Inhibrx Biosciences (INBX) Q4 2024 earnings summary

Executive summary

• Completed the sale of INBRX-101 and spin-off, resulting in a new focus on two clinical programs with data readouts expected within 12 months.

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

• Announced promising interim Phase 1 data for ozekibart (INBRX-109) in colorectal cancer, with a new expansion cohort underway.

Financial highlights

• Cash and cash equivalents were $152.6 million as of December 31, 2024, increasing to $230.5 million by February 28, 2025, after loan proceeds.

• Research and development expenses were $33.4 million in Q4 2024 (down from $82.1 million in Q4 2023) and $203.7 million for FY 2024 (up from $191.6 million in FY 2023).

• General and administrative expenses were $16.7 million in Q4 2024 (up from $7.8 million in Q4 2023) and $127.9 million for FY 2024 (up from $29.4 million in FY 2023), driven by one-time spin-off costs and legal expenses.

• Net loss for Q4 2024 was $47.9 million ($3.09 per share), compared to $93.6 million ($6.93 per share) in Q4 2023.

• Net income for FY 2024 was $1.7 billion ($114.01 per share basic, $112.62 diluted), compared to a net loss of $241.4 million in FY 2023, primarily due to a one-time gain from the spin-off transaction.

Outlook and guidance

• Data readouts for both ongoing clinical programs are expected within the next 12 months.

• Expansion cohort for ozekibart in colorectal cancer is expected to report data in Q3 2025.