IN8bio, Inc. (NASDAQ: INAB) completed a private placement that will raise up to $40.2 million in gross proceeds. The initial closing, expected on December 22 2025, will bring in approximately $20.1 million in gross proceeds, consisting of 5,127,029 shares of common stock priced at $1.38 per share and pre‑funded warrants to purchase up to 9,452,677 shares at an exercise price of $0.0001.
The proceeds are earmarked for IND‑enabling studies of the CD‑19‑targeting gamma‑delta T‑cell engager INB‑619, early animal model data generation, and the submission of data from the INB‑200 and INB‑400 Phase 1/2 glioblastoma programs to the FDA. These activities are critical milestones that will enable regulatory interactions and potential clinical trial initiation for the company’s most advanced oncology candidates.
The initial tranche is expected to extend IN8bio’s operating cash runway into the first half of 2027, giving the company additional time to pursue regulatory feedback, secure further funding, and advance its gamma‑delta T‑cell engager pipeline. For a micro‑cap biopharma that has been burning cash at a rapid pace, the extended runway provides a buffer that reduces near‑term financial risk and allows the company to focus on development rather than fundraising.
CEO William Ho emphasized that the financing gives the company confidence to pursue the next regulatory milestones. He noted that INB‑619’s preclinical data demonstrate a safer and more effective approach to immune modulation, and that the company’s earlier success with INB‑100—showing a 100% durable response rate in acute myeloid leukemia—underscores the potential of its gamma‑delta platform. The funding will support the continuation of these programs and the pursuit of additional indications.
The announcement was well received by investors, reflecting confidence in the extended runway and the progress of the company’s pipeline. The financing demonstrates that institutional and accredited investors see value in IN8bio’s differentiated technology and its potential to address unmet needs in oncology and autoimmune disease. The company will need to meet milestone conditions to unlock the remaining $20.1 million, and the dilution from new shares and warrants will be a consideration for existing shareholders.
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