Inhibrx Biosciences (INBX) Q2 2024 earnings summary

Executive summary

• Completed a major spin-off and merger, transferring INBRX-101 to Sanofi and focusing on oncology pipeline, notably ozekibart (INBRX-109) and INBRX-106.

• Became a stand-alone, publicly traded company as of May 30, 2024.

• Recorded a $2.0 billion gain related to the transaction with Sanofi, significantly impacting net income.

Financial highlights

• Net income for Q2 2024 was $1.86 billion, compared to a net loss of $47.1 million in Q2 2023.

• Revenue for Q2 2024 was $0.1 million, up from $30,000 in Q2 2023, derived from license fees.

• Research and development expenses rose 98% year-over-year to $67.6 million in Q2 2024.

• General and administrative expenses increased to $93.4 million in Q2 2024, mainly due to merger-related costs.

• Cash and cash equivalents stood at $226.9 million as of June 30, 2024.

Outlook and guidance

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

• Anticipates increased R&D and pre-commercialization expenses as clinical programs advance.

• Expects to seek additional funding through equity, debt, or strategic transactions if needed.