Laidlaw Reiterates Buy Rating on IN8bio (INAB) with $10 Price Target

Yesterday after the market close, INAB reported 2Q26 financial results with corporate updates. Our take is while the γδ TCE INB-619 animal model preclinical study charges forward with a data readout in 2H26, this lead development could potentially start Phase I study in 2027 with good financial support. Favorable feedback from the FDA on DeltEx DRI in GBM, if realized, could be an upside. INAB reported 2Q26 financial results with a net loss of ($4.8MM) vs. ($5.4MM) for Laidlaw and the Street. Net loss/share was ($0.25) vs ($0.27) for Laidlaw and ($0.26) for the Street. INAB ended the quarter with ~$18MM cash with operational runway into mid-2027, in our opinion. Supported by substantial investor interest and financial backing, INAB’s novel γδ CD19 targeted TCE INB-619 is advancing into the initial preclinical animal model studies with in vivo data expected in 2H26. Should this study be successful, a second tranche of the ~$20MM from the recent financing could come in late 2026. This could support INAB’s commencement of a Phase I study in 2027. As a CD-19-targeted TCE, INB-619 has potential for treating hematological cancers and autoimmune diseases, with the latter having higher priority. We believe the most important near-term event for INB-400 (DeltEx DRI) in GBM development is the outcome of FDA discussions regarding the potential regulatory pathways going forward. We anticipate the meeting to take place in 2H26 and thereafter report to investors. We view the best outcome would be an accelerated approval pathway. However, we believe a randomized study will likely be the base case scenario. We are reiterating our Buy rating and $10 target price.

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