Instil Bio Reports First Quarter 2026 Financial Results and Provides Corporate Update

Rhea-AI Summary

Instil Bio (Nasdaq:TIL) reported first quarter 2026 results and a corporate update. The company is evaluating potential acquisitions and in-licensing deals for novel therapeutics. Instil held $74.7 million in cash, cash equivalents, restricted cash and marketable securities as of March 31, 2026, expected to fund the current operating plan beyond 2027.

Q1 2026 expenses declined year over year: R&D $0.7 million vs. $5.4 million, G&A $5.3 million vs. $9.1 million, and restructuring/impairment $1.0 million vs. $16.1 million. Net loss per share was $0.62, with non-GAAP net loss per share of $0.32.

Positive

• Cash, cash equivalents, restricted cash and marketable securities of $74.7 million as of March 31, 2026
• Cash resources expected to fund current operating plan beyond 2027
• Research and development expenses reduced to $0.7 million from $5.4 million year over year
• General and administrative expenses reduced to $5.3 million from $9.1 million year over year
• Restructuring and impairment charges decreased to $1.0 million from $16.1 million year over year
• Non-GAAP net loss per share improved to $0.32 from $1.32 year over year

Negative

• Total cash, cash equivalents, restricted cash and marketable securities declined to $74.7 million from $76.3 million since December 31, 2025
• Company continues to report a net loss, with GAAP net loss per share of $0.62
• Restructuring and impairment charges of $1.0 million continued in the first quarter 2026

News Market Reaction – TIL

+0.31%

1 alert

+0.31% Session close to close

$54.56M Market Cap

0.1x Rel. Volume

In the May 15 session, TIL gained 0.31%, reflecting a mild positive market reaction.

Data tracked by StockTitan Argus on the day of publication.

Market Context

This announcement emphasizes reduced expenses and a narrower Q1 2026 loss, with GAAP net loss per sh...

Analysis

This announcement emphasizes reduced expenses and a narrower Q1 2026 loss, with GAAP net loss per share improving to $0.62 from $4.32 and cash and securities of $74.7M expected to fund operations beyond 2027. Management continues to pivot from discontinued programs toward acquisitions or in‑licensing of new assets. Investors may watch future earnings and deal activity to assess how effectively this strategy translates into a rebuilt pipeline and sustained cash runway.

Key Figures

Total cash & securities: $74.7M Total cash & securities: $76.3M R&D expenses: $0.7M +5 more

8 metrics

Total cash & securities $74.7M As of March 31, 2026; expected to fund operating plan beyond 2027

Total cash & securities $76.3M As of December 31, 2025 (prior period comparison)

R&D expenses $0.7M Three months ended March 31, 2026

R&D expenses $5.4M Three months ended March 31, 2025

G&A expenses $5.3M Three months ended March 31, 2026

G&A expenses $9.1M Three months ended March 31, 2025

Net loss per share $0.62 GAAP, basic and diluted, Q1 2026

Net loss per share $4.32 GAAP, basic and diluted, Q1 2025

Previous Earnings Reports

5 past events · Latest: Mar 27 (Negative)

Same Type Pattern 5 events

Date	Event	Sentiment	24h Move	Catalyst
Mar 27	Q4/FY25 earnings	Negative	-6.8%	Reported FY25 results, lower cash and strategy shift to in-licensing.
Nov 13	Q3 2025 earnings	Negative	-7.2%	Q3 loss, declining cash and continued spend on AXN-2510 program.
Aug 13	Q2 2025 earnings	Positive	+0.5%	Q2 results with strong cash and IND clearance for AXN-2510/IMM2510.
May 13	Q1 2025 earnings	Negative	-6.9%	Q1 2025 update with higher restructuring charges and ongoing losses.
Mar 04	Q4/FY24 earnings	Negative	-4.3%	FY24 results with reduced but still large net losses and lower cash.

24h Move is the share-price change in the day after each event; other market factors may also have contributed.

Pattern Detected

Earnings updates have historically skewed negative for TIL, with an average move of about -4.93% and frequent post-earnings share price declines.

Recent Company History

Over the past year, Instil’s earnings releases have highlighted a shrinking cash balance from $115.1M at 2024 year-end to $76.3M by December 31, 2025, alongside ongoing net losses. Management has repeatedly emphasized that available cash is expected to fund operations beyond 2026–2027 while the company pivots from discontinued programs, including AXN-2510, toward in-licensing or acquiring new assets. Today’s Q1 2026 update extends that narrative of cost control and strategic repositioning.

Key Terms

non-gaap, gaap, stock-based compensation, restricted cash

4 terms

non-gaap financial

"These non-GAAP financial measures include non-GAAP net loss and non-GAAP net loss per share..."

Non-GAAP refers to financial measures that companies use to show their earnings or performance without including certain expenses or income that are often added back to give a different picture. It matters because it can make a company's results look better or more favorable, but it may also hide important costs, so investors need to look at both GAAP (official rules) and non-GAAP numbers to get a full understanding.

View in glossary

gaap financial

"financial information that has not been prepared in accordance with U.S. generally accepted accounting principles (“GAAP”)."

GAAP, or Generally Accepted Accounting Principles, are a set of standardized rules and guidelines that companies follow when preparing their financial statements. They ensure consistency, transparency, and comparability across different companies, making it easier for investors to understand and compare financial information accurately. This helps investors make informed decisions based on trustworthy and uniform financial reports.

View in glossary

stock-based compensation financial

"excluding non-cash stock-based compensation expense and restructuring and impairment charges."

Stock-based compensation is when a company pays employees, directors or consultants with shares or the right to buy shares instead of or in addition to cash. It matters to investors because issuing stock or options spreads ownership thinner (like cutting a pie into more slices), which can reduce each existing share’s claim on profits and can also change reported earnings; investors watch it to assess true cost of running the business and how management is incentivized.

View in glossary

restricted cash financial

"cash, cash equivalents, restricted cash and marketable securities, which consisted of $5.0 million in cash..."

Cash that a company holds but cannot use for day-to-day operations because it is set aside for a specific purpose—such as meeting loan covenants, serving as collateral, funding an escrow, or complying with regulations. Like money in a locked savings account earmarked for a bill, restricted cash reduces the cash available to run the business and pay dividends or debts, so investors treat it differently when assessing a company’s true short-term financial strength.

AI-generated analysis. How Rhea-AI works. Not financial advice.

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DALLAS, May 15, 2026 (GLOBE NEWSWIRE) -- Instil Bio, Inc. (“Instil”) (Nasdaq: TIL), a biotechnology company focused on identifying and advancing innovative therapeutics, today reported its first quarter 2026 financial results and provided a corporate update.

Recent Highlights

• Instil is evaluating potential acquisitions and in-licensing that may provide access to promising novel therapeutic candidates
• Cash position of approximately $74.7 million as of March 31, 2026 expected to fund current operating plan beyond 2027

“We continue to make progress refining Instil’s strategy and positioning the company for its next phase of growth,” said Bronson Crouch, Chief Executive Officer, Instil Bio. “We are actively evaluating a range of acquisition and in-licensing opportunities, with a focus on assets that align with our capabilities and offer the potential to create long-term value. With a strong balance sheet, we are well positioned to act with discipline and flexibility as we work to build a focused, high-quality pipeline and advance new treatment options for patients.”

There can be no assurance that any transaction will result from these efforts, nor as to the timing of any such outcome. Instil does not intend to provide further updates unless and until a specific transaction is approved or disclosure is otherwise deemed appropriate.

First Quarter 2026 Financial and Operating Results:

As of March 31, 2026, Instil had approximately $74.7 million in total cash, cash equivalents, restricted cash and marketable securities, which consisted of $5.0 million in cash and cash equivalents, $0.1 million in restricted cash and $69.5 million in marketable securities, compared to $76.3 million in total cash, cash equivalents, restricted cash and marketable securities, which consisted of $6.6 million in cash and cash equivalents, $0.2 million in restricted cash, and $69.5 million in marketable securities, as of December 31, 2025. Instil expects that its cash, cash equivalents, restricted cash and marketable securities as of March 31, 2026 will enable it to fund its current operating plan beyond 2027.

Research and development expenses were $0.7 million for the three months ended March 31, 2026, compared to $5.4 million for the three months ended March 31, 2025.

General and administrative expenses were $5.3 million for the three months ended March 31, 2026, compared to $9.1 million for the three months ended March 31, 2025.

Restructuring and impairment charges were $1.0 million for the three months ended March 31, 2026, compared to $16.1 million for the three months ended March 31, 2025.

Net loss per share, basic and diluted was $0.62 for the three months ended March 31, 2026, compared to $4.32 for the three months ended March 31, 2025. Non-GAAP net loss per share, basic and diluted was $0.32 for the three months ended March 31, 2026, compared to $1.32 for the three months ended March 31, 2025.

Note Regarding Use of Non-GAAP Financial Measures

In this press release, Instil has presented certain financial information that has not been prepared in accordance with U.S. generally accepted accounting principles (“GAAP”). These non-GAAP financial measures include non-GAAP net loss and non-GAAP net loss per share, which are defined as net loss and net loss per share, respectively, excluding non-cash stock-based compensation expense and restructuring and impairment charges. Instil believes that these non-GAAP financial measures, when considered together with the GAAP figures, can enhance an overall understanding of Instil’s financial performance. The non-GAAP financial measures are included with the intent of providing investors with a more complete understanding of Instil’s operating results. In addition, these non-GAAP financial measures are among the indicators Instil’s management uses for planning purposes and to measure Instil’s performance. These non-GAAP financial measures should be considered in addition to, and not as a substitute for, or superior to, financial measures calculated in accordance with GAAP. The non-GAAP financial measures used by Instil may be calculated differently from, and therefore may not be comparable to, non-GAAP financial measures used by other companies. Please refer to the below reconciliation of these non-GAAP financial measures to the comparable GAAP financial measures.

About Instil Bio

Instil Bio, Inc. is a biotechnology company focused on identifying and advancing innovative therapeutics. For more information, visit www.instilbio.com.

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,” “exploring,” “future,” “intends,” “may,” “plans,” “potential,” “projects,” “targets,” “next phase” and “will” or similar expressions are intended to identify forward-looking statements. Forward-looking statements include express or implied statements concerning Instil's expectations regarding its next phase of strategic development and pursuing potential acquisition and in-licensing opportunities; Instil's expectations regarding its capital position, resources, and balance sheet, including its cash runway; and other statements that are not historical fact. 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, including risks and uncertainties related to the next phase of strategic development, pursuing potential transactions to acquire companies or in-license product candidates and the sufficiency of Instil's cash resources, as well as interest rates, inflation, tariffs, international conflicts and other factors which could materially and adversely affect Instil’s business and operations, and other risks and uncertainties affecting Instil's plans and strategy, including those discussed in the section titled “Risk Factors” in Instil's Quarterly Report on Form 10-Q for the quarter ended March 31, 2026 to be filed with the SEC, as well as Instil's other filings with the SEC. 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. These forward-looking statements speak only as the date hereof, and Instil disclaims any obligation to update these statements except as may be required by law.

Contacts:
Investor Relations:
1-972-499-3350
investorrelations@instilbio.com 
www.instilbio.com

INSTIL BIO, INC. SELECTED FINANCIAL DATA (Unaudited; in thousands, except share and per share amounts) Selected Condensed Consolidated Balance Sheet Data
	March 31, 2026				December 31, 2025
Cash, cash equivalents, restricted cash and marketable securities	$	74,694			$	76,295
Total assets	$	200,428			$	203,523
Total liabilities	$	89,730			$	89,657
Stockholders’ equity	$	110,698			$	113,866

Condensed Consolidated Statements of Operations
	Three Months Ended March 31,
	2026				2025
Operating expenses:
Research and development	$	669			$	5,371
General and administrative		5,349				9,109
Restructuring and impairment charges		992				16,082
Total operating expenses		7,010				30,562
Loss from operations		(7,010	)			(30,562	)
Interest income		678				1,175
Interest expense		(1,552	)			(1,098	)
Other rental income		2,242				2,242
Gain on contract termination		1,620				—
Other (expense) income, net		(182	)			43
Net loss	$	(4,204	)		$	(28,200	)
Net loss per share, basic and diluted	$	(0.62	)		$	(4.32	)
Weighted-average shares used in computing net loss per share, basic and diluted		6,781,976				6,532,658

INSTIL BIO, INC. Reconciliation of GAAP to Non-GAAP Net Loss and Net Loss per Share (Unaudited; in thousands, except share and per share amounts)
	Three Months Ended March 31,
	2026				2025
Net loss	$	(4,204	)		$	(28,200	)
Adjustments:
Non-cash stock-based compensation expense		985				3,495
Restructuring and impairment charges		992				16,082
Non-GAAP net loss	$	(2,227	)		$	(8,623	)
Net loss per share, basic and diluted	$	(0.62	)		$	(4.32	)
Adjustments:
Non-cash stock-based compensation expense per share		0.15				0.54
Restructuring and impairment charges per share		0.15				2.46
Non-GAAP net loss per share, basic and diluted*	$	(0.32	)		$	(1.32	)
Weighted-average shares outstanding, basic and diluted		6,781,976				6,532,658

* Non-GAAP net loss per share, basic and diluted may not total due to rounding.

FAQ

What were Instil Bio (TIL) first quarter 2026 cash and investment balances?

Instil Bio reported $74.7 million in cash, cash equivalents, restricted cash and marketable securities at March 31, 2026. According to Instil, this comprised $5.0 million in cash and cash equivalents, $0.1 million in restricted cash and $69.5 million in marketable securities.

How long does Instil Bio (TIL) expect its Q1 2026 cash to fund operations?

Instil Bio expects its March 31, 2026 cash, cash equivalents, restricted cash and marketable securities to fund its current operating plan beyond 2027. According to Instil, this outlook is based on its then-current financial position and operating assumptions.

How did Instil Bio (TIL) first quarter 2026 expenses change year over year?

Instil Bio reported lower operating expenses in Q1 2026 compared with Q1 2025. According to Instil, R&D fell to $0.7 million from $5.4 million, G&A declined to $5.3 million from $9.1 million, and restructuring and impairment charges dropped to $1.0 million from $16.1 million.

What was Instil Bio (TIL) first quarter 2026 net loss per share?

Instil Bio reported Q1 2026 GAAP net loss per share of $0.62, basic and diluted. According to Instil, non-GAAP net loss per share, excluding stock-based compensation and restructuring and impairment charges, was $0.32 for the same period.

What non-GAAP financial measures did Instil Bio (TIL) highlight for Q1 2026?

Instil Bio highlighted non-GAAP net loss and non-GAAP net loss per share for Q1 2026. According to Instil, these exclude non-cash stock-based compensation and restructuring and impairment charges and are used alongside GAAP metrics for planning and performance assessment.

Is Instil Bio (TIL) pursuing acquisitions or in-licensing in 2026?

Instil Bio is evaluating potential acquisitions and in-licensing opportunities for novel therapeutic candidates in 2026. According to Instil, there is no assurance any transaction will occur, and further updates are not expected unless a specific deal is approved or disclosure is deemed appropriate.