still, free cash flow is consistently negative across all periods provided and has shown large swings year-to-year, which increases funding and dilution risk if losses persist.

Breakdown	Dec 2025	Dec 2024	Dec 2023	Dec 2022	Dec 2021
Income Statement
Total Revenue	0.00	0.00	0.00	0.00	0.00
Gross Profit	-2.50M	0.00	-2.50M	-1.10M	0.00
EBITDA	-17.36M	-26.94M	-27.51M	-27.42M	-13.87M
Net Income	-19.44M	-30.44M	-30.01M	-28.52M	-14.65M
Balance Sheet
Total Assets	32.28M	20.94M	33.71M	33.04M	42.22M
Cash, Cash Equivalents and Short-Term Investments	27.09M	11.12M	21.28M	18.18M	37.02M
Total Debt	2.78M	5.03M	4.89M	5.87M	2.41M
Total Liabilities	4.72M	6.47M	8.77M	10.31M	4.04M
Stockholders Equity	27.56M	14.48M	24.94M	22.73M	38.18M
Cash Flow
Free Cash Flow	-12.71M	-24.25M	-23.94M	-27.83M	-13.82M
Operating Cash Flow	-12.71M	-24.15M	-23.34M	-24.12M	-13.51M
Investing Cash Flow	0.00	-187.00K	-600.00K	-3.71M	-309.00K
Financing Cash Flow	28.64M	14.18M	27.04M	8.99M	32.95M

IN8bio Technical Analysis

• Technical Analysis Sentiment: Negative
• Last Price: 1.84
• 50DMA: Negative
• 100DMA: Negative
• 200DMA: Negative
• MACD: Negative
• RSI: Neutral
• STOCH: Neutral

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For INAB, the sentiment is Negative. The current price of 1.84 is above the 20-day moving average (MA) of 1.75, below the 50-day MA of 1.98, and below the 200-day MA of 2.10, indicating a neutral trend. The MACD of 0.01 indicates Negative momentum. The RSI at 49.65 is Neutral, neither overbought nor oversold. The STOCH value of 63.77 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for INAB.

IN8bio Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
Sector *	51 Neutral	$7.86B	-0.30	-43.30%	2.27%	22.53%	-2.21%
XBIO	50 Neutral	$7.15M	-1.38	-60.33%	―	13.30%	22.70%
VYNE	48 Neutral	$19.48M	-0.94	-74.15%	―	6.29%	7.42%
INAB	47 Neutral	$18.12M	-0.53	-189.72%	―	―	70.57%
APRE	47 Neutral	$8.37M	-0.44	-87.05%	―	-62.75%	23.87%
QNRX	44 Neutral	$4.61M	-0.27	-334.42%	―	―	-228.89%

IN8bio Corporate Events

IN8bio Announces Board Resignation and Interim Chair Appointment

On February 26, 2026, IN8bio, Inc. announced that director Alan S. Roemer had notified the Board of his decision to resign from the Board and from the Audit and Compensation Committees, effective February 28, 2026. The company stated that his resignation did not arise from any disagreement over operations, policies or practices, and the Board appointed independent director Jeremy Graff as Interim Chair effective the same date, signaling a planned and orderly leadership transition in its governance structure.

The most recent analyst rating on (INAB) stock is a Hold with a $2.00 price target. To see the full list of analyst forecasts on IN8bio stock, see the INAB Stock Forecast page.

IN8bio Elevates COO Kate Rochlin to President

On February 4, 2026, IN8bio’s board of directors appointed Chief Operating Officer Kate Rochlin as president, effective the same day, while she continues in her COO role. The appointment consolidates operational and strategic leadership under Dr. Rochlin, with disclosures confirming there are no family relationships or related-party transactions requiring additional regulatory reporting.

This leadership change signals a move to strengthen continuity and execution within IN8bio’s management team, potentially streamlining decision-making across its oncology programs. Stakeholders may view the dual role as an indication of confidence in Dr. Rochlin’s operational track record and the company’s current strategic direction.

The most recent analyst rating on (INAB) stock is a Hold with a $2.00 price target. To see the full list of analyst forecasts on IN8bio stock, see the INAB Stock Forecast page.

IN8bio Announces Structured $40 Million Private Placement Financing

On December 18, 2025, IN8bio, Inc. entered into a securities purchase agreement for a private placement of common stock and pre-funded warrants in two potential tranches, aiming to raise approximately $40.2 million in gross proceeds before fees if both closings occur. The initial closing, expected on or about December 22, 2025, will provide about $20.1 million through the sale of 5,127,029 shares at $1.38 per share and pre-funded warrants for 9,452,677 shares at $1.3799 each, while a second $20.1 million tranche is contingent on achieving specified development and share-price milestones tied to its INB-619 product candidate or an investor waiver, with investors also receiving registration rights for resale and participation rights in future equity financings, underscoring a structured approach to funding that links additional capital to clinical progress and market performance.

The most recent analyst rating on (INAB) stock is a Buy with a $4.00 price target. To see the full list of analyst forecasts on IN8bio stock, see the INAB Stock Forecast page.