IN8bio, Inc. Common Stock Sidoti Small-Cap Virtual Conference

Great. Thanks, Alex. Hi, everyone. Great to be here. We've had some great meetings today, and we're really happy to be introducing IN8bio to the broader group. IN8bio today is a clinical stage biotech company developing novel treatments for both autoimmune disease and oncology powered by gamma delta T cells. We are one of the world's best experts in the field of gamma delta T cells, and we believe these are powerful cells that can help us cure and treat disease. Myself, I am the co-founder of the company. My background, I'm a biochemist by training. I've been working in biotech for over 25 years. 17 years of those were spent on Wall Street. I started off at Cowen in a healthcare investment banking group.

I ended up in equity research, was eventually Bank of America's lead biotech analyst, and then was recruited to New Leaf Venture Partners to launch and run their public efforts. New Leaf Venture Partners was the spin-out out of the Sprout Group, which was DLJ's venture arm started in 1969. I started IN8bio through a fund that I had launched called Aleph Point Capital. In about 2015, I met our scientific founder, Dr. Larry Lamb. Dr. Lamb is one of the world's best experts in the area of gamma delta T cells. He's been working with these cells since 1992. When we first met, he was a professor of medicine at the University of Alabama at Birmingham, and he resigned his academic tenure and joined us full-time as our Chief Scientific Officer in 2019. Very recently, we announced that we brought on board Oksana Poliakova.

Dr. Poliakova is also an expert in the field of gamma delta T cells, but she focuses mostly on T cell engagers and antibodies. We recruited her from Lava Therapeutics, where she was the Chief Scientific Officer. Lava was responsible for the first generation of T cell engagers, and previously, she worked at both Adicet Bio and GammaDelta Therapeutics, two gamma delta T cell companies that were acquired by Takeda in 2021. She started her career at GSK. We're excited in finding therapies to treat both autoimmune disease and oncology. We believe these are two sides of the same problem or essentially two sides of the same coin. On one side, I have an immune system that is underactive, and the immune system fails to identify and to kill transformed cells that ultimately grow into cancers.

On the other, I have a patient whose immune system is too strong or too robust and starts attacking itself, triggering autoimmune disease. We believe we can use gamma delta T cells to address both of these issues. Now, why the gamma delta T cells? Since the 1960s, we've used the euphemism, the war on cancer, and part of that is because immune cells are our soldiers. We use immune cells to attack the targets in our bodies. There are numerous types of white blood cells. We have the CD8 T cell. We have the regulatory T cell. We have the CD4 helper T cell. We have natural killer T cells, and we have the gamma delta T cells.

These are all individual soldiers within our immune system, and we think the gamma delta T cell is the most powerful because it is the frontline soldier who can see the battlefield, but also the soldier that has the radio and can communicate with all the rest of our armamentarium. We think that is the power of the gamma delta T cell. Because at the end of the day, if you think of our immune system, it's not just a single instrument in the symphony, right? If you think of one immune cell as, for example, the cello. The cello itself, while it can create music, doesn't make all of the symphony. It's how the individual instruments from the brass to the string to the percussion all come together to form the symphony and the music.

Our core thesis is we can use these powerful cells to coordinate all of the immune system to target both autoimmune disease and cancer. Today, I want to start with our discussion on our T cell engagers. In particular, T cell engagers for autoimmune disease. Autoimmune disease has been an area of tremendous interest of late. In particular, a gentleman by the name of Georg Schett from the University of Erlangen-Nuremberg in Germany, published in The New England Journal of Medicine in 2021 unique data using a CD19 CAR T. CAR T is a chimeric antigen receptor T cell. Here what we do is we take a blood draw from an individual.

We genetically modify those white blood cells outside of the body to target a specific target, in this case CD19, and then we reinfuse them back into that individual to hunt and seek down that target. In oncology and in some autoimmune diseases, the results have been remarkable, essentially cures of disease. What Dr. Schett demonstrated is that we can use these CD19 targeting CAR Ts to target and eliminate B cells. B cells are a specific subset of white blood cells in our bodies that actually drive autoimmune disease. By resetting the immune system, we can essentially cure certain severe autoimmune diseases. This has generated a tremendous wave of interest in autoimmune disease and in approaches that target B cells. As I said, autoimmune diseases is generally driven by B cells that produce monoclonal antibodies that attack our own body.

It is depicted here where the B cell is represented by the purple cell. Autoimmune disease is a tremendous unmet need. It impacts 1 in 6 women in their lifetime. It is estimated to impact 24 million Americans every single year. Treating autoimmune disease has come up with numerous blockbuster drugs, including Humira, Enbrel, Rituxan, among others. So a tremendous unmet need. On the T cell engager side, a tremendous amount of deal flow just this year. This year in 2026, earlier in the year, we saw Ra Pharmaceuticals acquired by UCB for a total consideration of $2.2 billion and $2 billion upfront in phase I. Arovella Therapeutics was acquired by Kite Pharma Gilead for $1.7 billion, also in phase I. We also saw kaléo Therapeutics do a deal with Sanofi for a partnership for $180 million upfront in phase I.

In fact, just last week, GSK did a deal with a Chinese company for a preclinical asset for total consideration of $750 million. Also, a tremendous amount of deal flow and current interest in T cell engagers. What I want to note is on the right-hand side, the target. BCMA, CD19, CD20 are all targets found on the surface of B cells. What you will note is all of these were targeting B cells, but they all use another target called CD3, and that is important. The vast majority of people creating B cell depleting therapies target CD3. So this cartoon on the left-hand side depicts essentially what we are trying to do. I have a target, either BCMA, CD19, or CD20, which is found on the surface of the B cell.

On the other side, I have another receptor that is found on the surface of the T cell, in this case, CD3. We bring the T cell together with the B cell so that the T cell can kill and eliminate the B cells and drive an immune reset. What we found is that immune reset can potentially cure certain autoimmune diseases. Now, what is the challenge of targeting CD3? Targeting CD3, the challenge is, as I showed you earlier in this picture of different immune subsets, CD3 can be expressed on every single one of these subsets, so every immune cell. So when I target CD3, I activate all of them. As we talked to some investors this morning, I used a new analogy.

I have been undergoing some small renovations at home, and if you think about all the immune cells as appliances and electricity and lighting, by targeting CD3, it is like I turned on every single appliance and every single light, the air conditioner, every heater, portable heater, and an induction stove in my house at the same time. One risk is by doing that, I trigger the main breaker. I can trigger the breaker, and I cause everything to turn off. In terms of our immune system, that is exhaustion. I am overwhelming the system, the breaker trips, and everything turns off. On the other side, I have another risk. In fact, this risk may be actually more dangerous, and that is that when I turn everything on at the same time, I might trigger an electrical short circuit that results in electrical fire in the wall and burns down the whole house.

And that's when we have an immune response that is so strong it causes something called cytokine release syndrome, or CRS. When we develop CD3-based engagers, CRS impacts 60%-80% of the patients, and 10% are grade 3, meaning they're potentially in the ICU. Because of that, we can't dose high enough. We have to reduce our dose in autoimmune disease because where I will tolerate toxicities if I have cancer because I'm going to die, I can't do that if I have an autoimmune disease like rheumatoid arthritis and my knees hurt. We want to be able to use gamma delta T cells and the biology behind gamma delta T cells to be more precise so that we can dose higher and target more of the B cells. We created a unique engager.

It's a first-in-class engager that targets CD19 on one end, the gamma delta T cell receptor on the other end, and we have a unique expansion domain, what we called here in this picture GDED, that causes gamma delta T cells to expand so that we can better eliminate our target cells, in this case, the B cells. What we want to do is use the biology of gamma delta T cells as a scalpel and not the sledgehammer. There are a lot of people developing CD3, and they're doing unique engineering, like masking and cleavable linkers and affinity tuning the binding domains. But at the end of the day, I can do all kinds of things, but a sledgehammer remains a sledgehammer when I need a scalpel. We're very excited. Last year in the fall at the American College of Rheumatology, we published our first data.