Inhibrx Biosciences (INBX) Q2 2025 earnings summary

Executive summary

• Completed spin-off and sale of INBRX-101 to Sanofi in May 2024, resulting in a stand-alone, publicly traded company focused on ozekibart (INBRX-109) and INBRX-106 clinical programs, both in active trials with key data readouts expected in late 2025.

Financial highlights

• Revenue for Q2 2025 was $1.3 million, up from $0.1 million in Q2 2024, mainly from new licensing agreements.

• Net loss for Q2 2025 was $28.7 million, compared to net income of $1.9 billion in Q2 2024, which included a $2.0 billion one-time gain from the INBRX-101 transaction.

• Research and development expenses decreased to $22.3 million in Q2 2025 from $67.6 million in Q2 2024.

• General and administrative expenses dropped to $6.4 million in Q2 2025 from $93.4 million in Q2 2024.

• Cash and cash equivalents were $186.6 million as of June 30, 2025, down from $216.5 million at March 31, 2025.

Outlook and guidance

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

• Full enrollment completed for ozekibart (INBRX-109) Phase 2 trial in chondrosarcoma; data readout expected by late October 2025.

• Initial Phase 2 data for INBRX-106 in head and neck cancer and interim data in lung cancer expected in Q4 2025.

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