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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Instill Bio Inc | NASDAQ:TIL | NASDAQ | Common Stock |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.0271 | 0.25% | 10.70 | 10.33 | 11.88 | 10.98 | 10.55 | 10.82 | 4,154 | 01:00:00 |
“We confirm our commitment to initiating a Phase 2 trial of ITIL-168 in advanced melanoma in the second half of 2021,” said Bronson Crouch, Chief Executive Officer of Instil. “With the installation and ongoing qualification of modular clean room pods at our Tarzana, California facility and our progress toward activating additional manufacturing capabilities in Manchester, U.K., we expect increased clinical manufacturing capacity in late 2021 and early 2022 to support our clinical development plans for ITIL-168 and ITIL-306. Our commitment to innovation in manufacturing continues with the development of a shortened 21-day manufacturing process with robust levels of TIL transduction efficiency for ITIL-306, our first genetically engineered CoStAR-TIL. We expect to pursue further enhancements to both ITIL-168 and ITIL-306 manufacturing processes in the future.”
Second Quarter 2021 Highlights and Anticipated Milestones:
Clinical Development:
Manufacturing and Technical Operations:
Second Quarter 2021 Financial and Operating Results:
As of June 30, 2021, cash and cash equivalents totaled $566.7 million, compared to $241.7 million as of December 31, 2020. The Company expects that its cash and cash equivalents as of June 30, 2021 will enable it to fund its operating plan into 2023.
Research and development expenses were $21.2 million and $35.6 million for the three and six months ended June 30, 2021, compared to $2.2 million and $4.2 million for the three and six months ended June 30, 2020.
General and administrative expenses were $14.2 million and $23.2 million for the three and six months ended June 30, 2021, compared to $2.4 million and $4.3 million for the three and six months ended June 30, 2020.
INSTIL BIO, INC.SELECTED FINANCIAL DATA (Unaudited; in thousands, except share and per share amounts)
Statements of Operations
Three Months EndedJune 30, | Six Months EndedJune 30, | ||||||||||||||||||
2021 | 2020 | 2021 | 2020 | ||||||||||||||||
Revenue | $ | — | $ | 42 | $ | — | $ | 87 | |||||||||||
Operating expenses: | |||||||||||||||||||
Research and development | 21,186 | 2,237 | 35,610 | 4,245 | |||||||||||||||
General and administrative | 14,195 | 2,398 | 23,174 | 4,298 | |||||||||||||||
Total operating expenses | 35,381 | 4,635 | 58,784 | 8,543 | |||||||||||||||
Loss from operations | (35,381 | ) | (4,593 | ) | (58,784 | ) | (8,456 | ) | |||||||||||
Interest and other expense, net | (89 | ) | (4,609 | ) | (18 | ) | (4,835 | ) | |||||||||||
Loss before income tax benefit | $ | (35,470 | ) | $ | (9,202 | ) | $ | (58,802 | ) | (13,291 | ) | ||||||||
Income tax benefit | 159 | — | 363 | — | |||||||||||||||
Net loss | $ | (35,311 | ) | $ | (9,202 | ) | $ | (58,439 | ) | $ | (13,291 | ) | |||||||
Net loss per share, basic and diluted | $ | (0.27 | ) | $ | (0.55 | ) | $ | (0.71 | ) | $ | (0.89 | ) | |||||||
Weighted-average shares used in computing net loss per share, basic and diluted | 128,743,123 | 16,846,552 | 82,478,284 | 14,942,479 |
Selected Balance Sheet Data
June 30, 2021 | December 31, 2020 | |||||||
Cash and cash equivalents | $ | 566,725 | $ | 241,714 | ||||
Total assets | 672,670 | 319,012 | ||||||
Total liabilities | 37,198 | 26,645 | ||||||
Total stockholders’ equity (deficit) | 635,472 | (39,599 | ) |
About Instil Bio
Instil Bio, Inc. (Nasdaq: TIL) is a clinical-stage biopharmaceutical company focused on developing tumor infiltrating lymphocyte, or TIL, therapies for the treatment of patients with cancer. The Company has assembled an accomplished management team with a successful track record in the development, manufacture, and commercialization of cell therapies. Using the Company’s proprietary, optimized, and scalable manufacturing processes at its in-house manufacturing facilities, Instil is advancing its lead TIL product candidate, ITIL-168, for the treatment of advanced melanoma and other solid tumors as well as ITIL-306, a next-generation, genetically engineered TIL therapy for multiple solid tumors. For more information visit www.instilbio.com and LinkedIn.
Forward-Looking Statements
This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Words such as “anticipates,” “believes,” “expects,” “intends,” “projects,” and “future” or similar expressions are intended to identify forward-looking statements. Forward-looking statements include statements concerning or implying the potential of our product candidates to positively impact quality of life and alter the course of disease in the patients we seek to treat, our research, development and regulatory plans for our product candidates, the potential for these product candidates to receive regulatory approval from the FDA or equivalent foreign regulatory agencies, whether, if approved, these product candidates will be successfully distributed and marketed, our plans to expand clinical manufacturing capabilities, and the potential benefits of orphan drug designation to ITIL-168. Forward-looking statements are based on management’s current expectations and are subject to various risks and uncertainties that could cause actual results to differ materially and adversely from those expressed or implied by such forward-looking statements. Accordingly, these forward-looking statements do not constitute guarantees of future performance, and you are cautioned not to place undue reliance on these forward-looking statements. Risks regarding our business are described in detail in our Securities and Exchange Commission (“SEC”) filings, including in our prospectus dated March 18, 2021, as filed with the SEC on March 22, 2021, pursuant to Rule 424(b) under the Securities Act of 1933, as amended, which is available on the SEC’s website at www.sec.gov. Additional information will be made available in other filings that we make from time to time with the SEC. Such risks may be amplified by the impacts of the COVID-19 pandemic. These forward-looking statements speak only as of the date hereof, and we disclaim any obligation to update these statements except as may be required by law.
Contacts:
Brendan PayneStern Investor Relations1-212-362-1200brendan.payne@sternir.com | Media Contact:1-833-446-7845 Ext. 1009mediarelations@instilbio.com |
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