Inhibrx Biosciences, Inc. (INBX)

Price$121.40Cached quoteAs of 2026-09-04 16:23 UTC

AI: Fair-priced

Price checkThe valuation looks balanced because strong trial evidence offsets heavy cash burn and approval risk.

At the observed close, 14.7 million basic shares imply roughly $1.64 billion of equity value. Adding about $275 million of drawn debt after July and subtracting $219.5 million of cash reported on August 6 gives roughly $1.70 billion for the drug portfolio before future funding. With no recurring product revenue, the price assumes ozekibart reaches patients and INBRX-106 retains meaningful value. Positive randomized data for both programs keep that expectation credible, making Fair-priced more defensible than either extreme.

Big pictureThis is a clinical bet, not an established business with dependable profits.

Revenue was only $1.3 million in 2025 and zero in each of the first two 2026 quarters. The $1.69 billion 2024 profit came from the one-time Sanofi transaction, not drug sales, so it should not anchor valuation. Operations consumed $129.8 million of cash in 2025 and $67.9 million during the first half of 2026; capital spending was negligible, making operating cash flow a close measure of cash burn—money spent faster than earned. Cancer demand is not strongly economic-cycle driven, but company results remain lumpy around trial and regulatory events.

Business strengthTwo promising cancer drugs create upside, but the balance sheet now leans on costly debt.

The bull case rests on unusually clear clinical signals. Ozekibart cut the risk of progression or death by 52% and more than doubled the median time before disease worsened to 5.52 months; regulators are reviewing it for a rare cancer with no approved whole-body medicine. INBRX-106 plus pembrolizumab produced confirmed tumor shrinkage in 48.3% versus 26.5% for pembrolizumab alone, although only 63 patients were evaluable. Against that, June cash of $133.3 million trailed $181.6 million of debt, shareholder equity was negative $53.0 million, and Inhibrx has never launched a drug.

What could change the storyApproval and broader trial success could justify the price; delays or weak demand would not.

The clearest upside is regulatory approval by April 14, 2027, then proof that doctors adopt ozekibart and that colorectal or Ewing sarcoma studies expand beyond roughly 1,400 annual U.S. chondrosarcoma diagnoses. Delay, a narrow approval, or weak uptake would leave a costly research operation supporting a valuation near $1.70 billion. Dilution also matters: the company showed about 19.6 million shares after options and warrants versus 14.6 million basic shares. June debt had a 17.5% effective interest rate; success could fund growth, while setbacks could force more expensive borrowing or new shares.

AI: News

Head-and-neck trial improves responsesA cancer-drug combination nearly doubled tumor responses, broadening the company’s value beyond ozekibart.

On September 8, INBRX-106 plus pembrolizumab produced confirmed tumor shrinkage in 48.3% of evaluable patients versus 26.5% with pembrolizumab alone. Median progression-free survival—the time before cancer worsened—was 9.6 months versus 4.9 months, based on 63 evaluable patients. Inhibrx will add about 50 human papillomavirus-positive patients before discussing a faster approval path. Shares closed 5.6% lower that day on unusually high volume; the timing shows a mixed reaction, not proof that the data caused the decline.

Ozekibart review acceptedRegulators accepted ozekibart for review, creating a clear approval decision date for the company’s lead drug.

On June 15, the U.S. Food and Drug Administration accepted the marketing application without identifying filing-review issues and set April 14, 2027 as its decision target. The submission relies on a 206-patient randomized trial: ozekibart reduced the risk of progression or death by 52%, with median time before worsening of 5.52 months versus 2.66 months. Acceptance is not approval, but it moved the lead asset from trial execution to formal regulatory review.

Loan facility expandsFresh borrowing extended the research runway but increased interest costs and future repayment pressure.

On July 15, Inhibrx expanded its Oxford Finance facility to $500 million and immediately drew $100 million, lifting principal drawn from $175 million to $275 million. Another $225 million is available only at lenders’ discretion. The company issued warrants for 21,457 shares as part of the deal. Dow Jones reported shares down 4.4% in trading after the announcement. The cash funds trials and launch preparation, while added debt raises the cost of any setback.

Second-quarter cash updateThe company gained more cash after quarter-end, but losses and debt continued rising.

On August 13, Inhibrx reported $133.3 million of June cash and no quarterly revenue. Its net loss was $36.7 million, while research spending rose to $23.9 million from $22.3 million as trials and manufacturing advanced. After the July loan draw, cash reached $219.5 million by August 6. The company said funds should cover at least 12 months, but that statement depends on its operating plan; launch work and new studies can raise spending before any product revenue arrives.

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Revenue

2022

2023

2024

2025

Net income

2022

2023

2024

2025

Free cash flow

2022

2023

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2025

Total cash / debt

CashTotal debt

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2023

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2025

Financial statements

	2025	2024	2023	2022
Revenue	$1.3M	$200,000	$1.8M	$1.3M
Research & development	$113.0M	$203.7M	$191.6M	$101.6M
Operating expenses	$136.3M	$331.6M	$221.0M	$116.6M
Operating income	−$135.0M	−$331.4M	−$219.2M	−$115.3M
Operating margin	−10,386.54%	−165,724.00%	−12,178.94%	−8,864.18%
EBITDA	−$132.5M	−$329.2M	−$218.0M	−$114.1M
EBITDA margin	−10,195.54%	−164,581.50%	−12,112.78%	−8,770.02%
Net income	−$140.1M	$1.69B	−$241.4M	−$115.3M
Net profit margin	−10,773.46%	843,786.00%	−13,408.94%	−8,864.34%
Basic EPSper basic share	-$9.04	$114.01	-$20.48	-$8.10
Diluted EPSper diluted share	-$9.04	$112.62	-$20.48	-$8.10

Review official source filings ↗

Owners

Reported shareholders

Reference date Jun 30, 2026

8.89%of listed shares

MORGAN STANLEY1.31M shares · Jun 30, 2026

View holders

Top 20 reported holders of INBX
Holder	% owned
MORGAN STANLEY	8.89%1.31M shares
PERCEPTIVE ADVISORS LLC	8.82%1.3M shares
Sanofi	7.87%1.16M shares
VIKING GLOBAL INVESTORS LP	7.64%1.12M shares
Kayyem Jon Faiz	≈7.20%1.06M shares
Lappe Mark	≈6.29%925.41K shares
HighTower Advisors, LLC	5.92%870.55K shares
BANK OF AMERICA CORP /DE/	5.72%841.14K shares
BlackRock, Inc.	5.62%825.97K shares
Schonfeld Strategic Advisors LLC	4.74%697.59K shares
STATE STREET CORP	4.35%640.46K shares
VANGUARD CAPITAL MANAGEMENT LLC	3.35%492.48K shares
Woodline Partners LP	2.73%400.89K shares
Capital Research Global Investors	2.47%363.05K shares
GOLDMAN SACHS GROUP INC	2.30%338.18K shares
PFM Health Sciences, LP	2.10%308.39K shares
Sofinnova Investments, Inc.	2.06%303.1K shares
HEALTHCARE OF ONTARIO PENSION PLAN TRUST FUND	1.85%271.7K shares
Parkman Healthcare Partners LLC	1.75%256.95K shares
GEODE CAPITAL MANAGEMENT, LLC	1.74%256.18K shares

Percentages use 14.71M shares of this listed class outstanding on Jun 30, 2026. ≈ compares the latest reported holding with a share total from a different date; it is not a confirmed current stake.

Gray completes the 100% scale. Reported positions may overlap; holders have different reporting dates.

Source: SEC Form 13F ↗Updated Sep 29, 2026 · Quarterly data

Insider buys & sells

Jul 1, 2024–Jun 30, 2026

Buys22$5.42M disclosed value

Sells (SEC code S)3$11.29M disclosed value

Transaction	Insider	Type	Shares	Price	Value	Owned after
Oct 7, 2025Form 4	Viking Global Opportunities Parent GP LLC +7TenPercentOwner	SellCommon Stock · indirect	25.0K	$32.25	$807.6K	102.9K
Oct 7, 2025Form 4	Viking Global Opportunities Parent GP LLC +7TenPercentOwner	SellCommon Stock · indirect	16.3K	$32.25	$526.2K	67.0K
Oct 7, 2025Form 4	Viking Global Opportunities Parent GP LLC +7TenPercentOwner	SellCommon Stock · indirect	308.6K	$32.25	$9.95M	1.27M
Nov 20, 2024Form 4	Kayyem Jon FaizDirector	BuyCommon Stock · indirect	18.8K	$14.19	$266.1K	69.8K
Nov 20, 2024Form 4	Kayyem Jon FaizDirector	BuyCommon Stock · indirect	18.8K	$14.19	$266.1K	69.8K

Review ownership filings at SEC.gov ↗

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Inhibrx Biosciences, Inc. (INBX)

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