Zacks Small Cap Research

We are initiating coverage of IN8bio, Inc. (NASDAQ:INAB) with a valuation of $5.00 per share. This value is based on our estimates for a successful development and commercialization of INB-100 in patients with leukemia, specifically acute myeloid leukemia (AML) following haploidentical hematopoietic stem cell transplant (HSCT) and INB-400 in recurrent and newly diagnosed glioblastoma multiforme (GBM) patients. INB-100 is the subject of a Phase I study and is enrolling patients in an expansion cohort. It is slated to report long-term follow-up results at scientific meetings in 2024. INB-200 has completed Phase I enrollment and will report GBM data at scientific conferences in 2024 including the American Society of Clinical Oncology (ASCO) meeting in June. This program has passed the baton to INB-400, which may add an allogeneic arm to the GBM program in 2025. The Phase II INB-400 study initiated enrollment in 1Q:24.