Instil Bio Reports First Quarter 2026 Financial Results and Provides Corporate Update

DALLAS, May 15, 2026 — Instil Bio, Inc. (“Instil”) (Nasdaq: TIL), a biotechnology company focused on identifying and advancing innovative therapeutics, today reported its first quarter 2026 financial results and provided a corporate update.

Recent Highlights

• Instil is evaluating potential acquisitions and in-licensing that may provide access to promising novel therapeutic candidates
• Cash position of approximately $74.7 million as of March 31, 2026 expected to fund current operating plan beyond 2027

“We continue to make progress refining Instil’s strategy and positioning the company for its next phase of growth,” said Bronson Crouch, Chief Executive Officer, Instil Bio. “We are actively evaluating a range of acquisition and in-licensing opportunities, with a focus on assets that align with our capabilities and offer the potential to create long-term value. With a strong balance sheet, we are well positioned to act with discipline and flexibility as we work to build a focused, high-quality pipeline and advance new treatment options for patients.”

There can be no assurance that any transaction will result from these efforts, nor as to the timing of any such outcome. Instil does not intend to provide further updates unless and until a specific transaction is approved or disclosure is otherwise deemed appropriate.

First Quarter 2026 Financial and Operating Results:

As of March 31, 2026, Instil had approximately $74.7 million in total cash, cash equivalents, restricted cash and marketable securities, which consisted of $5.0 million in cash and cash equivalents, $0.1 million in restricted cash and $69.5 million in marketable securities, compared to $76.3 million in total cash, cash equivalents, restricted cash and marketable securities, which consisted of $6.6 million in cash and cash equivalents, $0.2 million in restricted cash, and $69.5 million in marketable securities, as of December 31, 2025. Instil expects that its cash, cash equivalents, restricted cash and marketable securities as of March 31, 2026 will enable it to fund its current operating plan beyond 2027.

Research and development expenses were $0.7 million for the three months ended March 31, 2026, compared to $5.4 million for the three months ended March 31, 2025.

General and administrative expenses were $5.3 million for the three months ended March 31, 2026, compared to $9.1 million for the three months ended March 31, 2025.

Restructuring and impairment charges were $1.0 million for the three months ended March 31, 2026, compared to $16.1 million for the three months ended March 31, 2025.

Net loss per share, basic and diluted was $0.62 for the three months ended March 31, 2026, compared to $4.32 for the three months ended March 31, 2025. Non-GAAP net loss per share, basic and diluted was $0.32 for the three months ended March 31, 2026, compared to $1.32 for the three months ended March 31, 2025.

Note Regarding Use of Non-GAAP Financial Measures

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

About Instil Bio

Instil Bio, Inc. is a biotechnology company focused on identifying and advancing innovative therapeutics. For more information, visit www.instilbio.com.

INSTIL BIO, INC. SELECTED FINANCIAL DATA (Unaudited; in thousands, except share and per share amounts) Selected Condensed Consolidated Balance Sheet Data

March 31, 2026

December 31, 2025

Cash, cash equivalents, restricted cash and marketable securities

$

74,694

$

76,295

Total assets

$

200,428

$

203,523

Total liabilities

$

89,730

$

89,657

Stockholders’ equity

$

110,698

$

113,866

Condensed Consolidated Statements of Operations

Three Months Ended March 31,

2026

2025

Operating expenses:

Research and development

$

669

$

5,371

General and administrative

5,349

9,109

Restructuring and impairment charges

992

16,082

Total operating expenses

7,010

30,562

Loss from operations

(7,010

)

(30,562

)

Interest income

678

1,175

Interest expense

(1,552

)

(1,098

)

Other rental income

2,242

2,242

Gain on contract termination

1,620

—

Other (expense) income, net

(182

)

43

Net loss

$

(4,204

)

$

(28,200

)

Net loss per share, basic and diluted

$

(0.62

)

$

(4.32

)

Weighted-average shares used in computing net loss per share, basic and diluted

6,781,976

6,532,658

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

Three Months Ended March 31,

2026

2025

Net loss

$

(4,204

)

$

(28,200

)

Adjustments:

Non-cash stock-based compensation expense

985

3,495

Restructuring and impairment charges

992

16,082

Non-GAAP net loss

$

(2,227

)

$

(8,623

)

Net loss per share, basic and diluted

$

(0.62

)

$

(4.32

)

Adjustments:

Non-cash stock-based compensation expense per share

0.15

0.54

Restructuring and impairment charges per share

0.15

2.46

Non-GAAP net loss per share, basic and diluted*

$

(0.32

)

$

(1.32

)

Weighted-average shares outstanding, basic and diluted

6,781,976

6,532,658

• Non-GAAP net loss per share, basic and diluted may not total due to rounding.