Highlights

  • Inhibrx reported a net loss of $36,650 thousand and no revenue for the quarter ended June 30, 2026.
  • The FDA accepted for filing the biologics license application for ozekibart in conventional chondrosarcoma in June 2026.
  • Cash and cash equivalents were $133.3 million at June 30, 2026, and the accumulated deficit was $316.3 million.
  • On July 15, 2026, Inhibrx amended its Oxford loan agreement for up to $325.0 million more, with $100.0 million funded.

Inhibrx Biosciences (NASDAQ:INBX) shares were trading at USD 73.00 on October 28, 2026, down 23.69%, with a relative volume at time of 7.90. The clinical-stage biopharmaceutical company reported that the FDA accepted its ozekibart application in June 2026, amended its Oxford loan agreement on July 15, 2026, and filed its quarterly report for the period ended June 30, 2026 on August 13, 2026.

Inhibrx Biosciences, Inc. is a Delaware corporation with principal executive offices in La Jolla, California. The company develops novel biologic therapeutic candidates using protein engineering platforms, and its current pipeline is focused on oncology. Its clinical candidates are ozekibart (INBRX-109), a tetravalent DR5 agonist, and INBRX-106, a hexavalent OX40 agonist. It has not generated revenue from commercial sales of approved products, and its fiscal year ends December 31. The company had 14,717,660 shares of common stock outstanding as of August 7, 2026.

Second Quarter 2026 Results

For the three months ended June 30, 2026, Inhibrx reported no revenue, compared with license fee revenue of $1,300 thousand in the prior-year period. Research and development expense was $23,899 thousand, compared with $22,267 thousand. General and administrative expense was $8,250 thousand, compared with $6,422 thousand.

The loss from operations was $32,149 thousand, compared with $27,389 thousand. The net loss was $36,650 thousand, or $2.34 per share, compared with a net loss of $28,654 thousand, or $1.85 per share.

For the six months ended June 30, 2026, the net loss was $70,091 thousand, or $4.49 per share, compared with $71,965 thousand, or $4.65 per share.

Balance Sheet, Cash Flow and Loan Agreement

Cash and cash equivalents were $133.3 million at June 30, 2026, and the accumulated deficit was $316.3 million. Net cash used in operating activities for the six months was $67,943 thousand, compared with $65,848 thousand a year earlier.

Management said it believes existing cash will fund operations for at least 12 months from the filing date and expects to continue to incur net losses for the foreseeable future.

Under the Oxford loan agreement, Inhibrx received $100.0 million in January 2025 and $75.0 million on March 18, 2026. On July 15, 2026, a second amendment provided for up to an additional $325.0 million in gross proceeds. Of that amount, $100.0 million was funded at signing as the Term C Loan, and up to $225.0 million may be funded in increments of $50.0 million or more at the lenders' discretion. The company issued warrants to purchase 21,457 shares at an exercise price of $93.21 per share. It reported compliance with all covenants at June 30, 2026.

Clinical and Regulatory Developments

In June 2026, the FDA accepted for filing the biologics license application for ozekibart in conventional chondrosarcoma. In October 2025, Inhibrx announced the supporting trial met its primary endpoint, with median progression-free survival of 5.52 months for ozekibart versus 2.66 months for placebo.

In April 2026, Inhibrx announced interim colorectal cancer data for ozekibart with FOLFIRI. Among 45 evaluable patients, the objective response rate was 20%.

In May 2026, Inhibrx announced interim Phase 2 results for INBRX-106 with pembrolizumab in first-line head and neck cancer. In the evaluable population, 11 of 25 patients (44.0%) in the combination arm had a confirmed objective response, compared with 6 of 28 patients (21.4%) in the control arm.

Outlook and Planned Milestones

The filing does not include numerical financial guidance. Management stated it plans to meet with the FDA in the fourth quarter of 2026 to discuss a first-line registrational trial in colorectal cancer. It expects to announce interim results from two additional Phase 1 colorectal cohorts in the first quarter of 2027, and to complete enrollment in the Ewing sarcoma trial in 2027.

For INBRX-106, the filing said progression-free survival data from the Phase 2 portion of the HexAgon study were expected in the third quarter of 2026, with the Phase 3 portion planned to begin in the third quarter of 2026.