Inhibrx Biosciences Q3 loss widens to $38.7M
Sentiment and the balance of points
Rhea-AI Sentiment reads the wording of the document, how positive or negative its language is on a 1 to 5 scale. The balance of points shown with the takes weighs what the document actually discloses, so the two can disagree, for example when a trial that missed its main goal is described in upbeat language.
Form Type
8-K
Rhea-AI Filing Summary
Inhibrx Biosciences, Inc. (INBX) reported third-quarter 2026 revenue of $2.0 million under a Pfizer license agreement and a net loss of $38.7 million, or $2.46 per share, compared with a $35.3 million loss, or $2.28 per share, in third-quarter 2025. Cash and cash equivalents were $199.5 million as of September 30, 2026. Research and development expense was $26.0 million, versus $28.5 million, while general and administrative expense increased to $7.8 million from $5.3 million, primarily due to pre-commercialization spending. Total other expense was $7.0 million, versus $1.4 million, primarily reflecting interest on a $275.0 million outstanding loan balance versus $100.0 million a year earlier.
Inhibrx is enrolling the Phase 2 portion of its ordastobart HexAgon study with pembrolizumab in HNSCC; the expansion is expected to add approximately 50 HPV-positive oropharyngeal cancer patients. An initial readout is expected around mid-2027; the company plans to align with FDA afterward and anticipates initiating a Phase 3 portion intended as the confirmatory study. It plans to present updated ozekibart Ewing sarcoma results at the CTOS meeting November 19 and 20, 2026, and says commercial-readiness activities for ozekibart in chondrosarcoma are advancing in line with regulatory review.
0 points · 0 major0 major · 1 point
How this balance works
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.
Rhea-AI Sentiment measures something else, the tone of the wording.
Positive
- None.
Negative
- Moderate pointNet loss rose to $38.7 million from $35.3 million in Q3 2025.
Filing Explained
This 8-K furnishes unaudited third-quarter results; the
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, or exhibit attachments filed with this report.
Key Figures
Revenue: $2.0 million
Net loss: $38.7 million
Loss per share: $2.46 per share
+5 more
8 metrics
Revenue
$2.0 million
Third quarter of 2026; no revenue was recognized in the third quarter of 2025.
Net loss
$38.7 million
Third quarter of 2026, compared with $35.3 million in the third quarter of 2025.
Loss per share
$2.46 per share
Third quarter of 2026, compared with $2.28 per share in the third quarter of 2025.
Cash and cash equivalents
$199.5 million
As of September 30, 2026.
Research and development expense
$26.0 million
Third quarter of 2026, compared with $28.5 million in the third quarter of 2025.
General and administrative expense
$7.8 million
Third quarter of 2026, compared with $5.3 million in the third quarter of 2025.
Total other expense
$7.0 million
Third quarter of 2026, compared with $1.4 million in the third quarter of 2025.
Outstanding loan balance
$275.0 million
During the third quarter of 2026, compared with $100.0 million outstanding during the third quarter of 2025.
Key Terms
Biologics License Application (BLA), accelerated regulatory pathway, HPV-positive Oropharyngeal Squamous Cell Carcinoma, perioperative, +1 more
5 terms
Biologics License Application (BLA) regulatory
"filing of the Biologics License Application (BLA)"
A biologics license application (BLA) is a formal request to a government agency seeking approval to sell a biological medicine, such as vaccines or gene therapies, in the market. It is similar to a detailed report that proves the product is safe, effective, and manufactured properly. For investors, a BLA signifies a critical step toward commercial availability, often impacting a company's valuation and market prospects.
accelerated regulatory pathway regulatory
"support a potential accelerated regulatory pathway"
An accelerated regulatory pathway is a government process that shortens the usual review and approval steps for drugs, devices, or diagnostics that show promise for treating serious or unmet medical needs, allowing approvals based on earlier or smaller sets of data. For investors, it can bring a product to market faster and create earlier revenue potential, but it also raises higher clinical and regulatory risk because long‑term evidence may still be required after approval.
HPV-positive Oropharyngeal Squamous Cell Carcinoma medical
"approximately 50 additional HPV-positive Oropharyngeal Squamous Cell Carcinoma patients"
perioperative medical
"perioperative setting of non-small cell lung cancer"
Pertaining to the entire span around a surgical operation — before, during and after the procedure — covering preparation, anesthesia, monitoring and recovery. Investors watch perioperative care because it shapes how often hospitals use devices, drugs and services, affects complication rates and patient stay length, and therefore influences revenue, costs and reimbursement risk; think of it like the full service cycle around a car repair that determines how long the shop is busy and what customers pay.
multivalent formats technical
"includes multivalent formats where the precise valency can be optimized"
Earnings Snapshot
Revenue: $2.0 million
Third quarter of 2026
Revenue
$2.0 million
No revenue recognized in the third quarter of 2025.
Net loss
$38.7 million
Compared with $35.3 million in the third quarter of 2025.
Loss per share
$2.46 per share
Compared with $2.28 per share in the third quarter of 2025.
Cash and cash equivalents
$199.5 million
As of September 30, 2026.
Research and development expense
$26.0 million
Compared with $28.5 million in the third quarter of 2025.
General and administrative expense
$7.8 million
Compared with $5.3 million in the third quarter of 2025.
Total other expense
$7.0 million
Compared with $1.4 million in the third quarter of 2025.
FAQ
AI-generated questions and answers. How Rhea-AI works. Not financial advice.
How much revenue did INBX report for the third quarter of 2026?
Inhibrx recognized $2.0 million in third-quarter 2026 revenue under a Pfizer license agreement; the $2.0 million upfront payment was received in September 2026.
What is the expected INBX HexAgon timeline for ordastobart in HNSCC?
The Phase 2 expansion is expected to add approximately 50 HPV-positive oropharyngeal cancer patients. An initial readout is expected around mid-2027; afterward, Inhibrx plans to align with FDA and anticipates initiating a Phase 3 portion intended as the confirmatory study.
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): November 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 November 13, 2026, Inhibrx Biosciences, Inc. (the “Company”) issued a press release announcing its financial results for the three and nine months ended September 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 November 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: November 13, 2026 | ||||||||
| INHIBRX BIOSCIENCES, INC. | ||||||||
| By: | /s/ Kelly Deck | |||||||
| Name: | Kelly Deck | |||||||
| Title: | Chief Financial Officer | |||||||
Exhibit 99.1
Inhibrx Reports Third Quarter 2026 Financial Results
San Diego, CA, November 13, 2026 – 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 (INBRX-109) 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-related expenses due to reduced 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)
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
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 | |||||||