Inhibrx Reports Fourth Quarter and Fiscal Year 2021 Financial Results and Recent Corporate Highlights

Rhea-AI Summary

Inhibrx, Inc. (Nasdaq: INBX) reported its financial results for Q4 and FY 2021, highlighting a net loss of $21.2 million for Q4, or $0.55 per share, compared to $17.6 million in Q4 2020. The annual net loss increased to $81.8 million, or $2.15 per share, from $76.1 million in FY 2020. The company had cash and equivalents of $131.3 million as of December 31, 2021. Recent highlights include FDA orphan-drug designation for INBRX-109 and initial Phase 1 results for INBRX-106, now expected to announce further data in H2 2022.

Positive

• FDA granted orphan-drug designation for INBRX-109.
• Initial Phase 1 results for INBRX-106 show it is well tolerated.

Negative

• Net loss increased to $81.8 million in FY 2021 from $76.1 million in FY 2020.
• General and administrative expenses rose to $12.4 million in FY 2021, up from $6.8 million in FY 2020.

SAN DIEGO, Feb, 28, 2022 /PRNewswire/ -- Inhibrx, Inc. (Nasdaq: INBX), a biotechnology company with four clinical programs in development and a strong emerging pipeline, today reported financial results for the fourth quarter and fiscal year 2021 and provided an update on recent corporate highlights.

Recent Corporate Highlights

• On December 1, 2021, Inhibrx announced that the FDA has granted orphan-drug designation for INBRX-109 for the treatment of conventional chondrosarcoma.
• On January 4, 2022, Inhibrx announced initial Phase 1 dose escalation results for INBRX-106, a novel hexavalent OX40 agonist, in combination with Keytruda® (Pembrolizumab), which was observed to be well tolerated with predominantly mild or moderate immune-related toxicities noted. Inhibrx expects to announce initial data from the dose expansion cohorts in combination with Keytruda® during the second half of 2022.
• On February 22, 2022, Inhibrx announced that it had entered into an amendment to its Loan and Security Agreement with Oxford Finance LLC. The amendment provides for the funding of an additional $130.0 million in gross proceeds, $40.0 million of which was funded upon execution of the amendment on February 18, 2022, with the remaining $90.0 million to be funded in three separate tranches upon future milestone events.

Financial Results

• Cash and Cash Equivalents. As of December 31, 2021, Inhibrx had cash and cash equivalents of $131.3 million, compared to $128.7 million as of December 31, 2020. Cash and cash equivalents totaled $152.8 million as of February 21, 2022.
• R&D Expense. Research and development expenses were $18.6 million during the fourth quarter of 2021, compared to $17.7 million during the fourth quarter of 2020. Research and development expenses were $71.4 million during the fiscal year 2021, compared to $73.5 million during the fiscal year 2020. During the fiscal year 2021, Inhibrx incurred increased clinical trial expenses following the initiation of a Phase 2 trial in conventional chondrosarcoma and the progression of ongoing Phase 1 trials, while contract development and manufacturing expenses decreased due to the timing of work performed by Inhibrx's partners during 2020 in relation to the formulation and manufacturing of certain of its therapeutic candidates. Personnel-related costs increased during fiscal year 2021 as a result of the continued expansion of the organization.
• G&A Expense. General and administrative expenses were $3.6 million during the fourth quarter of 2021, compared to $2.2 million during the fourth quarter of 2020. General and administrative expenses were $12.4 million during the fiscal year 2021, compared to $6.8 million during the fiscal year 2020. These increases were primarily driven by increases in personnel-related costs, as well as increases in professional service fees related to Inhibrx's expanding intellectual property portfolio and other expenses associated with operating as a public company following its initial public offering in August 2020.
• Net Loss. Net loss was $21.2 million during the fourth quarter of 2021, or $0.55 per share, compared to $17.6 million during the fourth quarter of 2020, or $0.47 per share. Net loss was $81.8 million during the fiscal year 2021, or $2.15 per share, compared to $76.1 million during the fiscal year 2020, or $3.01 per share.

About the Inhibrx sdAb Platform
Inhibrx utilizes diverse methods of protein engineering in the construction of therapeutic candidates that can address the specific requirements of complex target and disease biology. A key tool for this effort is the Inhibrx proprietary sdAb platform, which enables the development of therapeutic candidates with attributes superior to other monoclonal antibody and fusion protein approaches. This platform allows the combination of multiple binding units in a single molecule, enabling the creation of therapeutic candidates with defined valency or multiple specificities that can achieve enhanced cell signaling or conditional activation. An additional benefit of this platform is that these optimized, multi-functional entities can be manufactured using the established processes that are commonly used to produce therapeutic proteins.

About Inhibrx, Inc.
Inhibrx is a clinical-stage biotechnology company focused on developing a broad pipeline of novel biologic therapeutic candidates in oncology and orphan diseases. Inhibrx utilizes diverse methods of protein engineering to address the specific requirements of complex target and disease biology, including its proprietary sdAb platform. Inhibrx has collaborations with 2seventy bio (formerly bluebird bio), Bristol-Myers Squibb and Chiesi. For more information, please visit www.inhibrx.com.

Forward Looking Statements
Inhibrx cautions you that statements contained in this press release regarding matters that are not historical facts are forward-looking statements. These statements are based on Inhibrx's current beliefs and expectations. These forward-looking statements include, but are not limited to, statements regarding: Inhibrx's and its investigators' judgments and beliefs regarding the strength of Inhibrx's pipeline and the observed safety and efficacy to date of its therapeutic candidates, future clinical development of Inhibrx's therapeutic candidates, evaluations and judgments regarding Inhibrx's cash position, and statements and judgments regarding its partnership and relationship with Oxford. Actual results may differ from those set forth in this press release due to the risks and uncertainties inherent in Inhibrx's business, including, without limitation, risks and uncertainties regarding: the initiation, timing, progress and results of its preclinical studies and clinical trials, and its research and development programs; its ability to advance therapeutic candidates into, and successfully complete, clinical trials; its interpretation of preclinical data and initial, interim or preliminary data from its clinical trials, including interpretations regarding disease control and disease response; the timing or likelihood of regulatory filings and approvals; the successful commercialization of its therapeutic candidates, if approved; the pricing, coverage and reimbursement of its therapeutic candidates, if approved; its ability to utilize its technology platform to generate and advance additional therapeutic candidates; the implementation of its business model and strategic plans for its business and therapeutic candidates; its ability to successfully manufacture therapeutic candidates for clinical trials and commercial use, if approved; its ability to contract with third-party suppliers and manufacturers and their ability to perform adequately; the scope of protection it is able to establish and maintain for intellectual property rights covering its therapeutic candidates; its ability to enter into strategic partnerships and the potential benefits of these partnerships; its estimates regarding expenses, capital requirements and needs for additional financing and financial performance; its expectations regarding the impact of the COVID-19 pandemic on its business; and other risks described from time to time in the "Risk Factors" section of its filings with the U.S. Securities and Exchange Commission, including those described in its Annual Report on Form 10-K as well as its Quarterly Reports on Form 10-Q, and supplemented from time to time by its Current Reports on Form 8-K. You are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date hereof, and Inhibrx undertakes no obligation to update these statements to reflect events that occur or circumstances that exist after the date hereof. All forward-looking statements are qualified in their entirety by this cautionary statement, which is made under the safe harbor provisions of the Private Securities Litigation Reform Act of 1995.

Investor and Media Contact:
Kelly D. Deck
Chief Financial Officer
kelly@inhibrx.com
858-795-4260

 

Inhibrx, Inc. Condensed Consolidated Statements of Operations (In thousands, except per share data)
	THREE MONTHS ENDED DECEMBER 31,				YEAR ENDED DECEMBER 31,
	2021		2020		2021		2020
	(unaudited)
Revenue:
License fee revenue	$          2,836		$          2,776		$          7,125		$        12,808
Grant revenue	20		—		106		80
Total revenue	2,856		2,776		7,231		12,888
Operating expenses:
Research and development	18,615		17,668		71,440		73,495
General and administrative	3,645		2,215		12,355		6,836
Total operating expenses	22,260		19,883		83,795		80,331
Loss from operations	(19,404)		(17,107)		(76,564)		(67,443)
Total other income (expense)	(1,785)		(539)		(5,202)		(8,191)
Provision for income taxes	—		3		2		3
Loss on equity method investment	—		—		—		487
Net loss	$       (21,189)		$       (17,649)		$       (81,768)		$       (76,124)
Net loss per share, basic and diluted	$           (0.55)		$           (0.47)		$           (2.15)		$           (3.01)
Weighted-average shares of common stock    outstanding, basic and diluted	38,581		37,712		38,010		25,261

 

Inhibrx, Inc. Condensed Consolidated Balance Sheets (In thousands)
	AS OF DECEMBER 31,
	2021		2020
Cash and cash equivalents	$              131,301		$              128,664
Other current assets	7,811		3,508
Non-current assets	11,338		11,568
Total assets	$              150,450		$              143,740
Debt, current and non-current	$                70,470		$                29,244
Other current liabilities	22,454		31,399
Other non-current liabilities	5,143		7,624
Total liabilities	98,067		68,267
Stockholders' equity	52,383		75,473
Total liabilities and stockholders' equity	$              150,450		$              143,740

 

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SOURCE Inhibrx Inc.

FAQ

What were Inhibrx's financial results for the fourth quarter of 2021?

Inhibrx reported a net loss of $21.2 million for Q4 2021, or $0.55 per share.

What is the cash position of Inhibrx as of December 31, 2021?

Inhibrx had cash and cash equivalents of $131.3 million as of December 31, 2021.

What are the key corporate highlights from Inhibrx's recent press release?

Key highlights include FDA orphan-drug designation for INBRX-109 and promising initial Phase 1 results for INBRX-106.

How did Inhibrx's net loss in FY 2021 compare to FY 2020?

The net loss for FY 2021 was $81.8 million, up from $76.1 million in FY 2020.