Slides
Page 1
Harnessing the Power of Gamma - Delta T Cells September 2026 IN8bio, Inc. | +1 646.600.6GDT (6438) | info@IN8bio.com | www.IN8bio.com
Page 2
The material in this presentation regarding IN 8 bio, Inc . ("we," "us" or the "Company") is for informational purposes only . This presentation contains forward - looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 , that involve substantial risks and uncertainties . All statements, other than statements of historical fact, contained in this presentation, including statements regarding the use and advantages of gamma - delta T cell therapies and T cell engagers (TCEs) for cancer and autoimmune indications, and the design, timing of initiation, enrollment, progress and scope of clinical trials for IN 8 bio's product candidates, including INB - 619 , are forward - looking statements . The words "may," "should," "expects," "intends," "plans," "anticipates," "believes," "estimates," "predicts," "potential," "continue," and similar expressions are intended to identify forward - looking statements, although not all forward - looking statements contain these identifying words . Forward - looking statements are based on IN 8 bio’s current expectations and assumptions . Because forward - looking statements relate to the future, they are subject to inherent uncertainties, risks and changes in circumstances that may differ materially from those contemplated by the forward - looking statements . Important risks that could cause actual results to differ materially from those in the forward - looking statements include, without limitation : uncertainties inherent in the preclinical and clinical development and regulatory approval processes ; whether interim or preliminary results from a clinical trial will be predictive of the final results of the trial or the results of future trials ; the risk that IN 8 bio may be unable to raise additional capital and could be forced to delay, further reduce or to explore other strategic options for certain of its development programs ; and IN 8 bio’s ability to identify business development targets or strategic partners, to enter into strategic transactions on favorable terms, or to consummate and realize the benefits of any business development transactions . Additional risks that could cause actual results to differ materially from those in the forward - looking statements are set forth under the caption “Risk Factors” in IN 8 bio’s Annual Report on Form 10 - K filed with the Securities and Exchange Commission (SEC) on March 12 , 2026 and Quarterly Report on Form 10 - Q filed with the SEC on August 6 , 2026 , and in future filings IN 8 bio makes with the SEC . Any forward - looking statements contained in this presentation speak only as of the date hereof, and IN 8 bio assumes no obligation to update any forward - looking statements contained herein, whether because of any new information, future events, changed circumstances or otherwise, except as otherwise required by law . Certain information contained in this presentation relates to or is based on studies, publications, surveys and other data obtained from third - party sources and the Company's own internal estimates and research . While the Company believes these third - party sources to be reliable as of the date of this presentation, it has not independently verified, and makes no representation as to the adequacy, fairness, accuracy or completeness of any information obtained from third - party sources . In addition, all of the market data included in this presentation involves a number of assumptions and limitations, and there can be no guarantee as to the accuracy or reliability of such assumptions . Finally, while we believe our own internal research is reliable, such research has not been verified by any independent source . Disclaimer 2
Page 3
Key Personnel 3 Who We Are A clinical - stage biotech company developing a new class of treatments for autoimmune diseases and cancer Powered by gamma - delta ( γδ ) T cells, a rare but exceptionally potent white blood cell
Page 4
A team built around γδ T cells, cell therapy, strategic finance and execution • 35+ years of γδ T cell expertise • Decades of extensive background in oncology discovery, business insights, franchise creation, product development, regulatory affairs, and commercialization • Clinical development experience across immunology, oncology and cell therapy • Business development, financing, and commercialization experience Deep Experience Across the Team 4 Kate Rochlin, PhD President & Chief Operating Officer Patrick McCall , CPA Chief Financial Officer William Ho Co - Founder, Chief Executive Officer Lawrence Lamb, PhD Co - Founder and Chief Scientific Officer Lou Vaickus , MD, FACP Interim Consulting Chief Medical Officer Oxana Polyakova, PhD Senior Vice President, Research and Development
Page 5
5 A Robust Pipeline with Multiple Near - Term Readouts * DRI = Drug Resistant Immunotherapy, or a chemotherapy resistant cell therapy ** 1L = First line therapy ^ Timing of next anticipated milestones are estimates based on the successful raise of additional capital to fund our program s a nd are subject to change # Please refer to the Current Report on Form 10 - Q, filed with the SEC on May 7, 2026, for additional details about IN8bio's pipeline efforts
Page 6
6 • Uniquely positioned to treat: • Autoimmune disease - reset a misfiring immune system without suppressing it entirely • Cancer - kill residual tumor cells that surgery and conventional chemotherapy leave behind • Higher levels of gamma - delta T cells in tumors are associated with better survival and stronger responses to cancer treatment • Play an outsized role by coordinating broad and deep immune response • No serious side effects observed to date in the clinic Our Core Thesis γδ T cells could be the most effective cells in the immune system to fight disease
Page 7
7 The Power of γδ T cells Next Generation T cell Engagers (TCE’s)
Page 8
γδ T cells CAR-T cells ⍺β T cells CAR NK cells Activity Innate Activity (kills directly) ✓ ✓ Adaptive Activity (memory) ✓ ✓ ✓ Durability & Persistence ✓ ✓ ✓ No engineering needed ✓ ✓ Safety Lower risk of side effects (CRS & infections) ✓ ✓ 8 Rare but powerful immune cells that can effectively identify and eradicate target cells γδ T Cells Combine the Best of all Immune Cells
Page 9
9 9 Raises the bar on safety, access, and durability Schett’s Study Proved CD19 Driven Immune Reset Works
Page 10
10 TCE binds CD3 >90% of TCEs use this target Fundamental Limitations Broad, non - selective activation The Result: a narrow therapeutic window — and a tough engineering fix CD3 - TCE’s switch on the whole immune system, with side effects too severe to dose around Problem With Today’s TCE Programs Targeting Autoimmunity Dangerous side effects Cytokine release in 60 – 80% of patients, severe in about 10%, +more infections Can't dose high enough Cells burn out (exhaustion) before finishing the job Misses hidden cells The tissue - resident B cells that actually drive autoimmune disease
Page 11
Immune cell exhaustion • Selective γδ T cell activation - no broad CD3+ T cell activation, MOA resists broad immune exhaustion Toxicities • Minimal IL - 6 and lower TNF -α cytokine release reduces risk of significant CRS and broadens the therapeutic window • γδ T cells naturally attack bacteria and virally infected cells Incomplete tissue depletion • Tissue penetration – Dual V δ 1 +, V δ 2 + targeting to access tissue, circulating and lymphoid B cell compartments IN8bio TCE TechnologyCD3 Failure 11 Our approach to TCE development overcomes current TCE limitations to achieving immune reset IN8bio’s γδ TCEs Solve All Three Problems
Page 12
INB - 619: A Pan γδ CD19 TCE 12
Page 13
13 • Precise : targets the disease - driving B cells, sparing the rest, with far fewer side effects • Greater reach : gets the tissue - resident B cells today's drugs miss • Simpler : off - the - shelf, none of the chemo or cost or complexity of CAR - T and cell therapies INB - 619: Powerful TCE Therapy Engineered to fix leverage the potential of TCE’s and in - vivo CAR - T Same target as a $1.6B approved drug, designed to be safer
Page 14
14 Pan -γδ TCE to expand both V δ 1 and V δ 2 cells — reaching B cells CD3 TCEs cannot INB - 619: Depletes B Cells Without the Toxicity of CD3 TCEs
Page 15
15 PBMC + NALM - 6 + INB - 619 PBMC only PBMC + NALM - 6 Immune System Remains Intact CD19+ Target Cells Eliminated INB - 619 Efficiently and Specifically Eliminates Target Cells Complete CD19+ cell clearance: 66% → 0.07% in PMBC culture CD19+ CD19+ NALM - 6 CD19+
Page 16
16 Absolute γδ T cell numbers INB - 619 is the First TCE driving Pan γδ T Cell Expansion Both V δ 1+ and V δ 2+ subtypes expand — with the potential to target tissue - resident & circulating B cells % Out of Lymphocyte P opulations • Expansion is dose - dependent across both γδ subtypes • Vδ 2+ provide surveillance and V δ 1+ tissue residence, enabling deeper B cell depletion • No expansion without INB - 619 (No Txt control) • Expanded γδ T cells conduct surveillance against infection TCE ( pM ) Day 10 Increasing dose →
Page 17
Inflammatory Cytokines are not Induced by INB - 619 17 Killing markers (Granzyme, Perforin) rise with dose — CRS cytokines (IL - 6, IL - 10, IL - 17) stay flat Indicates Activation of γδ T cell Killing Pathways Indicates no increase in dangerous cytokines Increasing dose →
Page 18
INB - 619 for Autoimmune Disease 18
Page 19
19 Mosunetuzumab (MOS) Blinatumoma b (BLI) INB - 619 CD19 TCE CD19 TCE CD20 TCE 2025 sales: $1.6B Est. 2025 sales: $120M+ *https://pharmaphorum.com/news/approvals-extend-use-roche-abbvie-drugs-lymphoma? ~75 kDa ~54 kDa ~146 kDa Blinatumomab and Mosunetuzumab both use CD3, triggering the toxicities INB - 619 avoids INB - 619 Depletes B Cells Without the Toxicity of CD3 TCEs
Page 20
INB - 619 Targeted Activation and Complete Target Elimination 20 20 SLE donor B cell depletion Broad T - cell Expansion/ Activation Targeted Expansion/ Activation BLI and MOS activate broadly across CD4/CD8 cells, triggering toxicity. INB - 619 expands only γδ T cells .
Page 21
21 BLI: 185 MOS: 700 INB - 619: 5000 ( pM ) BLI: 37 MOS: 140 INB - 619: 1000 ( pM ) BLI: 7.4 MOS: 28 INB - 619: 200 ( pM ) Relative B cell count to no TCE (%) Days TCGX INB - 619 Target B cell eradication achieved across multiple doses in SLE donor INB - 619 Depletes SLE B cells Across a Range of Concentrations Most CD3 TCEs dose - reduced in autoimmune disease due to potential toxicity
Page 22
INB - 619 Demonstrates Lower Secretion of CRS Cytokines 22 INB - 619 has significantly lower secretion of cytokines associated with CRS at doses that completely deplete B cells. This widens the therapeutic index related to commercial BLI and MOS therapies at multiple concentrations SLE donor cytokine secretion at Day 4 IL - 17A IL - 6 TNF -α IL - 10
Page 23
Vδ 1+ and V δ 2+ Attack from Two Directions — Tissue & Blood 23 Pan γδ TCR targeting is more powerful to drive B cell elimination
Page 24
✓ ✓ ✓ INB - 619 – First Animal Data Fall 2026 24 Expands γδ T cells to eliminate target cells and prevent infections Vδ 1+ cells target tissue resident B cells Vδ 2+ cells are phagocytes that help drive deeper B cell depletion γδ T cells don’t secrete IL - 6 to reduce CRS toxicities Mimicking CAR - T with simpler manufacturing, lower costs, avoids lymphodepletion and repeat dosing with TCE’s ✓ ✓ A pan -γδ - TCE with built - in co - stimulation that secretes few CRS inducing cytokines
Page 25
INB - 200 & 400 DeltEx TM Drug Resistant Immunotherapy (DRI) for Glioblastoma (GBM) 25
Page 26
Median survival on standard - of - care ~14 to 16 months Patients diagnosed annually in US & EU ~29,000 Est. WAC of CAR - T therapy in 2026 ~$516,000 Median progression - free survival ~7 months Benefit : risk profile provides an opportunity to test IN8bio’s novel DeltEx DRI Platform as a first proof - of - concept for the mechanism of action ^ Source: EMA, ABTA, NCI, Stupp et al., NEJM 2005; 352: 987 - 96, Drug Development & Delivery - https://bit.ly/35KLLJ5, ^Brain scan of INB - 200 GBM patient 017 at diagnosis, ^ estimate by Gemini (from sales of FDA - approved CAR - T in 2025 26 What is Glioblastoma? The most common and aggressive brain cancer in adults; Treatment has barely changed in 20+ years > $4 Billion total estimated market size
Page 27
27 Phase 1 INB - 200 Data Recently Published 27
Page 28
28 Treatment Arms Fixed dose level (DL) of DRI in a 3+3 design (N= ~18): DL1: N = 3 (up to 6) patients, single dose of 1 x 10 7 cells on C1D1 DL2: N = 3 (up to 6) patients, three doses of 1 x 10 7 cells , one dose every 28 D1 of C1 - C3 DL3: N = 3 ( up to 6) patients, six doses of 1 x 10 7 cells , one dose every 28 days on D1 of C1 - C6 Treatment Regimen & Timing Primary Endpoints • Safety + Maximum Tolerated Dose Secondary Endpoints • Time to progression • Overall survival • Biologic response Site Surgical resection followed by apheresis 6 weeks induction TMZ + radiation 6 cycles maintenance TMZ + DRI Source: IN8bio, image created with biorender.com Phase 1/2 Trial: Do Repeat Doses Drive Deeper Response?
Page 29
Source: IN8bio; assumptions: GBM doubling time ~50days (Berntsen et al. Neuro - Oncology, 2015), DRI kills ~50% of cells that are resistant to TMZ therapy Timed to outpace tumor regrowth, each infusion catches residual cells as they multiply to maintain remission Repeated Doses to Intercept Residual Cells Every 28 Days 29 SOC: Stupp Regimen IN8bio: DeltEx DRI Therapy TMZ + adjuvant DRI γδ T cells multiple repeat doses Tumor doubles every ~50 days; DRI administered every 28
Page 30
30 Four Prestigious Cancer Centers…One Consistent Finding • INB - 200 (Phase 1, UAB) and INB - 400 (Phase 2, three sites) treated 17 patients combined • No major toxicity or significant adverse events across any site or treatment arm • Enrollment suspended in 2024 — no safety or efficacy concerns; data collection on enrolled patients continues 30 Consistent treatment activity and no major toxicity signals across all sites and treatment arms
Page 31
Patient Demographics Comparable Across Cohorts Treatment Arm N Methylation Status Resection Type Median Age Gender Subtotal Total Control (SOC) Patients 10 60% Unmethylated 20% 80% 67 60% Male INB - 200 DL1 Patients 3 66% Unmethylated 0% 100% 69 33% Male INB - 200 Repeat Dose Patients 10 50% Unmethylated 60% 40% 62 70% Male INB - 400 Repeat Dose Patients 4 50% Unmethylated 50% 50% 66 0% Male All Repeat Dose Patients 14 50% Unmethylated 57% 43% 64 50% Male 31 SOC control group had 80% total resections vs. 43% for DRI patients, a disadvantage for the treatment arm
Page 32
DRI Patients Live Significantly Longer Without Progression 32 PFS separation is statistically significant; OS median not yet reached in DRI arm Statistically significant separation mOS still increasing median not yet reached Note: As of May 15, 2026; Data censored for patients who have no progression and/or remain alive or lost to follow -up (LTFU, control group only); m OS not yet attained in multiple dose patients with median continuing to increase, Early trial results are not indicative of future results, including the outcome of this trial.
Page 33
33 (AI Pathologist) AI - Powered Tumor Mapping Gives IN8bio Deeper Insights Partnership with Elucidate Bio enables single - cell spatial mapping of the tumor immune environment
Page 34
34 DeltEx DRI Shifts TME from Cold to Hot Increased T cell infiltration, reduced tumor proliferation and granulocyte clearance in DeltEx DRI treated patient 9.9m 0m
Page 35
DeltEx DRI and GBM Tumor Remodeling 35 0 200 400 600 800 1000 1200 1400 1600 1800 CD8+ T cells Glioma-like Granulocytes M2 Macrophages Tregs Initial Recurrent CD8+ T cells 18× 7.2 → 128.6 /mm² Tumor burden −24% Glioma density Ki-67 (tumor) −82% 9.4% → 1.7% Granulocytes −90% 645 → 65 /mm² PD1+ = exhaustion marker · GranzymeB+ = cytotoxic activity · 15 4 31 2 8 12 68 5 0 10 20 30 40 50 60 70 80 PD1+ % CD8+ (exhaustion) GranzymeB+ % CD8+ CD8+ % T cells Treg % T cells Initial Recurrent Tregs % T cells +2.4× 1.9% → 4.6% M2 Macrophages +4× 164 → 663 /mm² T cell Functional Activity Cellular Composition; Glioblastoma Tumor Microenvironment
Page 36
✓ ✓ ✓ The Data Show Benefits Across Every Dimension Repeat dosing is decisive — more doses, stronger immune response, longer survival ~6x more DRI patients remained progression - free relative to expected survival γδ T cell levels directly predict survival ( ρ =0.8, p=0.01) DRI turns immune - desert tumors into immune - active (18x more killer T cells) Escape mechanisms identified; intensification and combination therapy are a logical next step ✓ ✓
Page 37
Corporate Updates 37
Page 38
38 • Ticker: INAB • $21.9M Cash on hand at March 31, 2026 • Cash runway into 2Q27 • Potential 2 nd close for additional $20.1M on TCE data in 2026 • Potential for up to ~$8.9M in additional capital available • $0 debt • 9.8 million common shares outstanding as of May 4, 2026 Present long - term data, including final median OS from treated patients at medical meetings and conferences in late 2026 INB - 100 INB - 200 / INB - 400 ^Timing of next anticipated milestones are estimates based on the successful raise of additional capital to fund our programs an d subject to change Present initial animal data on CD19 targeting γδ T cell engager (TCE) INB - 619 Complete treatment of expansion cohort patients at multiple centers in 2026 Report long - term follow - up of Phase 1 results at a medical meeting in late 2026 Peer - reviewed publication of Phase 1 data Complete discussions with the FDA on clinical pathways forward, including any potential path for accelerated approval Report additional autoimmune data at medical meetings in 2026 Funded to Reach Key Milestones
Page 39
39 Emily Fairbairn Director Luba Greenwood, JD Director Peter Brandt Director Board of Directors Scientific Advisory Board Dieter Kabelitz , MD, PhD University of Kiel Bianca Santomasso, MD, PhD MSKCC Siraj Ali, MD, PhD Lunit Michael Bishop, MD UChicago IN8bio Board of Directors & Key Advisors William Ho CEO Jeremy Graff, PhD Interim Chair Corinne Epperly, MD Director Jonathan Fisher, BM, PhD, MRCPCH UCL
Page 40
40 Why ? • The only company with 35 years of γδ T cell biology and clinical expertise across both TCE and cell therapy modalities • Biology informed design of next generation technologies • Our TCE activates and expands both γδ subtypes to achieve deeper target depletion with potentially fewer toxicities • Strong clinical data including 4+ year remissions in difficult indications with no observed CRS or ICANs • Experienced team with a track record of attaining milestones and delivering strong clinical data • Multiple near - term and high - value data catalysts in 2026
Page 41
Key Personnel