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IN bio IN8bio Reports Second Quarter 2021 Financial Results and Provides Corporate Update September 10 , 2021 • First cohort dosing completed in Phase 1 clinical trials of INB - 200 and INB - 100 • Data presentations made at ASCO and AACR • $ 40M initial public offering ( IPO ) in August 2021 to fund continuing operations NEW YORK , Sept. 10 , 2021 ( GLOBE NEWSWIRE ) -- IN8bio , Inc. ( Nasdaq : INAB ) , a clinical - stage biopharmaceutical company focused on the discovery and development of innovative gamma - delta T - cell therapies utilizing its DeltEx platform , today announced financial results and operational highlights for the second quarter ended June 30 , 2021. In addition , the Company provided an overview of recent corporate developments . " In the second quarter and subsequent months , we have demonstrated progress in both of our clinical programs , " said William Ho , Chief Executive Officer and co - founder of IN8bio . " We successfully completed treatment of the first cohort in the INB - 200 Phase 1 trial using our genetically modified gamma - delta T cell candidate in development for treating solid tumors . We also completed dosing of the first cohort of the Phase 1 trial of INB - 100 , an allogeneic gamma - delta T cell product candidate in development for leukemia patients . We anticipate reporting updates to both programs in the coming months , and given our strengthened cash position from the IPO , we will continue to progress our trials and other pipeline programs . " Successful Initial Public Offering On August 3 , 2021 , IN8bio completed its initial public offering , in which it issued and sold 4,000,000 shares of common stock at a public offering price of $ 10.00 per share . The net proceeds to the Company were approximately $ 32.6 million , after deducting underwriting discounts , commissions and estimated offering expenses . On September 7 , 2021 , subsequent to the IPO , there were 18,754,553 shares of common stock outstanding . Second Quarter Business Highlights & Company Updates • During the second quarter , IN8bio presented data demonstrating in vitro activity of INB - 300 , our DeltEx drug - resistant immunotherapy ( DRI ) CAR - T cells against glioblastoma multiforme ( GBM ) at the American Association of Cancer Research ( AACR ) Annual Meeting 2021. Gamma - delta T cells were engineered with a chlorotoxin CAR - T binding domain and a chemotherapy resistance gene , which enhances binding to tumor cells and survival of concomitant dosing with alkylating chemotherapies , such as temozolomide , or TMZ . • During the second quarter , IN8bio presented data at the 2021 American Society of Clinical Oncology ( ASCO ) Annual Meeting from the first cohort of a Phase 1 clinical trial of INB - 200 in patients with newly diagnosed GBM . INB - 200 was generally well tolerated with no observed infusion reactions , cytokine release syndrome ( CRS ) , neurotoxicity or dose limiting toxicities ( DLTs ) . Enrollment for the second cohort of this trial was initiated . All three treated patients exceeded their expected median progression - free survival based on their respective age and O - 6 - Methylguanine - DNA Methyltransferase ( MGMT ) status . The Company expects to report additional data from this Phase 1 trial by the end of 2021 . • In July 2021 , IN8bio appointed Emily Fairbairn and Luba Greenwood as two independent members of the Company's Board of Directors . Ms. Fairbairn is currently a principal of Transcend Partners and was co - founder and CEO of Ascend Capital . Ms. Greenwood serves as Managing Partner of Binney Street Capital LLC , a venture capital fund established by the Dana Farber Cancer Institute . • In August 2021 , IN8bio completed dosing of the first cohort of INB - 100 , a Phase 1 clinical trial of donor - derived allogeneic gamma - delta T cells in leukemia patients undergoing hematopoietic stem cell transplant ( HSCT ) . No severe adverse infusion reactions or DLTs were observed . The first two patients continue in complete remission more than one year after treatment . The Company expects to report initial results from the first cohort in this Phase 1 trial in 2022 , with topline results for all cohorts in 2023 . Second Quarter 2021 Financial Highlights • Cash position : As of June 30 , 2021 , the Company has cash of $ 12.0 million , compared to $ 18.0 million as of December 31 , 2020. Subsequent to the end of the second quarter , the Company completed its initial public offering that raised net proceeds of $ 32.6 million after underwriting discounts , commissions and estimated offering expenses of $ 7.4 million . • Research and development ( R & D ) expense : Research and development expense was $ 2.1 million for the three months ended June 30 , 2021 , compared to $ 1.8 million for the comparable prior year period . The increase in R & D expense was due primarily to third - party costs associated with our clinical programs for INB - 200 and increased personnel costs ,