Inhibrx Reports Third Quarter 2026 Financial Results

Rhea-AI Summary

Inhibrx Biosciences (INBX) reported a third-quarter 2026 net loss of $38.7 million as higher administrative and other expenses offset lower research spending. Loss per share was $2.46, versus $2.28 a year earlier. Revenue was $2.0 million, versus none, from a non-exclusive patent license to Pfizer. Cash and equivalents reached $199.5 million at September 30, 2026.

Inhibrx plans updated ozekibart Ewing sarcoma results at CTOS on November 19–20, 2026; commercial readiness work for chondrosarcoma is advancing with the regulatory review timeline. The company expects the ordastobart Phase 2 expansion to add approximately 50 HPV-positive oropharyngeal cancer patients, with an initial readout around mid-2027. It plans subsequent FDA alignment and anticipates a Phase 3 confirmatory study. Initial ordastobart lung cancer results are expected in mid-2027. Stockholders' deficit was $85.876 million, versus equity of $7.993 million at year-end 2025.

12 points · 0 major

MixediHow this balance works

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Rhea-AI gives every point it takes from this document a weight. Minor counts 1, Moderate 3 and Major 9, so one Major point outweighs several Minor ones. The bar adds up the weights on each side, and when neither side holds more than 65% of the total the balance reads Mixed.

It reads the document as published, with the same rules for every company, and it does not look at what the market expected or at how the stock traded, so a point can be objectively good on a day the stock falls.

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0 major · 9 points

Hollow bars mark forward-looking points. How the balance works

Positive

• Moderate pointCash and equivalents increased to $199.469 million at September 30, 2026, from $124.220 million at year-end 2025.
• Moderate pointQ3 R&D expense fell to $25.966 million from $28.535 million a year earlier.
• Moderate pointQ3 operating loss narrowed to $31.735 million from $33.812 million a year earlier.
• Minor pointQ3 revenue of $2.0 million, versus none a year earlier, came from Pfizer's non-exclusive patent license.
• Minor pointNine-month revenue increased to $2.0 million from $1.3 million in 2025.

7 minor points

• Minor pointNine-month R&D expense fell to $75.082 million from $87.679 million in 2025.
• Minor pointNine-month operating loss narrowed to $94.811 million from $104.102 million in 2025.
• Minor pointOzekibart commercial readiness activities are advancing in line with the chondrosarcoma regulatory review timeline.
• Minor point. Forward-looking: it has not happened yet and may not happen.Updated ozekibart Phase 1/2 Ewing sarcoma results are planned for CTOS, November 19–20, 2026.
• Minor point. Forward-looking: it has not happened yet and may not happen.Ordastobart Phase 2 enrollment is expected to add approximately 50 HPV-positive oropharyngeal cancer patients.
• Minor point. Forward-looking: it has not happened yet and may not happen.HexAgon expansion initial readout is expected around mid-2027; Inhibrx anticipates initiating Phase 3 afterward.
• Minor point. Forward-looking: it has not happened yet and may not happen.Ordastobart Phase 1/2 lung cancer initial results are expected in mid-2027.

Negative

• Moderate pointQ3 net loss widened to $38.733 million, or $2.46 per share, versus $35.256 million, or $2.28.
• Moderate pointQ3 G&A expense increased to $7.769 million from $5.277 million, primarily reflecting additional pre-commercialization spending.
• Moderate pointLong-term debt, net, increased to $276.701 million at September 30, 2026, from $100.559 million at year-end 2025.
• Moderate pointStockholders' deficit reached $85.876 million at September 30, 2026, versus $7.993 million equity at year-end 2025.
• Minor pointQ3 other expense increased to $6.998 million from $1.444 million, primarily due to higher interest expense.

4 minor points

• Minor pointNine-month net loss widened to $108.824 million, or $6.95 per share, versus $107.221 million, or $6.93.
• Minor pointNine-month G&A expense increased to $21.729 million from $17.723 million in 2025.
• Minor pointNine-month other expense increased to $14.010 million from $3.117 million in 2025.
• Minor point. Forward-looking: it has not happened yet and may not happen.FDA alignment on the potential accelerated regulatory pathway is planned after the HexAgon Phase 2 expansion.

News Explained

Inhibrx reported $275.0 million of loans outstanding in the third quarter of 2026, versus $100.0 million a year earlier; it attributed the rise in total other expense, to $7.0 million from $1.4 million, primarily to higher interest on that debt.

Key Figures

Cash and cash equivalents: $199.5 million Revenue: $2.0 million R&D expense: $26.0 million vs. $28.5 million +5 more

Cash and cash equivalents

$199.5 million

As of September 30, 2026

Revenue

$2.0 million

Q3 2026; license agreement upfront payment

R&D expense

$26.0 million vs. $28.5 million

Q3 2026 vs. Q3 2025

G&A expense

$7.8 million vs. $5.3 million

Q3 2026 vs. Q3 2025

Other expense

$7.0 million vs. $1.4 million

Q3 2026 vs. Q3 2025

Outstanding loan balance

$275.0 million vs. $100.0 million

Q3 2026 vs. Q3 2025

Net loss

$38.7 million vs. $35.3 million

Q3 2026 vs. Q3 2025

Loss per share

$2.46 vs. $2.28

Q3 2026 vs. Q3 2025; basic and diluted

Previous Earnings Reports

1 past event · Latest: Nov 14

Same Type 1 event

1. Nov 14

   Q3 earnings

   24h Move

   +6.0%

   Reported Q3 cash, expenses and net loss, with chondrosarcoma trial endpoint success.

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

Key Terms

hnscc, nsclc

2 terms

hnscc medical

"head and neck squamous cell carcinoma (HNSCC)"

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.

nsclc medical

"non-small cell lung cancer (NSCLC)"

NSCLC stands for non-small cell lung cancer, which is the most common type of lung cancer. It develops in the lungs and can spread to other parts of the body, making it serious but often treatable if caught early. Understanding NSCLC helps people recognize the importance of lung health and early detection.

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SAN DIEGO, Nov. 13, 2026 /PRNewswire/ -- Inhibrx Biosciences, Inc. (Nasdaq: INBX) (Inhibrx or the Company) today reported financial results for the third quarter of 2026. The biopharmaceutical company has two programs in ongoing clinical trials.

Upcoming Clinical Milestones

• Ozekibart (INBRX-109) in Ewing sarcoma. The Company plans to present updated results from the Phase 1/2 study evaluating ozekibart (INBRX-109) in combination with irinotecan and temozolomide in refractory Ewing sarcoma at the annual Connective Tissue Oncology Society (CTOS) meeting in Seoul, South Korea from November 19th-20th, 2026.

• Ozekibart (INBRX-109) in Chondrosarcoma. Commercial readiness activities advancing in line with the regulatory review timeline for ozekibart in chondrosarcoma.

• Ordastobart (INBRX-106) in HNSCC. The Company is currently enrolling the Phase 2 portion of the randomized HexAgon study in head and neck squamous cell carcinoma (HNSCC) in combination with pembrolizumab, which is expected to add approximately 50 additional HPV-positive Oropharyngeal Squamous Cell Carcinoma patients to support a potential accelerated regulatory pathway. The expansion of the HexAgon program is strategically focused on the HPV-positive setting. Inhibrx believes this positioning allows ordastobart (INBRX-106) to maximize its costimulatory activity where immune responsiveness and clinical benefit have proven highest. Following the Phase 2 expansion, the initial read out of which is expected around mid-2027, the Company plans to align with the FDA on this framework and anticipates initiating the Phase 3 portion of the HexAgon trial, which is intended to serve as the confirmatory study.

• Ordastobart (INBRX-106) in NSCLC. The Company expects initial results from its Phase 1/2 study of ordastobart (INBRX-106) in the perioperative setting of non-small cell lung cancer (NSCLC) in mid-2027. This readout is expected to provide important clinical insights to inform future development, demonstrating the potential for ordastobart (INBRX-106) to extend well beyond head and neck cancer into broader solid tumor indications.

Financial Results

• Cash and Cash Equivalents. As of September 30, 2026, the Company had cash and cash equivalents of $199.5 million.

• Revenue. Inhibrx recognized $2.0 million of revenue during the third quarter of 2026 under a license agreement with Pfizer, Inc., in which the Company granted a non-exclusive license for certain of the Company's patent rights in exchange for a $2.0 million upfront payment which was received in September 2026. The Company did not recognize any revenue during the third quarter of 2025.

• R&D Expense. Research and development expenses were $26.0 million for the third quarter of 2026, as compared to $28.5 million for the third quarter of 2025. This decrease was primarily related to a decrease in clinical trial costs due to the timing of the completion of enrollment in our trial for ozekibart (INBRX-109) for the treatment of unresectable or metastatic conventional chondrosarcoma and a decrease in personnel expenses due to a decrease in headcount, offset in part by an increase in contract manufacturing expenses as the Company performs certain manufacturing activities to supports its filing of the Biologics License Application (BLA) for the potential approval of ozekibart (INBRX-109) in conventional chondrosarcoma.

• G&A Expense. General and administrative expenses were $7.8 million during the third quarter of 2026, compared to $5.3 million during the third quarter of 2025. This increase is primarily related to additional pre-commercialization expenses related to market access, launch and the development of communication materials as the Company prepares for its potential commercialization of ozekibart (INBRX-109) in conventional chondrosarcoma.

• Other Expense. Total other expense was $7.0 million during the third quarter of 2026, compared to $1.4 million during the third quarter of 2025. The increase is primarily due to higher interest expense on the Company's $275.0 million outstanding loan balance during the third quarter of 2026 as compared to $100.0 million outstanding during the third quarter of 2025.

• Net Loss. Net loss was $38.7 million during the third quarter of 2026, or $2.46 per share, basic and diluted, as compared to a net loss of $35.3 million during the third quarter of 2025, or $2.28 per share, basic and 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's current clinical pipeline of therapeutic candidates includes ozekibart (INBRX-109) and ordastobart (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 (INBRX-109) and ordastobart (INBRX-106), based on topline and interim results; the potential for ordastobart (INBRX-106) to be used for the treatment of metastatic or unresectable recurrent HNSCC or perioperative NSCLC, the potential to extend into broader solid tumor indications, or the potential for an accelerated pathway in HNSCC; the clinical development of our product candidates, including anticipated enrollment and expansion of clinical trials, 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; potential commercialization of our product candidates, if approved. 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 SEPTEMBER 30,				NINE MONTHS ENDED SEPTEMBER 30,
	2026		2025		2026		2025
Revenue:
License fee revenue	$          2,000		$              —		$          2,000		$          1,300
Total revenue	2,000		—		2,000		1,300
Operating expenses:
Research and development	25,966		28,535		75,082		87,679
General and administrative	7,769		5,277		21,729		17,723
Total operating expenses	33,735		33,812		96,811		105,402
Loss from operations	(31,735)		(33,812)		(94,811)		(104,102)
Total other expense	(6,998)		(1,444)		(14,010)		(3,117)
Provision for income taxes.	—		—		3		2
Net loss	$        (38,733)		$        (35,256)		$      (108,824)		$      (107,221)
Loss per share	$            (2.46)		$            (2.28)		$            (6.95)		$            (6.93)
Shares used in computing loss per share	15,720		15,478		15,658		15,471

 

Inhibrx Biosciences, Inc. Condensed Consolidated Balance Sheets (In thousands) (Unaudited)
	SEPTEMBER 30,		DECEMBER 31,
	2026		2025
Cash and cash equivalents	$                  199,469		$                  124,220
Other current assets	7,402		8,612
Non-current assets	13,420		13,646
Total assets	$                  220,291		$                  146,478
Current liabilities	$                    27,302		$                    33,799
Long-term debt, net	276,701		100,559
Other non-current liabilities	2,164		4,127
Total liabilities	306,167		138,485
Stockholders' equity (deficit)	(85,876)		7,993
Total liabilities and stockholders' equity (deficit)	$                  220,291		$                  146,478

 

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SOURCE Inhibrx Biosciences, Inc.

FAQ

AI-generated questions and answers. How Rhea-AI works. Not financial advice.

What were Inhibrx's third-quarter 2026 revenue and net loss?

Inhibrx reported $2.0 million in revenue and a $38.733 million net loss, or $2.46 per share, basic and diluted. Revenue came from a non-exclusive license of certain patent rights to Pfizer. The year-earlier quarter had no revenue and a $35.256 million net loss, or $2.28 per share.

When does Inhibrx expect its next ordastobart clinical results?

Inhibrx expects the initial HexAgon Phase 2 expansion readout around mid-2027 and initial Phase 1/2 results in perioperative non-small cell lung cancer in mid-2027. The HexAgon study evaluates ordastobart with pembrolizumab in head and neck squamous cell carcinoma.

Why did Inhibrx's third-quarter 2026 research and development expenses decline?

R&D expenses declined primarily because of lower clinical trial costs and personnel expenses. Trial costs reflected the timing of completed enrollment in the ozekibart conventional chondrosarcoma trial, while personnel expenses reflected lower headcount. Higher contract manufacturing expenses supporting the biologics license application partly offset those reductions.