Inhibrx Reports Fourth Quarter and Fiscal Year 2025 Financial Results

Rhea-AI Summary

Inhibrx (Nasdaq: INBX) reported fourth quarter and fiscal 2025 results on March 19, 2026, highlighting clinical milestones and financials. Cash and cash equivalents were $124.2 million as of December 31, 2025, and the company obtained $75.0 million in loan proceeds on March 18, 2026.

Fiscal 2025 R&D expense was $113.0 million versus $203.7 million in 2024; net loss was $140.1 million for fiscal 2025 versus net income of $1.7 billion in fiscal 2024. Key clinical milestones and trial data readouts are scheduled across 2026, including a planned BLA submission early Q2 2026 for ozekibart.

Positive

• Cash balance of $124.2 million
• Received $75.0 million loan proceeds on March 18, 2026
• R&D expense fell to $113.0 million in FY2025

Negative

• Fiscal 2025 net loss $140.1M
• Other interest expense $12.2M in FY2025
• Sharp swing from FY2024 net income $1.7B to FY2025 loss

News Market Reaction – INBX

-6.09%

4 alerts

-6.09% Session close to close

-2.3% Trough Tracked

$922.36M Market Cap

0.5x Rel. Volume

In the Mar 20 session, INBX declined 6.09%, reflecting a notable negative market reaction. Argus tracked a trough of -2.3% from its starting point during tracking. Our momentum scanner triggered 4 alerts that day, indicating moderate trading interest and price volatility.

Data tracked by StockTitan Argus on the day of publication.

Market Context

The stock moved -6.1% in the session following this news. A negative reaction despite mixed elements...

Analysis

The stock moved -6.1% in the session following this news. A negative reaction despite mixed elements in the release fits a market refocusing on recurring losses after prior one‑time gains. FY 2025 swung to a $140.1M net loss from $1.7B income in 2024, partly reflecting the absence of deal-related gains and added interest expense on $100.0M of debt. While R&D and G&A fell sharply year over year, investors may have reassessed balance sheet risk ahead of key 2026 clinical milestones.

Key Figures

Cash & equivalents: $124.2M Loan proceeds: $75.0M R&D expense FY 2025: $113.0M +5 more

8 metrics

Cash & equivalents $124.2M As of December 31, 2025

Loan proceeds $75.0M First Amendment with Oxford Finance on March 18, 2026

R&D expense FY 2025 $113.0M FY 2025 vs $203.7M in FY 2024

G&A expense FY 2025 $23.3M FY 2025 vs $127.9M in FY 2024

R&D expense Q4 2025 $25.3M Q4 2025 vs $33.4M in Q4 2024

G&A expense Q4 2025 $5.6M Q4 2025 vs $16.7M in Q4 2024

Net loss FY 2025 $140.1M FY 2025 vs net income $1.7B in FY 2024

Net loss Q4 2025 $32.8M ($2.11/share) Q4 2025 vs $47.9M ($3.09/share) in Q4 2024

Previous Earnings Reports

5 past events · Latest: Nov 14 (Positive)

Same Type Pattern 5 events

Date	Event	Sentiment	24h Move	Catalyst
Nov 14	Q3 2025 earnings	Positive	+6.0%	Reported Q3 2025 results and registrational success of ozekibart in chondrosarcoma.
Aug 13	Q2 2025 earnings	Positive	+1.6%	Post‑spin earnings with reduced R&D and G&A and solid cash position after INBRX‑101 sale.
May 14	Q1 2025 earnings	Positive	+10.9%	Improved net loss, higher cash after Oxford loan, and clear timelines for key data.
Mar 17	FY 2024 earnings	Positive	+0.4%	Detailed FY 2024 post‑spin financials and early ozekibart colorectal cancer data.
Nov 14	Q3 2024 earnings	Neutral	-3.5%	Reported Q3 2024 net loss with stable G&A and ongoing clinical investment.

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

Pattern Detected

Earnings releases have typically seen positive price reactions, especially when coupled with clinical progress and clearer post‑spin financials.

Recent Company History

Over the past year, Inhibrx’s earnings updates have consistently paired financials with pipeline milestones. Q4 2024 results highlighted post‑spin restructuring and large one‑time gains. Through 2025, Q1–Q3 releases showed shrinking R&D and G&A, a transition from prior merger-related income to recurring net losses, and advancing ozekibart and INBRX‑106 trials. Price reactions to these earnings pieces were mostly positive, suggesting investors have historically rewarded derisking of expenses and clear clinical progress, which frames today’s 2025 year-end update.

Key Terms

biologics license application, progression-free survival, pfs, objective response rate, +3 more

7 terms

biologics license application regulatory

"We expect to submit the Biologics License Application ("BLA") for ozekibart..."

A biologics license application is a formal request submitted to regulatory authorities seeking approval to market a new biological medicine, such as vaccines or treatments made from living organisms. It is a comprehensive review process that evaluates the safety, effectiveness, and manufacturing quality of the product. For investors, receiving approval signals that a biological therapy can be sold to the public, potentially leading to revenue growth and market success.

progression-free survival medical

"We plan to announce progression-free survival ("PFS") data for the Phase 1/2..."

Progression-free survival is the length of time during and after a treatment that a patient's disease does not get worse, measured from the start of treatment until the disease shows measurable signs of progression or the patient dies. Investors care because longer progression-free survival in clinical trials often signals that a drug is effective, improving chances of regulatory approval, market adoption, and revenue potential—think of it as a stopwatch showing how long a therapy can keep the illness at bay.

pfs medical

"We plan to announce progression-free survival ("PFS") data for the Phase 1/2..."

Progression-free survival (PFS) is a clinical-trial measure that records how long, on average, patients live without their disease getting worse after starting a treatment. For investors, PFS acts like a stopwatch of a drug’s effectiveness: longer PFS can signal meaningful patient benefit, improve chances of regulatory approval or label strength, and raise a drug’s commercial value, while shorter or unchanged PFS can weigh on a company’s prospects.

objective response rate medical

"We plan to announce interim objective response rate ("ORR") data from the randomized..."

The objective response rate (ORR) is the percentage of patients in a clinical trial whose tumors measurably shrink or disappear according to preset rules. Investors use it as a quick, objective signal of a drug’s ability to produce a clear treatment effect—like counting how many plants visibly respond after applying a new fertilizer—and higher ORR can improve odds of regulatory approval, commercial success, and company valuation.

orr medical

"We plan to announce interim objective response rate ("ORR") data from the randomized..."

Objective Response Rate (ORR) is the percentage of patients in a clinical trial whose tumors shrink or disappear by a predefined amount after treatment. For investors, ORR is a quick, measurable signal of a therapy’s effectiveness—like early sales numbers for a new product—and strong ORR data can boost a drug’s commercial prospects and company valuation, while weak ORR can temper expectations.

head and neck squamous cell carcinoma medical

"trial in head and neck squamous cell carcinoma ("HNSCC") in combination with KEYTRUDA..."

A type of cancer that starts in the thin, flat cells that line the mouth, throat, voice box and upper airway; imagine the lining like roof shingles that, when damaged, can grow into a harmful lump. It matters to investors because its diagnosis, treatment options and regulatory approvals drive demand for drugs, tests and therapies—affecting clinical trial outcomes, market size, company valuations and the financial risk/reward of healthcare investments.

hnscc medical

"trial in head and neck squamous cell carcinoma ("HNSCC") in combination with KEYTRUDA..."

HNSCC stands for head and neck squamous cell carcinoma, a type of cancer that starts in the flat lining cells that cover the surfaces of the mouth, throat and related structures. It matters to investors because treatments, clinical trial results, regulatory approvals or changes in diagnosis rates can directly affect the commercial prospects and valuation of companies developing therapies or diagnostics for this disease—think of it as a market signal tied to demand for specific medical products.

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

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SAN DIEGO, March 19, 2026 /PRNewswire/ -- Inhibrx Biosciences, Inc. (Nasdaq: INBX) ("Inhibrx" or the "Company") today reported financial results for the fourth quarter and fiscal year 2025. Following the completion of the sale of INBRX-101 (the "101 Transaction") by Inhibrx, Inc. (the "Former Parent") to Sanofi S.A. (the "Acquirer") and the Former Parent's concurrent spin-off of the Inhibrx business in May 2024, the biopharmaceutical company now has two programs in ongoing clinical trials.

Upcoming Milestones

• ozekibart (INBRX-109)
  • We expect to submit the Biologics License Application ("BLA") for ozekibart for the treatment of unresectable or metastatic conventional chondrosarcoma to the U.S. Food and Drug Administration ("FDA") early in the second quarter of 2026;
  • We plan to announce progression-free survival ("PFS") data for the Phase 1/2 colorectal cancer expansion cohort in the second quarter of 2026; and
  • We plan to meet with the FDA to discuss accelerated approval for Ewing Sarcoma and fourth line colorectal cancer in the second half of 2026.
• INBRX-106
  • We plan to announce interim objective response rate ("ORR") data from the randomized Phase 2/3 trial in head and neck squamous cell carcinoma ("HNSCC") in combination with KEYTRUDA^® (pembrolizumab) in the second quarter of 2026; and
  • We plan to announce PFS data from the randomized Phase 2/3 trial in HNSCC in combination with pembrolizumab in the fourth quarter of 2026 at the European Society for Medical Oncology ("ESMO") 2026 Congress.

Financial Results

Cash and Cash Equivalents. As of December 31, 2025, Inhibrx had cash and cash equivalents of $124.2 million. On March 18, 2026, the Company entered into the First Amendment to the Loan and Security Agreement with Oxford Finance, LLC and received gross proceeds of $75.0 million.

R&D Expense

• Research and development expenses were $25.3 million during the fourth quarter of 2025 as compared to $33.4 million during the fourth quarter of 2024. This decrease during the fourth quarter of 2025 was primarily due to a decrease in expense related to lower clinical trial costs in our ozekibart registration-enabling trial for the treatment of unresectable or metastatic conventional chondrosarcoma as the trial approached completion of enrollment ahead of our data readout in October 2025, as well as a decrease in contract manufacturing expenses;
• Research and development expenses were $113.0 million during the fiscal year 2025 as compared to $203.7 million during the fiscal year 2024. This decrease during the fiscal year 2025 was primarily due to the following factors:
  • a decrease in clinical trial expense primarily related to lower clinical trial costs in our ozekibart registration-enabling trial for the treatment of unresectable or metastatic conventional chondrosarcoma as discussed above;
  • a decrease in contract manufacturing expense primarily attributable to decreased expenses incurred at our contract development and manufacturing organizations for our ozekibart program and INBRX-106 program, as well as decreased expenses following the 101 Transaction; and
  • increased personnel-related expense during the fiscal year 2024 related to the recognition of $25.9 million upon the acceleration of outstanding options in connection with the closing of the 101 Transaction.

G&A Expense

• General and administrative expenses were $5.6 million during the fourth quarter of 2025, compared to $16.7 million during the fourth quarter of 2024. This decrease during the fourth quarter of 2025 was primarily due to an increase in legal services incurred in the prior period in connection with legal proceedings, which have since concluded, finding the Company not liable for damages.
• General and administrative expenses were $23.3 million during the fiscal year 2025, compared to $127.9 million during the fiscal year 2024. This decrease during the fiscal year 2025 was primarily due to the following factors:
  • one-time expenses incurred during the fiscal year 2024 related to the 101 Transaction, including $68.1 million of legal, advisory, and consulting services, and the recognition of $15.2 million in stock option expense upon the acceleration of outstanding options in connection with the closing of the 101 Transaction; and
  • increased expense during the fiscal year 2024 related to legal services incurred in connection with the Company's legal proceedings as discussed above.

Other Income (Expense)

• Other expense was $1.9 million during the fourth quarter of 2025, compared to other income of $2.1 million during the fourth quarter of 2024. Other expense in the current period consisted of $3.2 million of interest expense on the Company's $100.0 million outstanding debt balance, offset in part by other income. Other income during each period consisted of interest income earned on the Company's sweep and money market account balances. During the fourth quarter of 2024, the Company did not incur any interest expense following the extinguishment of all outstanding debt in connection with the 101 Transaction.
• Other expense was $5.0 million during the fiscal year 2025, compared to other income of $2.0 billion during the fiscal year 2024. Other expense in the current period consisted of $12.2 million of interest expense on the Company's $100.0 million outstanding debt balance, offset in part by other income. Other income during each period consisted of interest earned on the Company's sweep and money market account balances. During the fiscal year ended 2024, as noted above, other income also included the gain recorded in connection with the completion of the 101 Transaction. This gain consisted of (i) the consideration paid by the Acquirer for all outstanding common stock, warrants, and stock options, (ii) the extinguishment of the Company's outstanding debt which was assumed by the Acquirer, (iii) assets and liabilities related to the Inhibrx 101 Business, which were assumed by the Acquirer, and (iv) transaction costs paid for by the Acquirer.

Net Income (Loss)

• Net loss was $32.8 million during the fourth quarter of 2025, or $2.11 per share, basic and diluted, compared to a net loss of $47.9 million during the fourth quarter of 2024, or $3.09 per share, basic and diluted.
• Net loss was $140.1 million during the fiscal year 2025, or $9.04 per share, basic and diluted, compared to a net income of $1.7 billion during the fiscal year 2024, or earnings per share $114.01 basic and $112.62 diluted.

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 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 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. Following such transactions, 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 statements regarding the safety and efficacy of its therapeutic candidate, ozekibart, based on topline and interim results; the potential for ozekibart to be used for the treatment of chondrosarcoma, colorectal cancer and Ewing sarcoma; any presumption that topline, interim or preliminary data will be representative of final data or data in later clinical trials; and Inhibrx's plans to submit to the FDA a BLA early in the second quarter of 2026, to announce data regarding its ozekibart Phase 1/2 colorectal cancer expansion cohort and meet with the FDA to discuss accelerated approval for Ewing sarcoma and fourth-line colorectal cancer in the second quarter of 2026, to announce ORR data regarding its INBRX-106 Phase 2/3 trial in HNSCC in combination with pembrolizumab in the second quarter of 2026 and to announce data regarding its INBRX-106 Phase 2/3 trial in HNSCC in combination with pembrolizumab at the ESMO 2026 Congress. 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; the Company's ability to utilize the Company's technology platform to generate and advance additional therapeutic candidates; the implementation of the Company's business model and strategic plans for the Company's business and therapeutic candidates; the scope of protection the Company is able to establish and maintain for intellectual property rights covering the Company's therapeutic candidates; the ability to raise funds needed to satisfy the Company's capital requirements, which may depend on financial, economic and market conditions and other factors, over which the Company may have no or limited control; the Company's financial performance; developments relating to the Company's competitors and the Company's industry; regulatory review and approval of the Company's therapeutic candidates; 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 D. Deck
Chief Financial Officer
ir@inhibrx.com
858-795-4260

 

Inhibrx Biosciences, Inc. Condensed Consolidated Statements of Operations (In thousands, except per share data)
	THREE MONTHS ENDED DECEMBER 31,				YEAR ENDED DECEMBER31,
	2025		2024		2025		2024
	(unaudited)
Revenue:
License fee revenue	$             —		$          100		$        1,300		$           200
Total revenue	—		100		1,300		200
Operating expenses:
Research and development	25,349		33,367		113,028		203,743
General and administrative	5,574		16,661		23,297		127,905
Total operating expenses	30,923		50,028		136,325		331,648
Loss from operations	(30,923)		(49,928)		(135,025)		(331,448)
Total other income (expense)	(1,911)		2,063		(5,028)		2,019,022
Provision for income taxes	—		—		2		2
Net income (loss)	$     (32,834)		$     (47,865)		$   (140,055)		$  1,687,572
Earnings (loss) per share
Basic	$         (2.11)		$         (3.09)		$         (9.04)		$       114.01
Diluted	$         (2.11)		$         (3.09)		$         (9.04)		$       112.62
Shares used in computing earnings (loss) per share
Basic	15,533		15,468		15,487		14,802
Diluted	15,533		15,468		15,487		14,984

 

Inhibrx Biosciences, Inc.  Condensed Consolidated Balance Sheets (In thousands)
	AS OF DECEMBER 31,
	2025		2024
Cash and cash equivalents	$         124,220		$         152,596
Other current assets	8,612		7,802
Non-current assets	13,646		20,369
Total assets	$         146,478		$         180,767
Current liabilities	$           33,799		$           40,730
Long-term debt	100,559		—
Other non-current liabilities	4,127		6,453
Total liabilities	138,485		47,183
Stockholders' equity	7,993		133,584
Total liabilities and stockholders' equity	$         146,478		$         180,767

 

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SOURCE Inhibrx Biosciences, Inc.

FAQ

When will Inhibrx (INBX) submit the BLA for ozekibart and what indication is it for?

The company plans to submit the BLA for ozekibart in early Q2 2026 for unresectable or metastatic conventional chondrosarcoma. According to the company, this submission targets that indication and is timed after completion of the registration-enabling trial and enrollment milestones in 2025.

What cash and financing did Inhibrx (INBX) report at year-end and in March 2026?

Inhibrx reported $124.2 million in cash and cash equivalents as of December 31, 2025, and received $75.0 million in loan proceeds on March 18, 2026. According to the company, the loan was provided via a First Amendment to its Oxford Finance facility.

How did Inhibrx (INBX) financials change from fiscal 2024 to fiscal 2025?

Fiscal 2025 showed a net loss of $140.1 million versus net income of $1.7 billion in fiscal 2024, driven by the prior-year transaction gain. According to the company, decreases in R&D and G&A expenses also contributed to lower operating spend in 2025.

What clinical readouts and trial milestones does Inhibrx (INBX) expect in 2026 for INBRX-106?

Inhibrx expects interim ORR data from the randomized Phase 2/3 HNSCC trial with pembrolizumab in Q2 2026 and PFS data at ESMO in Q4 2026. According to the company, these are key interim efficacy readouts for INBRX-106 in head and neck cancer.

What drove the decline in Inhibrx's R&D and G&A expenses in fiscal 2025?

R&D fell to $113.0 million mainly from lower clinical and contract manufacturing costs; G&A declined after one-time 2024 transaction and legal costs. According to the company, the 101 Transaction-related expenses and accelerated option costs in 2024 materially increased the prior-year totals.