Instil Bio, Inc. reported its third‑quarter 2025 financial results, showing a net loss per share of $2.01, a slight miss of the consensus estimate of $-2.00. The company’s cash, cash equivalents, restricted cash, marketable securities and long‑term investments totaled $83.4 million as of September 30, 2025, down from $115.1 million at the end of 2024. The cash component was $5.8 million, restricted cash $0.3 million, marketable securities $73.9 million and long‑term investments $3.4 million, giving Instil a runway that it expects to sustain operations beyond 2026.
The decline in cash balances reflects continued investment in the company’s bispecific antibody pipeline, particularly the lead candidate AXN‑2510. Despite the drop, the sizable marketable securities position and the absence of restructuring or impairment charges provide a cushion that supports the company’s planned U.S. clinical studies and potential future funding needs. The company’s management emphasized that the current liquidity position is sufficient to fund its operating plan through 2026, underscoring confidence in the cash runway.
Operating expenses for the quarter were $14.9 million, comprising $9.1 million in research and development and $5.9 million in general and administrative costs. The company incurred no in‑process research and development expenses and no one‑time restructuring charges, indicating disciplined cost management amid heavy R&D investment. The net loss per share margin was driven largely by the high R&D spend required to advance AXN‑2510, which remains a pre‑revenue asset but is a key driver of the company’s long‑term value proposition.
AXN‑2510, a PD‑L1×VEGF bispecific antibody, entered a Phase 1 monotherapy trial in the United States, with the first patient dosed in October 2025. This milestone marks a significant step forward in the clinical development program and provides a tangible measure of progress that management highlighted as a positive indicator for future funding and partnership opportunities.
Comparing the quarter to the same period in 2024, Instil’s net loss per share improved from $3.54 in Q3 2024 to $2.01 in Q3 2025, reflecting a reduction in operating losses despite the absence of revenue. The company’s consensus EPS estimate of $-2.00 was narrowly missed by $0.01, a margin that management attributes to the continued R&D investment required to advance AXN‑2510 and the lack of any cost‑saving restructuring actions. The company did not provide forward guidance for the next quarter or full year, but the cash runway and clinical milestone suggest a stable outlook for the near term.
Management reiterated its focus on advancing AXN‑2510 and maintaining a disciplined cost structure. CEO and CFO statements underscored confidence in the company’s ability to fund its operating plan through 2026 and highlighted the strategic shift away from the tumor‑infiltrating lymphocyte program as a means to streamline operations and concentrate resources on the bispecific antibody platform.
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