Tue, Nov 12, 9:37 PM (128 days ago)
In8Bio, Inc. (NASDAQ: INAB) reported a net loss of $7.1 million for Q3 2024, a slight improvement from a loss of $7.2 million in Q3 2023. Operating expenses totaled $7.1 million, driven by R&D costs of $3.3 million and general administrative expenses of $2.7 million. The company has an accumulated deficit of $115.5 million as of September 30, 2024. Cash and cash equivalents decreased significantly from $21.3 million at year-end 2023 to $4.0 million, raising concerns about liquidity and going concern status. In September 2024, In8Bio announced a 49% workforce reduction and suspended enrollment in the INB-400 trial to focus on INB-100, which is in a Phase 1 trial for acute myeloid leukemia. The company raised $11.6 million in a private placement in October 2024, but ongoing losses and cash flow challenges remain. Future operations depend on successful fundraising and clinical trial outcomes amidst an uncertain market environment.