In8bio, a clinical-stage biopharmaceutical company, has reported its financial and operational performance for the quarter ended March 31, 2024. The company has not generated any revenue and continues to incur losses as it advances its product candidates through clinical trials. In8bio's total lease cost for the quarter was $642,000, an increase from $380,000 in the same period the previous year. The company's operating lease for office space in Birmingham, Alabama, was modified and expanded, resulting in increased lease assets and liabilities. In8bio also maintains an operating lease for office space in New York and has an embedded lease within the University of Louisville Manufacturing Services Agreement. The company's research and development expenses increased to $4.9 million, up from $4.4 million year-on-year, primarily due...Show More

In8bio, a clinical-stage biopharmaceutical company, has reported its financial and operational performance for the quarter ended March 31, 2024. The company has not generated any revenue and continues to incur losses as it advances its product candidates through clinical trials. In8bio's total lease cost for the quarter was $642,000, an increase from $380,000 in the same period the previous year. The company's operating lease for office space in Birmingham, Alabama, was modified and expanded, resulting in increased lease assets and liabilities. In8bio also maintains an operating lease for office space in New York and has an embedded lease within the University of Louisville Manufacturing Services Agreement. The company's research and development expenses increased to $4.9 million, up from $4.4 million year-on-year, primarily due to higher personnel-related costs. General and administrative expenses also rose to $3.7 million from $3.5 million in the previous year. In8bio's cash position as of March 31, 2024, was $13.0 million, which is projected to fund operations into January 2025. However, there is substantial doubt about the company's ability to continue as a going concern beyond that period without additional funding. In8bio is focused on the development of gamma-delta T cell therapies for cancer and has recently dosed the first patient in a Phase 2 trial for its lead product candidate, INB-400. The company also plans to submit an IND for a Phase 1b/2 trial of INB-400 in 2025. In8bio received Orphan Drug Designation for INB-400 from the FDA and continues to advance its preclinical programs, including INB-300. The company is also exploring iPSC derived gamma-delta T cells for potential 'off-the-shelf' cell therapies.