Inhibrx Reports Fourth Quarter and Fiscal Year 2024 Financial Results
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 ...
