IN8bio (INAB) AI Stock Analysis

• Market Cap: $16.60M
• Dividend Yield: N/A
• Average Volume (3M): 74.58K
• Price to Earnings (P/E): ―
• Beta (1Y): 1.84
• Revenue Growth: N/A
• EPS Growth: 70.57%
• Country: US
• Employees: 18
• Sector: Healthcare
• Sector Strength: 45
• Industry: Biotechnology
• EPS (TTM): -0.85
• Shares Outstanding: 9,766,132
• 10 Day Avg. Volume: 64,995
• 30 Day Avg. Volume: 74,576
• PEG Ratio: 0.32
• Price to Book (P/B): 28.55
• Price to Sales (P/S): 0.00
• P/FCF Ratio: -17.04
• Enterprise Value/Market Cap: 0.02
• Enterprise Value/Revenue: N/A
• Enterprise Value/Gross Profit: N/A
• Enterprise Value/Ebitda: -0.02
• 1Y Price Target: $5.50
• Price Target Upside: 223.53% Upside
• Rating Consensus: Moderate Buy
• Number of Analyst Covering: 2
• EPS Forecast (FY): -2
• Revenue Forecast (FY): N/A

• Rating: 52 Neutral
• Price Target: $2.00 ▲(17.65% Upside)
• Action: Upgraded Date: 12/30/25
• Date: Action: Upgraded 12/30/25

The score is held back primarily by weak financial fundamentals typical of a pre-revenue biotech (ongoing losses/cash burn and equity erosion). Offsetting factors include constructive near-term technical momentum and supportive corporate catalysts (positive trial/preclinical updates and a structured financing that improves liquidity runway).

Positive Factors

Clinical efficacy (INB-200/400)

Meaningful PFS and early OS separation in Phase 1/2 materially strengthens IN8bio's therapeutic value proposition in glioblastoma. Durable efficacy signals can de-risk further development, support regulatory interactions, and increase partner interest, improving long-term program viability if replicated.

Structured private placement (~$40M)

A structured $40M financing provides multi-tranche capital tied to clinical milestones, increasing funding visibility and reducing immediate liquidity risk. Linking additional capital to progress aligns investor and operational incentives and supports continuity of trials over the medium term.

Low financial leverage

Relatively low debt reduces fixed interest burdens and insolvency risk during long development cycles. This financial flexibility helps prioritize R&D and partnership options rather than servicing debt, an enduring advantage for a clinical-stage biotech with uncertain timing to revenue.

Negative Factors

Pre-revenue cash burn

As a pre-revenue biotech with sustained negative operating and free cash flow, the company is dependent on external financing to fund operations. Persistent burn increases execution risk for ongoing trials and raises the probability of dilutive financings that impact long-term shareholder value.

Shrinking equity base

A materially reduced equity base weakens the balance-sheet cushion against further losses and elevates dilution risk when raising capital. This diminishes bargaining power with partners and investors and can force financing on less favorable terms, a structural capitalization vulnerability.

Sustained operating losses

Large, ongoing net losses are inherent to development-stage biotechs but sustain long-term uncertainty about profitability and self-funding. Continued negative results require repeat financing rounds, magnifying dilution and creating execution risk if clinical or regulatory setbacks occur.

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

IN8bio generates revenue primarily through collaborations and strategic partnerships with other biotechnology and pharmaceutical companies. These partnerships involve licensing agreements, milestone payments, and royalties linked to the development and commercialization of its proprietary gamma-delta T cell therapies. Additionally, the company may receive funding from grants and research support from governmental agencies or non-profit organizations interested in advancing cancer immunotherapy research. As IN8bio progresses towards commercialization, revenue streams may also include direct sales of approved therapies, pending successful clinical trials and regulatory approvals.

IN8bio Financial Statement Overview

Summary

Development-stage profile with zero revenue and continued sizable losses and cash burn (TTM net loss ~$20.7M; FCF about -$14.6M). Positives include improved loss/burn versus 2024 and relatively low leverage (debt-to-equity ~0.22), but the shrinking equity base increases dilution/financing risk.

Income Statement

The company is still in a pre-commercial phase with zero revenue across the annual periods and TTM (Trailing-Twelve-Months), so profitability is entirely driven by operating spend. Losses remain large (TTM net loss of ~$20.7M), but the loss has narrowed versus 2024 (net loss of ~$30.4M), suggesting improving cost control or timing of expenses. Overall, the trajectory is modestly better, but the income profile remains structurally weak until revenue begins.

Balance Sheet

Leverage is relatively low (TTM debt-to-equity ~0.22), which is a positive for a development-stage biotech. However, equity has declined materially over time (from ~$38.2M in 2021 to ~$13.2M TTM), reflecting ongoing losses and cash burn, and returns on equity are deeply negative (TTM ~-1.46). The balance sheet is not heavily debt-loaded, but the shrinking equity base raises financing/dilution risk if losses continue.

Cash Flow

Cash generation is clearly negative, with TTM operating cash flow of about -$14.6M and free cash flow of about -$14.6M, consistent with a high-burn R&D model. Free cash flow improved versus 2024 (less negative than -$24.3M), but the latest TTM shows a pullback in free-cash-flow growth (down ~15%), highlighting volatility in burn levels. Free cash flow roughly matches net loss, indicating losses are translating into real cash outflows rather than being driven by non-cash items.

Breakdown	TTM	Dec 2024	Dec 2023	Dec 2022	Dec 2021	Dec 2020
Income Statement
Total Revenue	0.00	0.00	0.00	0.00	0.00	0.00
Gross Profit	0.00	0.00	-2.50M	-1.10M	0.00	0.00
EBITDA	-18.26M	-26.94M	-27.51M	-27.42M	-13.87M	-8.47M
Net Income	-20.66M	-30.44M	-30.01M	-28.52M	-14.65M	-8.56M
Balance Sheet
Total Assets	16.77M	20.94M	33.71M	33.04M	42.22M	20.91M
Cash, Cash Equivalents and Short-Term Investments	10.69M	11.12M	21.28M	18.18M	37.02M	17.99M
Total Debt	2.96M	5.03M	4.89M	5.87M	2.41M	174.00K
Total Liabilities	3.58M	6.47M	8.77M	10.31M	4.04M	2.59M
Stockholders Equity	13.19M	14.48M	24.94M	22.73M	38.18M	18.32M
Cash Flow
Free Cash Flow	-14.63M	-24.25M	-23.94M	-27.83M	-13.82M	-7.13M
Operating Cash Flow	-14.60M	-24.15M	-23.34M	-24.12M	-13.51M	-7.13M
Investing Cash Flow	-33.00K	-187.00K	-600.00K	-3.71M	-309.00K	0.00
Financing Cash Flow	21.34M	14.18M	27.04M	8.99M	32.95M	24.52M

IN8bio Technical Analysis

• Technical Analysis Sentiment: Neutral
• Last Price: 1.70
• 50DMA: Negative
• 100DMA: Negative
• 200DMA: Negative
• MACD: Positive
• RSI: Neutral
• STOCH: Neutral

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For INAB, the sentiment is Neutral. The current price of 1.7 is below the 20-day moving average (MA) of 1.81, below the 50-day MA of 1.99, and below the 200-day MA of 2.27, indicating a bearish trend. The MACD of -0.13 indicates Positive momentum. The RSI at 42.86 is Neutral, neither overbought nor oversold. The STOCH value of 32.87 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Neutral sentiment for INAB.

IN8bio Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
INAB	52 Neutral	$16.60M	-0.26	-189.72%	―	―	70.57%
Sector *	51 Neutral	$7.86B	-0.30	-43.30%	2.27%	22.53%	-2.21%
VYNE	51 Neutral	$19.99M	-0.76	-70.67%	―	6.29%	7.42%
QNRX	44 Neutral	$4.92M	-0.02	-655.85%	―	―	-228.89%
APRE	43 Neutral	$10.50M	-0.43	-74.72%	―	-62.75%	23.87%
XBIO	42 Neutral	$5.80M	-1.24	-57.43%	―	13.30%	22.70%

IN8bio Corporate Events

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.

IN8bio Presents Promising Clinical Trial Results

IN8bio, Inc. presented data from its Phase 1 and Phase 2 clinical trials of INB-200 and INB-400 at the 2025 Society for Neuro-Oncology Annual Meeting. The trials involved 17 patients treated with the company’s DeltExTM Drug Resistant Immunotherapy, showing promising results with a median progression-free survival of 13.0 months compared to 6.6 months for standard-of-care patients. The median overall survival for treated patients has not been reached and continues to improve, currently at 16.4+ months, whereas standard-of-care patients reached a median overall survival of 11.0 months.

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.