Inhibrx Biosciences (INBX) Q3 2025 earnings summary

Executive summary

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

• Reported third quarter 2025 results following the sale of INBRX-101 and business spin-off in May 2024.

• Achieved key clinical milestones, including positive Phase 2 and registrational trial results for ozekibart in chondrosarcoma, and interim data in colorectal cancer and Ewing sarcoma.

• Entered a $100 million loan agreement in January 2025, with an additional $50 million available at lender's discretion.

Financial highlights

• Revenue for the nine months ended September 30, 2025 was $1.3 million, up from $0.1 million year-over-year, primarily from a new license agreement.

• Net loss for the nine months ended September 30, 2025 was $107.2 million, compared to net income of $1.7 billion in the prior year, which included a $2.0 billion one-time gain from the merger transaction.

• Net loss for Q3 2025 was $35.3 million ($2.28 per share), compared to $43.9 million ($2.84 per share) in Q3 2024.

• Research and development expenses decreased 49% year-over-year to $87.7 million for the nine months, and to $28.5 million from $38.9 million for the quarter.

• General and administrative expenses dropped 84% to $17.7 million for the nine months, and to $5.3 million from $7.9 million for the quarter.

• Cash and cash equivalents were $153.1 million as of September 30, 2025.

Outlook and guidance

• Existing cash and cash equivalents are expected to fund operations for at least the next 12 months.

• Plans to submit a biologics license application for ozekibart in chondrosarcoma in Q2 2026.

• Ongoing efforts to monetize ozekibart (INBRX-109) may not result in a transaction or desired outcomes.