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• Like an early-stage Kite Pharma (now part of Gilead Sciences) or Novartis, but focused on developing a different type of immune cell (gamma-delta T cells) to fight cancer.
• A specialized Bristol Myers Squibb or Novartis division, but exclusively focused on gamma-delta T-cell cancer therapies in clinical trials.
• The Moderna or BioNTech of gamma-delta T-cell therapies, but for cancer and currently in earlier clinical stages.

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• INB-200: An autologous gamma-delta T-cell therapy being developed for solid tumors, primarily glioblastoma.
• INB-100: An allogeneic gamma-delta T-cell therapy being developed for hematologic malignancies, such as leukemia, following hematopoietic stem cell transplant.
• INB-400: An allogeneic, genetically modified gamma-delta T-cell therapy being developed as an "off-the-shelf" treatment for solid tumors, including glioblastoma.

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IN8bio (symbol: INAB) is a clinical-stage biopharmaceutical company focused on the discovery, development, and commercialization of gamma-delta T cell therapies for cancer. As a company in the clinical development phase, IN8bio does not currently have commercialized products on the market. Therefore, it does not have "major customers" in the traditional sense of entities purchasing its therapies for commercial use.

The company's primary activities involve:

• Research and development of its investigational drug candidates.
• Conducting preclinical studies and clinical trials to evaluate the safety and efficacy of its therapies.
• Seeking regulatory approvals for its product candidates from health authorities.

For companies at this stage, revenue typically comes from sources such as:

• Grants (e.g., from government agencies like the National Institutes of Health, which IN8bio has received).
• Strategic collaborations and partnerships with other pharmaceutical or biotechnology companies (though these are typically for development, licensing, or commercialization agreements, not product sales).
• Financing activities, such as equity offerings (selling shares to investors to fund operations).

Once, and if, IN8bio successfully develops and obtains regulatory approval for its therapies, its customers would then typically be healthcare providers, hospitals, or potentially large pharmaceutical companies acting as distributors, rather than individuals directly.

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

Mr. Ho is a Co-Founder of IN8bio and has served as President, CEO, and Director since the company's inception. He has nearly 24 years of experience in the biotechnology industry. Prior to IN8bio, from 2014 to 2017, he was the Founder and Managing Partner at AlephPoint Capital, a private healthcare investment fund. Before that, Mr. Ho launched and managed the public investments and cross-over portfolio at New Leaf Venture Partners, a leading healthcare venture capital firm, serving as its Public Investment Director from 2010 to 2014. He also worked as a Senior Equity Research Analyst at Bank of America and Piper Jaffray & Co., covering biotechnology and life-science tools sectors. Earlier in his career, he handled FP&A and operational analysis at CuraGen Corporation and was an Associate on the Healthcare Investment Banking team at Cowen, Inc..

Patrick McCall, Chief Financial Officer

Mr. McCall has served as IN8bio's Chief Financial Officer since February 2021, bringing over 20 years of experience in global finance, accounting, and capital raising. Before joining IN8bio, he was the Vice President of Finance at Turnstone Biologics Corp., where he helped raise several rounds of financing, facilitated a major collaboration with a global pharmaceutical company, and managed an acquisition in the immunotherapy field. Prior to Turnstone Biologics, Mr. McCall was the Corporate Controller at Catalyst Biosciences, a publicly traded biopharmaceutical company, where he was involved in its initial public offering and oversaw SEC reporting, accounting, financial planning & analysis, and procurement. He also held various finance, accounting, and operational roles at companies such as Apple, Chubb, and Deloitte.

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

Dr. Lamb is a Co-Founder of IN8bio and serves as the Executive Vice President and Chief Scientific Officer. His work is foundational to IN8bio's focus on gamma-delta T cells, stemming from his lifetime of research into these cells. He was the first to describe gamma-delta T cells as being associated with better survival outcomes in the 1990s and spent over 25 years developing methods to manufacture, scale, expand, and genetically engineer these cells for therapeutic use.

Kate Rochlin, Ph.D., Chief Operating Officer

Dr. Rochlin serves as the Chief Operating Officer of IN8bio. The IN8bio leadership team, including Dr. Rochlin, brings decades of extensive background in oncology discovery, business insights, franchise creation, product development, regulatory affairs, and commercialization within the cell therapy and oncology space.

Lou Vaickus, MD, FACP, Interim Consulting Chief Medical Officer

Dr. Vaickus is the Interim Consulting Chief Medical Officer at IN8bio. The management team's collective expertise includes deep experience in gamma-delta T cells, cell therapy, and oncology.

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The key risks to IN8bio (INAB) are as follows:

1. Going Concern / Financial Risk: IN8bio faces a significant risk regarding its ability to continue as a going concern. The company's cash position, reported at $10.7 million as of September 30, 2025, is not expected to fund its operations for the next 12 months, leading to "substantial doubt" about its ability to continue operating. The company will likely need to raise additional capital through equity offerings, debt financing, or partnerships, and there is no guarantee that such funding will be available on favorable terms or at all. Failure to secure adequate funding could force IN8bio to curtail operations or delay development programs.
2. Clinical Trial and Regulatory Risk: As a clinical-stage biopharmaceutical company, IN8bio's future growth and success are heavily dependent on its ability to successfully navigate clinical trials, secure regulatory approvals, and commercialize its pipeline products. There are inherent uncertainties in the initiation and completion of preclinical studies and clinical trials, and the company relies on early-stage product candidates. The overall commercial viability of its gamma-delta T cell product candidates faces significant uncertainty, particularly within the competitive oncology landscape.
3. Manufacturing Risk: IN8bio also faces risks related to manufacturing scale-up, process optimization, and ensuring product quality and consistency. Potential manufacturing issues could result in supply shortages, delays in product launches, and increased costs.

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IN8bio (INAB) is a clinical-stage biopharmaceutical company primarily focused on developing gamma-delta T cell therapies for cancer. Their lead product candidates are currently in clinical trials for glioblastoma (GBM) and acute myeloid leukemia (AML).

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

• Glioblastoma (GBM) Market: The global glioblastoma multiforme treatment market was valued between approximately USD 3.6 billion and USD 3.72 billion in 2024. Projections indicate this market is expected to grow to a range of USD 7.87 billion by 2033 and USD 8.3 billion by 2034. North America held the largest share of the global market, with the U.S. glioblastoma multiforme treatment market alone accounting for approximately USD 1.4 billion in revenue in 2024.
• Acute Myeloid Leukemia (AML) Market: The global acute myeloid leukemia treatment market size was estimated at approximately USD 3.47 billion in 2024. This market is projected to reach between USD 5.1 billion and USD 6.29 billion by 2030-2032. In 2024, the North America acute myeloid leukemia treatment market held a dominant share, with the U.S. market specifically representing 90.9% of the North American market. The market size for AML in the eight major markets (US, France, Germany, Italy, Spain, UK, Japan, and China) was $2.3 billion in 2022.

IN8bio's therapies fall under the broader cell therapy market, which also represents a significant addressable market. The global cell therapy market size was estimated at USD 6.88 billion in 2025 and is anticipated to grow to USD 38.24 billion by 2034, at a compound annual growth rate (CAGR) of 21.05% from 2026-2034. North America held a dominant share of the global cell therapy market, accounting for 57.35% in 2025.

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IN8bio (NASDAQ: INAB), a clinical-stage biopharmaceutical company, currently reports no revenue as it focuses on advancing its pipeline of gamma-delta T cell therapies. Future revenue growth over the next 2-3 years will primarily be driven by the successful progression and potential commercialization or strategic partnerships related to its innovative product candidates.

Here are 3-5 expected drivers of future revenue growth for IN8bio:

1. Advancement and Potential Commercialization of INB-100 for Acute Myeloid Leukemia (AML): INB-100 is IN8bio's lead program, which has demonstrated promising clinical results with 100% of treated AML patients remaining in complete remission. The company is expanding enrollment in the INB-100 trial and has received guidance from the FDA for a potential future registrational trial, indicating a clear path toward market approval. The significant market potential of AML could drive substantial product revenue upon successful commercialization.
2. Progression and Potential Commercialization or Partnership of INB-200 for Glioblastoma (GBM): Clinical trials for INB-200 in glioblastoma have shown encouraging data, with patients experiencing a median progression-free survival of 16.1 months, more than double the standard of care. Successful continued development could lead to direct commercialization or a lucrative partnership, generating revenue through sales or licensing agreements.
3. Development and Potential Out-licensing or Commercialization of the INB-600 Platform: IN8bio has introduced the novel INB-600 platform, which includes INB-619, a gamma-delta T cell engager targeting CD19. Preclinical data indicates promise for this platform in both oncology and autoimmune diseases, offering diversified future revenue streams through new product launches or out-licensing opportunities.
4. Strategic Collaborations and Partnerships for Pipeline Assets: As a clinical-stage company, IN8bio is actively exploring strategic collaborations and partnerships to support its operations and future growth. The company is seeking opportunities to partner assets in its pipeline, which could include upfront payments, milestone payments, and future royalties, providing significant non-product revenue.

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Share Issuance

• IN8bio completed its Initial Public Offering (IPO) on July 30, 2021, selling 4,000,000 shares at $10.00 per share, resulting in gross proceeds of $40 million and net proceeds of $32.3 million.
• An underwritten public offering closed on August 16, 2022, raising approximately $10.25 million in gross proceeds from the sale of 5,394,737 shares at $1.90 per share.
• In February 2025, the company raised an aggregate of $4.1 million in net proceeds through at-the-market (ATM) equity sales and the exercise of Series C warrants.
• A 1-for-30 reverse stock split was effected in June 2025, reducing the number of outstanding shares from approximately 103 million to about 3.4 million.
• On November 7, 2025, IN8bio filed an S-3 shelf registration statement to offer up to $200 million of various securities, including common stock, preferred stock, and debt securities, to be sold from time to time for general corporate purposes and working capital.

Inbound Investments

• IN8bio has raised a total of $35 million in funding over four rounds.
• The latest funding round, a Post IPO round, occurred on October 4, 2024, raising $12.4 million with Bios Partners among the investors.

Capital Expenditures

• Capital expenditures included significant amounts such as $3.64 million and $371,000 in various periods as per cash flow statements.
• The company's capital expenditures were reported as $50,000 in the last 12 months as of a recent report.
• Capital expenditures are primarily focused on supporting ongoing clinical development, expanding manufacturing capacity and capabilities, and advancing internal research and development. The company anticipates its existing capital and recent raises will fund projected operating expenses and capital expenditure requirements into June 2026.