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Inhibrx Biosciences, Inc. Reports Fourth Quarter and Fiscal Year 2024 Financial Results

Inhibrx Biosciences, Inc. (Nasdaq: INBX) recently disclosed its financial outcomes for the fourth quarter and the fiscal year of 2024. This update is significant following the sale of INBRX-101 to Sanofi S.A. and the company's subsequent transition into an independent entity after spinning off from its former parent. Inhibrx now manages two clinical programs, both of which are presently undergoing trials, with data expected to be released in the following year.

Key Financial Highlights

Inhibrx reported a notable cash and cash equivalent balance of $152.6 million by the end of December 2024. Following the year-end, the company secured an additional $100.0 million through a loan agreement with Oxford Finance LLC. This strategic move has bolstered their financial standing, bringing their total cash reserves to approximately $230.5 million by February 28, 2025.

Research and Development Expenses

For the fourth quarter of 2024, research and development expenses stood at $33.4 million, significantly reduced compared to the $82.1 million incurred in the same quarter last year. This decrease was largely due to reduced contract manufacturing costs stemming from the divestiture of INBRX-101, which had accrued substantial expenses during Q4 of 2023. In total, R&D expenses for the fiscal year amounted to $203.7 million, a modest increase from $191.6 million in 2023, attributed mainly to elevated costs associated with clinical trials, including the commencement of a new trial for their drug candidate, ozekibart (INBRX-109).

General and Administrative Expenses

General and administrative expenses surged to $16.7 million for Q4 2024, up from $7.8 million in Q4 2023, largely due to legal proceedings concluded favorably for the company. Over the entire fiscal year, these expenses totaled $127.9 million, a significant rise from $29.4 million in the previous year, which includes one-off costs linked to the spin-off transaction.

Income and Loss Reporting

Inhibrx reported a net loss of $47.9 million for Q4 2024, equating to $3.09 per share. In contrast, the previous year's loss for Q4 stood at $93.6 million. For the full fiscal year, the company performed remarkably with a net income reported at $1.7 billion, a dramatic shift considering the net loss of $241.4 million in 2023, demonstrating substantial recovery and promising potential ahead.

Clinical Developments and Future Projections

On January 21, 2025, Inhibrx revealed interim data from its Phase 1 trial of ozekibart (INBRX-109) combined with FOLFIRI for treating advanced colorectal adenocarcinoma. Out of 13 patients, responses indicate potential efficacy with a complete response observed. Encouragingly, 46.2% of the treated patients experienced durable disease control lasting over 180 days.

In light of these results, Inhibrx plans to expand the trial to include a more defined patient population aiming to confirm these preliminary findings, thus reinforcing the drug's development pathway.

As Inhibrx embarks on its next chapter as an independent biopharmaceutical entity, ongoing financial assessments and clinical advancements will be crucial in defining its market position and therapeutic contributions. Investors and stakeholders alike are keenly observing how these strategies will unfold in the coming months, especially with the anticipated data readouts from the clinical trials that could further influence the company’s trajectory.

For further updates and detailed information, Inhibrx invites interested parties to visit their official website.