Inhibrx Biosciences (INBX) Q1 2025 earnings summary

Executive summary

• Completed spin-off and merger transactions in May 2024, resulting in a stand-alone, publicly traded company focused on ozekibart (INBRX-109) and INBRX-106 clinical programs.

• Pipeline includes two clinical-stage oncology candidates, with multiple ongoing trials and key data readouts expected in the second half of 2025.

Financial highlights

• Net loss for Q1 2025 was $43.3 million, a significant improvement from $78.7 million in Q1 2024.

• Research and development expenses decreased 42% year-over-year to $36.9 million, mainly due to the spin-off of the INBRX-101 program.

• General and administrative expenses fell 40% year-over-year to $6.0 million, reflecting lower stock compensation and legal costs.

• Cash and cash equivalents totaled $216.5 million as of March 31, 2025.

• Accumulated deficit stood at $149.4 million at quarter-end.

Outlook and guidance

• Existing cash is expected to fund operations for at least the next 12 months.

• Anticipates increased R&D expenses as clinical programs advance, with key data from ongoing trials expected in the second half of 2025.

• May seek additional capital through equity, debt, or strategic transactions if needed.