Instil Bio, Inc. reported its financial results for the fourth quarter and full year ended December 31, 2024. As of December 31, 2024, the company held $115.1 million in total cash, cash equivalents, restricted cash, and marketable securities. This is a decrease from $175.0 million at the end of 2023, but Instil expects this capital to fund its current operating plan beyond 2026.
Research and development expenses decreased significantly to $1.1 million for Q4 2024 from $2.0 million in Q4 2023, and to $11.8 million for the full year 2024 from $39.6 million in 2023. General and administrative expenses also saw reductions, totaling $10.4 million for Q4 2024 compared to $10.9 million in Q4 2023. These reductions reflect the company's strategic restructuring and pivot away from TIL programs.
The company reported a net loss per share of $1.82 for Q4 2024, an improvement from $1.99 in Q4 2023. For the full year 2024, the net loss per share was $11.39, a substantial reduction from $24.00 in 2023. Instil anticipates clinical data for AXN-2510/IMM2510 monotherapy in 1H 2025 and expects to initiate a U.S. clinical study for AXN-2510/IMM2510 in first-line NSCLC before the end of 2025.
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