Issue 010 | U.S. Pilot | US

TIL

Instil Bio, Inc.

Screen state: Passing Source state: Verified 10-Q | 2026-05-15 Filing currency: USD

Open Filing Back to Register Report a correction

Internal NCAV Discount 49.2%

GNNI internal NCAV discount calculation. Market context inputs are retained internally and are not displayed.

Current Assets: 188,302,000USD
Total Liabilities: 89,730,000USD
NCAV: 98,572,000USD
Cash: 5,022,000USD
NCAV per share: -2.76USD/share
Evidence: 5 annual | 22 quarterly

Mary filing review

Financial Statement Evidence

Deterministic observations from the frozen Mary Reason Card. They annotate filing evidence and do not determine screen inclusion.

Evaluated: 12
Triggered: 2
Unavailable: 7

Requires inspection Negative OCF -1,337,000

Latest: -1,337,0002026-03-31
Comparison: n/a
Change: n/a

Basis: latest reporting-period cash from operations < 0

Source periods: SEC 10-Q 2026-03-31 · 0001789769-26-000045

Supporting observation Current Ratio > 1.5 39.87

Latest: 39.872026-03-31
Comparison: 1.5
Change: n/a

Basis: current assets / current liabilities; strong if > 1.5

Source periods: SEC 10-Q 2026-03-31 · 0001789769-26-000045

7 unavailable checks — inspect missing inputs

High Debt (short-term debt + long-term debt) / ordinary equity >= 50%

Low Debt (short-term debt + long-term debt) / ordinary equity < 20%

Material 1Y Share Increase 1Y share change >= +2% using the same share-count source

NCAV Growing equivalent prior-year NCAV change >= +2%; both NCAV values must be positive

No Material 1Y Share Increase 1Y share change > -2% and <= +1% using the same share-count source

Non-Positive Equity ordinary shareholders equity <= 0

Share Count Reduced 1Y share change <= -2% using the same share-count source

Business Profile

Checklist-driven facts extracted from filing text. Missing fields stay visible in the details.

business_profile_v1

Business profile: 0 of 12 fields established by the current extractor.

Business Profile Field Details

Business Description

Missing Source

Not established by the current extractor from the selected filing context.

Revenue Model

Missing Source

Not established by the current extractor from the selected filing context.

Customers And Channels

Missing Source

Not established by the current extractor from the selected filing context.

Segments And Geography

Missing Source

Not established by the current extractor from the selected filing context.

Tangible Operations Assets

Missing Source

Not established by the current extractor from the selected filing context.

Value Chain

Missing Source

Not established by the current extractor from the selected filing context.

Competition Positioning

Missing Source

Not established by the current extractor from the selected filing context.

Business Lifecycle Cyclicality

Missing Source

Not established by the current extractor from the selected filing context.

Strategy And Capital Allocation

Missing Source

Not established by the current extractor from the selected filing context.

Management Governance Signals

Missing Source

Not established by the current extractor from the selected filing context.

Disclosed Risks

Missing Source

Not established by the current extractor from the selected filing context.

Known Unknowns

Missing Source

Not established by the current extractor from the selected filing context.

Business Profile Sources

Source	Filing	Date	Type	Status	Provenance
S1	0001789769-25-000094	2025-11-13	10-Q	Missing Source	Data Vault \| sec/cleaned/cik=0001789769/accession=0001789769-25-000094/parser=html-cleaner-v1/full.txt

Known Unknowns

Medium | Share Count

The current U.S. Pilot does not yet evaluate share-count trends or post-filing dilution beyond Mary's screening flags.

Low | Classification

U.S. Pilot rows are surfaced for source inspection and may still need manual business classification review.

Annual Financials

Latest annual periods, newest first. Missing cells render as n/a.

Metric	2025-12-31 10-K USD	2024-12-31 10-K USD	2023-12-31 10-K USD	2022-12-31 10-K USD	2021-12-31 10-K USD
Revenue	n/a	n/a	n/a	n/a	0
Operating Income	-78,581,000	-73,541,000	-159,169,000	-226,458,000	-155,560,000
Net Income	-71,372,000	-74,135,000	-156,087,000	-223,177,000	-156,794,000
Cash From Operations	-36,619,000	-55,696,000	-82,029,000	-180,164,000	-122,138,000
Capex	n/a	0	-20,663,000	-84,589,000	-57,831,000
Free Cash Flow	n/a	-55,696,000	-102,692,000	-264,753,000	-179,969,000
Cash And Equivalents	6,638,000	8,805,000	9,195,000	43,716,000	37,590,000
Accounts Receivable	n/a	n/a	n/a	n/a	n/a
Inventory	n/a	n/a	n/a	n/a	n/a
Total Current Assets	191,429,000	124,470,000	160,759,000	269,378,000	464,020,000
Total Assets	203,523,000	263,567,000	325,630,000	482,128,000	609,983,000
Total Current Liabilities	4,843,000	7,896,000	10,559,000	32,788,000	41,358,000
Total Liabilities	89,657,000	94,131,000	99,801,000	118,523,000	54,784,000
Shareholders Equity	113,866,000	169,436,000	225,829,000	363,605,000	555,199,000
Shares Outstanding	6,781,976	6,525,887	6,503,913	6,503,913	6,456,500
Shares Outstanding Diluted	n/a	n/a	n/a	n/a	n/a
Weighted Avg Shares Diluted	6,668,268	6,510,138	6,503,913	6,475,631	5,299,662
Weighted Avg Shares Basic	6,668,268	6,510,138	6,503,913	6,475,631	5,299,662
Net Share Count Change (Normalized)	Insufficient evidence	Insufficient evidence	Insufficient evidence	Insufficient evidence	Insufficient evidence
Ownership Claim Change (Normalized)	Insufficient evidence	Insufficient evidence	Insufficient evidence	Insufficient evidence	Insufficient evidence

Quarterly Financials

Latest quarterly periods, newest first. Periods are shown only when Data Vault has them.

Metric	2026-06-30 10-Q USD	2026-03-31 10-Q USD	2025-12-31 10-K USD	2025-12-31 10-K USD	2025-09-30 10-Q USD	2025-06-30 10-Q USD	2025-03-31 10-Q USD	2024-12-31 10-K USD	2024-09-30 10-Q USD	2024-06-30 10-Q USD	2024-03-31 10-Q USD	2023-12-31 10-K USD	2023-09-30 10-Q USD	2023-06-30 10-Q USD	2023-03-31 10-Q USD	2022-12-31 10-K USD	2022-09-30 10-Q USD	2022-06-30 10-Q USD	2022-03-31 10-Q USD	2021-12-31 10-K USD	2021-09-30 10-Q USD	2021-06-30 10-Q USD
Revenue	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	0	0	0
Operating Income	-5,581,000	-7,010,000	-9,557,000	-9,557,000	-15,022,000	-23,440,000	-30,562,000	-11,820,000	-23,631,000	-14,135,000	-23,955,000	-13,020,000	-66,716,000	-20,987,000	-58,446,000	-56,799,000	-56,649,000	-58,724,000	-54,286,000	-53,752,000	-43,024,000	-35,381,000
Net Income	-4,299,000	-4,204,000	-8,191,000	-8,191,000	-13,587,000	-21,394,000	-28,200,000	-11,895,000	-23,021,000	-14,917,000	-24,302,000	-12,925,000	-67,432,000	-18,662,000	-57,068,000	-53,844,000	-56,224,000	-58,992,000	-54,117,000	-55,350,000	-43,005,000	-35,311,000
Cash From Operations	-4,642,000	-1,337,000	-7,076,000	-7,076,000	-10,557,000	-14,791,000	-4,195,000	-10,559,000	-20,133,000	-10,612,000	-14,392,000	-13,381,000	-14,426,000	-19,560,000	-34,662,000	-36,976,000	-40,877,000	-47,260,000	-55,051,000	-42,790,000	-29,395,000	-32,224,000
Capex	n/a	n/a	n/a	n/a	n/a	n/a	n/a	0	0	0	0	-58,000	-5,158,000	-6,980,000	-8,467,000	-13,012,000	-25,199,000	-26,143,000	-20,235,000	-18,464,000	-21,745,000	-8,493,000
Free Cash Flow	n/a	n/a	n/a	n/a	n/a	n/a	n/a	-10,559,000	-20,133,000	-10,612,000	-14,392,000	-13,439,000	-19,584,000	-26,540,000	-43,129,000	-49,988,000	-66,076,000	-73,403,000	-75,286,000	-61,254,000	-51,140,000	-40,717,000
Cash And Equivalents	5,541,000	5,022,000	6,638,000	6,638,000	5,801,000	7,688,000	15,366,000	8,805,000	6,663,000	6,781,000	5,484,000	9,195,000	9,133,000	21,764,000	27,350,000	43,716,000	41,118,000	42,463,000	61,473,000	37,590,000	20,400,000	566,725,000
Total Current Assets	71,605,000	188,302,000	191,429,000	191,429,000	196,264,000	207,386,000	219,264,000	124,470,000	132,573,000	154,926,000	161,031,000	160,759,000	195,630,000	220,587,000	240,121,000	269,378,000	313,656,000	367,676,000	390,701,000	464,020,000	523,087,000	574,461,000
Total Liabilities	90,332,000	89,730,000	89,657,000	89,657,000	91,346,000	99,316,000	92,537,000	94,131,000	96,230,000	99,297,000	100,476,000	99,801,000	106,248,000	111,794,000	116,018,000	118,523,000	122,153,000	110,204,000	56,377,000	54,784,000	45,977,000	37,198,000
Shares Outstanding	6,781,976	6,781,976	6,781,976	6,781,976	6,781,976	6,750,716	6,559,927	6,525,887	6,525,887	6,503,913	6,503,913	6,503,913	6,503,955	6,503,955	6,503,955	6,503,955	6,488,755	6,484,718	6,464,675	6,456,500	6,446,339	128,743,123
Shares Outstanding Diluted	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a
Weighted Avg Shares Diluted	6,781,976	6,781,976	6,668,268	6,781,974	6,757,742	6,596,975	6,532,658	6,525,910	6,506,681	6,503,913	6,503,913	6,503,913	6,503,913	6,503,913	6,503,913	6,493,640	6,484,011	6,468,392	6,455,973	6,508,122	6,439,707	128,743,123
Weighted Avg Shares Basic	6,781,976	6,781,976	6,668,268	6,781,974	6,757,742	6,596,975	6,532,658	6,525,910	6,506,681	6,503,913	6,503,913	6,503,913	6,503,913	6,503,913	6,503,913	6,493,640	6,484,011	6,468,392	6,455,973	6,508,122	6,439,707	128,743,123
Net Share Count Change (Normalized)	Insufficient evidence	Insufficient evidence	Insufficient evidence	Insufficient evidence	Insufficient evidence	Insufficient evidence	Insufficient evidence	Insufficient evidence	Insufficient evidence	Insufficient evidence	Insufficient evidence	Insufficient evidence	Insufficient evidence	Insufficient evidence	Insufficient evidence	Insufficient evidence	Insufficient evidence	Insufficient evidence	Insufficient evidence	Insufficient evidence	Insufficient evidence	Insufficient evidence
Ownership Claim Change (Normalized)	Insufficient evidence	Insufficient evidence	Insufficient evidence	Insufficient evidence	Insufficient evidence	Insufficient evidence	Insufficient evidence	Insufficient evidence	Insufficient evidence	Insufficient evidence	Insufficient evidence	Insufficient evidence	Insufficient evidence	Insufficient evidence	Insufficient evidence	Insufficient evidence	Insufficient evidence	Insufficient evidence	Insufficient evidence	Insufficient evidence	Insufficient evidence	Insufficient evidence

Audit Trail

NCAV Audit

Official-source inputs remain linked to filing provenance. Derived values are labeled as such.

Input	Value	Source concept	Filing period	Confidence	Provenance
Current Assets	71,605,000USD	us-gaap:AssetsCurrent	2026-06-30	1.00	Data Vault \| sec/companyfacts/cik=0001789769/companyfacts.json Data Vault \| sec/companyfacts/cik=0001789769/companyfacts.json
Total Liabilities	90,332,000USD	us-gaap:Liabilities	2026-06-30	1.00	Data Vault \| sec/companyfacts/cik=0001789769/companyfacts.json Data Vault \| sec/companyfacts/cik=0001789769/companyfacts.json
Cash	5,541,000USD	us-gaap:CashAndCashEquivalentsAtCarryingValue	2026-06-30	1.00	Data Vault \| sec/companyfacts/cik=0001789769/companyfacts.json Data Vault \| sec/companyfacts/cik=0001789769/companyfacts.json
Shares Outstanding	6,781,976	dei:EntityCommonStockSharesOutstanding	2026-06-30	1.00	Data Vault \| sec/companyfacts/cik=0001789769/companyfacts.json Data Vault \| sec/companyfacts/cik=0001789769/companyfacts.json
NCAV	-18,727,000USD	derived	2026-06-30	n/a	company-evidence-v1 \| total_current_assets - total_liabilities
NCAV per share	-2.76USD	derived	2026-06-30	n/a	company-evidence-v1 \| NCAV / shares_outstanding
Internal NCAV Discount	49.2%	derived	2026-06-30	n/a	gnni_publication_pack \| internal_discount

NCAV = total_current_assets - total_liabilities | NCAV per share = NCAV / shares_outstanding

Source Provenance

Data Source: Data Vault
Data Vault Root: Local evidence | The Data Vault
CIK: 0001789769
Company ID: n/a
Selected Annual Source: Data Vault | sec/companyfacts/cik=0001789769/companyfacts.json
Selected Quarterly Source: Data Vault | sec/companyfacts/cik=0001789769/companyfacts.json
Statement Extractor: companyfacts-screener-v1
View Extractor: companyfacts-screener-v1
Source Accession Count: 22
Imported At: 2026-10-04T02:14:37+00:00
Rendered At: 2026-10-04T14:25:21+00:00

Run Audit

Mary Run: 47527d60587d401c89969c73d0370b43
Mary As Of: 2026-09-12
Accession: 0001789769-26-000045
CIK: 0001789769
Mary Filing Date: 2026-05-15
Filing Currency: USD
Internal Discount: 49.2%
Source State: Verified
Market Context: Not Displayed
Market Policy: internal_only_not_redistributed
Share Trend: Not Evaluated
Dilution: Needs Review

mary_run=47527d60587d401c89969c73d0370b43; mary_as_of=2026-09-12; mary_filing_date=2026-05-15; mary_accession=0001789769-26-000045; mary_cik=0001789769; gnni_supporting_filing_date=2026-05-15; internal_discount=0.492239; mary_reason=Mary's deterministic net-net screen flagged this candidate. The internal discount is shown; raw market-data fields are not published in this pilot.

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