Inhibrx Reports First Quarter 2026 Financial Results
Rhea-AI Summary
Inhibrx (Nasdaq: INBX) reported first quarter 2026 results and clinical updates for INBRX-106 and ozekibart (INBRX-109).
Cash was $161.7 million, net loss was $33.4 million ($2.15 per share), and a BLA for ozekibart in conventional chondrosarcoma was submitted to the FDA.
AI-generated analysis. Not financial advice.
Positive
- Cash and cash equivalents increased to $161.7 million from $124.2 million at year-end 2025
- First quarter 2026 net loss improved to $33.4 million from $43.3 million year over year
- R&D expenses decreased to $25.2 million from $36.9 million in the prior-year quarter
- Submission of BLA for ozekibart in conventional chondrosarcoma to the FDA
- Ongoing Phase 2 HexAgon trial of INBRX-106 with PFS data expected in Q4 2026
- Plans for first-line registrational CRC trial and potential accelerated pathways for ozekibart
Negative
- First quarter 2026 net loss remained substantial at $33.4 million, or $2.15 per share
- Outstanding loan balance increased to $175.0 million after receiving an additional $75.0 million
- Other expense, net rose to $2.5 million from $0.4 million due to higher interest expense
- Headcount reductions contributed to lower R&D and G&A expenses
News Market Reaction – INBX
On the day this news was published, INBX declined 6.47%, reflecting a notable negative market reaction. Argus tracked a trough of -5.5% from its starting point during tracking. Our momentum scanner triggered 19 alerts that day, indicating notable trading interest and price volatility. This price movement removed approximately $109M from the company's valuation, bringing the market cap to $1.58B at that time.
Data tracked by StockTitan Argus on the day of publication.
Key Figures
Market Reality Check
Peers on Argus
INBX gained 8.56% while closely rated peers mostly saw modest single-digit moves (e.g., PRTA +2.89%, SLDB -1.6%). Momentum scans show one peer up and one down, pointing to a stock‑specific reaction rather than a broad biotech move.
Previous Earnings Reports
| Date | Event | Sentiment | Move | Catalyst |
|---|---|---|---|---|
| Mar 19 | Annual results | Negative | -6.1% | Reported 2025 net loss versus prior-year net income and lower expenses. |
| Nov 14 | Quarterly results | Positive | +6.0% | Q3 2025 results plus ozekibart chondrosarcoma trial meeting primary endpoint. |
| Aug 13 | Quarterly results | Negative | +1.6% | Q2 2025 loss following prior-year income and reduced cash versus Q1. |
| May 14 | Quarterly results | Positive | +10.9% | Improved Q1 2025 loss and stronger cash position after new loan. |
| Mar 17 | Annual results | Neutral | +0.4% | Q4 and 2024 results with large prior-year gain and shifting expenses. |
Earnings releases have usually triggered moderate single‑digit moves, with most reactions aligning with the positive or negative tone of the update and only one clear divergence.
Over the last five earnings reports from Mar 2024 through Mar 2026, Inhibrx has paired financial updates with major clinical milestones, including the Sanofi INBRX-101 transaction, ozekibart’s registrational chondrosarcoma data, and progress of INBRX-106 in head and neck cancer. Cash balances have generally remained sizeable while R&D and G&A expenses declined from prior-year levels. Price reactions ranged from a -6.09% drop to a 10.89% gain, with most moves directionally matching the overall tone of each earnings release, providing context for today’s strong upward move.
Historical Comparison
Past earnings releases moved INBX by an average of 2.57%. Today’s 8.56% gain is notably larger than typical earnings-day reactions, suggesting this update was interpreted as meaningfully stronger than prior periods.
Earnings updates have tracked the transition post-INBRX-101 sale, showing declining R&D and G&A, sustained cash balances, and increasing emphasis on ozekibart and INBRX-106 clinical milestones.
Market Pulse Summary
The stock moved -6.5% in the session following this news. A negative reaction despite operational improvements would fit a pattern where INBX has occasionally sold off on complex earnings messages. Prior updates showed sizeable cash balances and declining R&D and G&A, yet one earnings release still saw a -6.09% move. With Q1 2026 showing cash of $161.7M and a narrower net loss of $33.4M, any sharp downside would underscore how sentiment around clinical risk, leverage, and ongoing losses can outweigh incremental financial progress.
Key Terms
phase 2 medical
phase 1/2 medical
biologics license application (bla) regulatory
progression-free survival (pfs) medical
metastatic medical
unresectable medical
head and neck squamous cell carcinoma (hnscc) medical
folfiri medical
AI-generated analysis. Not financial advice.
Recent Corporate Highlights and Upcoming Milestones
- INBRX-106
- In May 2026, we announced updated interim data from our randomized, first-line Phase 2 portion of the HexAgon study. The trial evaluated the safety and efficacy of INBRX-106, a hexavalent OX40 agonist, in combination with pembrolizumab (the combination arm) versus pembrolizumab monotherapy (the control arm) in first-line patients with treatment-naïve, PD-L1 positive (Combined Positive Score (CPS) ≥ 20) metastatic or unresectable recurrent Head and Neck Squamous Cell Carcinoma (HNSCC).
- We plan to announce progression-free survival (PFS) data from the randomized Phase 2 trial in HNSCC in combination with pembrolizumab in the fourth quarter of 2026.
- ozekibart (INBRX-109)
- In April 2026, we announced updated interim data from our Phase 1/2 study evaluating ozekibart (INBRX-109) in combination with FOLFIRI in patients with locally advanced or metastatic, unresectable colorectal cancer (CRC);
- Additionally, in April 2026, we submitted a Biologics License Application (BLA) to the
U.S. Food and Drug Administration (FDA) for ozekibart in conventional chondrosarcoma; and - We plan to meet with the FDA in the second half of 2026 to discuss plans to initiate a first-line registrational trial in CRC. We also plan to discuss with the FDA the potential for accelerated regulatory pathways for ozekibart in fourth-line colorectal cancer and in refractory Ewing sarcoma.
Financial Results
- Cash and Cash Equivalents. As of March 31, 2026, the Company had cash and cash equivalents of
$161.7 million $124.2 million $75.0 million - R&D Expense. Research and development expenses were
$25.2 million $36.9 million - G&A Expense. General and administrative expenses were
$5.7 million $6.0 million - Other Expense, Net. Other expense, net was
$2.5 million $0.4 million $75.0 million $100.0 million $175.0 million - Net Loss. Net loss was
$33.4 million $2.15 $43.3 million $2.80
About Inhibrx Biosciences, Inc.
Inhibrx is a clinical-stage biopharmaceutical company with a pipeline of novel biologic therapeutic candidates. Inhibrx utilizes diverse methods of protein engineering to address the specific requirements of complex target and disease biology, including its proprietary protein engineering platforms. Inhibrx's current clinical pipeline of therapeutic candidates includes ozekibart and INBRX-106, both of which utilize multivalent formats where the precise valency can be optimized in a target-centric way to mediate what Inhibrx believes 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 Inhibrx's judgments and beliefs regarding the strength of Inhibrx's pipeline; the safety and efficacy of its therapeutic candidate, INBRX-106, based on topline and interim results; the potential for INBRX-106 to be used for the treatment of metastatic or unresectable recurrent HNSCC; the clinical development of our product candidates, including expected data readouts, regulatory submissions and interactions, and the timing thereof; any presumption that topline, interim or preliminary data will be representative of final data or data in later clinical trials; the planned announcement of PFS data from INBRX-106 Phase 2 trial in HNSCC in combination with pembrolizumab; and Inhibrx's plans to meet with the FDA to discuss plans to initiate a first-line registrational trial in CRC or an accelerated pathway for approval for ozekibart in fourth-line colorectal cancer and in refractory Ewing sarcoma in the second half of 2026. 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: topline data may not accurately reflect the complete results of a particular study or trial and remain subject to audit, and final data may differ materially from topline data; 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 topline, interim or preliminary data from its clinical trials, including interpretations regarding disease control and disease response; Inhibrx's ability to utilize its technology platform to generate and advance additional therapeutic candidates; the implementation of Inhibrx's business model and strategic plans for its business and therapeutic candidates; the scope of protection Inhibrx is able to establish and maintain for intellectual property rights covering its therapeutic candidates; the ability to raise funds needed to satisfy Inhibrx's capital requirements, which may depend on financial, economic and market conditions and other factors, over which it may have no or limited control; Inhibrx's financial performance; developments relating to its competitors and its industry; regulatory review and approval of Inhibrx's therapeutic candidates; and other risks described from time to time in the "Risk Factors" section of its filings with the
Investor and Media Contact:
Kelly D. Deck
Chief Financial Officer
ir@inhibrx.com
858-795-4260
Inhibrx Biosciences, Inc. | |||
THREE MONTHS ENDED | |||
2026 | 2025 | ||
Operating expenses: | |||
Research and development | $ 25,217 | $ 36,877 | |
General and administrative | 5,710 | 6,024 | |
Total operating expenses | 30,927 | 42,901 | |
Loss from operations | (30,927) | (42,901) | |
Total other expense | (2,514) | (410) | |
Net loss | $ (33,441) | $ (43,311) | |
Loss per share | $ (2.15) | $ (2.80) | |
Shares used in computing loss per share | 15,585 | 15,468 | |
Inhibrx Biosciences, Inc. | |||
MARCH 31, | DECEMBER 31, | ||
2026 | 2025 | ||
Cash and cash equivalents | $ 161,657 | $ 124,220 | |
Other current assets | 9,684 | 8,612 | |
Non-current assets | 12,626 | 13,646 | |
Total assets | $ 183,967 | $ 146,478 | |
Current liabilities | $ 26,512 | $ 33,799 | |
Long-term debt, net | 174,994 | 100,559 | |
Other non-current liabilities | 3,496 | 4,127 | |
Total liabilities | 205,002 | 138,485 | |
Stockholders' equity (deficit) | (21,035) | 7,993 | |
Total liabilities and stockholders' equity | $ 183,967 | $ 146,478 | |
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SOURCE Inhibrx Biosciences, Inc.