Instil Bio, Inc. announced its financial results for the first quarter ended March 31, 2025, reporting a net loss per share of $4.32, an increase from $3.74 in the same period of 2024. The company's total cash, cash equivalents, restricted cash, marketable securities, and long-term investments stood at $111.8 million as of March 31, 2025. Instil projects this capital will fund its operations beyond 2026.
Research and development expenses decreased to $5.4 million for Q1 2025 from $7.3 million in Q1 2024, while general and administrative expenses also declined to $9.1 million from $12.4 million. However, restructuring and impairment charges significantly increased to $16.1 million in Q1 2025, up from $4.3 million in Q1 2024. This increase was primarily driven by a $14.0 million impairment recognized on long-lived assets held for sale, mainly related to the Tarzana facility.
Regarding clinical development, enrollment of first-line NSCLC patients in the China trial of AXN-2510/IMM2510 in combination with chemotherapy is ongoing, with initial clinical data expected in the second half of 2025. Instil also anticipates initiating a U.S. clinical study for AXN-2510/IMM2510 in first-line NSCLC before the end of 2025, pending necessary regulatory approvals.
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