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IN8bio, Inc. (NASDAQ:INAB), a biotechnology firm specializing in cancer therapies, has been granted an additional 180 days to comply with Nasdaq’s minimum bid price rule, as per a recent SEC filing. The company’s stock, currently trading at $0.26 with a market capitalization of $18.5 million, will remain listed on the Nasdaq Capital Market, having transferred from the Nasdaq Global Market effective today. According to InvestingPro data, the stock has experienced significant volatility, trading between $0.22 and $1.74 over the past 52 weeks.
The Nasdaq Listing Qualifications Department provided IN8bio with an extension until August 4, 2025, to maintain a minimum closing bid price of $1.00 per share for at least 10 consecutive business days. Failure to meet this requirement by the deadline may result in delisting, although the company would have the right to appeal. InvestingPro analysis indicates the company’s overall financial health score is weak, with analysts setting price targets ranging from $1.50 to $8.00 per share.
IN8bio is considering strategies, including a potential reverse stock split, to address the bid price deficiency and regain compliance. The company’s board has also announced the 2025 Annual Meeting of Stockholders will take place on May 8, 2025. Stockholders proposals for the meeting must be received by February 17, 2025, in accordance with SEC Rule 14a-8.
This news follows the company’s previous identity as Incysus Therapeutics, Inc., before its name change in May 2018. The company, incorporated in Delaware and headquartered in the Empire State Building, New York, continues to monitor its stock’s bid price actively and explore available options to satisfy Nasdaq’s continued listing standards. The information is based on a press release statement.
In other recent news, IN8bio has been making significant strides in its clinical trials. The company’s ongoing Phase 1 trial for INB-100, a gamma-delta T cell therapy, has shown promising outcomes for patients with acute myeloid leukemia (AML). Notably, all patients in the trial remained alive and in complete remission after a median follow-up of 19.7 months, with some maintaining remission for over three years. The trial has expanded to include more patients based on these encouraging results, with updated data expected in 2025.
In parallel, IN8bio has also reported positive results from its Phase 1 trial of INB-200 for glioblastoma (GBM), an aggressive brain cancer. Half of the patients receiving multiple doses of INB-200 remained alive and in remission beyond the median overall survival typically observed with standard treatment. One patient has remained progression-free for over 40.5 months following treatment, a significant improvement compared to standard outcomes.
Analysts have been keeping a close eye on these developments. H.C. Wainwright maintained a positive outlook on IN8bio, reiterating a Buy rating, despite funding concerns. Meanwhile, Mizuho (NYSE:MFG) Securities adjusted its price target for IN8bio shares to $2.00, while still maintaining an Outperform rating. The firm sees value in IN8bio’s INB-100 program for AML, which is not fully recognized by the market. These are recent developments in the company’s ongoing work.
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