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Inhibrx Reports First Quarter 2025 Financial Results

SAN DIEGO, May 14, 2025 – Inhibrx Biosciences, Inc. (Nasdaq: INBX) has officially disclosed its financial results for the first quarter of 2025. Following the successful sale of its INBRX-101 program to Sanofi S.A. and the subsequent corporate restructuring into a standalone entity, Inhibrx is poised to advance its clinical pipeline. The company currently boasts two significant programs undergoing clinical trials, with data readouts expected later this year.

Key Developments Following the Spin-Off

The corporate spin-off from its former parent company has enabled Inhibrx to carve a distinct path in the biopharmaceutical landscape. Under its new structure, Inhibrx has initiated several clinical trials that target critical cancer indications. The company anticipates significant data releases within 2025, including:

Upcoming Milestones

1. INBRX-109:
- Data from the Phase 2 trial for patients with unresectable or metastatic conventional chondrosarcoma is projected for the third quarter of 2025.
- Initial results from the colorectal cancer cohort are also expected during Q3 2025, along with interim data from the Ewing sarcoma cohort during the latter half of the year.

2. INBRX-106:
- Initial data from the randomized Phase 2/3 trial in head and neck squamous cell carcinoma, when combined with KEYTRUDA® (pembrolizumab), is scheduled for release in Q4 2025.
- In addition, interim data on treatments for refractory or relapsed non-small cell lung cancer will also be available in the same quarter.

Financial Overview

Inhibrx's financial health appears robust, presenting a positive trajectory following its recent reorganization. As of March 31, 2025, the company reported:

• - Cash and Cash Equivalents: $216.5 million, significantly higher than the $152.6 million recorded at the end of 2024. This increase stems from a $100 million loan agreement finalized in January 2025.

• - Research and Development (R&D) Expenses: These costs were down to $36.9 million compared to $63.9 million in the first quarter of 2024. The decrease is largely attributed to reduced clinical trial and contract manufacturing expenditures from the previous program.

• - General and Administrative Expenses (GA): These expenses decreased to $6 million in Q1 2025, declining from $10 million during the same period in the previous year, primarily due to fewer outstanding stock options and reduced professional service costs post-spin-off.

• - Net Loss: Inhibrx reported a net loss of $43.3 million, or $2.80 per share, which is a notable reduction from the $78.7 million (or $5.77 per share) loss seen in the first quarter of 2024, highlighting improved financial efficiency.

About Inhibrx

Inhibrx Biosciences is dedicated to advancing biopharmaceutical innovations that harness cutting-edge protein engineering technologies. With a strong focus on addressing complex diseases, the company’s pipeline showcases diverse therapeutic candidates designed to improve the treatment landscape. Founded as a direct subsidiary of Inhibrx, Inc. in January 2024, Inhibrx now champions its proprietary drug candidates, aiming for significant victories in the clinical domain.

Looking Ahead

As Inhibrx strides forward into 2025, the anticipated data readouts come with high expectations from stakeholders and the scientific community alike. The company’s fortified cash position and lowered operating expenses bode well for its strategic ambitions and clinical progression. Investors remain attentive to potential breakthroughs, showcasing Inhibrx’s capacity for innovation and impactful contributions to oncology treatments.

For the latest updates, visit www.inhibrx.com.