Income statement, balance sheet and cash flow statement for the last 6 fiscal years, taken from the XBRL data Instil Bio, Inc. files with the SEC in its annual reports.
In USD millions, except per-share amounts. Outflows in the cash flow statement are negative.
Income statement
FY2021
FY2021
FY2022
FY2023
FY2024
FY2025
Revenue
0.14
0
Research and development
19.4
107
141
39.6
11.8
24.7
General and administrative
14.4
48.3
62.2
47.6
44.2
27.2
Operating expenses
33.8
156
226
159
73.5
78.6
Operating income
-33.6
-156
-226
-159
-73.5
-78.6
Interest expense
0
1.88
5.21
8.99
5.83
Interest income
0.08
3.66
8.87
6.99
3.86
Other non-operating income
-3.94
-1.28
-0.56
-0.58
-2.86
0.21
Pre-tax income
-37.6
-157
-225
-156
-74.1
-71.4
Income tax
0.15
0.04
-2.07
0
0
Net income
-37.7
-157
-223
-156
-74.1
-71.4
EBITDA
-33.4
-153
-220
-154
-69.9
-78
EPS, basic
-47.28
-29.65
-34.46
-24.00
-11.39
-10.70
EPS, diluted
-47.28
-29.65
-34.46
-24.00
-11.39
-10.70
Shares, basic (weighted)
0.8
5.29
6.48
6.5
6.51
6.67
Shares, diluted (weighted)
0.8
5.29
6.48
6.5
6.51
6.67
Balance sheet
FY2021
FY2021
FY2022
FY2023
FY2024
FY2025
Cash and equivalents
242
37.6
43.7
9.2
8.81
6.64
Short-term investments
0
417
217
141
Other current assets
0.07
9.92
8.46
2.6
0.96
0.15
Total current assets
246
464
269
161
124
191
Property, plant and equipment
55.3
122
197
139
129
0.13
Lease right-of-use assets
0
12.5
2.39
0.93
0.24
Goodwill
5.72
5.72
0
Long-term investments
0
23.2
0
Other non-current assets
1.71
8.14
3.41
0.64
4.49
4.07
Total assets
319
610
482
326
264
204
Accounts payable
3.5
5.57
2.36
1.21
0.66
0.78
Accrued liabilities
3.98
11.9
3.27
1.03
2.69
2.52
Total current liabilities
13.3
41.4
32.8
10.6
7.9
4.84
Lease liabilities
0
5.17
2.88
1.02
0
Other non-current liabilities
0
0.02
0.33
0.08
0.08
0.01
Total liabilities
26.6
54.8
119
99.8
94.1
89.7
Paid-in capital
5.61
757
789
807
825
841
Retained earnings
-44.9
-202
-425
-581
-655
-726
Other comprehensive income
-0.28
-0.09
-0.49
-0.35
-0.23
-0.58
Shareholders' equity
-39.6
555
364
226
169
114
Total equity
-39.6
555
364
226
169
114
Total liabilities and equity
319
610
482
326
264
204
Shares outstanding
1.03
6.44
6.5
6.5
6.53
6.78
Cash flow statement
FY2021
FY2021
FY2022
FY2023
FY2024
FY2025
Net income
-37.7
-157
-223
-156
-74.1
-71.4
Depreciation and amortization
0.26
2.75
5.99
4.76
3.61
0.53
Stock-based compensation
1.71
26.2
30.4
18.2
17.3
8.69
Deferred income tax
0.27
0.04
-2.09
0
Change in payables
-1.05
3.86
-1.81
-1.13
-0.56
0.12
Cash from operations
-29.6
-122
-180
-82
-55.7
-36.6
Capital expenditures
-50.8
-57.8
-84.6
-20.7
0
Acquisitions
-0.31
0
Purchases of investments
0
-1,108
-665
-301
-134
-101
Sales and maturities of investments
0
691
865
362
198
136
Cash from investing
-51.1
-474
115
41.1
54
25.5
Stock issued
0.37
1.76
1.55
0
0
6.61
Cash from financing
313
393
71.9
8.08
1.76
7.29
Exchange rate effect
0.56
-0.3
-0.64
-0.2
-0.09
0.02
Net change in cash
232
-203
6.26
-32.8
0.03
-3.85
Free cash flow
-80.4
-180
-265
-103
-55.7
Interest paid
0
1.07
6.64
8
5.04
Key metrics
Worked out from the statements above. Latest values use the trailing twelve months to June 30, 2026; growth uses fiscal years. Valuation uses the share price of $7.17 on September 25, 2026.
Profitability
Metric
Value
How it is calculated
Return on equity (ROE)
-28.2%
Net income / average shareholders' equity (opening and closing). Not shown when equity is negative.
Return on assets (ROA)
-15.3%
Net income / average total assets.
Return on invested capital (ROIC)
-28.8%
Approximation: operating income x (1 - tax rate) / average (total debt + equity - cash). Tax rate is the effective rate when between 0% and 50%, else 21%.
Growth
Metric
Value
How it is calculated
Book value growth, 1y
-32.8%
Book value vs the same period a year earlier. Only from a positive base.
Book value CAGR, 3y
-32.1%
Compound annual growth of book value over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Total assets growth, 1y
-22.8%
Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y
-25.0%
Compound annual growth of total assets over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Total assets CAGR, 5y
-8.6%
Compound annual growth of total assets over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Share count change, 1y
2.4%
Change in diluted weighted shares vs a year earlier. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 3y
1.0%
Change in diluted weighted shares, per year over 3 years. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 5y
52.9%
Change in diluted weighted shares, per year over 5 years. Negative means buybacks shrank the share count; positive means dilution.
Balance sheet health
Metric
Value
How it is calculated
Current ratio
21.7x
Current assets / current liabilities.
Quick ratio
1.68x
(Cash + short-term investments + receivables) / current liabilities.
Cash ratio
1.68x
(Cash + short-term investments) / current liabilities.
Net income per diluted share, as reported (split-adjusted). Over the last twelve months: the four quarters summed, or net income / latest diluted shares when a quarter has no reported EPS.
Operating cash flow per share
-$3.48
Cash from operations / diluted weighted shares.
Book value per share
$15.83
Shareholders' equity / shares outstanding (diluted weighted shares when not reported).
Market cap + total debt - cash - short-term investments.
P/B
0.45x
Market cap / shareholders' equity. Only when equity is positive.
Price / tangible book
0.45x
Market cap / tangible book value, when positive.
Earnings yield
-62.3%
Net income / market cap (the inverse of P/E).
Was Instil Bio, Inc. profitable in fiscal 2025?
No. It reported a net loss of $71.4M.
Source: SEC EDGAR XBRL company facts. Where a company tags only year-to-date figures, quarters are worked out as differences. Where a line is not tagged it is left empty, never estimated.