Instil Bio(TIL) - 2024 Q3 - Quarterly Results

Financial Performance - Instil Bio reported cash, cash equivalents, marketable securities, and long-term investments of $122.9 million as of September 30, 2024, down from$175.0 million as of December 31, 2023[7]. - The net loss for September 2024 was $23,021 thousand, a decrease from$67,432 thousand in September 2023[17]. - Non-GAAP net loss for September 2024 was $16,591 thousand, compared to$16,479 thousand in September 2023[17]. - Net loss per share was $3.54 for the three months ended September 30, 2024, down from$10.37 for the same period in 2023[10]. - Net loss per share for September 2024 was $(3.54), down from$(10.37) in September 2023[17]. - Non-GAAP net loss per share for September 2024 was $(2.55), slightly worse than$(2.53) in September 2023[17]. - The company incurred non-cash stock-based compensation expense of $4,068 thousand in September 2024, compared to$4,670 thousand in September 2023[17]. - Restructuring and impairment charges were $2,362 thousand in September 2024, significantly lower than$46,283 thousand in September 2023[17]. - General and administrative expenses were $10.7 million for the three months ended September 30, 2024, compared to$11.9 million for the same period in 2023[9]. - Research and development expenses decreased to $0.6 million for the three months ended September 30, 2024, from$8.5 million in the same period in 2023[8]. Research and Development - In-process research and development expenses were $10.0 million for both the three and nine months ended September 30, 2024, compared to nil for the same periods in 2023[8]. - Instil Bio licensed SYN-2510 for global development and commercialization outside of Greater China, marking a significant milestone for the company[2]. - Approximately 65 additional patients have been dosed with SYN-2510/IMM2510 in China, bringing the total to 98 patients[3]. - The initiation of Phase 1b/2 studies for SYN-2510/IMM2510 in combination with chemotherapy is expected in late 2024 and 1H 2025 in China[4]. - A U.S. clinical study of SYN-2510 in non-small cell lung cancer (NSCLC) is targeted for initiation in 2H 2025[5]. Cash Flow and Future Outlook - Instil Bio expects its cash resources to fund its operating plan beyond 2026[7]. - The weighted-average shares outstanding for basic and diluted were 6,506,681 in September 2024, a slight increase from 6,503,913 in September 2023[17].