Inhibrx Biosciences (INBX) cuts Q1 2026 loss, boosts cash but ups debt
Filing Impact
Filing Sentiment
Form Type
8-K
Rhea-AI Filing Summary
Inhibrx Biosciences, Inc. reported first quarter 2026 results, showing a narrower net loss and a stronger cash position alongside higher debt and a stockholders’ deficit. Net loss was $33.4 million, or $2.15 per share, compared to $43.3 million, or $2.80 per share, in the first quarter of 2025.
Research and development expenses fell to $25.2 million, and general and administrative costs were broadly stable at $5.7 million. Cash and cash equivalents rose to $161.7 million as of March 31, 2026, supported by $75.0 million of additional loan proceeds, which increased long-term debt to $175.0 million and resulted in a stockholders’ deficit of $21.0 million.
Clinically, the company highlighted updated interim data for INBRX-106 in a randomized Phase 2 HNSCC trial and for ozekibart (INBRX-109) in colorectal cancer. It submitted a Biologics License Application for ozekibart in conventional chondrosarcoma and plans key FDA interactions in the second half of 2026.
Positive
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Negative
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Insights
Results show reduced losses, stronger cash, but higher leverage and a deficit.
Inhibrx Biosciences cut its quarterly net loss to $33.4 million while lowering R&D and keeping G&A largely steady. Cash increased to $161.7 million after drawing an additional $75.0 million under its loan facility, supporting ongoing clinical programs.
This funding raised long-term debt to $175.0 million and coincided with a shift to a stockholders’ deficit of $21.0 million. The pipeline advanced with a Biologics License Application for ozekibart in conventional chondrosarcoma and updated data for INBRX-106 and ozekibart in oncology indications.
Future disclosures around the FDA’s review of the ozekibart BLA, the planned Phase 2 progression-free survival readout for INBRX-106 in HNSCC in Q4 2026, and potential registrational trial plans in colorectal cancer will help clarify regulatory and clinical trajectories.
8-K Event Classification
2 items: 2.02, 9.01
2 items
Item 2.02
Results of Operations and Financial Condition
Financial
Disclosure of earnings results, typically an earnings press release or preliminary financials.
Item 9.01
Financial Statements and Exhibits
Exhibits
Financial statements, pro forma financial information, and exhibit attachments filed with this report.
Key Figures
Net loss Q1 2026: $33.4M
Net loss Q1 2025: $43.3M
R&D expense Q1 2026: $25.2M
+5 more
8 metrics
Net loss Q1 2026
$33.4M
Net loss for three months ended March 31, 2026
Net loss Q1 2025
$43.3M
Net loss for three months ended March 31, 2025
R&D expense Q1 2026
$25.2M
Research and development for Q1 2026
Cash and cash equivalents
$161.7M
Cash balance as of March 31, 2026
Additional loan proceeds
$75.0M
Gross proceeds from March 2026 loan amendment
Long-term debt
$175.0M
Outstanding loan balance during Q1 2026
Stockholders’ equity (deficit)
-$21.0M
Equity deficit as of March 31, 2026
Loss per share Q1 2026
$2.15
Basic and diluted loss per share in Q1 2026
Key Terms
Biologics License Application, progression-free survival, Phase 2, accelerated regulatory pathways, +2 more
6 terms
Biologics License Application regulatory
"we submitted a Biologics License Application (BLA) to the U.S. Food and Drug Administration (FDA) 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 from the randomized Phase 2 trial"
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.
Phase 2 medical
"randomized, first-line Phase 2 portion of the HexAgon study"
Phase 2 is the mid-stage clinical trial where a new drug or treatment is tested in a larger group of patients to see if it works and to keep checking safety after initial human testing. Think of it as a field test that proves whether a product actually delivers its promised benefit. Investors watch Phase 2 closely because its results strongly influence a medicine’s chances of reaching the market, the size of its potential sales, and the company’s valuation.
accelerated regulatory pathways regulatory
"the potential for accelerated regulatory pathways for ozekibart in fourth-line colorectal cancer"
Accelerated regulatory pathways are special programs run by drug and device regulators that let promising products move through approval steps faster than usual, like a “fast lane” for treatments that address serious or unmet medical needs. For investors, these pathways can bring a product to market sooner and shorten the time to revenue, but they often come with extra conditions or follow-up studies that add both opportunity and uncertainty to the investment picture.
stockholders’ equity (deficit) financial
"Stockholders’ equity (deficit) | (21,035) | | | 7,993"
Earnings Snapshot
Net loss: $33.4M
Q1 2026
Net loss
$33.4M
Loss per share
$2.15
R&D expense
$25.2M
Cash and cash equivalents
$161.7M
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 OR 15(d) of The Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): May 14, 2026
(Exact name of registrant as specified in its charter)
| (State or other jurisdiction of incorporation) | (Commission File Number) | (IRS Employer Identification No.) | ||||||||||||
(Address of Principal Executive Offices and Zip Code)
Registrant’s telephone number, including area code: (858 ) 795-4220
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
Securities registered pursuant to Section 12(b) of the Act:
| Title of each class | Trading Symbol(s) | Name of each exchange on which registered | ||||||
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging growth company ☒
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☒
Item 2.02 Results of Operations and Financial Condition
On May 14, 2026, Inhibrx Biosciences, Inc. (the “Company”) issued a press release announcing its financial results for the three months ended March 31, 2026. A copy of the press release is furnished as Exhibit 99.1 to this report.
The information in Item 2.02 of this Current Report on Form 8-K, including Exhibit 99.1 attached hereto, is intended to be furnished and shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liabilities of that section, nor shall it be deemed incorporated by reference in any filing under the Securities Act of 1933, as amended, or the Exchange Act, except as expressly set forth by specific reference in such filing.
Item 9.01. Financial Statements and Exhibits.
(d) Exhibits.
| Exhibit No. | Description | |||||||
| 99.1 | Press Release issued by Inhibrx Biosciences, Inc. on May 14, 2026 | |||||||
| 104 | Cover Page Interactive Data File (embedded within the Inline XBRL document) | |||||||
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
Date: May 14, 2026 | ||||||||
| INHIBRX BIOSCIENCES, INC. | ||||||||
| By: | /s/ Kelly Deck | |||||||
| Name: | Kelly Deck | |||||||
| Title: | Chief Financial Officer | |||||||
Exhibit 99.1
Inhibrx Reports First Quarter 2026 Financial Results
San Diego, CA, May 14, 2026 – Inhibrx Biosciences, Inc. (Nasdaq: INBX) (“Inhibrx” or the “Company”) today reported financial results for the first quarter of 2026. The biopharmaceutical company has two programs in ongoing clinical trials.
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, as compared to $124.2 million as of December 31, 2025. The Company’s cash balance increased as a result of the receipt of gross proceeds of $75.0 million in March 2026 upon entering into the First Amendment to the Loan and Security Agreement (March 2026 Amendment) with Oxford Finance LLC (Oxford).
•R&D Expense. Research and development expenses were $25.2 million for the first quarter of 2026, as compared to $36.9 million for the first quarter of 2025. This decrease was primarily related to lower clinical trial costs associated with ozekibart for the treatment of unresectable or metastatic conventional chondrosarcoma as the trial approached completion of enrollment, as well as a decrease in contract manufacturing expenses due to the timing and completion of certain manufacturing activities required to support our clinical trials. In addition, personnel-related expenses decreased as a result of a decrease in headcount in the current period.
•G&A Expense. General and administrative expenses were $5.7 million during the first quarter of 2026, compared to $6.0 million during the first quarter of 2025. These expenses were consistent in each period with a slight decrease in personnel-related expenses as a result of a decrease in headcount in the current period.
•Other Expense, Net. Other expense, net was $2.5 million during the first quarter of 2026, compared to $0.4 million during the first quarter of 2025. The increase reflects higher interest expense following the Company's receipt of an additional $75.0 million in principal, bringing the outstanding loan balance from $100.0 million to $175.0 million during the first quarter of 2026, as well as lower interest income on the Company's cash and money market balances reflecting lower average cash balances and a decline in short-term interest rates.
•Net Loss. Net loss was $33.4 million during the first quarter of 2026, or $2.15 per share, basic and diluted, as compared to a net loss of $43.3 million during the first quarter of 2025, or $2.80 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 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 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)
Condensed Consolidated Statements of Operations
(In thousands, except per share data)
(Unaudited)
| THREE MONTHS ENDED MARCH 31, | |||||||||||
| 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.
Condensed Consolidated Balance Sheets
Condensed Consolidated Balance Sheets
(In thousands)
(Unaudited)
| 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 (deficit) | $ | 183,967 | $ | 146,478 | |||||||
FAQ
How did Inhibrx Biosciences (INBX) perform financially in Q1 2026?
Inhibrx Biosciences reported a Q1 2026 net loss of $33.4 million, or $2.15 per share. This compares to a $43.3 million net loss, or $2.80 per share, in Q1 2025, reflecting lower research and development spending and relatively stable general and administrative costs.
What was Inhibrx Biosciences’ cash position and debt at March 31, 2026?
As of March 31, 2026, Inhibrx held $161.7 million in cash and cash equivalents and $175.0 million in long-term debt principal. Cash increased after receiving $75.0 million of additional loan proceeds, which also drove higher interest expense and contributed to a stockholders’ deficit.
What are the key clinical programs highlighted by Inhibrx Biosciences (INBX)?
Inhibrx highlighted two main clinical programs: INBRX-106 and ozekibart (INBRX-109). INBRX-106 is in a randomized Phase 2 HNSCC trial with pembrolizumab, while ozekibart is being evaluated in colorectal cancer and has a Biologics License Application for conventional chondrosarcoma.
What regulatory milestone did Inhibrx Biosciences achieve for ozekibart (INBRX-109)?
Inhibrx submitted a Biologics License Application to the FDA for ozekibart in conventional chondrosarcoma. This filing seeks marketing approval based on the company’s clinical data and represents a significant regulatory step for the multivalent therapeutic candidate.
What upcoming data and FDA interactions did Inhibrx Biosciences (INBX) outline?
Inhibrx plans to report progression-free survival data from the INBRX-106 HNSCC Phase 2 trial in Q4 2026 and meet the FDA in the second half of 2026. Those meetings will discuss a potential first-line registrational colorectal cancer trial and possible accelerated pathways.
How did research and development expenses change for Inhibrx Biosciences in Q1 2026?
Research and development expenses were $25.2 million in Q1 2026, down from $36.9 million in Q1 2025. The decrease mainly reflects lower clinical trial and manufacturing costs for ozekibart and reduced personnel expenses after headcount reductions.