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IN8bio, Inc. (NASDAQ:INAB) announced Monday that it has regained compliance with Nasdaq Listing Rule 5550(a)(2), which requires companies listed on the exchange to maintain a minimum bid price of at least $1.00 per share. The stock, currently trading at $2.13, has faced significant challenges, having declined over 90% in the past year according to InvestingPro data.
According to a statement in a press release and a filing with the Securities and Exchange Commission, IN8bio received formal notification from The Nasdaq Stock Market LLC on June 24 confirming that the company now meets the minimum bid price requirement and that the matter is closed. While the company maintains a healthy current ratio of 4.3 and holds more cash than debt, InvestingPro analysis indicates the company is rapidly burning through its cash reserves.
IN8bio is a biotechnology company incorporated in Delaware and headquartered in New York, New York. The company’s common stock is listed on the Nasdaq Stock Market under the symbol INAB.
The information in this article is based on a press release statement and details disclosed in the company’s recent SEC filing.
In other recent news, IN8bio, Inc. has reported encouraging results from a Phase 1 trial of its INB-200 treatment for newly diagnosed glioblastoma multiforme (GBM). The trial demonstrated a median progression-free survival of 16.1 months, surpassing the typical 6.9 months associated with the standard treatment protocol. Importantly, no serious toxicities beyond those related to chemotherapy were observed, and no cases of cytokine release syndrome or immune effector cell-associated neurotoxicity syndrome were reported. Additionally, IN8bio is conducting a Phase 2 trial for INB-400 in GBM patients, with preliminary data showing a median progression-free survival of 10.8 months.
In parallel developments, IN8bio presented promising preclinical data for its INB-619 program, aimed at treating Systemic Lupus Erythematosus (SLE). The findings highlighted the successful elimination of disease-causing B cells without triggering severe inflammatory side effects, marking a potential advancement in autoimmune disease treatment. CEO William Ho emphasized the significance of these results, noting the potential for safer and more effective therapies. The company is also exploring partnerships to expand the use of its gamma-delta T cell therapies in both oncology and autoimmune indications. These recent developments indicate significant progress in IN8bio’s research and development efforts.
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