10-Q · May 15, 2026
Instil Bio reported a significantly improved EPS of -$0.97 in Q4 2026, compared to both an EPS estimate of -$3.19 and a prior loss of -$1.17 in Q4 2025, driven by decreased operating expenses. However, the company…
Earnings analysis · 10-Q
TIL earnings analysis
Filed August 13, 2026 · Our reading of the company's report
The latest report
Instil’s Q2 2026 results showed substantial year-over-year improvement, with the diluted loss narrowing to $0.63 per share from $3.24 and operating expenses falling to $5.6 million from $23.4 million. Liquidity of $69.9…
Read full summary
Instil’s Q2 2026 results showed substantial year-over-year improvement, with the diluted loss narrowing to $0.63 per share from $3.24 and operating expenses falling to $5.6 million from $23.4 million. Liquidity of $69.9 million is expected to fund the operating plan beyond 2027, but the company remains loss-making and faces material Tarzana facility risks, including $58.4 million of cumulative impairment charges. The filing provided no numeric revenue or EPS guidance.
How we read each report
Our analysis across the last few reports.
Our model's reading of each filing, not the share price or the market's reaction. Annual and quarterly reports each occupy one position.
Reported figures
- Earnings per share
- $-0.63
What stood out
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GAAP Loss Narrowed
GAAP diluted loss narrowed to $0.63 per share in Q2 2026 from $3.24 per share in Q2 2025, an improvement of $2.61 per share.
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Operating Expenses Reduced
Operating expenses declined to $5.6 million from $23.4 million in the year-ago quarter, a reduction of $17.8 million, or approximately 76%.
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Liquidity Supports Plan Beyond 2027
Liquidity totaled $69.9 million at June 30, 2026, which management expects to fund the operating plan beyond 2027.
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Controls Remained Effective
Management reported that disclosure controls and procedures were effective as of June 30, 2026, and that there were no material changes in internal control during the quarter.
What to watch
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Tarzana Facility Impairment Risk
The company has recorded $58.4 million of impairment charges on long-lived assets related to its Tarzana, California facility, including a charge in Q2 2026, and may incur additional impairment losses.
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Facility Sale May Not Cover Debt
If the Tarzana facility is sold, the company may not recover its carrying value or sell it for an amount equal to or greater than the secured debt encumbering the facility; the filing cites $58.4 million of cumulative impairment charges.
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Continued Losses Consume Liquidity
Liquidity was $69.9 million at June 30, 2026, and the company continues to report significant losses despite the Q2 2026 diluted loss improving to $0.63 per share from $3.24 per share in Q2 2025.
Management's outlook
No quantitative revenue or EPS guidance was provided. Management stated that $69.9 million of cash, cash equivalents, restricted cash and marketable securities as of June 30, 2026 is expected to fund the operating plan beyond 2027.
Earlier filings 4
10-K · March 27, 2026
Instil Bio (TIL) announced in the filing that it discontinued development of its former lead candidate AXN-2510 and terminated the ImmuneOnco license in January 2026, and the company now states it has no product…
10-Q · November 13, 2025
Instil Bio reported a narrower GAAP loss in Q3 2025 with net loss per share improving to $(2.01) from $(3.54) a year earlier and consolidated net loss shrinking to $13,587k from $23,021k. Results were driven by…
10-K · March 4, 2025
Instil Bio is a clinical-stage biopharma focused on a bispecific PD-L1xVEGF antibody (AXN-2510/IMM2510) and in-licensing additional assets; in August 2024 its subsidiary Axion Bio in-licensed AXN-2510 and AXN-27M from…
This is our reading of a public filing, not the filing itself. Analysis can contain errors; check the source document for full context.