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Inhibrx Reports Fourth Quarter and Fiscal Year 2024 Financial Results

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Inhibrx (Nasdaq: INBX) reported its Q4 and fiscal year 2024 financial results following its spin-off from Former Parent and sale of INBRX-101 to Sanofi in May 2024. The company secured a $100M loan from Oxford Finance in January 2025, with potential for additional $50M funding.

Key clinical developments include promising interim data from ozekibart (INBRX-109) Phase 1 trial in colorectal cancer, showing complete response in one patient, partial responses in three, and stable disease in six patients. The company has initiated a new expansion cohort for up to 50 patients.

Financial highlights:

  • Cash position: $230.5M as of February 2025
  • Q4 2024: Net loss of $47.9M ($3.09 per share)
  • FY 2024: Net income of $1.7B ($114.01 per share)
  • R&D expenses decreased to $33.4M in Q4 2024 from $82.1M in Q4 2023
  • G&A expenses increased to $16.7M in Q4 2024 from $7.8M in Q4 2023

Inhibrx (Nasdaq: INBX) ha riportato i risultati finanziari del Q4 e dell'anno fiscale 2024 dopo la sua scissione dalla società madre e la vendita di INBRX-101 a Sanofi nel maggio 2024. L'azienda ha ottenuto un prestito di 100 milioni di dollari da Oxford Finance a gennaio 2025, con la possibilità di un ulteriore finanziamento di 50 milioni di dollari.

Sviluppi clinici chiave includono dati intermedi promettenti dalla fase 1 della sperimentazione di ozekibart (INBRX-109) nel cancro colorettale, che mostrano una risposta completa in un paziente, risposte parziali in tre e malattia stabile in sei pazienti. L'azienda ha avviato una nuova coorte di espansione per un massimo di 50 pazienti.

Risultati finanziari:

  • Posizione di cassa: 230,5 milioni di dollari a febbraio 2025
  • Q4 2024: Perdita netta di 47,9 milioni di dollari (3,09 dollari per azione)
  • Anno fiscale 2024: Reddito netto di 1,7 miliardi di dollari (114,01 dollari per azione)
  • Spese di R&S diminuite a 33,4 milioni di dollari nel Q4 2024 rispetto a 82,1 milioni di dollari nel Q4 2023
  • Spese generali e amministrative aumentate a 16,7 milioni di dollari nel Q4 2024 rispetto a 7,8 milioni di dollari nel Q4 2023

Inhibrx (Nasdaq: INBX) informó sus resultados financieros del Q4 y del año fiscal 2024 tras su escisión de la empresa matriz y la venta de INBRX-101 a Sanofi en mayo de 2024. La empresa aseguró un préstamo de 100 millones de dólares de Oxford Finance en enero de 2025, con potencial para un financiamiento adicional de 50 millones de dólares.

Los desarrollos clínicos clave incluyen datos interinos prometedores del ensayo de fase 1 de ozekibart (INBRX-109) en cáncer colorrectal, mostrando respuesta completa en un paciente, respuestas parciales en tres y enfermedad estable en seis pacientes. La empresa ha iniciado una nueva cohorte de expansión para hasta 50 pacientes.

Aspectos financieros destacados:

  • Posición de efectivo: 230.5 millones de dólares a febrero de 2025
  • Q4 2024: Pérdida neta de 47.9 millones de dólares (3.09 dólares por acción)
  • Año fiscal 2024: Ingreso neto de 1.7 mil millones de dólares (114.01 dólares por acción)
  • Gastos de I+D disminuyeron a 33.4 millones de dólares en Q4 2024 desde 82.1 millones de dólares en Q4 2023
  • Gastos generales y administrativos aumentaron a 16.7 millones de dólares en Q4 2024 desde 7.8 millones de dólares en Q4 2023

Inhibrx (Nasdaq: INBX)는 2024 회계연도 4분기 및 재무 결과를 보고했습니다. 이는 이전 모회사로부터의 분사와 2024년 5월 Sanofi에 INBRX-101을 판매한 후의 결과입니다. 이 회사는 2025년 1월 Oxford Finance로부터 1억 달러의 대출을 확보했으며, 추가로 5천만 달러의 자금 조달 가능성이 있습니다.

주요 임상 개발 사항으로는 대장암에 대한 ozekibart (INBRX-109) 1상 시험의 유망한 중간 데이터가 포함되어 있으며, 한 환자에서 완전 반응, 세 환자에서 부분 반응, 여섯 환자에서 안정된 질병 상태를 보여주고 있습니다. 이 회사는 최대 50명의 환자를 위한 새로운 확장 코호트를 시작했습니다.

재무 하이라이트:

  • 현금 보유: 2025년 2월 기준 2억 3천 5백만 달러
  • 2024년 4분기: 순손실 4천 7백 9십만 달러 (주당 3.09달러)
  • 2024 회계연도: 순이익 17억 달러 (주당 114.01달러)
  • R&D 비용은 2023년 4분기 8천 2백 1십만 달러에서 2024년 4분기 3천 3백 4십만 달러로 감소했습니다.
  • 일반 관리비는 2023년 4분기 7백 8십만 달러에서 2024년 4분기 1천 6백 7십만 달러로 증가했습니다.

Inhibrx (Nasdaq: INBX) a publié ses résultats financiers pour le quatrième trimestre et l'année fiscale 2024 suite à sa scission de l'ancienne société mère et à la vente d'INBRX-101 à Sanofi en mai 2024. L'entreprise a sécurisé un prêt de 100 millions de dollars auprès d'Oxford Finance en janvier 2025, avec un potentiel de financement supplémentaire de 50 millions de dollars.

Les développements cliniques clés incluent des données intermédiaires prometteuses de l'essai de phase 1 d'ozekibart (INBRX-109) dans le cancer colorectal, montrant une réponse complète chez un patient, des réponses partielles chez trois et une maladie stable chez six patients. L'entreprise a lancé une nouvelle cohorte d'expansion pour jusqu'à 50 patients.

Faits saillants financiers:

  • Position de trésorerie : 230,5 millions de dollars en février 2025
  • Q4 2024 : Perte nette de 47,9 millions de dollars (3,09 dollars par action)
  • Année fiscale 2024 : Revenu net de 1,7 milliard de dollars (114,01 dollars par action)
  • Les dépenses de R&D ont diminué à 33,4 millions de dollars au Q4 2024 contre 82,1 millions de dollars au Q4 2023
  • Les dépenses générales et administratives ont augmenté à 16,7 millions de dollars au Q4 2024 contre 7,8 millions de dollars au Q4 2023

Inhibrx (Nasdaq: INBX) hat seine Finanzzahlen für das vierte Quartal und das Geschäftsjahr 2024 veröffentlicht, nachdem es sich von der ehemaligen Muttergesellschaft abgespalten und INBRX-101 im Mai 2024 an Sanofi verkauft hat. Das Unternehmen sicherte sich im Januar 2025 ein Darlehen in Höhe von 100 Millionen US-Dollar von Oxford Finance mit der Möglichkeit einer zusätzlichen Finanzierung von 50 Millionen US-Dollar.

Wichtige klinische Entwicklungen umfassen vielversprechende Zwischenresultate aus der Phase-1-Studie zu ozekibart (INBRX-109) bei kolorektalem Krebs, die eine vollständige Reaktion bei einem Patienten, teilweise Reaktionen bei drei und stabile Erkrankungen bei sechs Patienten zeigen. Das Unternehmen hat eine neue Erweiterungsgruppe für bis zu 50 Patienten initiiert.

Finanzielle Höhepunkte:

  • Liquiditätsposition: 230,5 Millionen US-Dollar im Februar 2025
  • Q4 2024: Nettverlust von 47,9 Millionen US-Dollar (3,09 US-Dollar pro Aktie)
  • Geschäftsjahr 2024: Nettogewinn von 1,7 Milliarden US-Dollar (114,01 US-Dollar pro Aktie)
  • F&E-Ausgaben sanken im Q4 2024 auf 33,4 Millionen US-Dollar von 82,1 Millionen US-Dollar im Q4 2023
  • Allgemeine und Verwaltungskosten stiegen im Q4 2024 auf 16,7 Millionen US-Dollar von 7,8 Millionen US-Dollar im Q4 2023

Positive
  • Secured $100M loan from Oxford Finance with potential for additional $50M
  • Strong cash position of $230.5M as of February 2025
  • Promising interim clinical data for ozekibart in colorectal cancer
  • Significant reduction in R&D expenses (59% decrease in Q4 2024 vs Q4 2023)
  • Net income of $1.7B in FY 2024 from successful spin-off transaction
Negative
  • Continued quarterly net losses ($47.9M in Q4 2024)
  • Increased G&A expenses (114% increase in Q4 2024 vs Q4 2023)
  • New debt obligation with interest rate of minimum 9.95%
  • Termination of INBRX-105 program

Insights

Inhibrx's Q4 and FY2024 results reveal a transformative year following the May 2024 spin-off transaction with Sanofi. The company reported a significant improvement in its quarterly net loss, which decreased to $47.9 million (or $3.09 per share) in Q4 2024 from $93.6 million in Q4 2023. For the full fiscal year, Inhibrx recorded net income of $1.7 billion, primarily driven by the one-time gain from the sale of INBRX-101 to Sanofi.

The company has substantially strengthened its financial position, reporting cash and cash equivalents of $152.6 million as of December 31, 2024, further bolstered by a $100 million loan from Oxford Finance in January 2025. This brings their February 2025 cash position to $230.5 million, providing approximately two years of runway at current burn rates.

Q4 R&D expenses decreased 59% year-over-year to $33.4 million, primarily due to reduced manufacturing expenses following the INBRX-101 divestiture. However, G&A expenses more than doubled to $16.7 million, largely attributed to legal proceedings that have since concluded favorably.

The company now has a more focused pipeline with two ongoing clinical programs. The interim data from the ozekibart Phase 1 trial in colorectal cancer shows promising efficacy with a 46.2% rate of durable disease control and median PFS of 7.85 months in heavily pretreated patients. This suggests potentially meaningful clinical activity in a difficult-to-treat population, with expansion cohort data expected in Q3 2025.

The interim data from Inhibrx's Phase 1 trial combining ozekibart (INBRX-109) with FOLFIRI in advanced colorectal cancer represents a potentially significant development. In the 10 evaluable patients, we're seeing one complete response, three partial responses, and six cases of stable disease—translating to a 100% disease control rate in this small sample. The durable disease control rate of 46.2% lasting ≥180 days and median progression-free survival of 7.85 months are particularly encouraging in a population that had received a median of two prior therapy lines.

These preliminary results suggest ozekibart may enhance the efficacy of standard chemotherapy in previously treated CRC patients. The company's decision to initiate a larger expansion cohort (up to 50 patients) with 2-3 prior lines of therapy represents a strategic approach to validate these findings in a more homogeneous population.

The combination appears to show better activity than what we typically see with FOLFIRI alone in later-line settings. While these are early results requiring validation in the larger cohort, the complete response is particularly noteworthy in this treatment setting. The anticipated data readout in Q3 2025 will be critical to determine whether this signal holds up in a larger population.

Additionally, Inhibrx continues its registration-enabling Phase 2 trial for ozekibart in chondrosarcoma, demonstrating the company's strategic focus on both rare cancers and more common indications with significant unmet needs. The clinical development strategy appears well-designed, targeting indications where the drug's mechanism of action as a death receptor 5 agonist may provide unique benefits.

SAN DIEGO, March 17, 2025 /PRNewswire/ -- Inhibrx Biosciences, Inc. (Nasdaq: INBX) ("Inhibrx" or the "Company") today reported financial results for the fourth quarter and fiscal year 2024. Following the completion of the sale of INBRX-101 by Inhibrx, Inc. (the "Former Parent") to Sanofi S.A. (the "Acquirer") and the Former Parent's concurrent spin-off of the Inhibrx business in May 2024, the biopharmaceutical company now has two programs in ongoing clinical trials, with data readouts for each expected within the next 12 months. Because the spin-off was accounted for as a reverse spin-off, for periods prior to the spin-off, the Company's financial statements are the historical financial statements of the Former Parent.

Key Highlights

  • On January 13, 2025, the Company entered into a loan and security agreement (the "Oxford Loan Agreement"), with Oxford Finance LLC ("Oxford"), and received $100.0 million in gross proceeds upon closing. The Oxford Loan Agreement provides for an additional $50.0 million to be funded upon the Company's request and at the lenders' sole discretion. The loan bears interest at (1) 5.61% plus (2) the greater of (i) the 1-Month Term Secured Overnight Financing Right (SOFR), as published by the CME Group or (ii) 4.34%. The Company will make payments of interest on the loan through February 1, 2028, with principal payments beginning on March 1, 2028 through the maturity date of January 1, 2030. Upon the maturity date, the Company will make a final payment of 9.0% of the total repaid principal amount.
  • On January 21, 2025, the Company announced interim efficacy and safety data from the Phase 1 trial of ozekibart (INBRX-109) in combination with FOLFIRI for the treatment of advanced or metastatic, unresectable colorectal adenocarcinoma (CRC). Efficacy was assessed in 10 of the 13 patients who received at least one dose of ozekibart, based on RECIST v1.1 criteria. Results demonstrated one complete response, three partial responses, and six cases of stable disease. Durable disease control lasting ≥180 days was observed in 46.2% of patients, with a median progression-free survival (PFS) of 7.85 months. All patients had received at least one prior line of systemic therapy (median: two; range: 1–6). Inhibrx has initiated a new expansion cohort to validate these findings in a more uniform patient population. The cohort is expected to enroll up to 50 patients, each with two to three prior lines of systemic therapy, and data are anticipated in the third quarter of 2025.

Financial Results

Cash and Cash Equivalents. As of December 31, 2024, Inhibrx had cash and cash equivalents of $152.6 million. Subsequent to year-end, the Company entered into the Oxford Loan Agreement and received gross proceeds of $100.0 million. As of February 28, 2025, Inhibrx had cash and cash equivalents of $230.5 million.

R&D Expense. 

  • Research and development expenses were $33.4 million during the fourth quarter of 2024 as compared to $82.1 million during the fourth quarter of 2023. Research and development expenses decreased during the fourth quarter of 2024 primarily due to a decrease in contract manufacturing expenses, primarily due to the divestiture of INBRX-101, for which we incurred significant expenses during the fourth quarter of 2023 related to large scale drug substance manufacturing services performed by one of the Company's CDMO partners, including the utilization of raw materials;
  • Research and development expenses were $203.7 million during the fiscal year 2024 as compared to $191.6 million during the fiscal year 2023, primarily due to the following factors:
    • an increase in stock option expense following the recognition of $25.9 million upon the acceleration of outstanding options in connection with the closing of the spin-off transaction;
    • an increase in clinical trial expenses primarily due to the ongoing registration-enabling Phase 2 trial for ozekibart (INBRX-109) for the treatment of unresectable or metastatic conventional chondrosarcoma and due to the expansion of the INBRX-106 Phase 1/2 trial and initiation of the Phase 2/3 trial for HNSCC, including expenses for in-house clinical trial support. These increases were offset in part by a decrease in clinical trial expenses as a result of the termination of the INBRX-105 program; and
    • offset in part by a decrease in contract manufacturing expenses in the fourth quarter of 2024 as opposed to the fourth quarter of 2023 following the divestiture of INBRX-101, as discussed above.

G&A Expense.

  • General and administrative expenses were $16.7 million during the fourth quarter of 2024, compared to $7.8 million during the fourth quarter of 2023. General and administrative expenses increased during the fourth quarter of 2024 primarily due to legal services incurred in connection with the Company's legal proceedings, which have since concluded, finding the Company not liable for damages.
  • General and administrative expenses were $127.9 million during the fiscal year 2024, compared to $29.4 million during the fiscal year 2023. General and administrative expenses increased during the fiscal year 2024, primarily due to the following factors:
    • one-time expenses of $68.1 million incurred related to the spin-off transaction, which consisted of legal, advisory, and consulting services performed in connection to the transaction;
    • an increase in stock option expense following the recognition of $15.2 million  upon the acceleration of outstanding options in connection with the closing of the spin-off transaction;
    • an increase in legal services incurred in connection with the Company's legal proceedings as discussed above; and
    • an increase in pre-commercialization expenses, primarily related to increases in consulting services and scientific publications to support the Company's commercial operations business intelligence strategies related to ozekibart (INBRX-109) and prior to the spin-off transaction, related to INBRX-101, in addition to a focus on patient advocacy and recruitment efforts, offset in part by a decrease in market research efforts following the disposition of INBRX-101.

Other Income (Expense).

  • Other income was $2.1 million during the fourth quarter of 2024, compared to other expense of $3.7 million during the fourth quarter of 2023. Following the Company's spin-off transaction in the second quarter of 2024, the Company no longer had any outstanding third-party debt, and therefore did not incur any interest expense during the period. During the fourth quarter of 2024, other income consisted of interest earned on the Company's sweep and money market account balances.
  • Other income was $2.0 billion during the fiscal year 2024 as compared to other expense of $20.5 million during the fiscal year 2023. During the fiscal year 2024, other income consisted of interest earned on the Company's sweep and money market account balances, as noted above, in addition to the gain recorded in connection with the completion of the spin-off transaction. This gain consisted of (i) the consideration paid by the Acquirer for all outstanding common stock, warrants, and stock options, (ii) the extinguishment of the Company's outstanding debt which was assumed by the Acquirer, (iii) assets and liabilities related to the 101 Business, which were assumed by the Acquirer, and (iv) transaction costs paid for by the Acquirer. Other expense in the prior year consisted of interest expense related to the Company's third-party debt outstanding in the period.

Net Income (Loss).

  • Net loss was $47.9 million during the fourth quarter of 2024, or $3.09 per share, basic and diluted, compared to $93.6 million during the fourth quarter of 2023, or $6.93 per share, basic and diluted.
  • Net income was $1.7 billion during the fiscal year 2024, or earnings per share of $114.01, basic, and $112.62, diluted, compared to a net loss of $241.4 million during the fiscal year 2023, or $20.48 per share, basic and diluted.

About Inhibrx Biosciences, Inc.

Inhibrx is a clinical-stage biopharmaceutical company focused on developing a broad pipeline of novel biologic therapeutic candidates. Inhibrx utilizes diverse methods of protein engineering to address the specific requirements of complex target and disease biology, including its proprietary protein engineering platforms. Inhibrx was incorporated in January 2024 as a direct, wholly-owned subsidiary of Inhibrx, Inc. Prior to the sale of Inhibrx, Inc. and the INBRX-101 program to Sanofi S.A., Inhibrx acquired certain corporate infrastructure and other assets and liabilities through a series of internal restructuring transactions effected by Inhibrx, Inc. Inhibrx, Inc. also completed a distribution to holders of its shares of common stock of 92% of the issued and outstanding shares of Inhibrx. Following such transactions, Inhibrx's current clinical pipeline of therapeutic candidates includes ozekibart (INBRX-109) and INBRX-106, both of which utilize multivalent formats where the precise valency can be optimized in a target-centric way to mediate what we believe to be the most appropriate agonist function. 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 expected data readouts and the timing thereof and the Company's ability to develop therapeutic candidates. 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; the Company's ability to utilize the Company's technology platform to generate and advance additional therapeutic candidates; the implementation of the Company's business model and strategic plans for the Company's business and therapeutic candidates; the scope of protection the Company is able to establish and maintain for intellectual property rights covering the Company's therapeutic candidates; the ability to raise funds needed to satisfy the Company's capital requirements, which may depend on financial, economic and market conditions and other factors, over which the Company may have no or limited control; the Company's financial performance; developments relating to the Company's competitors and the Company's industry; 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, its Quarterly Reports on Form 10-Q, and supplemented from time to time by its Current Reports on Form 8-K as filed from time to time. 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
ir@inhibrx.com
858-795-4260

 

Inhibrx Biosciences, Inc
Condensed Consolidated Statements of Operations
(In thousands, except per share data)



THREE MONTHS
ENDED DECEMBER 31,


YEAR ENDED

DECEMBER 31,


2024


2023


2024


2023


(unaudited)



Revenue:








License fee revenue

$               100


$           1,634


$               200


$           1,800

Total revenue

100


1,634


200


1,800

Operating expenses:








Research and development

33,367


82,091


203,743


191,640

General and administrative

16,661


7,832


127,905


29,381

Total operating expenses

50,028


89,923


331,648


221,021

Loss from operations

(49,928)


(88,289)


(331,448)


(219,221)

Total other income (expense)

2,063


(3,685)


2,019,022


(20,503)

Provision for income taxes


(4)


2


3

Loss on equity method investment


1,634



1,634

Net income (loss)

$       (47,865)


$       (93,604)


$    1,687,572


$     (241,361)

Earnings (loss) per share








Basic

$            (3.09)


$            (6.93)


$         114.01


$         (20.48)

Diluted

$            (3.09)


$            (6.93)


$         112.62


$         (20.48)

Shares used in computing earnings (loss) per share          








Basic

15,468


13,509


14,802


11,783

Diluted

15,468


13,509


14,984


11,783

 

Inhibrx Biosciences, Inc.
Condensed Consolidated Balance Sheets
(In thousands)



AS OF DECEMBER 31,


2024


2023

Cash and cash equivalents

$              152,596


$              277,924

Other current assets

7,802


17,434

Non-current assets

20,369


12,535

Total assets

$              180,767


$              307,893





Debt, current and non-current

$                        —


$              206,968

Other current liabilities

40,730


56,312

Other non-current liabilities

6,453


1,110

Total liabilities

47,183


264,390

Stockholders' equity

133,584


43,503

Total liabilities and stockholders' equity          

$              180,767


$              307,893

 

Cision View original content to download multimedia:https://www.prnewswire.com/news-releases/inhibrx-reports-fourth-quarter-and-fiscal-year-2024-financial-results-302403351.html

SOURCE Inhibrx Biosciences, Inc.

FAQ

What were the clinical results for Inhibrx's ozekibart (INBRX-109) in colorectal cancer treatment?

The Phase 1 trial showed one complete response, three partial responses, and six stable disease cases out of 10 evaluated patients, with 46.2% achieving durable disease control lasting ≥180 days and median PFS of 7.85 months.

How much cash does INBX have after the Oxford Finance loan agreement?

As of February 28, 2025, Inhibrx had $230.5 million in cash and cash equivalents, including the $100 million gross proceeds from the Oxford loan.

What were INBX's Q4 2024 financial results compared to Q4 2023?

Q4 2024 net loss was $47.9M ($3.09 per share) compared to $93.6M ($6.93 per share) in Q4 2023, with R&D expenses decreasing to $33.4M from $82.1M.

What caused INBX's significant net income in fiscal year 2024?

The $1.7B net income primarily resulted from gains related to the spin-off transaction and sale of INBRX-101 to Sanofi, including consideration paid for stock, warrants, and debt extinguishment.
Inhibrx Biosciences Inc

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