AI Analysis | Feedback

Here are 1-3 brief analogies for Instil Bio (TIL):

• Like a **Kite Pharma** (acquired by Gilead Sciences) or **Novartis** (makers of Kymriah) that develops personalized T-cell therapies specifically for *solid tumors*, rather than blood cancers.
• Think of it as a **Moderna** or **BioNTech** for cancer, but focused on creating highly personalized T-cell therapies for solid tumors, not vaccines.
• An **Amgen** or **Gilead Sciences** focused exclusively on developing and manufacturing living immune cell therapies to fight solid cancers.

AI Analysis | Feedback

• ITIL-168: An investigational autologous cell therapy using tumor-infiltrating lymphocytes (TILs) for the treatment of advanced melanoma.
• Next-Generation TIL Therapies: Development of enhanced tumor-infiltrating lymphocyte therapies aimed at improving potency and applicability across various solid tumors.

AI Analysis | Feedback

For Instil Bio (symbol: TIL), as a clinical-stage biopharmaceutical company, it does not currently have major commercial customers in the traditional sense.

The company is focused on the research and development of tumor-infiltrating lymphocyte (TIL) therapies for cancer. As of its current stage, Instil Bio does not have any products approved for commercial sale and therefore is not primarily selling to other companies or individuals.

Its activities are concentrated on advancing its product candidates through preclinical and clinical trials.

AI Analysis | Feedback

AI Analysis | Feedback

Bronson Crouch, Chief Executive Officer

Mr. Crouch has served as Instil Bio's Chief Executive Officer and Chairman of its board of directors since November 2018. He is also the Managing Partner of Curative Ventures, a private equity investment firm focused on biopharma opportunities, a role he has held since January 2014. Through Curative Ventures, he has been involved in several key investments, including CoStim Pharmaceuticals, Inc. (acquired by Novartis in 2014), Peloton Therapeutics, Inc. (acquired by Merck in 2019 for $1.1 Billion cash upfront), TCR2 Therapeutics, Inc., and iTeos Therapeutics, Inc.

Sandeep “Steve” Laumas, MD, Chief Financial Officer & Chief Business Officer

Dr. Laumas has served as the Chief Financial Officer of Instil Bio since February 2021 and Chief Business Officer since June 2020. He began his career in healthcare investment banking and equity research at Goldman Sachs & Co. in 1996. He was an analyst at Balyasny Asset Management and a Managing Director of North Sound Capital, where he managed the global healthcare investment portfolio. Dr. Laumas founded and managed Bearing Circle Capital, an investment partnership, since 2008.

Jamie Freedman, MD, PhD, Chief Medical Officer

Dr. Freedman was appointed Chief Medical Officer of Instil Bio. He brings over 20 years of experience in the pharmaceutical and biotech industries, with executive roles in senior R&D, Commercial, and Medical leadership at major companies such as Merck, GSK, Medimmune/AZ, and Genentech/Roche. His career has contributed to 15 drug approvals and successful launches across various therapeutic areas. He maintains an adjunct faculty position at UCSF and continues to practice clinical Hematology-Oncology.

Mark E. Dudley, PhD, Chief Scientific Officer

Dr. Dudley serves as the Chief Scientific Officer at Instil Bio. He is an expert in preclinical and clinical development of antibodies, gene therapy, cell therapy, and cancer immunotherapy. Prior to the acquisition of Immetacyte Ltd by Instil Bio Inc in March 2020, he was CEO of Immetacyte, which he founded as a cell therapy spinout from the University of Manchester. He was previously a Cancer Research UK Professor of Medical Oncology at the University of Manchester and Christie Hospital.

Qiying Lu, MD, SVP, CMO (China)

Prior to his role at Instil Bio, Dr. Lu was the Chief Medical Officer for ImmuneOnco, where he led the development of AXN-2510/IMM2510 in China. Before ImmuneOnco, he spent 12 years leading clinical development at global pharmaceutical companies in China, including Pfizer, Roche, AstraZeneca, and GSK, and 8 years as a practicing oncologist. He has a proven track record in designing and executing clinical trials, leading to multiple regulatory approvals in China for drugs such as Ibrance, Dacomitinib, and Votrient.

AI Analysis | Feedback

1. Financial Viability: Instil Bio has consistently incurred substantial losses since its inception and anticipates this trend to continue for the foreseeable future, evidenced by an accumulated deficit of $655.1 million as of December 31, 2024. The company has no approved products for commercialization, and its ability to continue operations and pursue its objectives is critically dependent on securing additional funding. The company is also characterized by a rapid cash burn rate and weak gross profit margins.
2. Clinical Development and Regulatory Approval: As a clinical-stage biopharmaceutical company, Instil Bio faces inherent risks associated with the lengthy, costly, and unpredictable drug product development process. There is no guarantee that its product candidates, such as AXN-2510/IMM2510, will demonstrate favorable results in ongoing or future clinical trials, or that they will ultimately receive the necessary regulatory approvals from authorities like the FDA.
3. Intellectual Property Protection: The success of Instil Bio is highly dependent on its ability to obtain, maintain, and enforce adequate intellectual property protection for its product candidates and technology. A failure to secure sufficient patent protection could enable competitors to develop similar therapies, thereby significantly harming Instil Bio's commercialization efforts and market position.

AI Analysis | Feedback

AI Analysis | Feedback

Instil Bio (TIL) is a clinical-stage biopharmaceutical company primarily focused on developing cancer therapies.

The addressable markets for their main products or services are:

• Tumor-Infiltrating Lymphocyte (TIL) Therapies (general, including ITIL-306): The global TIL therapy market is estimated to grow from USD 0.3 billion in 2025 to USD 4.2 billion by 2035. Another estimate projects the global TIL therapy market to grow from USD 87 million in 2024 to USD 5 billion by 2035. North America currently holds the largest share of the TIL therapy market.
• AXN-2510/IMM2510 (also known as SYN-2510): This bispecific antibody is in development for multiple solid tumor cancers, including Non-Small Cell Lung Cancer (NSCLC) and Triple-Negative Breast Cancer (TNBC). The total addressable market (TAM) for Non-Small Cell Lung Cancer (NSCLC) is forecasted to reach $43.7 billion globally by 2026. Instil Bio retains commercialization rights for this product outside Greater China.

Instil Bio's previous lead candidate, ITIL-168, an autologous cell therapy for advanced melanoma, was discontinued in December 2022.

AI Analysis | Feedback

Instil Bio (NASDAQ: TIL) is a clinical-stage biopharmaceutical company, meaning its current operations are focused on research and development rather than generating revenue from marketed products. Consequently, expected drivers of future revenue growth over the next 2-3 years are intrinsically linked to the successful advancement and potential commercialization of its pipeline candidates. Analysts currently forecast no revenue for Instil Bio in the immediate future, with unprofitability expected over the next three years, though annual revenue growth is anticipated beyond that timeframe.

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

1. Advancement and Potential Commercialization of SYN-2510 (AXN-2510): Instil Bio's lead investigational bispecific antibody, SYN-2510, which targets the PD-L1/VEGF oncology pathway, is a primary driver. The company recently secured FDA Investigational New Drug (IND) clearance for AXN-2510/IMM2510 in July 2025, enabling a U.S.-based clinical trial expected to commence by the end of 2025. This drug is advancing to Phase 2 trials for non-small cell lung cancer (NSCLC) and triple-negative breast cancer (TNBC) and has completed Phase 1a dose escalation trials in China. Successful progression through these clinical stages, leading to regulatory approvals, would be a significant revenue catalyst.
2. Expansion of SYN-2510 into New Indications and Global Markets: Beyond the initial target indications of NSCLC and TNBC, the potential to expand SYN-2510 to treat additional cancer types would broaden its market reach. Furthermore, a licensing partnership with ImmuneOnco Biopharmaceuticals, signed in August 2024, grants Instil Bio commercialization rights for SYN-2510 outside Greater China, positioning the company for global market penetration if the drug is approved.
3. Progression of the ITIL-306 Program through Collaborative Development: Although Instil Bio underwent a strategic shift in January 2024, pivoting away from its CoStAR-TIL therapy and halting ITIL-306 Phase 1 trials, the company has engaged a collaborator to conduct preclinical manufacturing feasibility studies for ITIL-306. If these studies are successful, an investigator-initiated clinical trial (IIT) for NSCLC could be initiated in China. Compelling proof-of-concept data from such trials could lead to a transition to U.S.-based manufacturing and clinical development, potentially re-establishing ITIL-306 as a future revenue driver.
4. Development of Other Pipeline Candidates and Novel TIL Technologies: Instil Bio continues to retain key personnel to advance early-stage pipeline development of its Co-Stimulatory Antigen Receptor (CoStAR™) platform and other novel tumor-infiltrating lymphocyte (TIL) technologies. The company also has SYN-27M, a monoclonal antibody targeting CTLA-4, in its pipeline. The successful development and eventual commercialization of these or other new product candidates would diversify Instil Bio's potential revenue streams beyond SYN-2510.

AI Analysis | Feedback

Share Repurchases

• Instil Bio has not reported significant share repurchases over the last 3-5 years.
• Indications suggest a net issuance of common equity rather than repurchases, with a 3-year average share buyback ratio of -0.4% and a buyback yield of -0.57%.

Share Issuance

• Instil Bio went public with an Initial Public Offering (IPO) on March 19, 2021, marking a significant share issuance.
• The number of shares outstanding for Instil Bio has shown an increase, for example, by 0.57% in one year, indicating ongoing share issuance or dilution.
• Over the last year, insiders collectively bought or received $24.3 million worth of shares, suggesting share issuances as part of compensation or other programs.

Inbound Investments

• The company completed a Series D funding round on December 30, 2020, raising $185 million from institutional investors including HBM Partners.
• Instil Bio's IPO on March 19, 2021, represented a substantial inbound investment as the company became publicly traded.
• In total, Instil Bio has raised $371 million in funding over three rounds.

Outbound Investments

• Instil Bio completed a Merger/Acquisition with Immetacyte on March 2, 2020. The specific dollar amount of this transaction was not detailed in available public information.

Capital Expenditures

• Capital expenditures were approximately -$50.82 million in 2020, -$57.83 million in 2021, -$84.59 million in 2022, and -$20.66 million in 2023.
• The primary focus of capital expenditures for Instil Bio, a clinical-stage biopharmaceutical company, has generally been related to facility build-outs, research and development infrastructure, and manufacturing capabilities.