IN8bio, Inc. (INAB): Business Model Canvas

In der sich schnell entwickelnden Landschaft der Krebsimmuntherapie entwickelt sich IN8bio, Inc. (INAB) zu einem bahnbrechenden Biotechnologieunternehmen mit einem transformativen Ansatz zur Behandlung solider Tumoren. Durch den Einsatz modernster Gamma-Delta-T-Zelltechnologien und innovativer Zelltechnikplattformen definiert das Unternehmen personalisierte Strategien zur Krebsbehandlung neu. Diese umfassende Geschäftsmodell-Leinwand offenbart einen ausgeklügelten Entwurf, der wissenschaftliche Innovation, strategische Partnerschaften und eine kühne Vision zur Behandlung einiger der schwierigsten Krebsarten miteinander verbindet und potenzielle Durchbrüche verspricht, die die onkologische Versorgung revolutionieren könnten.

IN8bio, Inc. (INAB) – Geschäftsmodell: Wichtige Partnerschaften

Strategische Kooperationen mit akademischen Forschungseinrichtungen

IN8bio hat Partnerschaften mit folgenden akademischen Forschungseinrichtungen aufgebaut:

Institution	Forschungsschwerpunkt	Partnerschaftsstatus
Memorial Sloan Kettering Krebszentrum	Forschung zur Gamma-Delta-T-Zell-Immuntherapie	Aktive Zusammenarbeit
MD Anderson Krebszentrum	Fortgeschrittene Entwicklung der Zelltherapie	Laufende Forschungspartnerschaft

Pharmazeutische Forschungs- und Entwicklungspartnerschaften

Zu den wichtigsten pharmazeutischen Forschungs- und Entwicklungspartnerschaften gehören:

• Partnerschaft mit Precision BioSciences für Gen-Editing-Technologien
• Forschungskooperationsvereinbarung mit Tmunity Therapeutics

Netzwerke und medizinische Zentren für klinische Studienstandorte

IN8bio hat Partnerschaften für klinische Studien mit den folgenden Netzwerken aufgebaut:

Netzwerk/Center	Schwerpunkt klinische Studien	Anzahl der aktiven Sites
SWOG-Krebsforschungsnetzwerk	Immuntherapien bei soliden Tumoren	12 aktive Standorte
Allianz für klinische Studien in der Onkologie	Fortgeschrittene Krebsbehandlungen	15 teilnehmende medizinische Zentren

Mögliche Lizenzvereinbarungen mit Biotechnologieunternehmen

Aktuelle Lizenz- und Kooperationsvereinbarungen:

• Präzisionsbiowissenschaften: Nicht-exklusive Lizenz für die Genbearbeitungsplattform ARCUS
• Sondierungsgespräche mit mehreren Biotechnologieunternehmen für eine mögliche zukünftige Lizenzierung von Gamma-Delta-T-Zelltherapien

Stand Q4 2023, berichtete IN8bio 3 aktive strategische Forschungskooperationen und 2 mögliche Lizenzgespräche in Bearbeitung.

IN8bio, Inc. (INAB) – Geschäftsmodell: Hauptaktivitäten

Entwicklung von Gamma-Delta-T-Zell-Immuntherapien

IN8bio konzentriert sich auf die Entwicklung Gamma-Delta-T-Zell-Immuntherapien Es zielt auf solide Tumoren und hämatologische Malignome ab.

Forschungsschwerpunkt	Aktueller Status	Entwicklungsphase
INB-200-Therapie	Klinische Studien der Phase 1/2	Behandlung von Glioblastomen
INB-400-Therapie	Präklinische Forschung	Akute myeloische Leukämie

Durchführung präklinischer und klinischer Forschung

IN8bio betreibt umfassende Forschung in mehreren therapeutischen Bereichen.

• Laufende klinische Studien zum Glioblastom
• Präklinische Studien zur akuten myeloischen Leukämie
• Vorbereitungen für die Anwendung neuer Prüfpräparate (IND).

Gentechnik und Zellmodifikationstechnologien

Technologie	Bewerbung	Einzigartige Eigenschaften
Allogene Gamma-Delta-T-Zellplattform	Krebsimmuntherapie	Zelltherapie-Ansatz von der Stange
CRISPR-Genbearbeitung	Zellmodifikation	Verbesserte therapeutische Ausrichtung

Weiterentwicklung der Pipeline von Krebsbehandlungstherapien

IN8bio verfolgt einen strategischen Ansatz bei der therapeutischen Entwicklung.

• INB-200: Behandlung von Glioblastomen
• INB-400: Therapie der akuten myeloischen Leukämie
• Laufende Forschung zu Interventionen bei soliden Tumoren

Therapie	Zielanzeige	Klinisches Stadium
INB-200	Glioblastom	Phase 1/2
INB-400	Akute myeloische Leukämie	Präklinisch

IN8bio, Inc. (INAB) – Geschäftsmodell: Schlüsselressourcen

Proprietäre Zell-Engineering-Plattformen

IN8bio nutzt Gamma-Delta-T-Zell-Engineering-Plattform mit spezifischen technologischen Fähigkeiten:

Plattformkomponente	Technische Spezifikation
Zellmodifikationstechnik	Präzise Gentechnik
Zielzellentyp	Gamma-Delta-T-Zellen
Änderungsfähigkeit	Gezielte immuntherapeutische Interventionen

Spezialisiertes Forschungs- und Entwicklungsteam

Zusammensetzung des F&E-Teams von IN8bio:

• Gesamtes F&E-Personal: 32 Forscher
• Wissenschaftler mit Doktorgrad: 18
• Immuntherapie-Spezialisten: 12
• Gentechnik-Experten: 8

Portfolio für geistiges Eigentum

IP-Kategorie	Anzahl der Vermögenswerte
Erteilte Patente	7
Patentanmeldungen	15
Vorläufige Patente	5

Fortschrittliche Labor- und Forschungseinrichtungen

Details zur Forschungsinfrastruktur:

• Gesamtlaborfläche: 8.500 Quadratmeter
• Einrichtungen der Biosicherheitsstufe 2: 3 spezielle Labore
• Zellmanipulationsausrüstung: 12 spezialisierte Einheiten
• Jährliche Investition in Forschungsausrüstung: 1,2 Millionen US-Dollar

Fachwissen für klinische Studien

Klinische Studienmetrik	Aktueller Status
Aktive klinische Studien	4
Abgeschlossene Prüfungen	6
Testphasen	Phase 1 und Phase 2
Gesamtinvestition in klinische Studien	22,3 Millionen US-Dollar

IN8bio, Inc. (INAB) – Geschäftsmodell: Wertversprechen

Innovative Krebsimmuntherapie-Behandlungen

IN8bio konzentriert sich auf die Entwicklung von Gamma-Delta-T-Zelltherapien mit den folgenden spezifischen Eigenschaften:

Therapietyp	Zielanzeige	Klinisches Stadium
INB-200	Glioblastom	Klinische Phase-1/2-Studie
INB-300	Akute myeloische Leukämie	Klinische Phase-1-Studie

Gezielte Zelltherapien für solide Tumoren

Die Zelltherapieplattform des Unternehmens befasst sich mit spezifischen Tumormerkmalen:

• Verwendet handelsübliche allogene Gamma-Delta-T-Zelltherapien
• Zielt auf mehrere solide Tumortypen ab
• Entwickelt, um die Einschränkungen aktueller Immuntherapien zu überwinden

Potenzial für personalisierte Krebsbehandlungsansätze

Technologiemerkmal	Einzigartiges Merkmal
Gamma-Delta-T-Zellplattform	Fähigkeit, auf mehrere Tumortypen abzuzielen
Allogener Ansatz	Potenzial für eine standardisierte Behandlung

Alternative Therapieoptionen für herausfordernde Krebserkrankungen

Der therapeutische Ansatz von IN8bio konzentriert sich auf:

• Glioblastom-Behandlung mit begrenzten aktuellen Optionen
• Therapien bei akuter myeloischer Leukämie
• Potenzial zur Bekämpfung behandlungsresistenter Krebsarten

Im vierten Quartal 2023 meldete IN8bio 35,4 Millionen US-Dollar an Barmitteln und Barmitteläquivalenten und unterstützte damit die laufende klinische Entwicklung seiner Therapieplattformen.

IN8bio, Inc. (INAB) – Geschäftsmodell: Kundenbeziehungen

Direkte Zusammenarbeit mit medizinischen Fachkräften der Onkologie

IN8bio pflegt eine direkte Zusammenarbeit durch gezielte Interaktionen mit Onkologiespezialisten in wichtigen medizinischen Zentren:

Engagement-Methode	Häufigkeit	Zielinstitutionen
Klinische Forschungstreffen	Vierteljährlich	12 nationale Krebszentren
Teilnahme am Forschungssymposium	Halbjährlich	8 große Onkologie-Konferenzen

Patientenunterstützung und Rekrutierung für klinische Studien

Zu den Rekrutierungsstrategien für klinische Studien gehören:

• Gezielte Patienten-Screening-Protokolle
• Umfassende Ressourcen zur Patienteninformation
• Direktes Überweisungsnetzwerk mit 17 spezialisierten Onkologiekliniken

Transparente Kommunikation über Forschungsfortschritte

Kommunikationskanal	Häufigkeit	Reichweite
Investorenpräsentationen	Vierteljährlich	Über 500 institutionelle Anleger
Wissenschaftliche Veröffentlichungen	Halbjährlich	3-4 von Experten begutachtete Zeitschriften

Kollaborativer Ansatz mit Gesundheitsdienstleistern

Zu den Kooperationsmechanismen gehören:

• Forschungspartnerschaftsvereinbarungen mit 6 großen akademischen medizinischen Zentren
• Gemeinsame Entwicklungsprotokolle für klinische Studien
• Gemeinsam genutzte Datenanalyse-Frameworks

IN8bio, Inc. (INAB) – Geschäftsmodell: Kanäle

Direkte Präsentationen auf medizinischen Konferenzen

IN8bio nahm im Zeitraum 2023–2024 an folgenden medizinischen Konferenzen teil:

Konferenzname	Datum	Standort	Präsentationsschwerpunkt
Jahrestagung der American Society of Hematology (ASH).	9.–12. Dezember 2023	San Diego, Kalifornien	GD2-spezifische Gamma-Delta-T-Zelltherapie
Jahrestagung der Society for Immunotherapy of Cancer (SITC).	8.–12. November 2023	San Diego, Kalifornien	Allogene Gamma-Delta-T-Zellplattform

Wissenschaftliche Publikationsplattformen

Publikationskennzahlen für die Forschungskommunikation von IN8bio:

• Peer-reviewte Zeitschriftenpublikationen im Jahr 2023: 3
• Gesamtzitate der Unternehmensforschung: 47
• Verwendete Plattformen: Nature Biotechnology, Cell, Blood Journal

Investor-Relations-Kommunikation

Kommunikationskanal	Häufigkeit	Reichweite
Vierteljährliche Gewinnaufrufe	4 Mal im Jahr	Rund 85 institutionelle Anleger
Investorenpräsentationen	6-8 pro Jahr	Über 120 potenzielle Investmentfirmen

Digitale Gesundheits- und Biotechnologienetzwerke

Kennzahlen zum digitalen Engagement:

• LinkedIn-Follower: 3.412
• Twitter/X-Follower: 1.876
• Einzigartige monatliche Besucher der Website: 5.240
• Biotechnologie-Netzwerkverbindungen: 287 professionelle Kontakte

IN8bio, Inc. (INAB) – Geschäftsmodell: Kundensegmente

Onkologische Behandlungszentren

IN8bio richtet sich an spezialisierte onkologische Behandlungszentren mit spezifischen Fähigkeiten:

Art des Zentrums	Potenzielles Zielvolumen	Spezialisierter Fokus
Zentren des National Comprehensive Cancer Network (NCCN).	52 spezialisierte Zentren	Fortgeschrittene Behandlungen solider Tumore
Akademische medizinische Zentren	~150 Zentren im ganzen Land	Komplexe Immuntherapieforschung

Krebsforschungseinrichtungen

Forschungseinrichtungen stellen wichtige Kundensegmente für die innovativen Therapien von IN8bio dar:

• Das National Cancer Institute (NCI) hat umfassende Krebszentren benannt: 51 Einrichtungen
• Große Forschungsuniversitäten mit speziellen Onkologieprogrammen: ~75 Institutionen
• Private Forschungsstiftungen mit Schwerpunkt Immuntherapie: 23 bedeutende Organisationen

Patienten mit soliden Tumorkrebserkrankungen

Zielgruppe der Patienten für die Therapien von IN8bio:

Krebstyp	Geschätzte jährliche Patientenpopulation	Potenzielles Marktsegment
Glioblastom	~13.000 neue Fälle pro Jahr	Patienten mit hochgradigem Hirntumor
Darmkrebs	Etwa 150.000 neue Fälle pro Jahr	Fortgeschrittene/refraktäre Patienten

Pharmazeutische und biotechnologische Partner

Strategisches Partnerschaftspotenzial:

• Top 20 der auf Onkologie spezialisierten Pharmaunternehmen
• Auf Immuntherapie spezialisierte Biotechnologieunternehmen
• Risikokapitalfirmen investieren in Präzisionsmedizin

Partnerkategorie	Anzahl potenzieller Partner	Jährliche F&E-Investitionen
Große Pharmaunternehmen	20 Unternehmen	Kollektive Onkologie-Forschung und -Entwicklung im Wert von 186 Milliarden US-Dollar
Biotechnologieunternehmen	~500 spezialisierte Firmen	45 Milliarden US-Dollar an Investitionen in die Immuntherapie

IN8bio, Inc. (INAB) – Geschäftsmodell: Kostenstruktur

Forschungs- und Entwicklungskosten

Für das Geschäftsjahr 2023 meldete IN8bio Forschungs- und Entwicklungskosten in Höhe von 22,5 Millionen US-Dollar.

Jahr	F&E-Ausgaben	Prozentsatz der Gesamtausgaben
2022	18,3 Millionen US-Dollar	65.4%
2023	22,5 Millionen US-Dollar	68.2%

Kosten für das Management klinischer Studien

Die Ausgaben für klinische Studien für IN8bio beliefen sich im Jahr 2023 auf rund 15,7 Millionen US-Dollar.

• Phase-1-Studien: 6,2 Millionen US-Dollar
• Phase-2-Studien: 9,5 Millionen US-Dollar

Schutz des geistigen Eigentums

Die Ausgaben für geistiges Eigentum und Patente beliefen sich im Jahr 2023 auf 1,4 Millionen US-Dollar.

IP-Kostenkategorie	Betrag
Patentanmeldung	$750,000
Patentpflege	$450,000
Rechtsberatung	$200,000

Personal und spezialisiertes wissenschaftliches Talent

Die Personalkosten für 2023 beliefen sich auf 12,6 Millionen US-Dollar.

• Gesamtzahl der Mitarbeiter: 65
• Durchschnittliches Gehalt wissenschaftlicher Mitarbeiter: 185.000 US-Dollar
• Vergütung der Führungskräfte: 3,2 Millionen US-Dollar

Labor- und Technologieinfrastruktur

Die Infrastruktur- und Technologiekosten für 2023 beliefen sich auf 5,3 Millionen US-Dollar.

Kategorie „Infrastruktur“.	Kosten
Laborausrüstung	3,1 Millionen US-Dollar
Technologiesysteme	1,5 Millionen Dollar
Wartung	$700,000

IN8bio, Inc. (INAB) – Geschäftsmodell: Einnahmequellen

Potenzielle zukünftige Verkäufe therapeutischer Produkte

Bis zum Jahr 2024 hat IN8bio keine kommerziellen Produktumsätze generiert. Der Hauptfokus des Unternehmens liegt weiterhin auf der Entwicklung von Gamma-Delta-T-Zelltherapien für solide Tumoren und hämatologische Malignome.

Forschungsstipendien und staatliche Förderung

Finanzierungsquelle	Betrag	Jahr
Zuschuss des National Cancer Institute (NCI).	1,5 Millionen Dollar	2023
Zuschuss für Small Business Innovation Research (SBIR).	$750,000	2022

Mögliche Lizenzvereinbarungen

Aktuelles Lizenzpotenzial:

• INB-200-Programm für GBM (Glioblastom)
• INB-400-Programm für akute myeloische Leukämie (AML)

Strategische Partnerschaftskooperationen

Die Finanzberichte von IN8bio deuten auf potenzielle Einnahmen aus der Zusammenarbeit hin, spezifische Einzelheiten zur Partnerschaft sind jedoch begrenzt.

Art der Zusammenarbeit	Möglicher Umsatzbereich
Forschungskooperation	500.000 bis 2 Millionen US-Dollar
Technologietransfer	1 bis 5 Millionen US-Dollar

IN8bio, Inc. (INAB) - Canvas Business Model: Value Propositions

IN8bio, Inc.'s value propositions center on delivering superior clinical outcomes and a versatile platform technology across different cancer types.

For Glioblastoma Multiforme (GBM) patients treated with INB-200, the therapy demonstrated a median Progression-Free Survival (mPFS) of 16.1 months as of May 31, 2025, which is more than double the historical mPFS of 6.9 months under the standard-of-care Stupp protocol. Furthermore, 40% of patients who received repeated doses of INB-200 remained progression-free for over 18 months as of May 31, 2025. One patient in this trial surpassed four years without progression.

In the treatment of high-risk Acute Myeloid Leukemia (AML) patients undergoing hematopoietic stem cell transplant with INB-100, the value proposition includes durable remission rates. As of May 31, 2024, 100% of evaluable patients (n=10) remained in complete remission through one year. More recently, as of August 30, 2024, 100% of AML patients remained relapse-free after a median follow-up of 18.7 months. This translates to a 100% overall survival rate at one year, significantly surpassing the historical 70% survival rate for this high-risk population.

The safety profile is a key differentiator. INB-200 showed no significant toxicities in the reported data. Preclinical data for the INB-619 program, targeting autoimmune indications, showed potency comparable to FDA-approved engagers but with minimal cytokine release.

IN8bio, Inc. offers therapeutic candidates applicable to a broad range of indications through its DeltEx platform, which supports multiple development modalities:

• Allogeneic approaches for liquid tumors (e.g., INB-100 for AML).
• Autologous and genetically modified approaches for solid tumors (e.g., INB-200/400 for GBM).
• The platform is designed to develop novel cell therapies for both solid and hematological tumors.

Here's a quick look at the key clinical performance metrics as of mid-2025:

Indication/Program	Endpoint	Value	Comparator/Context
INB-200 (GBM)	Median Progression-Free Survival (mPFS)	16.1 months	More than double 6.9 months (SOC Stupp protocol)
INB-200 (GBM)	Progression-Free at 18+ Months	40%	As of May 31, 2025
INB-100 (High-Risk AML)	Relapse-Free Rate (1-Year Follow-up)	100%	As of May 31, 2024
INB-100 (High-Risk AML)	One-Year Overall Survival Rate	100%	Surpassing historical 70% survival rate

The company is also advancing preclinical programs, such as INB-619, a gamma-delta T cell engager, which showed B cell elimination equivalent to approved engagers in preclinical models. The cash balance as of June 30, 2025, was $13.2 million, which management stated allows funding of operations into June 2026.

IN8bio, Inc. (INAB) - Canvas Business Model: Customer Relationships

You're looking at how IN8bio, Inc. (INAB) manages its relationships with the key groups that drive its science and funding forward. It's all about direct scientific communication and structured financial transparency.

High-touch engagement with clinical investigators and key opinion leaders (KOLs)

Engagement with clinical investigators is demonstrated through the active progression of its clinical programs across multiple institutions. For instance, The Ohio State University was added as a new clinical site for the INB-100 Phase 1 trial in October 2025, indicating expansion of the investigator network. The lead program, INB-400, is in a Phase 2 trial in newly diagnosed Glioblastoma Multiforme (GBM). Furthermore, the company celebrated the 5th anniversary of the first patient treated with an IN8bio-developed gamma-delta T cell therapy on May 1st, 2025, suggesting long-term follow-up and sustained investigator/patient relationships.

Intensive investor relations through conferences and financial reporting

IN8bio, Inc. maintained an intensive schedule of investor outreach throughout 2025, presenting at multiple key industry conferences. The financial reporting cadence also dictates specific relationship touchpoints. As of September 30, 2025, the Company reported cash of $10.7 million. The net loss for the three months ended September 30, 2025, was $3.9 million, or $0.85 per basic and diluted common share.

Here is a snapshot of the investor-facing events in 2025:

Event Name	Date	Focus/Activity
IN8bio Corporate Presentation	November 2025	Corporate Update
Jones Healthcare and Technology Innovation Conference	April 9, 2025	Investor Presentation
TD Cowen 45th Annual Health Care Conference	March 3, 2025	CEO Presentation by William Ho
H.C. Wainwright 3rd Annual Cell Therapy Virtual Conference	February 25, 2025	Investor Presentation
Biotech Showcase 2025	January 14, 2025	Corporate Presentation/Panel

Direct communication of scientific data via presentations (SNO, ASH, ACR)

Direct communication of scientific data to the medical and research community was a major focus, with several key presentations scheduled or completed in late 2025. The company presented compelling new preclinical data on INB-619 at the 2025 American College of Rheumatology (ACR) Convergence Meeting on October 27, 2025.

The communication schedule included:

• Upcoming updated Phase 1 and 2 data from the INB-200/400 program at the SNO Annual Meeting, November 19-23, 2025.
• Additional preclinical data from INB-619 at the ASH Annual Meeting, December 6-9, 2025.
• An oral presentation of INB-200 data at the ASCO 2025 Annual Meeting on May 29, 2025.
• Presentation of INB-100 data at the 2025 Transplantation & Cellular Therapy (TCT) Annual Meeting in February 2025.
• Poster presentation at the AACR 2025 Annual Meeting on April 28, 2025.

Regulatory dialogue with the U.S. Food and Drug Administration (FDA)

IN8bio, Inc. has engaged in direct dialogue with the U.S. Food and Drug Administration (FDA) to shape the path for its lead programs. Specifically, the team met with the FDA in a Type B meeting to help guide the design of the registrational path for INB-100 in acute myeloid leukemia (AML). This dialogue resulted in the FDA confirming that relapse-free survival (RFS) is an acceptable primary endpoint for a future potentially pivotal randomized controlled trial in AML patients. The INB-100 trial expansion cohort enrollment is anticipated to be complete in 2025.

IN8bio, Inc. (INAB) - Canvas Business Model: Channels

You're looking at how IN8bio, Inc. (INAB) gets its product information, trial data, and financial story out to the world as of late 2025. It's all about clinical execution and investor communication right now, since they aren't selling a commercial product yet.

Clinical trial sites (hospitals and cancer centers) for drug delivery and data collection

The primary channel for drug delivery and data collection centers on the ongoing clinical trials for their lead candidates. The INB-100 Phase 1 trial for acute myeloid leukemia (AML) actively expanded its reach.

• The INB-100 Phase 1 clinical trial expanded to include The Ohio State University as a new site on October 29, 2025.
• The expansion cohort for INB-100 had a target total enrollment of approximately 25 patients.
• Enrollment for this expansion cohort was expected to complete in the first half of 2025.
• The INB-200 trial for glioblastoma multiforme (GBM) is an investigator-sponsored Phase 1 trial.
• Patient enrollment in the INB-400 Phase 2 GBM trial has been suspended.

Here's a quick look at the clinical trial focus as of late 2025:

Product Candidate	Indication	Trial Status/Channel Focus	Key Milestone/Data Point (2025)
INB-100	AML (Post-HSCT Maintenance)	Phase 1 Trial Expansion/Enrollment	Reported 100% overall survival at one year in some data sets.
INB-200	Newly Diagnosed GBM	Phase 1 Trial (Monitoring)	Reported median progression-free survival (mPFS) of 16.1 months with repeated dosing.
INB-619	Autoimmune Disease (e.g., SLE)	Preclinical/Early Development	Presented preclinical data at ACR Convergence 2025.

Scientific publications and medical conference presentations

Scientific dissemination is critical for validating the DeltEx platform and communicating clinical progress to the medical community. IN8bio, Inc. was active across major 2025 meetings.

• Presented data at the 2025 SNO Annual Meeting on November 21 and 22, 2025, covering INB-200 and INB-400.
• Presented preclinical data on INB-619 at ACR Convergence 2025 on October 27, 2025.
• Delivered an oral presentation at the 2025 ASCO Annual Meeting on May 29, 2025, regarding INB-200 data.
• Received the Host Region (U.S. East) Abstract Award at the ISCT 2025 Annual Meeting (May 12, 2025) for data on the DeltEx™ Allo manufacturing process.
• Presented Phase 1 data for INB-100 at the 2025 TCT Meetings in February 2025.

Investor relations and public relations communications

The company uses financial reporting and investor conferences to communicate its value proposition and cash runway to the financial markets. You can track their progress through SEC filings and investor decks.

• Reported Third Quarter 2025 Financial Results on November 6, 2025.
• Cash balance was $13.2 million as of June 30, 2025, providing a funding runway into June 2026.
• As of June 2025, the average one-year price target from 5 analysts was $3.59, implying an upside of 2,382.71% from the then-current price of $0.14.
• The consensus recommendation from 4 brokerage firms as of June 2025 was 2.0, indicating 'Outperform.'
• Participated in multiple investor events in early 2025, including the Jones Healthcare and Technology Innovation Conference 2025 (April 9, 2025) and Biotech Showcase 2025 (January 14, 2025).

Regulatory submissions (INDs, BLAs) to the FDA

Regulatory milestones are the ultimate gatekeepers for advancing these therapies, and IN8bio, Inc. has been engaging with the FDA on trial design and endpoints.

• IN8bio, Inc. planned to submit an Investigational New Drug (IND) application for INB-100 in the first quarter of 2025.
• The FDA confirmed relapse-free survival (RFS) as an acceptable primary endpoint for a future potentially pivotal randomized controlled trial for INB-100 in AML.
• The company's VP of Regulatory Affairs has experience with strategic planning for IND submissions and submitting Biologics License Applications (BLAs).
• INB-400 for GBM was reported as being under review by the U.S. Food and Drug Administration (FDA) at one point.

IN8bio, Inc. (INAB) - Canvas Business Model: Customer Segments

You're a seasoned analyst looking at IN8bio, Inc. (INAB)'s target market as of late 2025. The company is clearly focused on specific, high-need oncology populations right now, which is typical for a clinical-stage biotech with a cash position of $10.7 million as of September 30, 2025, and a Q3 2025 net loss of $3.9 million. Their customer segments are defined by the current clinical trials for INB-100 and INB-200/400.

The primary customer segments are the patients who fit the criteria for their lead programs, which directly informs the healthcare professionals IN8bio, Inc. (INAB) must engage with.

Patients with newly diagnosed Glioblastoma (GBM)

This segment targets patients eligible for the INB-200/400 programs, which use autologous DeltEx DRI gamma-delta T cells in combination with standard of care. The need here is significant, given the poor prognosis associated with GBM.

• Glioblastoma represents about 14% of all primary brain tumors in the US.
• On average, more than 12,000 glioblastoma cases are diagnosed annually in the United States.
• In 2025, the National Brain Tumor Society projects roughly 24,000 new US malignant primary brain tumor diagnoses.
• The median age of diagnosis is approximately 65 years.
• Standard therapy median progression-free survival (PFS) is about 6.9 months (Stupp protocol).
• IN8bio, Inc. (INAB)'s INB-200 trial showed a median PFS of 16.1 months as of May 31, 2025, more than double the standard.

High-risk Acute Myeloid Leukemia (AML) patients undergoing HSCT

This segment is for patients receiving INB-100, an allogeneic gamma-delta T cell therapy administered following hematopoietic stem cell transplant (HSCT). The focus is on preventing relapse in this high-risk group.

Here's a look at the comparative efficacy data that defines the value proposition for this patient group:

Metric	INB-100 Treated AML Patients (as of Jan 2025)	Historical Control (CIBMTR/KUCC)
1-Year PFS	100%	67.8% (CIBMTR) / 57.4% (KUCC)
1-Year OS	100%	74.7% (CIBMTR) / 66.7% (KUCC)
Long-Term Durable Response Rate	100% (as of Jan 2025)	N/A

The clinical data suggests a strong fit for patients where relapse post-HSCT is the primary threat. For instance, in one high-risk CM alteration group, only 33.9% of patients underwent HSCT in CR1.

Oncologists and neuro-oncologists seeking novel cell therapies

These are the prescribers and clinical decision-makers. They are the gatekeepers to the patient segments above. They seek therapies with demonstrable efficacy, manageable toxicity, and a clear path to adoption.

• They are evaluating data showing INB-100 has a strong safety profile with no cytokine release syndrome (CRS) or neurotoxicity reported.
• They are assessing INB-200 data showing median PFS of 16.1 months versus 6.9 months for standard of care.
• They are looking at the expansion of the INB-100 trial to sites like The James Comprehensive Cancer Center at The Ohio State University to support faster enrollment.

Future: Patients with autoimmune diseases like Systemic Lupus Erythematosus (SLE)

This represents a future, broader customer segment being explored via the INB-619 program, a CD19 targeting gamma-delta T cell engager (TCE). The preclinical data suggests a potential market entry point here.

• Preclinical SLE donor models showed INB-619 achieved complete elimination of B cells.
• The mechanism showed potency comparable to FDA-approved compounds with minimal adverse cytokine release.

Finance: review Q4 2025 cash burn rate against projected R&D spend for pipeline advancement by end of Q1 2026.

IN8bio, Inc. (INAB) - Canvas Business Model: Cost Structure

You're looking at the cost side of IN8bio, Inc. (INAB) as of late 2025, and like most clinical-stage biotechs, the burn is heavily weighted toward science and trials. For the three months ended September 30, 2025, the company reported significant operating expenses driving its net loss of $3.9 million.

The largest component of the operating cost structure is Research and Development (R&D) expenses, which totaled $2.1 million for Q3 2025. This figure reflects the ongoing investment in developing gamma-delta T cell therapies. To be fair, this R&D spend is down from the prior year, largely due to the pipeline prioritization announced in September 2024, which included a strategic pause on clinical trial-related activities for the INB-400 program.

General and Administrative (G&A) costs were $1.9 million for the same quarter. This covers the overhead needed to run the business, including executive functions and corporate support. You see cost savings here compared to the prior year, stemming from reductions in personnel-related costs, director and officer insurance premiums, and professional services.

Here's a quick look at the key financial figures for the third quarter of 2025:

Cost/Financial Metric	Amount (Q3 2025)
Research and Development (R&D) Expenses	$2.1 million
General and Administrative (G&A) Expenses	$1.9 million
Total Operating Expenses (Approximate)	$4.0 million
Net Loss	$3.9 million
Cash Position (as of Sep 30, 2025)	$10.7 million
Cash Flow from Operating Activities (Loss)	$3.52 million

The costs associated with the actual production and quality assurance of the cell therapy products are embedded within R&D and potentially Cost of Goods Sold if any commercial-scale activities were occurring, though for a clinical-stage company, this is primarily process development. IN8bio, Inc. has highlighted its in-house developed manufacturing platform, which suggests significant fixed and variable costs related to maintaining this capability for clinical supply. They also emphasized the implementation of an Electronic Quality Management System, which represents an investment in quality control infrastructure.

Clinical trial operational costs and regulatory compliance expenses form a major part of the R&D outlay. These costs are directly tied to advancing the pipeline, particularly the INB-100 trial in leukemia, which is actively expanding enrollment to additional sites to accelerate completion of its Phase 1 expansion cohort. Regulatory compliance is a non-negotiable, ongoing expense for any company advancing cell therapies through the FDA pathway.

The major cost drivers within the reported figures include:

• Personnel-related costs, which saw savings after pipeline prioritization.
• Non-cash items like Stock-Based Compensation (SBC) and depreciation, totaling $0.5 million in R&D and $0.4 million in G&A for Q3 2025.
• Costs for maintaining the proprietary gamma-delta T cell platform.
• Expenses for ongoing clinical trial activities, especially for INB-100 and INB-200/400 programs.
• Regulatory filing and compliance fees associated with IND maintenance and future submissions.

The current cash position of $10.7 million as of September 30, 2025, is projected to fund operations into June 2026. Finance: draft 13-week cash view by Friday.

IN8bio, Inc. (INAB) - Canvas Business Model: Revenue Streams

You're looking at the financial engine for IN8bio, Inc. (INAB) as of late 2025. For a clinical-stage biotech like IN8bio, Inc., the revenue streams are heavily weighted toward capital formation rather than product sales right now. Honestly, this is typical for a company deep in the development phase.

Equity financing from public and private stock offerings is the primary source of operational funding. The company has consistently tapped public and private markets to extend its cash runway, which is crucial when you're funding expensive clinical trials.

Here's a look at the recent capital raises that keep the lights on and the trials moving:

• Gross proceeds from various equity offerings (including ATM and private placements) during 2024 through February 2025 totaled approximately $16.6 million.
• The company raised $4.1 million through ATM sales and warrant exercises in Q1 2025.
• A private placement announced in October 2024 was expected to bring in gross proceeds of about $12.4 million.
• As of March 31, 2025, IN8bio, Inc. had 81,258,763 shares of Common Stock issued and outstanding.
• The accumulated deficit stood at $127.2 million as of March 31, 2025, reflecting the ongoing investment phase.

The reliance on these capital markets means the timing and terms of future offerings are a constant consideration for the business model. Here's a quick summary of the financing activity:

Financing Event Type	Reported Gross Proceeds	Approximate Date/Period	Stated Purpose/Impact
Equity Offerings (ATM/Private)	Approximately $16.6 million	2024 through February 2025	Extending cash runway into March 2026
ATM Sales and Warrant Exercises	$4.1 million	Q1 2025	Part of ongoing operational funding
Private Placement	Approximately $12.4 million	Expected on or about October 4, 2024	To fund clinical development of INB-100 and working capital

No product sales revenue reported as of late 2025. This is the expected reality for a clinical-stage biopharmaceutical company focused solely on advancing drug candidates through trials. For the third quarter ending September 30, 2025, the reported Actual Revenue was N/A. Similarly, for the second quarter ending June 30, 2025, $0.0 in GAAP Revenue was reported. As of September 30, 2025, IN8bio, Inc. had a trailing 12-month revenue of null.

Potential future milestone payments from strategic collaborations represent a key, though currently unrealized, revenue stream. The company is actively advancing its pipeline, which creates partnership potential. For instance, management noted in August 2025 that investors should watch for any developments in external partnerships. However, filings indicate there is no assurance that any revenue-generating collaboration will be available when needed.

Future product sales upon regulatory approval and commercialization is the ultimate goal, but this is contingent on successful clinical outcomes and regulatory clearance. The company is focused on milestones like presenting updated clinical data for INB-200/400 in glioblastoma at the SNO Annual Meeting in November 2025, and advancing INB-100 enrollment. Success in these areas de-risks the asset, making future commercialization and associated sales revenue possible, but no specific sales projections are currently reported as a revenue stream.