IN8bio Inc (NASDAQ: INAB) is a clinical-stage biotechnology company developing cell therapy product candidates, with a focus on gamma-delta T cell therapies for cancer treatment. The company has generated no product revenue since inception and funds operations through financing activities rather than product sales. As of the 10-K filed March 12, 2026, IN8bio reported a net loss of $19.4 million and cash used in operating activities of $12.7 million for the year ended December 31, 2025. The company relies entirely on third-party contract manufacturers and GMP cell therapy laboratory facilities for production of its product candidates, with manufacturing agreements structured on a per-patient basis. IN8bio operates in the biotechnology sector, competing against other companies developing novel cell therapies and proprietary cancer treatments. CEO William Ho and CFO Patrick McCall lead the company. IN8bio has not yet commercialized any product candidates and expects to seek third-party collaborators or self-fund commercialization if and when any product receives marketing approval.

Revenue model

No product revenue has been generated since inception as of the year ended December 31, 2025. Operations are funded through financing activities. Future revenue, if any, is expected to depend on product approvals and potential third-party commercialization partnerships.

Products and services

Clinical-stage gamma-delta T cell therapy product candidates in Phase 1 and Phase 2/3 clinical trials. No marketed products as of the 10-K filed March 12, 2026.

Customers and end markets

No commercial customers as of December 31, 2025. End market is oncology, targeting cancer patients. Clinical trial participants are the current subjects of the company's development-stage programs.

Value-chain role

Drug developer without owned manufacturing. Relies on third-party contract manufacturers and GMP cell therapy laboratory facilities for raw materials, active pharmaceutical ingredients, lentiviral vectors, and finished product for clinical trials.

Geographic exposure

Primarily United States-based operations, with regulatory focus on FDA approval pathways. Some reference to regulatory agencies in other jurisdictions, but no specific geographic revenue breakdown disclosed in the excerpts.

Source: SEC 10-K, filed 2026-03-12

Industry: Biological Products, (No Diagnostic Substances) Peers: Ambrx Biopharma Cayman, Inc. Cidara Therapeutics, Inc. Sellas Life Sciences Group Inc Galera Therapeutics Inc Oncternal Therapeutics, Inc. Scorpius Holdings, Inc. Mustang Bio Inc TAO Synergies Inc Rubius Therapeutics, Inc.