MeritValue

IN8BIO, INC.

INABdata completeness 63%6 fiscal years on file

Data notes: no data for concept 'revenue'; no data for concept 'capex'; no data for concept 'totalDebt'; no data for concept 'interestExpense'

The thesis, from the filings

IN8BIO, INC. earns about -132% on equity, and has bought back 56% of its shares over 5 years. The cash-flow models don't apply cleanly here — the ledger says why below.Whether it’s worth owning at today’s price is the last question — and yours to answer, below.

i. The business — what you’d actually own
FigureFY 2021FY 2022FY 2023FY 2024FY 2025
Revenue—————
Net income−$14.7M1−$28.5M2−$30M3−$30.4M4−$19.4M4
Operating cash flow−$13.5M5−$24.1M6−$23.3M7−$24.1M8−$12.7M8
Capital expenditure—————
Free cash flow (derived)—————
Total debt—————
Cash & equivalents$37.3M9$18.4M10$21.5M11$11.4M11$27.3M11
Diluted shares10.0M21.0M29.9M1.8M4.4M

Superscripts are receipts. Each links to the SEC filing the number came from (full list at the bottom).

ii. Your slice — ownership made literal
If you owned
shares
Net assets behind them
$63
your share of equity
Profit it earned you last year
−$44.44
Free cash flow it threw off
—
Debt you’d be carrying
—

10 shares is a claim on $63 of net worth that earned you −$44.44 last year.

iii. Is this a good business?
Moat signal · return on equity
-132% avg · 5y
FY21 —FY22 -125%FY23 -120%FY24 -210%FY25 -71%

It earned an average -132% on equity over 5 years. Compare that to what it costs to fund the business.

seeing a moat in the numbers →
Management signal · capital allocation
−56% shares · 5y

Share count is down 56% over 5 years — management has been buying back stock, quietly handing owners a bigger slice.

reading capital allocation →

Signals, not verdicts — read from the filings above. Numbers don’t prove a moat; they show its footprint. You decide.

iv. What it’s worth — engine v0.1.0
DCF · Growth Exit 10Y
not applicable
only 0 years of FCF (need ≥3) — model not applicable
DCF · Growth Exit 5Y
not applicable
only 0 years of FCF (need ≥3) — model not applicable
Earnings Power Value
not applicable
normalized (5y-median) earnings non-positive — EPV undefined
Graham Number
not applicable
diluted EPS missing or non-positive — Graham Number undefined

Different models answer different questions — which to trust when →

Sources — the receipts
  1. 10-K · period ending 2021-12-31 · accession 0000950170-23-010997 (NetIncomeLoss)
  2. 10-K · period ending 2022-12-31 · accession 0000950170-24-031486 (NetIncomeLoss)
  3. 10-K · period ending 2023-12-31 · accession 0000950170-25-038738 (NetIncomeLoss)
  4. 10-K · period ending 2024-12-31 · accession 0001193125-26-104181 (NetIncomeLoss)
  5. 10-K · period ending 2021-12-31 · accession 0000950170-23-010997 (NetCashProvidedByUsedInOperatingActivities)
  6. 10-K · period ending 2022-12-31 · accession 0000950170-24-031486 (NetCashProvidedByUsedInOperatingActivities)
  7. 10-K · period ending 2023-12-31 · accession 0000950170-25-038738 (NetCashProvidedByUsedInOperatingActivities)
  8. 10-K · period ending 2024-12-31 · accession 0001193125-26-104181 (NetCashProvidedByUsedInOperatingActivities)
  9. 10-K · period ending 2021-12-31 · accession 0000950170-24-031486 (CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents)
  10. 10-K · period ending 2022-12-31 · accession 0000950170-25-038738 (CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents)
  11. 10-K · period ending 2023-12-31 · accession 0001193125-26-104181 (CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents)