Latest Ratios: P/E Ratio -0.3x · EV/EBITDA N/A · ROE -92.5%. (2018–2025 historical series)
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 |
|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $7M | $10M | $413M | $1.2B | $1.5B | $2.5B | — | — | — |
| Enterprise Value | $-17635169 | $-14074072 | $407M | $1.2B | $1.4B | $2.4B | — | — | — |
| P/E Ratio → | -0.32 | — | — | — | — | — | — | — | — |
| P/S Ratio | — | — | — | — | — | — | — | — | — |
| P/B Ratio | 0.23 | 0.37 | 28.55 | 49.58 | 63.92 | 64.78 | — | — | — |
| P/FCF | — | — | — | — | — | — | — | — | — |
| P/OCF | — | — | — | — | — | — | — | — | — |
P/E links to full P/E history page with 30-year chart
Enterprise-value multiples — capital-structure-neutral measures of total business value
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 |
|---|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | — | — | — | — | — | — | — | — |
| EV / EBITDA | — | — | — | — | — | — | — | — | — |
| EV / EBIT | — | — | — | — | — | — | — | — | — |
| EV / FCF | — | — | — | — | — | — | — | — | — |
Margins and return-on-capital ratios measuring operating efficiency
Full margin charts and quarterly trend are on the Earnings History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 |
|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | — | — | — | — | — | — | — | — | — |
| Operating Margin | — | — | — | — | — | — | — | — | — |
| Net Profit Margin | — | — | — | — | — | — | — | — | — |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 |
|---|---|---|---|---|---|---|---|---|---|
| ROE | -92.5% | -92.5% | -154.4% | -125.9% | -93.6% | -51.9% | -95.2% | -238.7% | -44.8% |
| ROA | -73.0% | -73.0% | -111.4% | -89.9% | -75.8% | -46.4% | -77.6% | -146.2% | -35.3% |
| ROIC | -256.0% | -256.0% | -269.6% | -239.9% | -305.7% | -539.6% | — | — | — |
| ROCE | -84.5% | -84.5% | -131.8% | -109.3% | -84.9% | -50.3% | -90.9% | -172.3% | -36.6% |
Solvency and debt-coverage ratios — lower is generally safer
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 |
|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 0.10 | 0.10 | 0.35 | 0.20 | 0.26 | 0.06 | 0.01 | — | — |
| Debt / EBITDA | — | — | — | — | — | — | — | — | — |
| Net Debt / Equity | — | -0.88 | -0.42 | -0.66 | -0.54 | -0.91 | -0.97 | — | -1.07 |
| Net Debt / EBITDA | — | — | — | — | — | — | — | — | — |
| Debt / FCF | — | — | — | — | — | — | — | — | — |
| Interest Coverage | — | — | — | — | — | — | — | — | -147.64 |
Net cash position: cash ($27M) exceeds total debt ($3M)
Short-term solvency ratios and asset-utilisation metrics
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 |
|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 8.82 | 8.82 | 4.08 | 4.57 | 3.82 | 17.28 | 7.05 | 1.18 | 12.11 |
| Quick Ratio | 8.82 | 8.82 | 4.08 | 4.57 | 3.82 | 17.28 | 7.05 | 1.18 | 12.07 |
| Cash Ratio | 8.57 | 8.57 | 3.61 | 3.95 | 3.12 | 16.41 | 7.00 | 0.94 | 11.91 |
| Asset Turnover | — | — | — | — | — | — | — | — | — |
| Inventory Turnover | — | — | — | — | — | — | — | — | 6.40 |
| Days Sales Outstanding | — | — | — | — | — | — | — | — | — |
Earnings, FCF, buyback, and dividend yields — total returns to shareholders
Full dividend history and growth charts are on the Dividend History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 |
|---|---|---|---|---|---|---|---|---|---|
| Dividend Yield | — | — | — | — | — | — | — | — | — |
| Payout Ratio | — | — | — | — | — | — | — | — | — |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 |
|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | — | — | — | — | — | — | — | — | — |
| FCF Yield | — | — | — | — | — | — | — | — | — |
| Buyback Yield | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | — | — | — |
| Total Shareholder Yield | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | — | — | — |
| Shares Outstanding | — | $4M | $54M | $30M | $21M | $19M | $19M | $19M | $19M |
Clinical trial liquidity constraints
Based on a P/B ratio of 0.22, INAB trades at a significant discount to its book value, suggesting that the market assigns minimal terminal value to its clinical-stage assets compared to peers like Immunovant, which command much higher multiples despite similar pre-revenue status.
The current valuation appears to reflect a deep skepticism regarding the company's ability to commercialize its DRI platform without substantial dilution. Investors should monitor whether this valuation gap is a structural mispricing of the platform's chemo-synergy or a rational response to the high-cost, autologous manufacturing hurdles inherent in the business model.
As reported in financial statements, INAB's ROIC has remained deeply negative, fluctuating between -50.1% and -118.5% over the last ten quarters, which underscores the company's current inability to generate productive returns on the capital deployed into its clinical development programs.
The persistent decay in ROIC is a direct consequence of high R&D spending relative to the lack of commercialized revenue. This trend suggests that until the company achieves a clinical milestone that triggers a partnership or regulatory approval, capital efficiency will remain secondary to the primary objective of survival.
According to recent SEC filings, the company's current ratio has tightened from a peak of 10.50 in 2026Q1 to lower levels, indicating that while the immediate liquidity position remains technically adequate, the rapid depletion of cash reserves poses a material risk to ongoing operations.
The reliance on cash to fund clinical trials without offsetting revenue streams creates a precarious liquidity profile. Investors should note that the current ratio is a lagging indicator of the company's ability to sustain its trial trajectory, and any further contraction in cash reserves may necessitate dilutive financing.
Financial analysts frequently misapply the Price-to-Book ratio to INAB, as this metric fails to capture the intangible value of the DRI platform's intellectual property and the potential for future milestone-based revenue that is not reflected on the balance sheet.
Using P/B as a primary valuation tool for a clinical-stage biotech obscures the true value of the company's proprietary technology and clinical data. A more appropriate framework would involve risk-adjusted net present value (rNPV) analysis of the INB-200 and INB-100 programs, which accounts for clinical success probabilities rather than historical accounting costs.
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Quick answers to the most common questions about buying INAB stock.
IN8bio, Inc.'s current P/E ratio is -0.3x. This places it at the 50th percentile of its historical range.
IN8bio, Inc.'s return on equity (ROE) is -92.5%. The historical average is -112.1%.
Based on historical data, IN8bio, Inc. is trading at a P/E of -0.3x. This is at the 50th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.