IN8BIO, INC.

Previous wording

Most recently we introduced INB-600, our proprietary, internally developed TCE platform. We have demonstrated that INB-619, a CD19 targeted gamma-delta TCE can efficiently and completely eliminate targeted B cells in a dose-dependent manner. Data presented at The American College of Rheumatology Convergence 2025 meeting ("ACR Convergence 2025") highlighted the potential of INB-619 in B cell-driven autoimmune diseases such as systemic lupus erythematosus ("SLE") and demonstrated deep B cell depletion through selective activation and expansion of gamma-delta T cells.We expect to report initialin vivo data for INB-619 in the second half of 2026.

Current wording

Most recently we introduced INB-600, our proprietary, internally developed TCE platform. We have demonstrated that INB-619, a CD19 targeted gamma-delta TCE can efficiently and completely eliminate targeted B cells in a dose-dependent manner. Data presented at The American College of Rheumatology Convergence 2025 meeting ("ACR Convergence 2025") highlighted the potential of INB-619 in B cell-driven autoimmune diseases such as systemic lupus erythematosus ("SLE") and demonstrated deep B cell depletion through selective activation and expansion of gamma-delta T cells. We expect to report initialin vivo data for INB-619 by year-end 2026.

Previous wording

INB-100, our first DeltEx allogeneic product candidate, was developed to assess the safety and tolerability of donor-derived manufactured expanded and activated gamma-delta T cells that do not undergo additional genetic modification. The Phase 1 trial of INB-100 has completed primary enrollment and a recommended Phase 2 dose ("RP2D") has been determined. We are currently enrolling an expansion cohort at the RP2D, with a target of up to an additional 15 patients (for a minimum of 25 total patients in the INB-100 Phase 1 trial), to confirm the improvements in relapse free and OS observed to date. We expect to complete the treatment of all patients and present a clinical update at a medical meeting in late 2026.

Current wording

INB-100, our first DeltEx allogeneic product candidate, was developed to assess the safety and tolerability of donor-derived manufactured expanded and activated gamma-delta T cells that do not undergo additional genetic modification. The Phase 1 trial of INB-100 has completed primary enrollment and a recommended Phase 2 dose ("RP2D") has been determined. We are currently enrolling an expansion cohort at the RP2D, with a target of up to an additional 15 patients (for a minimum of 25 total patients in the INB-100 Phase 1 trial), to confirm the improvements in relapse free and OS observed to date. We expect to complete the treatment of all patients and present a clinical update at the American Society of Hematology (ASH) Annual Meeting in December 2026.

Previous wording

This data was updated through May 15, 2026, and patients who received repeated doses (three or six) of DeltEx DRI gamma-delta T cells reported a median progression-free survival ("mPFS") of 13.0 months and an overall survival exceeding 19.5 months, with median overall survival continuing to grow. We continue to believe that our DeltEx DRI approach has the potential to address this significant unmet need and expect to provide further clinical updates, including additional mOS data from the total data set, at medical meetings in late- 2026.

Current wording

This data was updated through May 15, 2026, and patients who received repeated doses (three or six) of DeltEx DRI gamma-delta T cells reported a median progression-free survival ("mPFS") of 13.0 months and an OS exceeding 19.5 months, with median overall survival ("mOS") continuing to grow. Our DeltEx DRI approach has the potential to address this significant unmet need and demonstrates the activity of gamma-delta T cells. We expect to provide further clinical updates, including additional mOS data from the total data set, in an oral session at the Society for Neuro-Oncology Annual Meeting in November 2026.

Previous wording

We believe our DeltEx DRI gamma-delta T cell therapeutic approach is demonstrating clinical activity and may have the potential applicability across multiple solid tumor types. In April 2023, we received Orphan Drug Designation ("ODD") from the FDA for both the autologous and allogeneic DeltEx DRI INB-400 product candidates, covering a broad range of malignant glioma indications, including relapsed and newly diagnosed GBM. We believe there may be potential regulatory designation pathways available for the autologous DeltEx DRI program in newly diagnosed GBM and intend to seek further guidance from the FDA regarding potential development and regulatory pathways in 2026. Following such regulatory guidance, we expect to evaluate potential funding sources and strategic opportunities to support continued development of this program toward potential commercialization.

Current wording

In April 2023, we received Orphan Drug Designation ("ODD") from the FDA for both the autologous and allogeneic DeltEx DRI INB-400 product candidates, covering a broad range of malignant glioma indications, including relapsed and newly diagnosed GBM. We have sought further guidance from the FDA regarding potential development and regulatory pathways and expect to evaluate any potential funding sources and alternative strategic opportunities to derive value from this program.

Previous wording

We expect to incur additional losses in the future as we advance our product candidates through clinical trials, grow our clinical, regulatory and quality capabilities, and incur costs associated with operating as a public company. Based on our business strategy, our existing cash of $18.0 million as of June 30, 2026 is not anticipated to fund our projected operating expenses and capital expenditure requirements for a period of at least 12 months from the date of issuance of the accompanying condensed financial statements, and accordingly, there is substantial doubt about our ability to continue to operate as a going concern.

Current wording

We expect to incur additional losses in the future as we advance our product candidates through clinical trials, grow our clinical, regulatory and quality capabilities, and incur costs associated with operating as a public company. Based on our business strategy, our existing cash of $14.0 million as of September 30, 2026 is not anticipated to fund our projected operating expenses and capital expenditure requirements for a period of at least 12 months from the date of issuance of the accompanying condensed financial statements, and accordingly, there is substantial doubt about our ability to continue to operate as a going concern.

Previous wording

Research and development expenses were $2.5 million for the three months ended June 30, 2026, compared to $2.5 million for the comparable prior year period. This includes non-cash items such as stock-based compensation ("SBC") and depreciation of $0.4 million for the three months ended June 30, 2026.

Current wording

Research and development expenses were $2.6 million for the three months ended September 30, 2026, compared to $2.1 million for the comparable prior year period. This includes non-cash items such as stock-based compensation ("SBC") and depreciation of $0.4 million for the three months ended September 30, 2026. The increase of $0.5 million was primarily due to increases in direct preclinical costs of $0.5 million for INB-600 and $0.2 million personnel related expenses, partially offset by a $0.2 million decrease in facility-related expenses.

Previous wording

Interest income was $0.2 million and $0.1 million for the three months ended June 30, 2026 and 2025, respectively.

Current wording

Interest income was $0.1 million for the three months ended September 30, 2026 and 2025.

Previous wording

The following table sets forth our results of operations for the six months ended June 30, 2026 and 2025 (in thousands):

Current wording

The following table sets forth our results of operations for the nine months ended September 30, 2026 and 2025 (in thousands):

Previous wording

The following table summarizes our research and development expenses for the six months ended June 30, 2026 and 2025 (in thousands):

Current wording

The following table summarizes our research and development expenses for the nine months ended September 30, 2026 and 2025 (in thousands):

Previous wording

Research and development expenses were $5.1 million for the six months ended June 30, 2026, compared to $5.5 million for the comparable prior year period. This includes non-cash items such as SBC and depreciation of $0.8 million for the six months ended June 30, 2026. The decrease of $0.4 million was primarily due to decreases in direct clinical costs of $0.6 million for INB-400 and facility related costs of $0.5 million, partially offset by increases of $0.4 million in preclinical costs related to the TCE program, $0.2 million for direct clinical costs related to INB-100 and INB-200, and $0.1 million in personnel-related costs.

Current wording

Research and development expenses were $7.7 million for the nine months ended September 30, 2026, compared to $7.6 million for the comparable prior year period. This includes non-cash items such as SBC and depreciation of $1.2 million for the nine months ended September 30, 2026. This was primarily due to increases of $1.0 million in preclinical costs related to the TCE program, $0.3 million personnel related expenses, and $0.1 million for direct clinical costs related to INB-100, partially offset by decreases in direct clinical costs of $0.6 million for INB-400 and facility related costs of $0.7 million.

Previous wording

General and administrative expenses were $2.4 million for the three months ended June 30, 2026, compared to $2.7 million for the comparable prior year period. This includes non-cash items such as SBC and depreciation of $0.2 million for the three months ended June 30, 2026. The decrease of $0.3 million was primarily due to a decrease in personnel-related costs, including SBC and a reduction in professional services.

Current wording

General and administrative expenses were $7.2 million for the nine months ended September 30, 2026, compared to $7.3 million for the comparable prior year period. This includes non-cash items such as SBC and depreciation of $0.7 million for the nine months ended September 30, 2026. The decrease of $0.1 million was primarily due to a decrease in personnel-related costs, including SBC and a reduction in professional services.

Previous wording

Interest income was $0.3 million and $0.2 million for the six months ended June 30, 2026 and 2025, respectively.

Current wording

Interest income was $0.5 million and $0.3 million for the nine months ended September 30, 2026 and 2025, respectively.

Previous wording

We have funded our operations primarily through the sale of equity and equity-linked securities, including through our IPO, follow-on offering, ATM programs and multiple private placements. Through June 30, 2026, we have raised an aggregate of $163.2 million of gross proceeds from the sale of our securities.

Current wording

We have funded our operations primarily through the sale of equity and equity-linked securities, including through our IPO, follow-on offering, ATM programs and multiple private placements. Through September 30, 2026, we have raised an aggregate of $163.3 million of gross proceeds from the sale of our securities.

Previous wording

As of June 30, 2026, we had cash of $18.0 million, which is only expected to fund our projected operating expenses and capital expenditure requirements through April 2027. We continue to deploy cash preservation measures to defer or reduce costs in the near term in order to preserve capital and increase financial flexibility. These cash preservation measures may impact our ability and the timing to execute our strategy, including our ability to achieve the anticipated milestones and the timing of regulatory filings for our preclinical and clinical programs. To continue to fund our operations, management has developed plans, which primarily consist of the pipeline prioritization, raising additional capital through some combination of equity and/or debt offerings, including through our ATM program, and identifying strategic collaborations, licensing or other arrangements to support development of our product candidates.

Current wording

As of September 30, 2026, we had cash of $14.0 million, which is only expected to fund our projected operating expenses and capital expenditure requirements through April 2027. We continue to deploy cash preservation measures to defer or reduce costs in the near term in order to preserve capital and increase financial flexibility. These cash preservation measures may impact our ability and the timing to execute our strategy, including our ability to achieve the anticipated milestones and the timing of regulatory filings for our preclinical and clinical programs. To continue to fund our operations, management has developed plans, which primarily consist of the pipeline prioritization, raising additional capital through some combination of equity and/or debt offerings, including through our ATM program, and identifying strategic collaborations, licensing or other arrangements to support development of our product candidates.

Previous wording

In November 2022, we entered into a Controlled Equity Offering SM sales agreement with Cantor Fitzgerald & Co. ("Cantor Fitzgerald") and Truist Securities, Inc. ("Truist"), under which Cantor Fitzgerald and Truist agreed to act as our sales agents to sell shares of our common stock, from time to time, in an ATM program. In March 2024, we delivered a termination notice to Truist, removing them as sales agent under the sales agreement, and on May 29, 2026, we and Cantor mutually agreed to terminate the sales agreement effective at the close of business on May 29, 2026.

Current wording

In November 2022, we entered into a Controlled Equity Offering SM sales agreement with Cantor Fitzgerald & Co. ("Cantor Fitzgerald") and Truist Securities, Inc. ("Truist") under which Cantor Fitzgerald and Truist agreed to act as our sales agents to sell shares of our common stock, from time to time, in an ATM program. In March 2024, we delivered a termination notice to Truist, removing them as sales agent under the sales agreement, and on May 29, 2026, we and Cantor Fitzgerald mutually agreed to terminate the sales agreement effective at the close of business on May 29, 2026.

Previous wording

the effect of competing technological and market developments; and

Current wording

the effect of competing medical, scientific, technological and market developments; and

Previous wording

Additionally, inflationary factors, such as increases in the cost of our clinical trial materials and supplies, interest rates, tariffs and overhead costs may adversely affect our operating results. Although we do not believe that inflation has had a material impact on our financial position or results of operations to date, we may experience increased operating costs in the near future (especially if inflation rates rise). Such increases may impact our labor costs and research and development costs, due to supply chain constraints, consequences associated with geopolitical tensions existing and any future tariffs enacted by the U.S. government and employee availability and wage increases, which may result in additional stress on our working capital resources.

Current wording

Additionally, inflationary factors, such as increases in the cost of our clinical trial materials and supplies, interest rates, tariffs and overhead costs may adversely affect our operating results. Although we do not believe that inflation has had a material impact on our financial position or results of operations to date, we may experience increased operating costs in the near future (especially if inflation rates rise). Such increases may impact our labor costs and research and development costs, due to supply chain constraints, consequences associated with geopolitical tensions and any future tariffs enacted by the U.S. government and employee availability and wage increases, which may result in additional stress on our working capital resources.

Previous wording

Our material cash requirements as of June 30, 2026 included operating lease commitments, including the lease of our current headquarters office in New York, New York, laboratory and office space in Birmingham, Alabama and a manufacturing service agreement with a third party to engage in research of cell therapy products. See Note 12, Equipment and Facility Leases, in our unaudited condensed financial statements contained elsewhere in this Quarterly Report for additional information. As of June 30, 2026, we had fixed lease payment obligations of $2.5 million, with $1.3 million payable within 12 months.

Current wording

Our material cash requirements as of September 30, 2026 included operating lease commitments, including the lease of our current headquarters office in New York, New York, laboratory and office space in Birmingham, Alabama and a manufacturing service agreement with a third party to engage in research of cell therapy products. See Note 12, Equipment and Facility Leases, in our unaudited condensed financial statements contained elsewhere in this Quarterly Report for additional information. As of September 30, 2026, we had fixed lease payment obligations of $3.6 million, with $1.3 million payable within 12 months.

Previous wording

Cash used in operating activities was $8.7 million during the six months ended June 30, 2026, primarily due to our net loss of $9.9 million and changes in operating assets and liabilities of $0.5 million, partially offset by non-cash charges of $1.7 million. Increases in our operating assets and liabilities consisted primarily of $0.9 million in accrued expenses and other current liabilities relating primarily to accrued compensation, accrued clinical trials, and accrued legal, and $0.1 million in net operating lease liabilities, partially offset by of $0.4 million in prepaid expenses and other current assets and $0.1 million in accounts payable. Non-cash charges consisted primarily of $0.8 million in stock-based compensation, $0.4 million in amortization of right-of-use assets associated with our operating and finance leases for the period and $0.5 million of depreciation.

Current wording

Cash used in operating activities was $12.6 million during the nine months ended September 30, 2026, primarily due to our net loss of $14.5 million and changes in operating assets and liabilities of $0.8 million, partially offset by non-cash charges of $2.5 million. Increases in our operating assets and liabilities consisted primarily of $0.5 million in accrued expenses and other current liabilities relating primarily to accrued compensation, accrued clinical and preclinical, and accrued legal, and $0.1 million in net operating lease liabilities, partially offset by $0.4 million in prepaid expenses and other current assets and a decrease of $0.2 million in accounts payable. Non-cash charges consisted primarily of $1.1 million in stock-based compensation, $0.8 million of depreciation, and $0.6 million in amortization of right-of-use assets associated with our operating and finance leases for the period.

Previous wording

Cash used in operating activities was $7.0 million during the six months ended June 30, 2025, primarily due to our net loss of $10.6 million partially offset by non-cash charges of $3.2 million and changes in operating assets and liabilities of $0.3 million. Increases in our operating assets and liabilities consisted primarily of $0.9 million in prepaid expenses and other current assets, partially offset by decreases of $0.5 million in accrued expenses and other current liabilities relating primarily to accrued compensation, accrued clinical trials, and accrued legal, and $0.1 million in operating lease liabilities. Non-cash charges consisted primarily of $1.8 million in stock-based compensation, $0.9 million in amortization of right-of-use assets associated with our operating and finance leases for the period and $0.5 million of depreciation.

Current wording

Cash used in operating activities was $10.6 million during the nine months ended September 30, 2025, primarily due to our net loss of $14.5 million and changes in operating assets and liabilities of $0.5 million, partially offset by non-cash charges of $4.4 million. Increases in our operating assets and liabilities consisted primarily of $0.4 million in prepaid expenses and other current assets and $0.1 million in non-current assets, partially offset by decreases of $0.6 million in accrued expenses and other current liabilities relating primarily to accrued compensation, accrued clinical trials, and accrued legal, $0.2 million in accounts payable and $0.2 million in net operating lease liabilities. Non-cash charges consisted primarily of $2.5 million in stock-based compensation, $1.2 million in amortization of right-of-use assets associated with our operating and finance leases for the period and $0.8 million of depreciation.

Previous wording

Cash used in investing activities was $(0.2) million during the six months ended June 30, 2026, primarily due to the purchase of property and equipment.

Current wording

Cash used in investing activities was $(0.2) million during the nine months ended September 30, 2026, primarily due to the purchase of property and equipment.

Previous wording

Cash used in investing activities was nil during the six months ended June 30, 2025.

Current wording

Cash used in investing activities was nil during the nine months ended September 30, 2025.

Previous wording

Cash used in financing activities was $(0.2) million during the six months ended June 30, 2026, primarily due to $0.2 million in principal payments of finance leases.

Current wording

Cash used in financing activities was $(0.3) million during the nine months ended September 30, 2026, primarily due to $0.3 million in principal payments of finance leases.

Previous wording

Cash provided by financing activities was $9.2 million during the six months ended June 30, 2025, primarily due to $7.4 million in net proceeds received from our ATM Program, $2.3 million in warrants exercised, partially offset by $0.5 million in principal payments of finance leases.

Current wording

Cash provided by financing activities was $10.1 million during the nine months ended September 30, 2025, primarily due to $8.4 million in net proceeds received from our ATM Program, $2.3 million in warrants exercised, partially offset by $0.6 million in principal payments of finance leases.

Previous wording

During the six months ended June 30, 2026, we did not adopt any new Accounting Standards Updates ("ASUs") issued by the Financial Accounting Standards Board.

Current wording

During the nine months ended September 30, 2026, we did not adopt any new Accounting Standards Updates ("ASUs") issued by the Financial Accounting Standards Board.

Previous wording

We are also a "smaller reporting company," and we may continue to be a smaller reporting company until either (i) the market value of our stock held by non-affiliates is less than $250.0 million or (ii) our annual revenue is less than $100.0 million during the most recently completed fiscal year and the market value of our stock held by non-affiliates is less than $700.0 million.

Current wording

We are also a "smaller reporting company," and we may continue to be a smaller reporting company so long as either (i) the market value of our stock held by non-affiliates is less than $250.0 million or (ii) our annual revenue is less than $100.0 million during the most recently completed fiscal year and the market value of our stock held by non-affiliates is less than $700.0 million.