Inhibrx Biosciences (INBX) posts larger Q2 loss, boosts cash with new Oxford loan
Rhea-AI Filing Summary
Inhibrx Biosciences, Inc. reported second quarter 2026 results with a net loss of $36.7 million, or $2.34 per share, compared to a net loss of $28.7 million a year earlier. The company reported no revenue in the quarter versus $1.3 million in Q2 2025.
Research and development expenses were $23.9 million and general and administrative expenses were $8.3 million, both higher than the prior-year period, while total other expense rose to $4.5 million mainly from increased interest on debt. As of June 30, 2026, cash and cash equivalents were $133.3 million; including proceeds from a July loan amendment, cash reached $219.5 million as of August 6, 2026. A second amendment to the Oxford Finance loan provides up to $325.0 million in additional gross proceeds, of which $100.0 million was funded. The FDA accepted the biologics license application for ozekibart in conventional chondrosarcoma with a PDUFA goal date of April 14, 2027, and the company plans further clinical and regulatory milestones for ozekibart and INBRX-106.
Positive
- FDA accepted BLA for ozekibart in conventional chondrosarcoma with a PDUFA goal date of April 14, 2027, providing a defined timeline for a potential first product approval.
- A second amendment to the Oxford Finance loan adds up to $325.0 million in gross proceeds, with $100.0 million already funded, increasing financial flexibility.
- Cash and cash equivalents increased from $133.3 million at June 30, 2026 to $219.5 million as of August 6, 2026 after the loan funding, strengthening liquidity.
- The company initiated two additional Phase 1 colorectal cancer cohorts for ozekibart and expects interim results in the first quarter of 2027, expanding its clinical pipeline.
Negative
- Quarterly revenue fell to $0 in Q2 2026 from $1.3 million in Q2 2025, removing a prior-year revenue contribution.
- Net loss widened to $36.7 million from $28.7 million year over year, reflecting higher operating and interest expenses.
- Long-term debt rose to $176.3 million at June 30, 2026 from $100.6 million at December 31, 2025, increasing leverage and interest burden.
- Stockholders’ equity shifted to a deficit of $53.0 million at June 30, 2026 from positive equity of $8.0 million at December 31, 2025, indicating liabilities exceed assets.
Filing Explained
Of the 325 million dollar loan expansion, only 100 million dollars was funded; the remaining 225 million dollars depends on future requests and Oxford’s discretion.
This 8-K reports the second-quarter results and shows that, as of
Its loan update describes
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 Q2 2026: $36.650 million
Net loss Q2 2025: $28.654 million
Cash June 30, 2026: $133.344 million
+5 more
8 metrics
Net loss Q2 2026
$36.650 million
Net loss for the three months ended June 30, 2026
Net loss Q2 2025
$28.654 million
Net loss for the three months ended June 30, 2025
Cash June 30, 2026
$133.344 million
Cash and cash equivalents as of June 30, 2026
Cash August 6, 2026
$219.5 million
Cash and cash equivalents as of August 6, 2026 after loan funding
Oxford loan capacity
$325.0 million
Additional gross proceeds available under second amendment with Oxford Finance
Long-term debt June 30, 2026
$176.285 million
Long-term debt, net, as of June 30, 2026
Stockholders’ equity (deficit) June 30, 2026
$(52.977 million)
Stockholders’ equity (deficit) as of June 30, 2026
PDUFA goal date
April 14, 2027
FDA PDUFA goal date for ozekibart BLA in conventional chondrosarcoma
Key Terms
biologics license application, PDUFA goal date, Phase 2 trial, registrational trial, +2 more
6 terms
biologics license application medical
"the U.S. Food and Drug Administration (FDA) accepted for filing the Company’s biologics license application"
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.
PDUFA goal date regulatory
"and assigned a Prescription Drug User Fee Act (PDUFA) goal date of April 14, 2027"
The PDUFA goal date is the target deadline set by the U.S. Food and Drug Administration for completing its review of a new drug or biologic application. Investors watch it like a court date for a product: the outcome (approval, rejection, or request for more information) can sharply change a company’s revenue prospects and stock price, and the date gives a predictable event around which markets and planning can focus.
Phase 2 trial medical
"plans to announce progression-free survival (PFS) data from the randomized Phase 2 trial in head and neck"
A phase 2 trial is an intermediate-stage clinical study that tests whether a new treatment works and is reasonably safe in a group of patients who have the condition it targets. Think of it as a field test of a prototype product: it checks real-world effectiveness and side effects on a modest number of users to decide whether the treatment should move to larger, definitive testing. Investors watch phase 2 results because positive outcomes can sharply increase the likelihood of regulatory approval and future sales, while failures often halt development.
registrational trial medical
"plans to meet with the FDA in the fourth quarter of 2026 to discuss plans to initiate a first-line registrational trial"
A registrational trial is the large, definitive clinical study designed to provide the evidence regulators need to decide whether a new drug or medical product can be approved for sale. Think of it as the final exam for a treatment: passing it can unlock widespread market access and potential revenues, while failing it can sharply reduce a product’s commercial prospects and raise investment risk.
multivalent formats technical
"both of which utilize multivalent formats where the precise valency can be optimized in a target-centric way"
emerging growth company regulatory
"405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934. Emerging growth company"
An emerging growth company is a recently public or smaller public firm that qualifies for temporary, lighter regulatory and disclosure rules to reduce the cost and effort of being public. For investors, it means the company may provide less historical financial detail and face fewer reporting requirements than larger firms, so it can grow more quickly but also carries higher uncertainty—like buying a promising early-stage product with fewer user reviews.
Earnings Snapshot
Revenue Q2 2026: $0
three and six months ended June 30, 2026
Revenue Q2 2026
$0
vs $1.3 million in Q2 2025
Net loss Q2 2026
$36.7 million
vs $28.7 million in Q2 2025
Loss per share Q2 2026
$2.34
vs $1.85 in Q2 2025
R&D expense Q2 2026
$23.9 million
vs $22.3 million in Q2 2025
G&A expense Q2 2026
$8.3 million
vs $6.4 million in Q2 2025
FAQ
What was Inhibrx Biosciences (INBX) net loss for Q2 2026?
Inhibrx Biosciences reported a net loss of $36.7 million for the second quarter of 2026, compared with $28.7 million in the second quarter of 2025. The loss per share was $2.34, up from $1.85 a year earlier.
Did Inhibrx Biosciences (INBX) generate any revenue in Q2 2026?
Inhibrx Biosciences reported no revenue in the second quarter of 2026, versus $1.3 million in revenue in the same quarter of 2025. Prior-year revenue came from a license and assignment agreement with Scithera, Inc.
What is the cash position of Inhibrx Biosciences (INBX) after the Oxford loan amendment?
As of June 30, 2026, Inhibrx held $133.3 million in cash and cash equivalents. After receiving $100.0 million under the Oxford loan amendment, cash and cash equivalents increased to $219.5 million as of August 6, 2026.
How much additional financing access does Inhibrx Biosciences (INBX) have under the Oxford loan?
The second amendment to the Oxford Finance loan provides up to $325.0 million in gross proceeds. $100.0 million was funded at execution, with up to $225.0 million remaining available at Oxford’s discretion in future increments.
What key FDA milestone did Inhibrx Biosciences (INBX) achieve for ozekibart?
The FDA accepted Inhibrx’s biologics license application for ozekibart in conventional chondrosarcoma and set a PDUFA goal date of April 14, 2027, establishing a review timeline for potential approval.
How did operating expenses for Inhibrx Biosciences (INBX) change in Q2 2026?
Total operating expenses were $32.1 million in Q2 2026 versus $28.7 million in Q2 2025. Research and development rose to $23.9 million, while general and administrative expenses increased to $8.3 million, driven by clinical and pre-commercialization spending.
What is Inhibrx Biosciences (INBX) balance sheet position regarding debt and equity?
At June 30, 2026, Inhibrx had $176.3 million in long-term debt, up from $100.6 million at December 31, 2025. Stockholders’ equity was a deficit of $53.0 million, compared with positive equity of $8.0 million at year-end 2025.
AI-generated analysis. How Rhea-AI works. Not financial advice.
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): August 13, 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 August 13, 2026, Inhibrx Biosciences, Inc. (the “Company”) issued a press release announcing its financial results for the three and six months ended June 30, 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 August 13, 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: August 13, 2026 | ||||||||
| INHIBRX BIOSCIENCES, INC. | ||||||||
| By: | /s/ Kelly Deck | |||||||
| Name: | Kelly Deck | |||||||
| Title: | Chief Financial Officer | |||||||
Exhibit 99.1
Inhibrx Reports Second Quarter 2026 Financial Results
San Diego, CA, August 13, 2026 – Inhibrx Biosciences, Inc. (Nasdaq: INBX) (“Inhibrx” or the “Company”) today reported financial results for the second quarter of 2026. The biopharmaceutical company has two programs in ongoing clinical trials.
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 in gross proceeds, (i) $100.0 million of which was funded upon execution of the amendment and (ii) up to an additional $225.0 million which, upon the Company’s request and at Oxford’s discretion, may be funded in future increments of $50.0 million or more.
•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. On July 15, 2026, the Company entered into the Second Amendment to the Loan and Security Agreement with Oxford, and received gross proceeds of $100.0 million. As of August 6, 2026, the Company had cash and cash equivalents of $219.5 million.
•Revenue. Inhibrx earned $1.3 million of revenue during the second quarter of 2025 related to the Company’s completion of the transfer of all licenses, related materials, and know-how under a license and assignment agreement with Scithera, Inc. The Company did not recognize any revenue during the second quarter of 2026.
•R&D Expense. Research and development expenses were $23.9 million for the second quarter of 2026, as compared to $22.3 million for the second quarter of 2025. This increase was primarily related to increases in both clinical trial costs and contract manufacturing expenses as the Company progresses its ongoing clinical trials and begins certain manufacturing activities to supports its filing of the BLA for the potential approval of ozekibart (INBRX-109) in conventional chondrosarcoma. These increases were offset in part by a decrease in personnel-related expenses and clinical consulting expenses.
•G&A Expense. General and administrative expenses were $8.3 million during the second quarter of 2026, compared to $6.4 million during the second 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, Net. Other expense, net was $4.5 million during the second quarter of 2026, compared to $1.3 million during the second quarter of 2025. The increase is primarily due to higher interest expense on the Company’s $175.0 million outstanding loan balance during the second quarter of 2026 as compared to $100.0 million outstanding during the second quarter of 2025. This also reflects a decrease in interest income on the Company's cash and money market balances due to lower average cash balances and a decline in short-term interest rates.
•Net Loss. Net loss was $36.7 million during the second quarter of 2026, or $2.34 per share, basic and diluted, as compared to a net loss of $28.7 million during the second quarter of 2025, or $1.85 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 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)
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
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 (deficit) | $ | 154,222 | $ | 146,478 | |||||||