studies and clinical trials; whether the outcomes of preclinical studies will be predictive of clinical trial results; whether initial or interim results from a clinical trial will be predictive of the final results of the trial or the results of future trials; the risk that trials and studies may be delayed and may not have satisfactory outcomes; potential adverse effects arising from the testing or use of IN8bio's product candidates; the uncertainty of regulatory approvals to conduct trials or to market products; IN8bio's reliance on third parties, including licensors and clinical research organizations; and other important factors, any of which could cause our actual results to differ from those contained in the forward-looking statements, are described in greater detail in the section entitled "Risk Factors" in our Quarterly Report on Form 10-Q filed with the Securities and Exchange Commission $(SEC.UK)$ on August 8, 2024, as well as in other filings IN8bio may make with the SEC in the future. Any forward-looking statements contained in this press release speak only as of the date hereof, and IN8bio expressly disclaims any obligation to update any forward-looking statements contained herein, whether because of any new information, future events, changed circumstances or otherwise, except as otherwise required by law.
IN8BIO, INC.
CONDENSED BALANCE SHEETS
(In thousands, except share and per share data)
September 30,
2024 December 31,
(unaudited) 2023
--------------- --------------
Assets
Current assets
Cash $ 4,001 $ 21,282
Prepaid expenses and other
current assets 2,702 3,343
----------- ----------
Total Current Assets 6,703 24,625
----------- ----------
Non-current assets
Property and equipment, net 3,081 3,514
Construction in progress -- 182
Deferred issuance costs 181 --
Restricted cash 259 256
Right-of-use assets - finance
leases 1,302 1,364
Right-of-use assets - operating
leases 4,116 3,513
Other non-current assets 324 255
----------- ----------
Total Non-Current Assets 9,263 9,084
----------- ----------
Total Assets $ 15,966 $ 33,709
=========== ==========
Liabilities and Stockholders'
Equity
Liabilities
Current liabilities
Accounts payable $ 1,137 $ 924
Accrued expenses and other
current liabilities 769 2,955
Short-term finance lease
liability 809 694
Short-term operating lease
liability 920 820
----------- ----------
Total Current Liabilities 3,635 5,393
----------- ----------
Long-term finance lease
liability 399 525
Long-term operating lease
liability 3,344 2,854
----------- ----------
Total Non-Current Liabilities 3,743 3,379
----------- ----------
Total Liabilities 7,378 8,772
----------- ----------
Stockholders' Equity
Preferred stock, par value
$0.0001 per share; 10,000,000
shares authorized at September
30, 2024 and December 31, 2023,
respectively. No shares issued
and outstanding -- --
Common stock, par value $0.0001
per share; 490,000,000 shares
authorized at September 30,
2024 and December 31, 2023;
46,786,948 and 43,287,325
shares issued and outstanding
at September 30, 2024 and
December 31, 2023,
respectively 5 4
Additional paid-in capital 124,079 116,152
Accumulated deficit (115,496) (91,219)
----------- ----------
Total Stockholders' Equity 8,588 24,937
----------- ----------
Total Liabilities and
Stockholders' Equity $ 15,966 $ 33,709
=========== ==========
IN8BIO, INC.
CONDENSED STATEMENTS OF OPERATIONS
(In thousands, except share and per share data)
(Unaudited)
Three Months Ended Nine Months Ended
September 30, September 30,
------------------------- -------------------------
2024 2023 2024 2023
----------- ----------- ----------- -----------
Operating
expenses:
Research and
development $ 3,309 $ 3,786 $ 13,368 $ 12,305
General and
administrative 2,732 3,383 10,007 10,434
Severance and
related
charges 1,068 -- 1,068 --
---------- ---------- ---------- ----------
Total operating
expenses 7,109 7,169 24,443 22,739
Interest income 23 -- 166 --
Other income -- -- -- 330
---------- ---------- ---------- ----------
Loss from
operations (7,086) (7,169) (24,277) (22,409)
---------- ---------- ---------- ----------
Net loss $ (7,086) $ (7,169) $ (24,277) $ (22,409)
========== ========== ========== ==========
Net loss per share
-- basic and
diluted $ (0.15) $ (0.23) $ (0.53) $ (0.79)
========== ========== ========== ==========
Weighted-average
number of shares
used in computing
net loss per
common share,
basic and
diluted 47,321,394 31,545,783 45,690,587 28,275,193
========== ========== ========== ==========
Investors & Company Contacts:
Glenn Schulman, PharmD, MPH
203.494.7411
gdschulman@IN8bio.com
Patrick McCall
646.933.5603
pfmccall@IN8bio.com
Media Contact
Kimberly Ha
KKH Advisors
917.291.5744
kimberly.ha@kkhadvisors.com
(END) Dow Jones Newswires
November 12, 2024 16:26 ET (21:26 GMT)
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