Here are a few analogies to describe IN8bio:

• Bluebird Bio for gamma-delta T-cell cancer therapies.

• Like an aspiring Vertex Pharmaceuticals, but pioneering a new frontier in cancer cell therapy.

• An early-stage Amgen, but solely focused on developing cutting-edge gamma-delta T-cell treatments for cancer.

• INB-200: A genetically modified autologous gamma-delta T cell therapy in Phase I clinical trial for glioblastoma and solid tumors.
• INB-100: An allogeneic gamma-delta T cell therapy in Phase I clinical trial for acute leukemia patients undergoing hematopoietic stem cell transplantation.
• INB-400: A preclinical gamma-delta T cell therapy candidate targeting various solid tumor cancers.
• INB-300: A preclinical gamma-delta T cell therapy candidate targeting various solid tumor cancers.

IN8bio, Inc. (INAB) is a clinical-stage biotechnology company focused on the discovery, development, and eventual commercialization of gamma-delta T cell therapies for the treatment of cancers. As its product candidates (INB-200, INB-100, INB-400, and INB-300) are currently in Phase I clinical trials or preclinical development, the company is not yet commercializing or selling these therapies.

Therefore, IN8bio does not currently have major commercial customers in the traditional sense of selling products or services. However, upon successful development, regulatory approval, and commercialization, its customer base would primarily consist of individual patients. Based on its pipeline, the categories of customers (patients) that IN8bio aims to serve include:

• Patients with glioblastoma and other solid tumors: These individuals would be the target recipients for therapies like INB-200, INB-400, and INB-300, which are being developed for the treatment of glioblastoma and various solid tumor cancers.
• Patients with acute leukemia undergoing hematopoietic stem cell transplantation: This category would be served by therapies such as INB-100, designed to treat patients with acute leukemia.

KBI Biopharma

William Ho, President, Chief Executive Officer, and Co-Founder

William Ho is a Co-Founder of IN8bio and has served as its President, Chief Executive Officer, and Director since its inception. With nearly 24 years of experience in the biotechnology industry, Mr. Ho previously founded and managed AlephPoint Capital, a private healthcare investment fund, from 2014 to 2017. Before that, he was the Public Investment Director at New Leaf Venture Partners, a leading healthcare venture capital firm, from 2010 to 2014, where he launched and managed public investments and crossover portfolios. He also held roles as a Senior Equity Research Analyst at Bank of America and an Equity Research Analyst at Piper Jaffray & Co., covering biotechnology and life-science tools sectors. Earlier in his career, he was involved in FP&A and operational analysis at CuraGen Corporation and worked on the Healthcare Investment Banking team at Cowen, Inc..

Patrick McCall, Chief Financial Officer

Patrick McCall joined IN8bio as Chief Financial Officer in February 2021. He brings over 20 years of experience in global finance, accounting, and capital raising. Prior to IN8bio, Mr. McCall was the Vice President of Finance at Turnstone Biologics Corp., a clinical-stage biotechnology company, where he played a role in multiple financing rounds, a significant collaboration with a global pharmaceutical company, and an acquisition. He also served as Corporate Controller at Catalyst Biosciences, a publicly traded biopharmaceutical company, where he was part of the team that successfully completed its initial public offering. His earlier career included 11 years in various finance, accounting, and operational positions at companies such as Apple, Chubb, and as an auditor at Deloitte.

Lawrence Lamb, Ph.D., Executive Vice President, Chief Scientific Officer, and Co-Founder

Dr. Lawrence Lamb is a Co-Founder of IN8bio and has served as its Executive Vice President and Chief Scientific Officer since January 2019. He is widely recognized as a leader in the field of gamma-delta (γδ) T cells. Dr. Lamb was a Professor of Medicine at the University of Alabama at Birmingham (UAB) from 2004 to 2018, specializing in transplantation immunology and directing the UAB Cell Therapy Laboratory. He was the first to describe the association between relapse-free survival and homeostatic gamma-delta T cell recovery in high-risk leukemia patients. His extensive research at UAB led to the scientific foundation for chemotherapy-resistant gamma-delta T cell-based immunotherapy for high-grade brain tumors, which ultimately culminated in the formation of IN8bio.

Kate Rochlin, Ph.D., President and Chief Operating Officer

Dr. Kate Rochlin was promoted to President and Chief Operating Officer of IN8bio on February 9, 2026. She has been with the company since August 2020, serving as COO since December 2021 and previously as Vice President and Associate Vice President of Operations and Innovation. Dr. Rochlin brings over 17 years of experience in biotechnology company development, encompassing scientific research, intellectual property, business development, and clinical manufacturing. Prior to joining IN8bio, she was the Chief Business Officer at Curadigm, a biotechnology company, where she was instrumental in its spin-out from Nanobiotix and in developing collaborations and partnerships for a novel drug delivery platform. Dr. Rochlin also co-founded Immunovent, a biotechnology company, where she previously served as Chief Scientific Officer.

The key risks for IN8bio (INAB) primarily stem from its status as a clinical-stage biotechnology company with a concentrated pipeline in a highly competitive market.

1. Ability to Continue as a Going Concern and Need for Additional Financing

   IN8bio has reported a limited cash runway, leading management to express substantial doubt about the company's ability to continue as a going concern without securing additional capital or strategic transactions. As of December 31, 2025, IN8bio had cash of $27.1 million, which is anticipated to fund operations only into April 2027. The company generates no revenue and is entirely dependent on capital raises to finance its operations and advance its product candidates, indicating a recurring need for dilutive financing events.

2. Clinical Trial Success and Regulatory Approval

   As a clinical-stage company, IN8bio's future is heavily reliant on the successful outcome of its product candidates in clinical trials and their subsequent regulatory approval. Its lead candidates, INB-200 and INB-100, are in Phase I clinical trials, and others are in preclinical stages. The progression to larger, pivotal trials carries the inherent risk of unexpected serious adverse events or a failure to meet efficacy endpoints, which could halt development programs. The early-stage nature and small cohort sizes of current data, while promising, do not guarantee future success in larger studies.

3. Intense Competition

   IN8bio operates in a highly competitive and rapidly evolving environment within the cancer therapy market. The company faces competition from numerous pharmaceutical and biotechnology companies, many of which have significantly greater financial, technical, and human resources, as well as more established product pipelines and marketing capabilities.

The addressable markets for IN8bio's main products are as follows:

• INB-200 (Glioblastoma and Solid Tumors):
  • For glioblastoma multiforme treatment, the global market was valued at approximately USD 3.6 billion in 2024 and is projected to reach USD 8.3 billion by 2034. The U.S. glioblastoma multiforme treatment market accounted for USD 1.4 billion in revenue in 2024. Other estimates for the global glioblastoma multiforme treatment market include USD 4.04 billion in 2025, projected to reach USD 7.87 billion by 2033, and USD 2.78 billion in 2024, expected to reach approximately USD 5.68 billion by 2033.
  • For solid tumors, the global solid tumors market size (including therapeutics) reached a value of approximately USD 170.3 billion in 2023 and is expected to reach USD 375.4 billion by 2034. Another report estimates the global solid tumors market size at USD 362.21 billion in 2024, projected to reach USD 1557.42 billion by 2032. The solid tumor therapeutics market was valued at USD 207.29 billion in 2025 and is forecast to reach USD 326.82 billion by 2031.
• INB-100 (Acute Leukemia):
  • For acute myeloid leukemia (AML) treatment, the global market size was estimated at USD 3.87 billion in 2025 and is projected to reach around USD 10.64 billion by 2035. Another estimate places the global acute myeloid leukemia market size at USD 2.82 billion in 2025, with projections to reach USD 7.65 billion by 2035. In 2024, the global acute myeloid leukemia treatment market was estimated at USD 3.47 billion and is projected to reach USD 6.29 billion by 2030. North America dominated the global acute myeloid leukemia treatment market with a 38% share in 2025, with the U.S. accounting for 90.9% of the North American market in 2024.
• INB-400 and INB-300 (Various Solid Tumor Cancers):
  • These products target various solid tumor cancers, and their addressable market is encompassed by the broader solid tumors market sizes mentioned above. The global solid tumors market (including therapeutics) was valued at approximately USD 170.3 billion in 2023, expected to reach USD 375.4 billion by 2034. The global solid tumors market size was also reported as USD 362.21 billion in 2024, projected to reach USD 1557.42 billion by 2032.

The expected drivers of future revenue growth for IN8bio (INAB) over the next 2-3 years are centered on the successful advancement and potential commercialization of its pipeline of gamma-delta T cell therapies.

1. Advancement and potential commercialization of INB-100 for Acute Myeloid Leukemia (AML): INB-100 is IN8bio's top priority clinical program, an allogeneic gamma-delta T cell therapy designed as a post-transplant maintenance treatment for AML. Promising Phase 1 clinical trial results have shown 100% of AML patients remaining in complete remission. The company has received FDA guidance and intends to submit an Investigational New Drug (IND) application in the first quarter of 2025, which could lead to a registrational trial later that year, with long-term follow-up results anticipated in late 2025 and 2026.
2. Advancement and potential commercialization of INB-200/INB-400 for Glioblastoma (GBM): INB-200 (autologous) and INB-400 are gamma-delta T cell product candidates for the treatment of glioblastoma and solid tumors. Updated clinical data from Phase 1 (INB-200) and Phase 2 (INB-400) trials in newly diagnosed glioblastoma have demonstrated a nearly doubled median progression-free survival (13.0 months) compared to standard-of-care controls (6.6 months). While enrollment for INB-400 has been suspended to optimize resource allocation, IN8bio continues to monitor enrolled patients and expects to provide further clinical updates in mid- and late-2026, with plans to seek FDA guidance on potential regulatory pathways and evaluate partnership opportunities for this program.
3. Development and potential commercialization of the gamma-delta T cell engager (TCE) platform, including INB-619: IN8bio is also developing a next-generation gamma-delta T cell engager platform, exemplified by INB-619, which targets CD19 for both oncology and autoimmune diseases. The company anticipates providing IND-enabling data and initial animal results for INB-619 in the second half of 2026. This platform represents a new class of products that could contribute to future revenue growth through successful preclinical and clinical development.

Share Issuance

• IN8bio completed its Initial Public Offering (IPO) in July 2021.
• In April 2023, the company sold 2,111,588 shares of common stock for approximately $4,823,319 through an "at-the-market" offering.
• In December 2025, IN8bio completed an initial closing of a private placement, generating approximately $20.1 million in gross proceeds through the sale of common stock and pre-funded warrants, with a potential for an additional $20.1 million milestone-based closing.
• As of November 2025, IN8bio filed a shelf registration to offer up to $200 million in various securities, including common stock, for future funding.

Inbound Investments

• An October 2024 private placement, led by an existing healthcare-focused institutional investor and including other institutional investors, generated approximately $12.4 million in gross proceeds for IN8bio.
• The December 2025 private placement, with an initial closing of $20.1 million and up to an additional $20.1 million tied to development milestones, was led by Coastlands Capital with participation from new and existing investors such as Stonepine Capital Management and 683 Capital Partners, LP.

Capital Expenditures

• IN8bio's capital expenditures in the last 12 months amounted to -$33,000, indicating minimal spending on long-term assets.
• Proceeds from share issuances are allocated to fund the clinical development of product candidates, working capital, and general corporate purposes.