1. Investment Snapshot
2. Thesis
3. Valuation & Price Target
4. Business & Product Moat
5. People & Governance
6. Market & Macro
7. Financial Quality
8. Risk Register
9. Prediction Market
10. 𝕏 Posts
Discussion
1. Investment Snapshot
2. Thesis
3. Valuation & Price Target
4. Business & Product Moat
5. People & Governance
6. Market & Macro
7. Financial Quality
8. Risk Register
9. Prediction Market
10. 𝕏 Posts
Discussion
1. Investment Snapshot
2. Valuation
Discussion
Symbol
INAB
Event Date
2021-07-30
Sector
Health Care
Subsector
Biotechnology
Offer Range
$10.00-$10.00
Shares Offered
4M
18.75M
$206.3M
21.3%
Implied Upside vs Midpoint
Description
We are a clinical-stage biopharmaceutical company focused on the discovery, development and commercialization of gamma-delta T cell therapies for the treatment of cancer. Gamma-delta T cells are naturally occurring immune cells that embody properties of both the innate and adaptive immune systems, and can intrinsically differentiate between healthy and diseased tissue. These cells serve as a functional bridge between innate and adaptive immunity to contribute to direct tumor killing as well as immune cell recruitment and activation to drive deeper immune responses. The pivotal role of gamma-delta T cells in immune function and activation, against diseases such as cancer, underscores their therapeutic potential across a wide range of solid and hematologic malignancies. We develop ex vivo-expanded and activated gamma-delta T cell candidates based upon our deep expertise in gamma-delta T cell biology, proprietary genetic engineering and cell-type specific manufacturing capabilities, which we refer to collectively as our DeltEx platform. Our platform employs allogeneic, autologous and genetically modified approaches to develop novel cell therapies, which are designed to effectively identify and eradicate tumor cells. We are currently the most clinically advanced gamma-delta T cell company. Our lead product candidates are currently in Phase 1 clinical trials: INB-200, for the treatment of newly diagnosed glioblastoma, or GBM, and INB-100, for the treatment of patients with leukemia that are undergoing hematopoietic stem cell transplantation, or HSCT. For INB-200, we expect to report initial results from the second cohort in this Phase 1 trial by the end of 2021 and initial Phase 1 results from the third cohort in this Phase 1 trial in 2022. For INB-100, we expect to report initial results from the first cohort in our Phase 1 clinical trial in 2022, with topline results for all cohorts in 2023. In addition, our DeltEx platform has yielded a broad portfolio of preclinical programs, including INB-400 and INB-300, focused on addressing other solid tumor types. We expect to file three INDs for our pipeline product candidates in the first half of 2022 and in 2023. Chemotherapy, a mainstay of solid tumor treatment, can deplete and damage immune cells, limiting their ability to seek and kill tumors. Despite these limitations, chemotherapy continues to be used in standard-of-care regimens because of its ability to directly kill tumors. However, residual tumor cells, which are chemotherapy resistant, often remain and lead to disease recurrence. This is further compounded by the lymphodepleting properties of chemotherapy, which can severely reduce the number of immune cells, such as gamma-delta T cells, that can seek out and kill the residual tumor cells. We have leveraged our proprietary genetic modifications of gamma-delta T cells to protect the cells from chemotherapy-induced damage, potentially allowing for their concurrent delivery with chemotherapy. This could potentially enable our product candidates to recognize and kill residual tumor cells, including chemotherapy resistant cells, by attacking at the time when the tumor is experiencing maximum chemotherapy-induced stress and vulnerability. We have termed this approach as our “DeltEx drug resistant immunotherapy,” or DeltEx DRI, and it is the basis for several of our programs, including INB-200. We are the first company to advance genetically modified gamma-delta T cells into the clinic. In order to develop an off-the-shelf therapy, we are developing a donor-derived, expanded, activated, non-genetically modified gamma-delta T cell therapeutic candidate for the treatment of leukemia. Our DeltEx platform is designed to overcome many of the challenges associated with the expansion, genetic engineering and scalable manufacturing of gamma-delta T cells. This approach allows us to expand the cells ex vivo to administer a potentially therapeutic dose to patients, harnessing the unique properties of gamma-delta T cells, including their ability to broadly recognize cellular stress signals on tumor cells. We have used our DeltEx platform to create our deep pipeline of innovative allogeneic, autologous and/or genetically modified product candidates designed to effectively target and potentially eradicate disease and improve patient outcomes. --- To date, cell therapies utilizing chimeric antigen receptor T cells, or CAR-T cells, while impactful in liquid tumors, have demonstrated limited efficacy in the treatment of solid tumors. The American Cancer Society estimates that there are 1.7 million new solid tumor cases annually in the United States, nine times the rate of blood cancers. This represents a high unmet medical need not adequately addressed by current cell therapies in development. One of our lead product candidates, INB-200, is a genetically modified autologous gamma-delta T cell product candidate in Phase 1 development. Our initial indication is newly diagnosed glioblastoma, or GBM, for which the standard-of-care has been largely unchanged since the implementation of the Stupp regimen, surgical resection followed by radiation and chemotherapy, in 2005. Despite current treatments, the majority of patients relapse within one year, with very few patients surviving beyond five years. We engineered INB-200 to be resistant to alkylating agents, a class of chemotherapeutic drugs used in the treatment of GBM and other cancers. This could allow INB-200 to be administered as an adjuvant to the current standard-of-care in the newly diagnosed treatment setting. In preclinical studies, our DeltEx DRI technology has been shown to maintain immune cell function in toxic chemotherapeutic environments, demonstrating potential to be used concomitantly in combination with chemotherapy for the treatment of multiple solid tumor cancers. We are conducting a Phase 1 repeat dose escalation clinical trial of INB-200 in newly diagnosed GBM patients at the O’Neal Comprehensive Cancer Center at the University of Alabama at Birmingham, or UAB. We expect to report initial results from the second cohort in this Phase 1 trial by the end of 2021 and initial Phase 1 results from the third cohort in this Phase 1 trial in 2022. We are also seeking to develop off-the-shelf DeltEx therapeutic candidates, which has led to our first allogeneic clinical program, INB-100, to demonstrate the safety of donor derived gamma-delta T cells. This therapeutic candidate is in initial development for the treatment of patients with leukemia that are undergoing HSCT. The number of HSCT procedures has been increasing over the last 20 years, with more than 9,000 patients treated in the United States in 2018. Acute myeloid leukemia, or AML, and acute lymphoblastic leukemia, or ALL, represent two of the three most common allogeneic HSCT-treated cancers, accounting for approximately 50% of all allogeneic HSCTs. We have developed scalable methods to expand and activate gamma-delta T cells from peripheral blood in an automated manufacturing device. Prior clinical observations have shown that high numbers of circulating gamma-delta T cells have been correlated with improved survival outcomes in HSCT patients. The potential ability of INB-100 to kill residual leukemic cells, coupled with historically observed survival benefits, may reduce leukemic relapse in HSCT patients. We are conducting a Phase 1 dose-escalation clinical trial of INB-100 in allogeneic HSCT patients at the University of Kansas Cancer Center. We currently expect to report initial data from the first cohort in this trial in 2022, and topline data from all cohorts in 2023. INB-400 is our first program developing allogeneic DeltEx therapeutic candidates for solid tumor cancers. We plan to utilize clinical data from our ongoing Phase 1 clinical trials of INB-200 and INB-100 to provide the safety data necessary to support submission of an investigational new drug application, or IND, for INB-400, by first half of 2022 to initiate a clinical trial for the treatment of newly diagnosed GBM. INB-300 is our second preclinical program focused on developing DeltEx DRI product candidates with an added CAR. We are also developing a broad portfolio of preclinical programs focused on expanding the application of our DeltEx platform into other solid tumor types, as well as combinations with other therapies approved by the U.S. Food and Drug Administration, or FDA, to enhance their antitumor activity. We believe that our preclinical data support the development of DeltEx DRI gamma-delta T cells in combination with approved therapies, such as checkpoint inhibitors and inhibitors of DNA damage repair, or DDR, pathways, such as poly (ADP-ribose) polymerase, or PARP, inhibitors. Our future product candidates could incorporate additional proprietary genetic alterations designed to make them resistant to the chemotherapies utilized to treat multiple types of solid tumor cancers. As of June 30, 2021, our intellectual property portfolio currently consists of seven patent families that broadly protect our DeltEx platform and our product candidates, both through composition of matter and method of use. Our patents broadly cover any genetic modification to gamma-delta T-cells that confers chemotherapy resistance. They also cover the method of generating these genetically engineered cells from patients or donors and their use in multiple solid and liquid tumors. Our portfolio broadly covers the use of allogeneic gamma-delta T cells in HSCT. Finally, we have patent families that cover the composition of our CAR constructs in gamma-delta T cells, specifically in out DeltEx DRI cells, and their use in multiple solid and liquid tumors. We have assembled a team of experts in the discovery and development of gamma-delta T cell-based therapies. We are led by William Ho, our founder and Chief Executive Officer, who has approximately 20 years of combined experience in the management of biotechnology companies and healthcare finance and investing. Our scientific founder and Chief Scientific Officer, Dr. Lawrence Lamb, is a pioneer in the field of gamma-delta T cell biology and manufacturing, who published the foundational work that identified the potential antileukemic effect of these cells and their association with improved overall survival. Dr. Lamb was the first to describe the cell-type specific expansion of Vd1+ gamma-delta T cells in the 1990s, and his expertise has led the development of our DeltEx platform. Dr. Lamb also chairs our Scientific Advisory Board, which includes a globally renowned group of clinicians, oncologists and immunologists. Patrick McCall, CPA, our Chief Financial Officer, previously served as Vice President of Finance at Turnstone Biologics Inc., where he managed strategic and financial operations and supported investor relations. Dr. Kate Rochlin, our Vice President, Operations and Innovation, is an accomplished scientist and entrepreneur with 14 years of experience in research, development and operations, previously serving as Chief Business Officer at Cambridge-based Curadigm. --- Incysus, Ltd. was incorporated in Bermuda on February 8, 2016. On May 7, 2018, Incysus, Ltd. reincorporated in the United States in a domestication transaction in which Incysus, Ltd. converted into a newly formed Delaware corporation, Incysus Therapeutics, Inc. In August 2020, we amended our certificate of incorporation, as amended, to change our name to IN8bio, Inc. Our principal executive offices are located at 79 Madison Avenue, New York, New York 10016, and our telephone number is (646) 600-6438. Our corporate website address is www.in8bio.com.
IN8BIO, INC. annual income statement and balance sheet, FY 2021 to FY 2025, as reported in SEC filings.
| Metric | FY 2021 | FY 2022 | FY 2024 | FY 2025 |
|---|---|---|---|---|
| Operating income | ($14.7M) | ($28.5M) | ($30.4M) | ($19.4M) |
| Net income | ($14.7M) | ($28.5M) | ($30.4M) | ($19.4M) |
| Metric | FY 2021 | FY 2022 | FY 2024 | FY 2025 |
|---|---|---|---|---|
| Total assets | $42.2M | $33.0M | $20.9M | $32.3M |
| Total liabilities | $4.0M | $10.3M | $6.5M | $4.7M |
| Total equity | $38.2M | $22.7M | $14.5M | $27.6M |
| Cash & equivalents | $37.3M | $18.4M | $11.4M | $27.3M |