Free cash flow remains deeply negative with quarterly outflows reaching $5.0 million in 2026Q1, reflecting the intensive capital requirements of the firm's clinical development programs.
| Cash from Operations | -14.54M | -12.71M | -24.15M | -23.34M | -24.12M | -13.51M | -7.13M | -4.8M | -2.77M |
| Operating CF Margin % | - | - | - | - | - | - | - | - | - |
| Operating CF Growth % | 66.3% | 47.36% | -3.47% | 3.24% | -78.55% | -89.39% | -48.57% | -73.38% | - |
| Net Income | -18.98M | -19.44M | -30.44M | -30.01M | -28.52M | -14.65M | -8.56M | -5.13M | -2.08M |
| Depreciation & Amortization | 1.83M | 1.77M | 2.65M | 2.5M | 1.1M | 788K | 88K | 96K | 96K |
| Stock-Based Compensation | 2.07M | 3.19M | 5M | 4.37M | 3.47M | 2.19M | 357K | 76K | 31K |
| Deferred Taxes | 0 | 0 | 0 | 0 | -4.16M | -541K | 0 | 0 | 0 |
| Other Non-Cash Items | 434K | 730K | 45K | 0 | 4.16M | 541K | 368K | 68K | 70K |
| Working Capital Changes | 110K | 1.04M | -1.41M | -204K | -170K | -1.84M | 611K | 93K | -885K |
| Change in Receivables | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 30K | -30K |
| Change in Inventory | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Change in Payables | -126K | -80K | -535K | -981K | 1.51M | -319K | -160K | 141K | -152K |
| Cash from Investing | -9K | 0 | -187K | -600K | -3.71M | -309K | 0 | 356K | -757K |
| Capital Expenditures | -9K | 0 | -104K | -600K | -3.71M | -309K | 0 | -330K | -757K |
| CapEx % of Revenue | - | - | - | - | - | - | - | - | - |
| Acquisitions | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 686K | 0 |
| Investments | - | - | - | - | - | - | - | - | - |
| Other Investing | 0 | 0 | -83K | 0 | 0 | 0 | 0 | 0 | 0 |
| Cash from Financing | 24.55M | 28.64M | 14.18M | 27.04M | 8.99M | 32.95M | 24.52M | 65K | 8.5M |
| Debt Issued (Net) | -468K | -693K | -794K | -798K | -615K | -709K | 174K | 0 | 1.26M |
| Equity Issued (Net) | 25.21M | 29.33M | 9.94M | 27.84M | 9.54M | 36.33M | 25.67M | 65K | 0 |
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Share Repurchases | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Financing | -195K | 0 | 5.04M | 0 | 61K | -2.66M | -1.33M | 0 | 7.24M |
| Net Change in Cash | 10M | 15.93M | -10.15M | 3.1M | -18.84M | 19.14M | 17.38M | -4.38M | 4.97M |
| Free Cash Flow | -14.55M | -12.71M | -24.25M | -23.94M | -27.83M | -13.82M | -7.13M | -5.13M | -3.53M |
| FCF Margin % | - | - | - | - | - | - | - | - | - |
| FCF Growth % | 25.28% | 47.59% | -1.31% | 13.97% | -101.38% | -93.72% | -39.02% | -45.52% | - |
| FCF per Share | -0.75 | -2.91 | -0.45 | -0.80 | -1.33 | -0.74 | -0.37 | -0.27 | -0.18 |
| FCF Conversion (FCF/Net Income) | 0.77x | 0.65x | 0.79x | 0.78x | 0.85x | 0.92x | 0.83x | 0.94x | 1.33x |
| Interest Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Taxes Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Clinical trial liquidity constraints
According to recent SEC filings, INAB's operating cash flow consistently trails net losses, with the OCF/NI ratio fluctuating between 0.43 and 0.97 over the last ten quarters, suggesting that non-cash adjustments and working capital movements are masking the true extent of the company's ongoing cash burn.
The persistent gap between net income and operating cash flow indicates that the company's reported losses do not fully capture the cash-based requirements of its clinical development programs. Investors should monitor this divergence, as it implies that the company's reliance on non-cash compensation and accruals may be insufficient to offset the actual cash depletion required to sustain its research pipeline.
As reported in financial statements, INAB's free cash flow remains deeply negative, with quarterly outflows ranging from $2.1 million to $8.0 million, reflecting the heavy capital requirements inherent in advancing its DRI platform through early-stage clinical trials without any offsetting commercial revenue streams.
The trajectory of free cash flow suggests that the company is currently in a high-intensity burn phase, with no immediate path to self-funding. The volatility in quarterly outflows appears tied to the timing of clinical trial milestones, which warrants further investigation into whether future cash needs will accelerate as trials expand.
Based on INAB's reported figures, working capital changes have been highly erratic, swinging from a $1.6 million inflow in 2025Q4 to a $1.5 million outflow in 2024Q3, which complicates the predictability of the company's short-term cash position and overall liquidity management.
These fluctuations suggest that the company's cash position is sensitive to the timing of vendor payments and clinical trial accruals. Such volatility may indicate that management is actively managing its cash runway by deferring liabilities, a strategy that may provide temporary relief but does not address the underlying structural cash deficit.
Financial disclosures indicate that stock-based compensation remains a significant non-cash component of the company's expense structure, reaching as high as $1.8 million in 2024Q3, which effectively obscures the actual cash-based cost of retaining the specialized talent required for its complex cell therapy manufacturing.
While stock-based compensation is a standard tool for biotech talent retention, its variability makes it difficult to assess the true cash-based operating cost of the business. Investors should be cautious, as the reliance on equity-based incentives may lead to future dilution that is not currently reflected in the cash flow statement.
Quick answers to the most common questions about buying INAB stock.
IN8bio, Inc. (INAB) generated $-12.7M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
IN8bio, Inc. (INAB) reported negative free cash flow of $12.7M in 2025, indicating capital requirements exceeded cash from operations.
IN8bio, Inc. (INAB) spent $0.0M on capital expenditures in 2025. CapEx represents the cash invested in physical assets like property, plant, and equipment to maintain or grow the business.