Inhibrx Biosciences (INBX) Q3 2024 earnings summary

Executive summary

• Completed a major spin-off and merger, resulting in a $2.0 billion gain and transition to a stand-alone, publicly traded company focused on oncology programs INBRX-106 and ozekibart (INBRX-109).

• Former Parent distributed 92% of shares to its holders; Acquirer (Sanofi subsidiary) assumed all INBRX-101 assets, liabilities, and debt.

• Legal victory achieved in a trade secrets case, with no damages awarded.

Financial highlights

• Net income for the nine months ended September 30, 2024 was $1.74 billion, driven by the merger gain; prior year period saw a net loss of $147.8 million.

• Total revenue for the nine months was $0.1 million, down from $0.2 million year-over-year.

• Research and development expenses rose 56% year-over-year to $170.4 million; general and administrative expenses increased 416% to $111.2 million, mainly due to merger-related costs.

• Cash and cash equivalents at September 30, 2024 were $196.3 million.

Outlook and guidance

• Existing cash is expected to fund operations for at least 12 months from the reporting date.

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

• Plans to seek additional funding through equity, debt, or strategic transactions as needed.