Inhibrx Announces Amended Loan Agreement with Oxford Finance, Expanding Total Facility to $500.0 Million

Rhea-AI Summary

Inhibrx (Nasdaq: INBX) entered into a Second Amendment to its Loan and Security Agreement with Oxford Finance and affiliated lenders, expanding its senior credit facility to an aggregate principal amount of up to $500.0 million.

The amendment adds a new tranche of up to $325.0 million, including a $100.0 million Term C Loan funded at signing and a discretionary Term D Loan of up to $225.0 million available in minimum $50.0 million draws at the lenders’ sole discretion. Before this amendment, Inhibrx had drawn $175.0 million under the facility. In connection with the Term C funding, Inhibrx issued Oxford warrants to purchase 21,457 common shares at a strike price of $93.21 per share, exercisable immediately for ten years.

Positive

• Credit facility expanded to up to $500.0 million total capacity
• $100.0 million Term C Loan funded immediately at amendment signing
• Additional up to $225.0 million available under discretionary Term D tranche
• $175.0 million previously drawn, supporting ongoing clinical development funding

Negative

• Facility expansion increases potential debt capacity to $500.0 million
• Issuance of 21,457 warrants at $93.21 strike creates potential future dilution
• Up to $225.0 million Term D funding subject to lenders’ sole discretion

News Explained

Existing holders face potential warrant dilution, while most of the expanded facility remains discretionary rather than funded.

The July 16 release reports that Inhibrx entered into the amended loan agreement and received $100.0 million under it; the financing adds debt, while the associated warrants can reduce existing common holders’ percentage ownership if exercised.

Because issuing additional shares reduces an existing holder’s percentage ownership absent offsetting changes, the warrants represent potential dilution rather than current share issuance.

Against first-quarter operating cash use, the facility’s $500.0 million ceiling equals 1183.4 days of that historical cash use, while Inhibrx’s $161,657,000 of cash and equivalents at 2026-03-31 equaled 382.6 days; the comparison includes the facility ceiling, not cash already funded.

Sources and calculations

• Inhibrx amended loan agreement with Oxford Finance (2026-07-16)
• Dilution definition (2026-07-14)
• Private placement / PIPE definition (2026-07-14)
• Inhibrx first-quarter 2026 financial data (2026Q1)

• Offering gross vs quarterly operating cash outflow, in days of cash use $500,000,000 / ($38,026,000 / 90) = [object Object]
• Cash and equivalents vs quarterly operating cash outflow, in days of cash use $161,657,000 / ($38,026,000 / 90) = [object Object]

News Market Reaction – INBX

-2.36%

3 alerts

-2.36% Session close to close

-2.6% Trough Tracked

$1.37B Market Cap

0.1x Rel. Volume

In the Jul 16 session, INBX declined 2.36%, reflecting a moderate negative market reaction. Argus tracked a trough of -2.6% from its starting point during tracking. Our momentum scanner triggered 3 alerts that day, indicating moderate trading interest and price volatility.

Data tracked by StockTitan Argus on the day of publication.

Market Context

Set against the platform’s record, where an ozekibart update once preceded a 37.93% move and short i...

Analysis

Set against the platform’s record, where an ozekibart update once preceded a 37.93% move and short interest is categorized as high, this loan expansion adds financing flexibility but also leverage and warrant overhang, making future clinical and regulatory milestones important to watch.

Key Figures

Expanded credit facility: $500.0 million Additional tranche size: $325.0 million Term C funding: $100.0 million +5 more

8 metrics

Expanded credit facility $500.0 million Aggregate principal amount under amended Credit Facility

Additional tranche size $325.0 million Aggregate principal amount of new tranche under Second Amendment

Term C funding $100.0 million Funded upon execution of Second Amendment

Term D availability $225.0 million May be funded in ≥$50.0 million increments at Lenders' discretion

Prior borrowings $175.0 million Amount drawn under Credit Facility before Second Amendment

Term C warrants 21,457 shares Warrants issued to Lenders in connection with Term C Loan

Warrant strike price $93.21 per share Exercise price for Term C Warrants

Warrant exercise period 10 years Term C Warrants exercisable from issuance date

Historical Context

5 past events · Latest: Jun 15 (Positive)

Pattern 5 events

Date	Event	Sentiment	24h Move	Catalyst
Jun 15	BLA acceptance	Positive	+1.4%	FDA accepted BLA for ozekibart with a defined PDUFA goal date.
May 14	1Q26 earnings	Negative	-6.5%	Quarterly results with ongoing net loss and updated cash position.
May 11	Phase 2 data	Positive	-5.0%	Interim Phase 2 INBRX-106 data showing higher response rates vs control.
May 08	webcast notice	Neutral	-5.0%	Scheduling a webcast to present interim INBRX-106 Phase 2 study results.
Apr 21	clinical update	Positive	+37.9%	Updated ozekibart colorectal cancer data showing efficacy and disease control.

24h Move is the share-price change in the day after each event; other market factors may also have contributed.

Pattern Detected

Recent Inhibrx headlines often see reactions that broadly track the news tone, though at least one positive clinical update drew a negative move.

Key Terms

gross proceeds, warrants, strike price, exercise period

4 terms

gross proceeds financial

"an additional tranche, in an aggregate principal amount of up to $325.0 million in gross proceeds"

The total amount of cash a company receives from a financing event or sale before any fees, expenses, taxes or deductions are taken out. Investors watch gross proceeds because it shows the raw scale of new capital being raised—think of it as the paycheck amount before withholdings—which helps assess how much funding is available for operations, growth, debt payoff or how much shareholder dilution might occur once costs are removed.

warrants financial

"the Company issued to the Lenders warrants to purchase 21,457 shares of the Company's common stock"

Warrants are special documents that give you the right to buy a company's stock at a set price before a certain date. They are often used as a way for companies to attract investors or raise money, and their value can increase if the company's stock price goes up.

View in glossary

strike price financial

"at a strike price of $93.21 per share, equal to 2% of the value of the Term C Loan"

The strike price is the fixed price at which an option gives its holder the right to buy or sell an underlying stock. Think of it like a coupon that lets you transact at a pre-agreed price regardless of the market; for investors it determines whether an option will be profitable, influences potential gains or losses, and is a key factor in the option’s market value and risk profile.

View in glossary

exercise period financial

"The Term C Warrants are immediately exercisable, and the exercise period will expire 10 years"

The exercise period is the fixed span of time during which the holder of an option or warrant can turn that contract into shares by paying the agreed strike price. Like a coupon with an expiration date, it sets a deadline for claiming the underlying stock; after it ends the right expires and is lost. For investors, the length and timing of the exercise period affect when shares may be acquired, the flexibility to act, and the contract’s practical value.

AI-generated analysis. How Rhea-AI works. Not financial advice.

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SAN DIEGO, July 16, 2026 /PRNewswire/ -- Inhibrx Biosciences, Inc. ("Inhibrx" or the "Company") (Nasdaq: INBX), a clinical-stage biopharmaceutical company focused on developing novel biologic therapeutic candidates, today announced it entered into the Second Amendment (the "Second Amendment") to the Loan and Security Agreement, as amended (the "Amended LSA") with Oxford Finance LLC ("Oxford," together with certain of its affiliates party thereto, the "Lenders"), pursuant to which the Lenders expanded the facility to an aggregate principal amount of up to $500.0 million (the "Credit Facility").

The Second Amendment provides for an additional tranche, in an aggregate principal amount of up to $325.0 million in gross proceeds, (i) $100.0 million of which was funded upon execution of the Second Amendment (the "Term C Loan") and (ii) up to an additional $225.0 million of which may be funded in increments of $50.0 million or more upon the Company's request and at the Lenders' sole discretion (the "Term D Loan"). Prior to the Second Amendment, the Company had drawn $175.0 million under the Credit Facility.

In connection with the funding of the Term C Loan, the Company issued to the Lenders warrants to purchase 21,457 shares of the Company's common stock (the "Term C Warrants") at a strike price of $93.21 per share, equal to 2% of the value of the Term C Loan. The Term C Warrants are immediately exercisable, and the exercise period will expire 10 years from the date of issuance.

"We are pleased to expand our partnership with Oxford, which reflects their continued confidence in our clinical pipeline," said Kelly Deck, Chief Financial Officer of Inhibrx. "We are very excited about the trajectory of ozekibart (INBRX-109) and INBRX-106 and this capital infusion allows us to maintain full momentum on the advancement of both programs as we await key upcoming data readouts."

About Inhibrx Biosciences, Inc.

Inhibrx Biosciences is a clinical-stage biopharmaceutical company focused on developing a broad pipeline of novel biologic therapeutic candidates. Inhibrx Biosciences utilizes diverse methods of protein engineering to address the specific requirements of complex target and disease biology, including its proprietary protein engineering platforms. Inhibrx Biosciences was incorporated in January 2024 as a direct, wholly-owned subsidiary of Inhibrx, Inc. Prior to the sale of Inhibrx, Inc. and the INBRX-101 program to Sanofi S.A., Inhibrx Biosciences acquired certain corporate infrastructure and other assets and liabilities through a series of internal restructuring transactions effected by Inhibrx, Inc. Inhibrx, Inc. also completed a distribution to holders of its shares of common stock of 92% of the issued and outstanding shares of Inhibrx Biosciences. Following such transactions, Inhibrx Biosciences' current clinical pipeline of therapeutic candidates includes ozekibart (INBRX-109) and INBRX-106, both of which utilize multivalent formats where the precise valency can be optimized in a target-centric way to mediate what we believe to be the most appropriate agonist function. For more information, please visit www.inhibrx.com.

Forward-Looking Statements

Inhibrx cautions you that statements contained in this press release regarding matters that are not historical facts are forward-looking statements. These statements are based on Inhibrx's current beliefs and expectations. These forward-looking statements include, but are not limited to, statements regarding: the financial capacity available under the Credit Facility, including the potential for Inhibrx to draw down an additional $225.0 million, future clinical development of Inhibrx's therapeutic candidates, including statements regarding the timing of future data readouts, and evaluations and judgments regarding Inhibrx's strategic flexibility, cash position and balance sheet. Actual results may differ from those set forth in this press release due to the risks and uncertainties inherent in Inhibrx's business, including, without limitation, risks and uncertainties regarding: the initiation, timing, progress and results of its preclinical studies and clinical trials, and its research and development programs; its ability to advance therapeutic candidates into, and successfully complete, clinical trials; its interpretation of initial, interim or preliminary data from its clinical trials, including interpretations regarding disease control and disease response; the timing or likelihood of regulatory filings and approvals; the successful commercialization of its therapeutic candidates, if approved; the pricing, coverage and reimbursement of its therapeutic candidates, if approved; its ability to utilize its technology platform to generate and advance additional therapeutic candidates; the implementation of its business model and strategic plans for its business and therapeutic candidates; its ability to successfully manufacture therapeutic candidates for clinical trials and commercial use, if approved; its ability to contract with third-party suppliers and manufacturers and their ability to perform adequately; the scope of protection it is able to establish and maintain for intellectual property rights covering its therapeutic candidates; its ability to enter into strategic partnerships and the potential benefits of these partnerships; its estimates regarding expenses, capital requirements and needs for additional financing and financial performance; its ability to raise funds needed to satisfy its capital requirements, which may depend on financial, economic and market conditions and other factors, over which it may have no or limited control; developments relating to its competitors and industry; and other risks described from time to time in the "Risk Factors" section of its filings with the U.S. Securities and Exchange Commission, including those described in its Annual Report on Form 10-K, its Quarterly Reports on Form 10-Q, and supplemented from time to time by its Current Reports on Form 8-K as filed from time to time. You are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date hereof, and Inhibrx undertakes no obligation to update these statements to reflect events that occur or circumstances that exist after the date hereof. All forward-looking statements are qualified in their entirety by this cautionary statement, which is made under the safe harbor provisions of the Private Securities Litigation Reform Act of 1995.

Investor and Media Contact:

Kelly Deck, CFO
ir@inhibrx.com
858-795-4260

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SOURCE Inhibrx Biosciences, Inc.

FAQ

What did Inhibrx (INBX) announce about its Oxford Finance loan facility on July 16, 2026?

Inhibrx announced a Second Amendment with Oxford Finance expanding its credit facility to up to $500.0 million. According to Inhibrx, the amendment adds new Term C and Term D tranches, providing increased access to non-dilutive capital for clinical programs.

How much new capital did Inhibrx (INBX) receive immediately under the amended Oxford loan?

Inhibrx received $100.0 million immediately through the Term C Loan upon execution of the Second Amendment. According to Inhibrx, this capital infusion supports continued advancement of ozekibart (INBRX-109) and INBRX-106 while the company awaits key upcoming clinical data readouts.

What are the key terms of the new Term C and Term D loans for Inhibrx (INBX)?

The amendment adds a Term C Loan of $100.0 million, fully funded at signing, and a Term D Loan of up to $225.0 million. According to Inhibrx, Term D can be drawn in increments of at least $50.0 million at the lenders’ sole discretion.

How many warrants did Inhibrx (INBX) issue to Oxford Finance under the amended loan agreement?

Inhibrx issued 21,457 warrants to the lenders in connection with the Term C Loan. According to Inhibrx, these Term C Warrants have a strike price of $93.21 per share, are immediately exercisable, and will expire ten years from issuance.

How much had Inhibrx (INBX) already drawn before expanding its Oxford loan facility?

Before the Second Amendment, Inhibrx had drawn $175.0 million under the existing credit facility. According to Inhibrx, the expanded structure now allows total borrowing capacity of up to $500.0 million, subject to tranche terms and lender discretion for future draws.

How does the expanded Oxford credit facility affect Inhibrx’s (INBX) clinical programs ozekibart and INBRX-106?

According to Inhibrx, the expanded facility and $100.0 million Term C funding help maintain full momentum on ozekibart (INBRX-109) and INBRX-106. The company highlights that this capital supports advancement as it awaits key upcoming clinical data readouts from both programs.