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Instil Bio Reports Second Quarter 2022 Financial Results and Provides Corporate Update

Instil Bio, Inc. (“Instil”) (NASDAQ: TIL), a clinical-stage biopharmaceutical company focused on developing tumor infiltrating lymphocyte, or TIL, therapies for the treatment of patients with cancer, today reported its second quarter 2022 financial results and provided a corporate update.

Second Quarter 2022 Highlights and Anticipated Milestones:

Second Quarter 2022 Financial and Operating Results:

As of June 30, 2022, we had $354.6 million in total cash and cash equivalents and marketable securities, comprised of $42.5 million in cash and cash equivalents and $312.1 million in marketable securities compared to $454.1 million in total cash and cash equivalents and marketable securities, comprised of $37.6 million in cash and cash equivalents and $416.5 million in marketable securities as of December 31, 2021. The Company expects that its cash, cash equivalents and marketable securities as of June 30, 2022 will enable it to fund its operating plan into 2025 upon completion of the anticipated sale-leaseback of its Tarzana, CA manufacturing site.

Research and development expenses were $41.5 million and $80.7 million for the three and six months ended June 30, 2022, respectively, compared to $21.2 million and $35.6 million for the three and six months ended June 30, 2021, respectively.

General and administrative expenses were $17.2 million and $32.3 million for the three and six months ended June 30, 2022, respectively, compared to $14.2 million and $23.2 million for the three and six months ended June 30, 2021, respectively.

INSTIL BIO, INC.
SELECTED FINANCIAL DATA
(Unaudited; in thousands, except share and per share amounts)

Selected Balance Sheet Data

June 30, 2022 December 31, 2021
Cash, cash equivalents and marketable securities $ 354,607 $ 454,099
Total assets $ 568,536 $ 609,983
Total liabilities $ 110,204 $ 54,784
Stockholders’ equity $ 458,332 $ 555,199

Statements of Operations

Three Months Ended
June 30,
Six Months Ended
June 30,
2022 2021 2022 2021
Operating expenses:
Research and development $ 41,500 $ 21,186 $ 80,674 $ 35,610
General and administrative 17,224 14,195 32,336 23,174
Total operating expenses 58,724 35,381 113,010 58,784
Loss from operations (58,724 ) (35,381 ) (113,010 ) (58,784 )
Interest income 486 15 583 23
Interest expense (331 ) (331 )
Other expense, net (1,032 ) (104 ) (1,448 ) (41 )
Loss before income tax benefit (59,601 ) (35,470 ) (114,206 ) (58,802 )
Income tax benefit 609 159 1,097 363
Net loss $ (58,992 ) $ (35,311 ) $ (113,109 ) $ (58,439 )
Net loss per share, basic and diluted $ (0.46 ) $ (0.27 ) $ (0.88 ) $ (0.71 )
Weighted-average shares used in computing net loss per share, basic and diluted 129,367,833 128,743,123 129,244,334 82,478,284

Note Regarding Use of Non-GAAP Financial Measures

In this press release, Instil Bio 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. Instil Bio believes that these non-GAAP financial measures, when considered together with the GAAP figures, can enhance an overall understanding of Instil Bio’s financial performance. The non-GAAP financial measures are included with the intent of providing investors with a more complete understanding of Instil Bio’s operating results. In addition, these non-GAAP financial measures are among the indicators Instil Bio’s management uses for planning purposes and to measure Instil Bio’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 Bio may be calculated differently from, and therefore may not be comparable to, non-GAAP financial measures used by other companies. Please refer below for a reconciliation of these non-GAAP financial measures to the comparable GAAP financial measures.

INSTIL BIO, INC.
Reconciliation of GAAP to Non-GAAP Net Loss
(Unaudited; in thousands, except share and per share amounts)

Three Months Ended
June 30,
Six Months Ended
June 30,
2022 2021 2022 2021
Net loss—GAAP $ (58,992 ) $ (35,311 ) $ (113,109 ) $ (58,439 )
Adjustments:
Non-cash stock-based compensation expense 8,323 5,745 15,816 8,557
Net loss—Non-GAAP $ (50,669 ) $ (29,566 ) $ (97,293 ) $ (49,882 )
Net loss per share, basic and diluted—GAAP $ (0.46 ) $ (0.27 ) $ (0.88 ) $ (0.71 )
Adjustments:
Non-cash stock-based compensation expense per share 0.06 0.04 0.12 0.10
Net loss per share, basic and diluted—Non-GAAP $ (0.40 ) $ (0.23 ) $ (0.76 ) $ (0.61 )
Weighted-average shares outstanding, basic and diluted 129,367,833 128,743,123 129,244,334 82,478,284

About Instil Bio

Instil Bio, Inc. (Nasdaq: TIL) is a clinical-stage biopharmaceutical company focused on developing tumor infiltrating lymphocyte, or TIL, therapies for the treatment of patients with cancer. Instil has assembled an accomplished management team with a successful track record in the development, manufacture, and commercialization of cell therapies. Using Instil’s proprietary, optimized, and scalable manufacturing processes at its in-house manufacturing facilities, Instil is advancing its lead TIL product candidate, ITIL-168, for the treatment of advanced melanoma and other solid tumors as well as ITIL-306, a next-generation, genetically-engineered TIL therapy using the CoStAR platform, for multiple solid tumors. For more information visit www.instilbio.com.

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