In8bio, a clinical-stage biopharmaceutical company, reported its financial performance for the quarter ending September 30, 2024. The company recognized a total lease cost of $662,000 for the quarter, a slight decrease from $697,000 in the same period the previous year. The lease costs included amortization of finance right-of-use assets, interest on finance lease liabilities, operating lease cost, short-term lease cost, and variable lease cost. The company's cash paid for lease liabilities amounted to $85,000 for finance leases and $1,010,000 for operating leases. The weighted-average remaining lease term stood at 1.59 years for finance leases and 3.88 years for operating leases, with weighted-average discount rates of 11.4% and 12.8%, respectively. In8bio also completed a private placement in October 2024, raising net proceeds of $11.6 million after fees and...Show More

In8bio, a clinical-stage biopharmaceutical company, reported its financial performance for the quarter ending September 30, 2024. The company recognized a total lease cost of $662,000 for the quarter, a slight decrease from $697,000 in the same period the previous year. The lease costs included amortization of finance right-of-use assets, interest on finance lease liabilities, operating lease cost, short-term lease cost, and variable lease cost. The company's cash paid for lease liabilities amounted to $85,000 for finance leases and $1,010,000 for operating leases. The weighted-average remaining lease term stood at 1.59 years for finance leases and 3.88 years for operating leases, with weighted-average discount rates of 11.4% and 12.8%, respectively. In8bio also completed a private placement in October 2024, raising net proceeds of $11.6 million after fees and expenses. This funding is expected to support operations through December 2025, despite ongoing concerns about the company's ability to continue as a going concern. In8bio's business development has been focused on its DeltEx platform, advancing gamma-delta T cell product candidates for cancer treatment. The company has reported encouraging data from its INB-100 trial for high-risk leukemias and is expanding patient enrollment. However, In8bio suspended further enrollment in its Phase 2 trial of INB-400 for glioblastoma treatment to explore partnership opportunities. Future plans include seeking strategic collaborations for its preclinical assets and advancing its product candidates through clinical trials.