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Inhibrx Biosciences Reports Q4 and Fiscal Year 2025 Financial Results

Inhibrx Biosciences, Inc. (Nasdaq: INBX) announced its financial outcomes for the fourth quarter and fiscal year 2025 on March 19, 2026. The California-based biopharmaceutical company is progressing through a transformative phase following significant corporate restructuring in 2024, which concluded with the sale of its flagship program INBRX-101 to Sanofi S.A. This change has allowed the company to streamline operations and focus on advancing its clinical pipeline, which includes two key candidate programs: ozekibart (INBRX-109) and INBRX-106.

Recent Developments

Inhibrx is at a critical junction with a couple of promising clinical trials underway. As per their latest update:

• - An application for a Biologics License Application (BLA) for ozekibart is expected to be submitted to the FDA in early Q2 2026. This innovative therapy aims to treat unresectable or metastatic conventional chondrosarcoma.
• - Progression-free survival (PFS) data for the Phase 1/2 expansion cohort in colorectal cancer is slated for announcement in Q2 2026.
• - The company will also seek to engage with the FDA regarding potential accelerated approval for ozekibart in Ewing Sarcoma and fourth-line colorectal cancer later in 2026.

In addition to ozekibart, INBRX-106 is being evaluated in a randomized Phase 2/3 trial for head and neck squamous cell carcinoma (HNSCC) in combination with KEYTRUDA (pembrolizumab). Interim objective response rate (ORR) data for this trial is anticipated in Q2 2026, while further data on PFS is expected during the ESMO 2026 Congress.

Financial Overview

Liquidity Position

As of December 31, 2025, Inhibrx reported cash and cash equivalents totaling $124.2 million. In March 2026, they amended their Loan and Security Agreement with Oxford Finance, securing gross proceeds of $75 million to bolster their liquidity.

Research and Development Expenses

The company's research and development expenses saw a marked decrease, totaling $25.3 million in Q4 2025 compared to $33.4 million in Q4 2024. This reduction is attributed to lower clinical trial costs as ozekibart neared the completion of enrollment. The total R&D spend for fiscal year 2025 amounted to $113 million, a decrease from $203.7 million in 2024.

General and Administrative Expenses

General administrative costs also dropped significantly, coming in at $5.6 million for Q4 2025 compared to $16.7 million during the previous year’s quarter. The reduction was mainly due to decreased legal expenses as prior legal proceedings concluded favorably for Inhibrx.

Other Income and Expenses

Inhibrx recorded other expenses of $1.9 million in Q4 2025, down from $2.1 million in the same period of 2024. Interest expenses related to the company’s debt balance were the main contributors to this figure. Overall, net loss found itself at $32.8 million for Q4 2025, or $2.11 per share, an improvement from a net loss of $47.9 million recorded a year prior.

The company’s fiscal year 2025 net loss totaled $140.1 million, a stark contrast to the $1.7 billion net income reported in the preceding fiscal year, which was largely boosted by the sale of INBRX-101.

About Inhibrx Biosciences

Inhibrx is a biotechnology company dedicated to developing innovative biologic therapies. Founded in January 2024 as a result of a strategic spin-off from its previous parent company, Inhibrx leverages advanced protein engineering methods to build a robust pipeline of therapeutic candidates. As Inhibrx embarks on this new path, it is well-positioned to meet the demands of complex diseases using its novel drug development strategies.

For more insights and updates, visit Inhibrx's official website.