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what it is
Instil Bio is trying to turn a patient’s own immune cells into cancer treatment, but it still has $0M in trailing revenue.
how it gets paid
Last year Instil Bio made n/a in revenue.
what just happened
The key takeaway is simple: full-year EPS improved to -$11.39 from -$24.00, but the business still has $0M in trailing revenue.
At a glance
C++ balance sheet — some cracks in the foundation
-$11.39 fy2024 eps est
$0M fy2020 rev est
1.6 beta
~$56M market cap
xvary composite: 20/100 — weak
What they do
Instil Bio is trying to turn a patient’s own immune cells into cancer treatment, but it still has $0M in trailing revenue.
The moat is scientific optionality, not business strength. TIL therapies (tumor-infiltrating lymphocyte therapies → a patient’s immune cells reworked to fight cancer → the product is hard to copy if it works) are specialized, and Instil is pushing a next-gen version through its CoStAR platform, but the company has only 14 employees and shut its U.S. manufacturing and clinical trial operations in 2023. If you buy this, you are betting on a narrow pipeline becoming real before the balance sheet becomes the story.
How they make money
n/a
annual revenue
The products that matter
discontinued clinical asset
AXN-2510
program discontinued jan. 6, 2026
this was the only disclosed clinical program. once it was discontinued on Jan. 6, 2026, the original operating thesis effectively went with it.
no longer active
public shell and capital structure
cash, listing, and debt
$56M market cap · $85M debt
what you really own now is the shell itself: a public listing worth $56M with $85M of long-term debt attached. that only works if management can source a better asset or better outcome than the market is pricing in.
the real asset now
Key numbers
$85M
long-term debt
Debt is larger than the roughly $56M market cap, which means creditors have a louder seat at the table than equity holders.
-$11.39
FY2024 EPS
The full-year loss improved from -$24.00 in 2023, but you are still paying for a company with no revenue and deep per-share losses.
$0M
TTM revenue
No sales means there is no operating cushion. Every valuation argument rests on future trial success.
1.6
beta
Beta measures how jumpy a stock is versus the market. At 1.6, TIL tends to move more than the average stock, so your ride gets rougher.
Financial health
C++
strength
- balance sheet grade C++ — below average — limited financial resources
- risk rank 5 — safer than 5% of stocks
- price stability 5 / 100
- long-term debt $85M (60% of capital)
C++ — balance sheet grade and long-term debt are flagged. this stock carries more risk than average.
Total return vs. market
Return history isn't available for TIL right now.
source: institutional data · return history unavailable
What just happened
missed estimates
The key takeaway is simple: full-year EPS improved to -$11.39 from -$24.00, but the business still has $0M in trailing revenue.
Quarterly losses narrowed through 2024, ending with Q4 EPS of -$1.82 versus -$1.99 in Q4 2023. That is better math, not proof of a business, because trailing revenue still sits at $0M.
$0M
revenue
-$1.82
eps
n/a
n/a
the number that mattered
The most important number is -$11.39 in full-year EPS, because lower losses only matter if they buy enough time to turn a pipeline into revenue.
source: company earnings report, 2024
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What could go wrong
the #1 risk is having no active pipeline after AXN-2510 was discontinued on jan. 6, 2026.
med
pipeline vacuum
AXN-2510 was discontinued on Jan. 6, 2026, and no other active clinical asset is described on this page. The original biotech thesis is not under pressure. It is already broken.
Impact: with $0M in revenue, 100% of the operating story now depends on management finding a replacement asset, merger path, or another reason for the shell to exist.
med
deal approval risk
A referenced partnering transaction still requires regulatory and antitrust approvals before it becomes effective. The backup plan comes with conditions attached.
Impact: if approvals fail or drag out, the company loses time while still carrying debt and corporate costs. Delay is not neutral when the operating engine is gone.
med
balance-sheet pressure
balance sheet grade is graded C++, with $85M of long-term debt equal to 60% of capital. That is a lot of leverage for an entity showing $0M in revenue.
Impact: the balance sheet narrows management's options if more time, more cash, or a harder negotiation shows up next.
A failed replacement strategy, approval delays, and $85M of debt all hit the same weak point: you own a $56M shell that still has to prove it deserves to stay public.
source: institutional data · regulatory filings · risk analysis
Pay attention to
thesis
a new asset, merger, or other operating reset
Without that, the stock stays a shell-value debate. With it, the story becomes a business again instead of a placeholder.
balance sheet
debt versus whatever resources remain
$85M of long-term debt matters a lot more when revenue is $0M. Any filing that clarifies runway, cost cuts, or restructuring now carries real weight.
approvals
status of the referenced partnering transaction
If required regulatory or antitrust approvals stall, one of the few visible strategic paths gets narrower and slower.
filings
the next quarterly update
You want specifics, not posture: cash use, debt posture, restructuring actions, and whether management names concrete alternatives instead of broad possibilities.
Analyst rankings
risk profile
high risk
risk rank 5 — significant risk of large drawdowns.
chart momentum
bottom 5%
momentum rank 5 — the lowest rating — significant underperformance expected.
source: institutional data
Institutional activity
institutional ownership data for TIL is being compiled.
source: institutional data
Price targets
3-5 year target range
n/a
n/a
$8
current price
n/a
target midpoint · n/a from current
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