IN8bio, Inc. (INAB): Business Model Canvas [Dec-2025 Updated]

You're looking at a clinical-stage cell therapy company, IN8bio, Inc., right when the rubber meets the road-they've shown some compelling early data, but the clock is ticking on their cash runway into June 2026. As an analyst who's seen this movie before, the key isn't just the science, but how they fund the next steps; honestly, with $10.7 million in the bank as of September 30, 2025, every R&D dollar, like the $2.1 million spent in Q3 2025, has to count toward that next value inflection point. We've mapped out their entire nine-block strategy, from their proprietary DeltEx™ platform showing durable remissions in AML to their heavy reliance on equity financing, so you can see exactly where the risk and the potential upside lie before their next major milestone. Dive in below to see the full, fact-based map of their business model as of late 2025.

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

The Key Partnerships component of the IN8bio, Inc. business model centers heavily on leveraging established clinical and academic infrastructure to advance its gamma-delta T cell pipeline, particularly the lead candidate INB-100.

Clinical trial sites like The Ohio State University for patient enrollment are critical for accelerating the Phase 1 trial of INB-100, which evaluates the donor-derived allogeneic gamma-delta T cell therapy in leukemias following haploidentical stem cell transplantation. The addition of The Ohio State University, specifically The James Comprehensive Cancer Center, diversifies centers and supports faster enrollment to complete the Phase 1 expansion cohort. The earliest treated participants in the INB-100 program have surpassed four- and five-years relapse-free survival. Data presented as of the January 17, 2025 cut showed 100% of treated Acute Myeloid Leukemia (AML) patients remaining relapse-free with a median follow-up of 20.1 months.

The company anticipates completing enrollment of this expansion cohort and providing follow-up data next year.

Key clinical and academic collaborations driving the INB-100 program include:

• The Ohio State University (The James Comprehensive Cancer Center) for patient enrollment.
• Kansas University Cancer Center, where the trial is led by Dr. Joseph P. McGuirk.
• Dr. Sarah A. Wall, M.D., Investigator at The Ohio State University College of Medicine.

The IN8bio, Inc. operational structure relies on external expertise for trial execution and development support, though specific Contract Research Organizations (CROs) are not publicly detailed with financial terms. Similarly, while strategic pharmaceutical partners are actively being sought for platform development, especially for the paused INB-400 glioblastoma program, no definitive partnership agreements or associated financial milestones have been announced as of late 2025.

The financial context of these partnerships is framed by the company's capital position. As of September 30, 2025, IN8bio, Inc. reported cash of $10.7 million. Research and Development (R&D) expenses for the three months ended September 30, 2025, were $2.1 million. This cash level provides a runway into mid-2026, underscoring the importance of advancing data milestones to attract potential strategic partners.

For the glioblastoma (GBM) program, IN8bio is also working with sites like the Cleveland Clinic, where the first patient in the Phase 2 trial of INB-400 was dosed, with up to 40 patients planned to receive the therapy in combination with temozolomide.

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

You're managing a clinical-stage biotech, so your key activities are all about execution in the lab and the clinic, not selling a product yet. Honestly, the numbers tell you where the focus is right now: pushing the lead candidates through trials while keeping the burn rate in check.

Research and Development (R&D) of the DeltEx™ gamma-delta T cell platform

The core activity is advancing the DeltEx™ platform, which means significant, though managed, R&D spending. For the three months ended September 30, 2025, Research and Development (R&D) expenses were $2.1 million. To be fair, that figure includes non-cash items like stock-based compensation and depreciation totaling $0.5 million for that same quarter. This is a controlled spend, down from $2.5 million in Q2 2025, which itself was a reduction from $5.2 million in Q2 2024, reflecting the pipeline prioritization announced in September 2024. The R&D expenses for the full year ended December 31, 2024, totaled $17.2 million.

The R&D activity also centers on developing novel candidates like INB-619, a $\text{γ}\delta$ T cell engager, for which preclinical data was presented at the 2025 American College of Rheumatology (ACR) Convergence Meeting.

Managing Phase 1/2 clinical trials (INB-200, INB-100, INB-400)

Managing the clinical pipeline is a major resource drain and focus area. Here's the quick math on the status of your key trials as of late 2025:

You're definitely prioritizing INB-100, as enrollment for its expansion cohort was accelerated by adding The James Comprehensive Cancer Center at The Ohio State University as a site by October 29, 2025. Still, you're watching the GBM data closely, with updated Phase 1/2 data for INB-200/400 anticipated at the SNO Annual Meeting, November 19-23, 2025.

Manufacturing autologous and allogeneic cell therapies

A critical activity is maintaining hands-on control over the DeltEx™ platform manufacturing. IN8bio, Inc. received the Host Region USA East Abstract Award at the ISCT 2025 Annual Meeting for showcasing its robust and reproducible cell therapy manufacturing processes. The proprietary DeltEx™ Allo process consistently reprograms donor T cells.

• The manufacturing program has been automated, which enables rapid and reproducible production of cryopreserved cell therapy doses.
• The INB-100 allogeneic product demonstrated long-term expansion and persistence through 1 year, noted as a first for an allogeneic cellular therapy product.
• Gene expression profiling confirmed a highly potent product across multiple manufacturing batches.

Securing intellectual property (IP) and regulatory approvals (INDs, BLAs)

Protecting the technology and navigating the FDA are non-negotiable activities for a company at this stage. You don't have any commercial revenue yet-the Q2 2025 revenue was $0.0. So, the focus is on the pipeline and IP.

IN8bio, Inc. boasts a strong IP portfolio, with granted global patents covering the DeltEx Drug Resistant Immunotherapy (DRI) platform, including its use with CAR-T and checkpoint inhibitors. Multiple additional applications are pending globally to further expand this position. The foundational IP covers the use of any genetic modification that conveys chemotherapy resistance in gamma-delta T cells, as well as natural killer (NK) cells.

On the regulatory front, the company has not received any FDA approvals for therapies in the past two years. However, key activity included receiving regulatory guidance from the FDA on the registrational pathway for INB-100, where relapse-free survival is the primary endpoint for its use as a post-transplant maintenance therapy. The company previously received IND clearance for INB-400 in late 2022.

Finance: draft 13-week cash view by Friday.

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

You're looking at the core assets IN8bio, Inc. (INAB) relies on to execute its business plan, which centers on developing gamma-delta T cell therapies. These aren't just ideas; they are tangible and intangible things that create value.

The most critical asset is the Proprietary DeltEx™ Drug Resistant Immunotherapy (DRI) platform. This platform is the engine for their cell therapies.

Also central is the company's Intellectual property portfolio covering gamma-delta T cell therapies. This IP is what protects their innovation in the competitive biotech space. For instance, their next-generation gamma-delta T cell engager (TCE) platform, INB-600, has generated preclinical data showing strong, antigen-specific cytotoxicity against leukemia cells and primary B cells.

Financially, the immediate resource is the cash on hand. As of September 30, 2025, IN8bio, Inc. (INAB) reported cash and equivalents of $10.7 million. This figure compares to $4.0 million as of September 30, 2024.

Here's a quick look at the recent operational spending that impacts that cash position:

The reduction in both R&D and G&A expenses from the prior year period reflects controlled spending following pipeline prioritization.

The final key resource is the specialized cell therapy scientific and clinical personnel. This team is responsible for advancing the pipeline, which includes several key programs:

• INB-100 for high-risk Acute Myeloid Leukemia (AML) and leukemias.
• INB-200 for newly diagnosed glioblastoma (GBM).
• INB-619, a CD19 targeting $\gamma\delta$ TCE for autoimmune diseases like Systemic Lupus Erythematosus (SLE).

The clinical progress itself is a resource, as positive data validates the platform. For example, INB-100 showed a 100% overall survival rate at one year in high-risk AML patients undergoing haploidentical stem cell transplantation, surpassing the historical 70% survival rate. Also, the DeltEx™ manufacturing platform earned the Host Region USA East Abstract Award from the International Society for Cell & Gene Therapy in 2025, pointing to progress in scalable production. That's a big deal for future commercialization.

The personnel are actively working toward near-term milestones, which are crucial for maintaining momentum and investor confidence. Finance: draft 13-week cash view by Friday.

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:

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:

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:

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:

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:

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:

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.