Inhibrx Reports Second Quarter 2026 Financial Results
Rhea-AI Summary
Inhibrx Biosciences (Nasdaq: INBX) reported second quarter 2026 results, highlighting clinical progress and a major debt financing. The company entered a Second Amendment to its Loan and Security Agreement with Oxford Finance, providing up to $325.0 million in additional gross proceeds, including $100.0 million funded in July 2026.
The FDA accepted Inhibrx’s BLA for ozekibart (INBRX-109) in conventional chondrosarcoma with a PDUFA goal date of April 14, 2027. New Phase 1 colorectal cancer cohorts were initiated, with interim data expected in Q1 2027. Q2 2026 R&D expense was $23.9 million and G&A was $8.3 million, driving a net loss of $36.7 million or $2.34 per share. Cash and cash equivalents were $133.3 million at June 30, 2026 and $219.5 million as of August 6, 2026, while long‑term debt rose to $176.3 million, and stockholders’ equity turned to a deficit of $53.0 million.
Positive
- Oxford loan amendment adds up to $325.0 million, including $100.0 million funded in July 2026
- Cash and cash equivalents increased to $219.5 million as of August 6, 2026
- FDA accepted BLA for ozekibart in conventional chondrosarcoma with April 14, 2027 PDUFA date
- New Phase 1 CRC cohorts for ozekibart initiated with interim data expected Q1 2027
- INBRX-106 Phase 2 PFS data in HNSCC planned for disclosure in Q3 2026
Negative
- Net loss widened to $36.7 million in Q2 2026 from $28.7 million in Q2 2025
- No revenue recognized in Q2 2026 versus $1.3 million in Q2 2025
- R&D expense increased to $23.9 million in Q2 2026 from $22.3 million a year earlier
- G&A expense rose to $8.3 million in Q2 2026 from $6.4 million in Q2 2025
- Other expense, net more than tripled to $4.5 million, mainly from higher interest expense
- Long-term debt grew to $176.3 million and stockholders’ equity shifted to a $53.0 million deficit
News Explained
Inhibrx had received the initial
Sources and calculations
- Inhibrx Reports Second Quarter 2026 Financial Results (2026-08-13)
- Inhibrx latest-quarter fundamentals (2026Q1)
- Cash and equivalents vs quarterly operating cash outflow, in days of cash use $161,657,000 / ($38,026,000 / 90) = [object Object]
Key Figures
Previous Earnings Reports
| Date | Event | Sentiment | 24h Move | Catalyst |
|---|---|---|---|---|
| May 14 | 1Q26 earnings report | Negative | -6.5% | Net loss increased while cash and an FDA submission were reported. |
| Mar 19 | FY25 earnings report | Negative | -6.1% | Annual results included a substantial net loss and scheduled clinical milestones. |
| Nov 14 | 3Q25 earnings report | Positive | +6.0% | Ozekibart met its registrational endpoint and showed improved progression-free survival. |
| Aug 13 | 2Q25 earnings report | Positive | +1.6% | Clinical programs progressed while quarterly revenue and cash were reported. |
| May 14 | 1Q25 earnings report | Positive | +10.9% | Cash strengthened following financing while operating expenses declined year over year. |
24h Move is the share-price change in the day after each event; other market factors may also have contributed.
Tag-specific earnings history showed alignment between the announcement sentiment and the subsequent 24-hour price reaction in all five selected events.
Key Terms
pfs medical
hnscc medical
pdufa regulatory
AI-generated analysis. How Rhea-AI works. Not financial advice.
Recent Corporate Highlights and Upcoming Milestones
- Oxford Loan Amendment. In July 2026, the Company entered into a second amendment to the Loan and Security Agreement (Second Amendment) with Oxford Finance LLC (Oxford), which provides for an additional
$325.0 million $100.0 million $225.0 million $50.0 million - INBRX-106
- The Company plans to announce progression-free survival (PFS) data from the randomized Phase 2 trial in head and neck squamous cell carcinoma (HNSCC) in combination with pembrolizumab in the third quarter of 2026.
- ozekibart (INBRX-109)
- During the second quarter of 2026, Inhibrx initiated two additional Phase 1 cohorts in colorectal cancer (CRC): (1) a second line study investigating ozekibart in combination with Folfiri and Avastin, and (2) a third/fourth line study investigating ozekibart in combination with Lonsurf and Avastin. The Company expects to announce interim results from these cohorts during the first quarter of 2027.
- In June 2026, the
U.S . Food and Drug Administration (FDA) accepted for filing the Company's biologics license application (BLA) for the potential approval of ozekibart in conventional chondrosarcoma and assigned a Prescription Drug User Fee Act (PDUFA) goal date of April 14, 2027. - The Company plans to meet with the FDA in the fourth quarter of 2026 to discuss plans to initiate a first-line registrational trial in CRC as well as the potential for an accelerated regulatory pathway for ozekibart in fourth-line CRC.
Financial Results
- Cash and Cash Equivalents. As of June 30, 2026, the Company had cash and cash equivalents of
$133.3 million $100.0 million $219.5 million
- Revenue. Inhibrx earned
$1.3 million
- R&D Expense. Research and development expenses were
$23.9 million $22.3 million
- G&A Expense. General and administrative expenses were
$8.3 million $6.4 million
- Other Expense, Net. Other expense, net was
$4.5 million $1.3 million $175.0 million $100.0 million
- Net Loss. Net loss was
$36.7 million $2.34 $28.7 million $1.85
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 candidates, ozekibart and 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, approvals 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; 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; and potential future funding under the loan agreement with Oxford. 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 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) | |||||||||||
(Unaudited) | |||||||||||
THREE MONTHS ENDED JUNE 30, | SIX MONTHS ENDED JUNE 30, | ||||||||||
2026 | 2025 | 2026 | 2025 | ||||||||
Revenue: | |||||||||||
License fee revenue | $ | — | $ | 1,300 | $ | — | $ | 1,300 | |||
Total revenue | — | 1,300 | — | 1,300 | |||||||
Operating expenses: | |||||||||||
Research and development.. | 23,899 | 22,267 | 49,116 | 59,144 | |||||||
General and administrative.. | 8,250 | 6,422 | 13,960 | 12,446 | |||||||
Total operating expenses. | 32,149 | 28,689 | 63,076 | 71,590 | |||||||
Loss from operations | (32,149) | (27,389) | (63,076) | (70,290) | |||||||
Total other expense | (4,498) | (1,263) | (7,012) | (1,673) | |||||||
Provision for income taxes | 3 | 2 | 3 | 2 | |||||||
Net loss | $ | (36,650) | $ | (28,654) | $ | (70,091) | $ | (71,965) | |||
Loss per share | $ | (2.34) | $ | (1.85) | $ | (4.49) | $ | (4.65) | |||
Shares used in computing loss per share | 15,669 | 15,468 | 15,627 | 15,468 | |||||||
Inhibrx Biosciences, Inc. | |||
Condensed Consolidated Balance Sheets | |||
(In thousands) | |||
(Unaudited) | |||
JUNE 30, | DECEMBER 31, | ||
2026 | 2025 | ||
Cash and cash equivalents | $ 133,344 | $ 124,220 | |
Other current assets | 8,868 | 8,612 | |
Non-current assets | 12,010 | 13,646 | |
Total assets | $ 154,222 | $ 146,478 | |
Current liabilities | $ 28,064 | $ 33,799 | |
Long-term debt, net | 176,285 | 100,559 | |
Other non-current liabilities | 2,850 | 4,127 | |
Total liabilities | 207,199 | 138,485 | |
Stockholders' equity (deficit) | (52,977) | 7,993 | |
Total liabilities and stockholders' equity | $ 154,222 | $ 146,478 | |
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SOURCE Inhibrx Biosciences, Inc.