IN8bio Inc. (INAB) announced a significant workforce reduction, aiming to reduce its current employee base by approximately 49%. This downsizing will affect all functional areas in both its New York City and Birmingham, Alabama locations. Alongside these layoffs, the company is also implementing cash compensation reductions across its executive management team and board of directors.The company expects to incur one-time costs of roughly $0.3 million due to the workforce reduction, primarily related to severance payments. These expenses are anticipated to be realized in the third quarter of 2024.Furthermore, IN8bio will suspend its glioblastoma (GBM) development program while maintaining patient monitoring in its Phase 1 INB-200 clinical trial as well as those enrolled in the Phase 2 INB-400 clinical trial. The INB-200 trial has completed patient treatments with up to six repeat doses, but further patient enrollment in the INB-400 trial is halted as the company seeks potential partnership opportunities for its solid tumor program.Looking ahead, IN8bio will prioritize INB-100. Both the company and its investigators believe the patient outcomes in the ongoing trial are superior to those seen in comparable leukemia patients, including those with acute myeloid leukemia (AML) undergoing haploidentical transplantation without the addition of INB-100.The material has been provided by InstaForex Company – www.instaforex.com
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