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TIL

Instil Bio, Inc.

TIL

Instil Bio, Inc. • NASDAQ
$12.76 ▲ 6.47% (+0.78)
Market Cap $86.50 M
52w High $42.79
52w Low $10.80
Dividend Yield 0%
P/E -1.12
Volume 23.81K
Outstanding Shares 6.78M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q3-2025 $0 $15.01M ▼ $-13.587M ▲ 0% $-2.01 ▲ $-11.75M ▲
Q2-2025 $0 $23.44M ▼ $-21.394M ▲ 0% $-3.24 ▲ $-19.8M ▲
Q1-2025 $0 $30.562M ▲ $-28.2M ▼ 0% $-4.32 ▼ $-26.816M ▼
Q4-2024 $0 $10.731M ▼ $-11.895M ▲ 0% $-1.82 ▲ $-8.564M ▲
Q3-2024 $0 $23.631M $-23.021M 0% $-3.54 $-20.113M

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q3-2025 $79.668M ▼ $211.768M ▼ $91.346M ▼ $120.422M ▼
Q2-2025 $91.823M ▼ $230.986M ▼ $99.316M ▲ $131.67M ▼
Q1-2025 $103.653M ▼ $237.449M ▼ $92.537M ▼ $144.912M ▼
Q4-2024 $113.315M ▼ $263.567M ▼ $94.131M ▼ $169.436M ▼
Q3-2024 $120.353M $272.562M $96.23M $176.332M

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q3-2025 $-13.587M ▲ $-10.557M ▲ $8.447M ▲ $378K ▼ $-1.757M ▲ $-10.557M ▲
Q2-2025 $-21.394M ▲ $-14.791M ▼ $-400K ▼ $6.682M ▲ $-8.488M ▼ $-14.791M ▼
Q1-2025 $-28.2M ▼ $-4.195M ▲ $9.611M ▼ $232K ▼ $5.691M ▲ $-4.195M ▲
Q4-2024 $-11.895M ▲ $-10.559M ▲ $13M ▼ $1.596M ▲ $3.972M ▲ $-10.559M ▲
Q3-2024 $-23.021M $-20.133M $19.814M $159K $-118K $-20.133M

Five-Year Company Overview

Income Statement

Income Statement Instil Bio is still a pure R&D story with no product revenue yet. The income statement shows a company spending mainly on research, development, and corporate overhead while steadily posting losses each year. Those losses have been narrowing recently, helped by the strategic pivot and cost cuts, but they are still meaningful. Earnings per share look very negative largely because of the company’s small scale and reverse split, not because losses have exploded. Overall, this is a typical early‑stage biotech profile: expenses first, revenue potentially much later if the pipeline succeeds.

Balance Sheet

Balance Sheet The balance sheet is relatively small and has been shrinking over time as cash has been used to fund operations. Cash is now a modest portion of total assets compared with earlier years, reflecting ongoing burn. Debt, which wasn’t present a few years ago, is now part of the capital structure, adding some financial obligations on top of operating risk. Shareholders’ equity remains positive but has come down from its peak, leaving a thinner cushion than in the past. As with many clinical‑stage biotechs, the company is likely to remain dependent on external funding or partnerships to support development unless it reaches commercialization.

Cash Flow

Cash Flow Cash flows show a consistent pattern of money flowing out of the business rather than in. Operating cash flow has been negative every year, which is expected for a company funding clinical trials without any product sales. Free cash flow is also negative, but the size of the burn has eased somewhat as Instil cut back on capital spending and restructured away from its prior cell therapy platform. Capital expenditures have trended down, indicating a lighter infrastructure model after closing manufacturing operations. Even with lower spending, the business remains cash-consuming and will rely on existing cash reserves and future financing to keep development moving.

Competitive Edge

Competitive Edge Instil Bio now competes as a focused oncology biotech centered on bispecific antibodies, especially its lead PD‑L1 and VEGF dual‑targeting drug. This puts it in a promising but crowded segment where several players, including larger or better-funded peers, are pushing similar concepts. Instil’s edge comes from differentiated design features of its lead asset, exclusive rights outside Greater China, and a leadership team with deep oncology development experience. On the other hand, its small size, single main lead program, and lack of commercial infrastructure make it vulnerable to setbacks, data disappointments, or delays, especially when competing against companies already showing strong clinical results.

Innovation and R&D

Innovation and R&D The core of Instil Bio’s value is now its innovation around bispecific antibodies, not the cell therapies it originally pursued. The flagship program is a dual‑target antibody designed to both unleash the immune system and cut off a tumor’s blood supply, with engineering tweaks aimed at stronger tumor penetration and direct tumor killing. A second program, a next‑generation CTLA‑4 antibody, is intended to be more effective and less toxic than earlier drugs in that class and may be combined with the lead asset. By in‑licensing clinical‑stage assets instead of building everything from scratch, Instil has shortened its path to meaningful trial readouts. The risk is that its future hinges heavily on a small number of programs; trial results over the next few years will largely determine whether this R&D strategy pays off.

Summary

Instil Bio today is a lean, early‑stage oncology biotech built around a new strategy. Financially, it has no revenue, ongoing losses, and steady cash burn, albeit at a lower level after restructuring. The balance sheet is modest, with some debt and a reduced but still positive equity base, meaning the company retains flexibility but not a large cushion. Operationally, it has traded the complexity of personalized cell therapy for a more scalable antibody platform and now depends on the clinical and regulatory success of its lead bispecific antibody and its CTLA‑4 partner. The opportunity is meaningful if the drugs deliver on their promise, but the risks are equally high: concentrated pipeline, intense competition, and a need for continued funding until, and unless, a product reaches the market.

NEWS

November 13, 2025 · 7:00 AM UTC

Instil Bio Reports Third Quarter 2025 Financial Results and Provides Corporate Update

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September 10, 2025 · 7:00 AM UTC

Instil Bio Announces ImmuneOnco's Presentation of ‘2510 Monotherapy Data in Patients with 2L+ Squamous NSCLC at the 2025 World Conference on Lung Cancer (WCLC)

Read more