0002007919-26-000006
SEC filingInhibrx Biosciences, Inc. (INBX) reported a net loss of $140.1 million for FY 2025, or -$9 per basic and diluted share, compared to net income of $1.69 billion, or $114.01 basic EPS, in FY 2024. The prior year's profit was driven by a $2.02 billion one-time gain from the transaction with the Acquirer (Sanofi subsidiary), including Merger consideration and debt extinguishment. Revenue increased 550% YoY to $1.3 million from $0.2 million, from license fees under the Scithera agreement. Operating expenses fell 59% to $136.3 million from $331.6 million, with R&D down 45% to $113.0 million (clinical trials and manufacturing reductions post-INBRX-101 spin-off) and G&A down 82% to $23.3 million (no repeat Merger costs). Loss from operations improved to -$135.0 million from -$331.4 million. Cash used in operations was $129.8 million, offset by $101.4 million financing from $100 million debt issuance. Ending cash was $124.2 million, total assets $146.5 million, equity $8.0 million. Forward-looking, BLA submission for ozekibart in chondrosarcoma planned Q2 2026; cash sufficient for 12+ months amid pipeline milestones for INBRX-106.
In FY 2025, Inhibrx reported total revenue of $1.3 million, up 550% from $0.2 million in 2024, driven by $1.3 million license fee from Scithera. Net loss was $140.1 million (-$9 EPS) vs. 2024 net income of $1.69 billion ($114.01 basic EPS), primarily due to absence of $2.02 billion one-time gain on Acquirer transaction (Merger consideration, debt extinguishment). Loss from operations improved to -$135.0 million from -$331.4 million, reflecting 59% drop in op ex to $136.3 million (R&D $113.0M down 45%, G&A $23.3M down 82%). Balance sheet: cash $124.2M, total assets $146.5M, liabilities $138.5M (incl. $100.6M long-term debt), equity $8.0M.
Revenue solely from license fees: $1.3M in 2025 (Scithera License Agreement, point-in-time recognition upon transfer of assets/know-how) vs. $0.2M in 2024 (Regeneron option extensions). No product sales; single reportable segment (biopharma R&D). Growth tied to strategic licenses amid pipeline focus on ozekibart/INBRX-106. No geographic breakdown disclosed.
No gross profit (revenue pre-R&D). Operating margin N/A (loss-making). Op ex reduction post-2024 spin-off/Merger: R&D efficiencies from INBRX-101 exit, manufacturing pauses; G&A normalized sans $68M transaction costs. Interest expense $12.2M (new debt); income $7.5M offsets partially.
Ops cash use $129.8M (net loss, working capital timing). Investing minimal -$28K. Financing $101.4M (net $100M debt proceeds). Net cash decrease $28.4M; ending cash $124.2M (sufficient 12+ months). Debt $100.6M (2025 Loan); current ratio supported by $132.8M current assets vs. $33.8M liabilities.
BLA for ozekibart (chondrosarcoma) Q2 2026 post-positive ChonDRAgon PFS data. INBRX-106 Phase 2 data Q2 2026, potential Phase 3 ungating. Cash runway 12+ months; additional funding via debt/equity/partnerships likely. Risks: trial delays, capital needs, competition.