Welcome to our dedicated page for Inhibrx Biosciences news (Ticker: INBX), a resource for investors and traders seeking the latest updates and insights on Inhibrx Biosciences stock.
Inhibrx Biosciences, Inc. reports clinical and corporate updates for a pipeline of biologic therapeutic candidates developed with protein engineering platforms. The company’s programs include ozekibart (INBRX-109), a tetravalent death receptor 5 agonist antibody studied in oncology indications including chondrosarcoma, colorectal cancer and Ewing sarcoma, and INBRX-106, a hexavalent OX40 agonist evaluated in immuno-oncology settings such as head and neck squamous cell carcinoma.
Company developments commonly cover clinical trial data, regulatory submissions and designations, scientific conference presentations, quarterly and annual financial results, and capital resources. Inhibrx Biosciences also carries a completed corporate history tied to its 2024 separation from Inhibrx, Inc. following the sale of the INBRX-101 program.
Inhibrx Biosciences (Nasdaq: INBX) reported its Q2 2024 financial results and corporate highlights. Key points include:
1. Completion of separation from Former Parent on May 30, 2024
2. Cash and cash equivalents of $226.9 million as of June 30, 2024
3. R&D expenses increased to $67.6 million in Q2 2024
4. G&A expenses rose to $93.4 million in Q2 2024
5. Net income of $1.9 billion in Q2 2024, or $127.10 per share (basic)
The company now operates as a stand-alone entity focused on two clinical programs: ozekibart (INBRX-109) and INBRX-106.
Inhibrx announced that its stockholders have approved the sale of INBRX-101 to Sanofi. INBRX-101 is an augmentation therapy for alpha-1 antitrypsin deficiency (AATD). Before the sale, all non-101 assets and liabilities will be spun out into a new publicly traded company, New Inhibrx. Sanofi will acquire all outstanding shares of Inhibrx through a merger, offering $30 per share in cash and a contingent value right of $5 per share. Additionally, stockholders will receive one share of New Inhibrx for every four shares of Inhibrx common stock. Sanofi will also assume and retire Inhibrx's debt, and New Inhibrx will receive at least $200 million in cash. The transactions are expected to close soon, leading to Inhibrx's delisting from Nasdaq and cessation of SEC filings.
Inhibrx, Inc. announced an updated when-issued trading date for the anticipated spin-off of its subsidiary Inhibrx Biosciences, Inc. The spin-off will occur after the approval of the Company's acquisition by Sanofi at a special meeting on May 24, 2024. The trading of SpinCo common stock is expected to begin on a when-issued basis on May 28, 2024, under the symbol 'INXB.' The record date for the spin-off is May 17, 2024, with the distribution scheduled for May 29, 2024. The completion of the spin-off and merger is subject to closing conditions noted in the Company's Definitive Proxy Statement.
Inhibrx, Inc. has announced a record date set for May 17, 2024, for the distribution of 92% of shares of its subsidiary, Inhibrx Biosciences, Inc., to its common stockholders. The distribution is expected to occur on May 29, 2024, followed by the closing of the acquisition by Sanofi on May 30, 2024. Shareholders will receive one share of SpinCo common stock for every four shares of Inhibrx common stock held. Trading under the symbol 'INBX' will entitle shareholders to the distribution, with SpinCo common stock trading under 'INXB' until the completion of the distribution.
Summary not available.
Summary not available.
Summary not available.
Summary not available.
Summary not available.
Summary not available.