Instil Bio, Inc. (TIL)·Q4 2024 Earnings Summary

Executive Summary

• Q4 2024 marked steady operational progress with China Phase 1b/2 chemo-combo trial for AXN-2510/IMM2510 enrolling its first safety-run-in patient in January and 1L NSCLC enrollment expected to start in Q2 2025; U.S. 1L NSCLC chemo-combo study is anticipated to commence before year-end 2025 pending approvals .
• Cash, cash equivalents, restricted cash and marketable securities were $115.1M at December 31, 2024, with management reiterating cash runway beyond 2026; quarterly GAAP net loss was $11.9M and GAAP EPS was $(1.82) .
• Non-GAAP net loss per share improved year over year to $(1.08) in Q4 2024 vs $(1.26) in Q4 2023, driven by much lower restructuring/impairment vs prior year .
• Other rental income of $2.8M in Q4 and $1.5M in Q3 reflects monetization of the U.S. manufacturing facility lease executed in July (base rent >$7.5M annually, 3% escalator) and is a recurring offset to OpEx .

What Went Well and What Went Wrong

What Went Well

• Initiated China Phase 1b/2 chemo-combo program (first patient in safety run-in January 2025) with 1L NSCLC enrollment expected Q2 2025 and initial data in 2H 2025, advancing the AXN-2510/IMM2510 bispecific in high-priority indications .
• U.S. clinical plan clarified: 1L NSCLC chemo-combo study anticipated before end of 2025 (subject to regulatory approvals), maintaining momentum for global development .
• Cost structure improved year over year: Q4 restructuring and impairment charges were $0.3M vs $0.2M in Q4 2023, and non-GAAP net loss per share narrowed to $(1.08) from $(1.26) .

What Went Wrong

• Cash balance continued to decline quarter over quarter ($152.6M at Q2 → $122.9M at Q3 → $115.1M at Q4), reflecting ongoing operating losses and investment in pipeline .
• Interest expense increased to $3.0M in Q4 from $2.0M in Q3, partially offsetting higher interest income and rental income; this raises financing cost headwinds near term .
• No Q4 earnings call transcript was furnished in the document set; as a result, there is no Q&A-driven color on timelines, regulatory interactions, or clinical strategy beyond press release disclosures (no transcript documents found in Q4/Q1 windows).

Financial Results

Quarterly P&L Summary (Unaudited; $USD Thousands)

Note: Q3 includes $10,000 in In-process R&D expense not present in Q2/Q4 operating expense lines ; Q4 press release explicitly notes In-process R&D was nil in Q4 .

Balance Sheet Highlights (Unaudited; $USD Thousands)

Prior-Year Comparable EPS

Guidance Changes

Earnings Call Themes & Trends

Note: No Q4 earnings call transcript was furnished in the document set; themes below reflect press releases and 8-Ks.

Management Commentary

• “We have expanded our pipeline with a pair of clinical-stage, potentially best-in-class therapeutics by in-licensing SYN-2510 and SYN-27M.” – Bronson Crouch, CEO (Q2 press release) .
• “Our recent license of SYN-2510 is a significant milestone for Instil, positioning us with a potentially best-in-class asset in one of the most significant areas of interest in oncology.” – Bronson Crouch, CEO (Q3 press release) .
• Q4 press materials emphasize near-term development milestones without direct quotes, highlighting 1H 2025 monotherapy data, 1L NSCLC China enrollment in Q2 2025, and U.S. study initiation before YE25 .

Q&A Highlights

• Not applicable: No Q4 earnings call transcript was available in the document set; therefore, there are no Q&A clarifications to report for this period.

Estimates Context

• Wall Street consensus estimates via S&P Global were unavailable at time of writing due to request limit errors; as a result, we cannot provide beat/miss analysis versus estimates for Q2–Q4 2024, and no estimate-driven adjustments are assessed here.

Key Takeaways for Investors

• Clinical timelines remain intact with added specificity: China 1L NSCLC enrollment begins Q2 2025; initial data in 2H 2025; U.S. 1L NSCLC chemo-combo trial targeted before YE25, preserving a cadence of 2025 catalysts that can influence sentiment .
• Cash runway beyond 2026 mitigates near-term financing pressure as R&D and G&A are controlled, while rental income offers incremental offset to OpEx; quarterly net loss narrowed sequentially in Q4 vs Q3 .
• Non-GAAP EPS improvement year over year reflects substantially reduced restructuring and impairment vs prior-year quarter; investors should focus on non-GAAP reconciliations to track true underlying burn .
• Facility lease economics (> $7.5M base rent with escalators) translate into recognized “Other rental income” ($1.5M in Q3; $2.8M in Q4), providing predictable non-operational income to partially offset expenses during clinical ramp .
• The therapeutic rationale for PD-L1×VEGF bispecifics is reinforced in sector updates; AXN-2510/IMM2510 aims for best-in-class positioning with ADCC enhancement and VEGF “trap” design, targeting large-market NSCLC indications .
• Macro/regulatory risks remain salient (cross-border data reliance, U.S.–China tensions); timelines assume smooth regulatory interactions for U.S. initiation—monitor for IND clearance and any updates on data portability outside China .
• With estimates unavailable, trading setups hinge on clinical catalyst timing (1H–2H 2025) and continued balance sheet discipline; absence of a Q4 call transcript limits short-term narrative detail, increasing importance of upcoming press updates and filings.

Appendix: Source Documents

• Q4 2024 8-K and press release:
• Q3 2024 8-K and press release:
• Q2 2024 8-K and press release: