IN8bio, Inc.
INABHealthcare|Biotechnology|US
$0.93
+0.10 (+11.63%)
DCF Value
$5.49
Tangible Book / Share
$0.73
Cash / Share
$0.72
Financials
Financial Snapshot
Market Cap
$9.1M
Enterprise Value
-$2.1M
Revenue (TTM)
$0.00
Net Income (TTM)
-$19.4M
Cash & Investments
$14.0M
Net Cash
$11.2M
Free Cash Flow (TTM)
-$15.0M
Operating CF (TTM)
-$14.8M
Debt/Equity
0.19
Cash Runway & Burn Rate
Cash on Hand
$14.0M
Quarterly Burn
$3.7M
Monthly Burn
$1.2M
Est. Runway
~3.8 quarters
| Metric | Trend | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Investments | $5.0M | $610.0K | $18.0M | $37.0M | $18.2M | $21.3M | $11.1M | $27.1M | $14.0M | |
| Operating Cash Flow | -$2.8M | -$4.8M | -$7.1M | -$13.5M | -$24.1M | -$23.3M | -$24.1M | -$12.7M | -$14.8M | |
| Free Cash Flow | -$3.5M | -$5.1M | -$7.1M | -$13.8M | -$27.8M | -$23.9M | -$24.3M | -$12.7M | -$15.0M | |
| Capital Expenditure | -$757.0K | -$330.0K | $0.00 | -$309.0K | -$3.7M | -$600.0K | -$104.0K | $0.00 | -$241.0K | |
| Financing Cash Flow | $8.5M | $65.0K | $24.5M | $33.0M | $9.0M | $27.0M | $14.2M | $28.6M | $18.2M |
R&D Spending
R&D (TTM)
$10.4M
R&D Intensity
—
R&D Growth vs Prior
+1.4%
| Metric | Trend | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | |
| R&D Expense | $581.0K | $2.4M | $5.4M | $7.3M | $14.1M | $16.8M | $17.0M | $10.2M | $10.4M | |
| SG&A | $1.4M | $2.7M | $3.2M | $7.3M | $14.5M | $13.5M | $12.6M | $9.7M | $9.6M |
Income Statement
| Metric | Trend | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | |
| Cost of Revenue | $96.0K | $96.0K | $0.00 | $0.00 | $0.00 | $2.5M | $0.00 | $2.5M | $500.0K | |
| Gross Profit | -$96.0K | -$96.0K | $0.00 | $0.00 | $0.00 | -$2.5M | $0.00 | -$2.5M | -$500.0K | |
| R&D | $581.0K | $2.4M | $5.4M | $7.3M | $14.1M | $16.8M | $17.0M | $10.2M | $10.4M | |
| SG&A | $1.4M | $2.7M | $3.2M | $7.3M | $14.5M | $13.5M | $12.6M | $9.7M | $9.6M | |
| Operating Income | -$2.0M | -$5.1M | -$8.6M | -$14.7M | -$28.5M | -$30.3M | -$30.4M | -$19.9M | -$19.6M | |
| Interest Expense | $14.0K | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | |
| Pretax Income | -$2.1M | -$5.1M | -$8.6M | -$14.7M | -$28.5M | -$30.0M | -$30.4M | -$19.4M | -$19.4M | |
| Net Income | -$2.1M | -$5.1M | -$8.6M | -$14.7M | -$28.5M | -$30.0M | -$30.4M | -$19.4M | -$19.4M | |
| EPS (Diluted) | -3.89 | -9.16 | -16.03 | -23.41 | -40.81 | -30.14 | -17.05 | -4.44 | -1.26 | |
| EBITDA | -$2.0M | -$5.0M | -$8.5M | -$13.9M | -$27.4M | -$27.5M | -$26.9M | -$16.9M | -$18.0M | |
| Shares Out. (M) | 0.65 | 0.65 | 0.65 | 0.63 | 0.70 | 1.00 | 1.78 | 4.37 | 19.47 |
Balance Sheet
| Metric | Trend | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Equivalents | $5.0M | $610.0K | $18.0M | $37.0M | $18.2M | $21.3M | $11.1M | $27.1M | $14.0M | |
| Short-Term Investments | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | |
| Total Current Assets | $5.1M | $763.0K | $18.1M | $39.0M | $22.2M | $24.6M | $12.6M | $27.9M | $15.2M | |
| Total Assets | $5.9M | $1.1M | $20.9M | $42.2M | $33.0M | $33.7M | $20.9M | $32.3M | $18.7M | |
| Total Current Liabilities | $419.0K | $647.0K | $2.6M | $2.3M | $5.8M | $5.4M | $3.1M | $3.2M | $2.6M | |
| Long-Term Debt | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $1.6M | $1.9M | |
| Total Liabilities | $1.2M | $1.5M | $2.6M | $4.0M | $10.3M | $8.8M | $6.5M | $4.7M | $4.5M | |
| Stockholders' Equity | $4.6M | -$346.0K | $18.3M | $38.2M | $22.7M | $24.9M | $14.5M | $27.6M | $14.2M | |
| Retained Earnings | -$4.3M | -$9.5M | -$18.0M | -$32.7M | -$61.2M | -$91.2M | -$121.7M | -$141.1M | -$155.6M |
Cash Flow Statement
| Metric | Trend | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | -$2.8M | -$4.8M | -$7.1M | -$13.5M | -$24.1M | -$23.3M | -$24.1M | -$12.7M | -$14.8M | |
| Capital Expenditure | -$757.0K | -$330.0K | $0.00 | -$309.0K | -$3.7M | -$600.0K | -$104.0K | $0.00 | -$241.0K | |
| Free Cash Flow | -$3.5M | -$5.1M | -$7.1M | -$13.8M | -$27.8M | -$23.9M | -$24.3M | -$12.7M | -$15.0M | |
| Investing Cash Flow | -$757.0K | $356.0K | $0.00 | -$309.0K | -$3.7M | -$600.0K | -$187.0K | $0.00 | -$241.0K | |
| Financing Cash Flow | $8.5M | $65.0K | $24.5M | $33.0M | $9.0M | $27.0M | $14.2M | $28.6M | $18.2M | |
| Issuance of Stock | $7.2M | $65.0K | $499.0K | $36.3M | $9.5M | $27.8M | $9.9M | $29.3M | $18.5M | |
| Repurchase of Stock | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | |
| Net Debt Issuance | $1.3M | $0.00 | $174.0K | -$709.0K | -$615.0K | -$798.0K | -$794.0K | -$693.0K | -$280.0K | |
| Stock Based Comp. | $31.0K | $76.0K | $357.0K | $2.2M | $3.5M | $4.4M | $5.0M | $3.2M | $1.9M | |
| Net Change in Cash | $5.0M | -$4.4M | $17.4M | $19.1M | -$18.8M | $3.1M | -$10.2M | $15.9M | $3.2M |
Dilution Tracker
Shares outstanding grew 578.0% over 5 years — significant dilution
Shares Outstanding
10M
5-Year Share Growth
+578.0%
Stock Issuance (TTM)
$18.5M
| Metric | Trend | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|
| Shares Out. (M) | 0.65 | 0.65 | 0.65 | 0.63 | 0.70 | 1.00 | 1.78 | 4.37 | 19.47 | |
| Change vs Prior % | — | 0.0% | 0.0% | -3.0% | 11.6% | 42.4% | 79.3% | 145.1% | 345.2% | |
| Stock Issuance | $7.2M | $65.0K | $499.0K | $36.3M | $9.5M | $27.8M | $9.9M | $29.3M | $18.5M | |
| Stock Repurchase | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | |
| Stock Based Comp. | $31.0K | $76.0K | $357.0K | $2.2M | $3.5M | $4.4M | $5.0M | $3.2M | $1.9M |
Margins & Profitability
| Metric | Trend | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|
| ROE % | -44.8% | 1483.8% | -46.7% | -38.4% | -125.5% | -120.3% | -210.2% | -70.5% | -93.7% | |
| ROA % | -35.3% | -454.3% | -40.9% | -34.7% | -86.3% | -89.0% | -145.3% | -60.2% | -103.8% | |
| ROIC % | -36.6% | -1062.9% | -46.2% | -36.1% | -99.7% | -101.7% | -156.0% | -65.5% | -115.7% |
Growth (Year over Year)
Fiscal years. Rising share count growth means dilution.
| Metric | Trend | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|
| Revenue | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | |
| Gross Profit | 0.0% | 0.0% | 100.0% | 0.0% | 0.0% | 0.0% | 100.0% | 0.0% | |
| Operating Income | 0.0% | -156.2% | -66.7% | -71.2% | -94.6% | -6.4% | -0.3% | 34.7% | |
| Net Income | 0.0% | -146.7% | -66.7% | -71.2% | -94.6% | -5.2% | -1.4% | 36.1% | |
| EPS (Diluted) | 0.0% | -135.5% | -75.0% | -46.0% | -74.3% | 26.1% | 43.4% | 74.0% | |
| Operating Cash Flow | 0.0% | -73.4% | -48.6% | -89.4% | -78.6% | 3.2% | -3.5% | 47.4% | |
| Free Cash Flow | 0.0% | -45.5% | -39.0% | -93.7% | -101.4% | 14.0% | -1.3% | 47.6% | |
| R&D Expense | 0.0% | 305.9% | 128.1% | 36.6% | 91.4% | 19.7% | 0.8% | -39.8% | |
| SG&A Expense | 0.0% | 90.3% | 17.4% | 129.8% | 97.9% | -6.6% | -6.5% | -23.6% | |
| Total Assets | 0.0% | -80.8% | 1750.4% | 101.9% | -21.8% | 2.0% | -37.9% | 54.1% | |
| Book Value / Share | 0.0% | -107.4% | 5395.1% | 114.8% | -46.7% | -23.0% | -67.6% | -22.3% | |
| Debt | 0.0% | 0.0% | 0.0% | 1285.1% | 143.7% | -16.7% | 2.8% | -44.7% | |
| Diluted Shares | 0.0% | 0.0% | 0.0% | -3.0% | 11.6% | 42.4% | 79.3% | 145.1% |
Valuation
P/E (TTM)At Loss
P/S0.00
P/B1.27
10Y Low / Med / High0.37 / 2.13 / 41.65
EV/EBITDA0.12
EV/Revenue0.00
P/FCFAt Loss
Intrinsic Value Models (per share)
DCF Value
$5.49
Tangible Book / Share
$0.73
Net Current Assets / Share
$1.08
Graham Net-Net
$0.49
Cash / Share
$0.72
| Metric | Trend | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|
| P/E Ratio | -77.12 | -32.75 | -18.71 | -5.63 | -1.70 | -1.37 | -0.45 | -0.53 | -0.74 | |
| P/S Ratio | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | |
| P/B Ratio | 41.65 | -559.38 | 10.56 | 2.16 | 2.13 | 1.65 | 0.95 | 0.37 | 1.27 | |
| EV/EBITDA | -95.66 | -38.30 | -20.75 | -3.45 | -1.32 | -0.90 | -0.29 | 0.83 | 0.12 | |
| EV/Revenue | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
Analyst Estimates & Quality
Altman Z-Score
-13.07
Distress
Piotroski F-Score
1
Weak
Forward Estimates (consensus)
| Metric | FY2026 | FY2027 | FY2028 |
|---|---|---|---|
| Revenue | $47.7M | $1.7M | $16.3M |
| Net Income | -$4.9M | -$4.2M | -$1.7M |
| EPS | $-1.11 | $-0.95 | $-0.39 |
| # Analysts (EPS) | 2 | 2 | 2 |