$INBX

Inhibrx Biosciences, Inc.

CIK:0002007919|SEC Filings

Condensed Consolidated Statements of Operations - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
Revenue:
Total revenue	$ 0	$ 1,300	$ 0	$ 1,300
Operating expenses:
Research and development	23,899	22,267	49,116	59,144
General and administrative	8,250	6,422	13,960	12,446
Total operating expenses	32,149	28,689	63,076	71,590
Loss from operations	(32,149)	(27,389)	(63,076)	(70,290)
Other income (expense):
Interest expense	(5,693)	(3,141)	(9,202)	(5,830)
Interest income	1,263	2,124	2,270	4,453
Other expense, net	(68)	(246)	(80)	(296)
Total other expense	(4,498)	(1,263)	(7,012)	(1,673)
Loss before income tax expense	(36,647)	(28,652)	(70,088)	(71,963)
Provision for income taxes	3	2	3	2
Net loss	$ (36,650)	$ (28,654)	$ (70,091)	$ (71,965)
Net loss per share, basic and diluted
Basic (in dollars per share)	$ (2.34)	$ (1.85)	$ (4.49)	$ (4.65)
Diluted (in dollars per share)	$ (2.34)	$ (1.85)	$ (4.49)	$ (4.65)
Shares used in computing net loss per share, basic and diluted
Basic (in shares)	15,669	15,468	15,627	15,468
Diluted (in shares)	15,669	15,468	15,627	15,468
License fee revenue
Revenue:
Total revenue	$ 0	$ 1,300	$ 0	$ 1,300

Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025
Cash flows from operating activities
Net loss	$ (70,091)	$ (71,965)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation and amortization	1,060	1,336
Accretion of debt discount and non-cash interest expense	2,023	1,159
Stock-based compensation expense	5,757	5,220
Non-cash lease expense	980	878
Loss on disposal of fixed assets	14	0
Changes in operating assets and liabilities:
Accounts receivable	0	119
Other receivables	45	(689)
Receivables from related parties	0	23
Prepaid expenses and other current assets	(692)	952
Other non-current assets	0	22
Accounts payable	3,829	(953)
Accrued expenses	(9,756)	(1,412)
Operating lease liability	(1,112)	(538)
Net cash used in operating activities	(67,943)	(65,848)
Cash flows from investing activities
Purchase of property and equipment	0	(21)
Net cash used in investing activities	0	(21)
Cash flows from financing activities
Proceeds from the issuance of debt	74,992	99,965
Payment of fees associated with debt	0	(125)
Proceeds from the exercise of stock options	2,075	0
Net cash provided by financing activities	77,067	99,840
Net increase in cash and cash equivalents	9,124	33,971
Cash and cash equivalents at beginning of period	124,220	152,596
Cash and cash equivalents at end of period	133,344	186,567
Supplemental disclosure of cash flow information
Cash paid for interest	6,585	3,842
Cash paid for income taxes	3	2
Supplemental schedule of non-cash investing and financing activities
Fair value of warrants issued to lender in conjunction with Amended 2025 Loan Agreement (as defined in Note 3)	1,289	1,720
Payable for purchase of fixed assets	$ 27	$ 0

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Jun. 30, 2026	Dec. 31, 2025
Current assets:
Cash and cash equivalents	$ 133,344	$ 124,220
Other receivables	132	177
Prepaid expenses and other current assets	8,736	8,435
Total current assets	142,212	132,832
Property and equipment, net	2,686	3,733
Operating right-of-use asset	4,555	5,535
Other non-current assets	4,769	4,378
Total assets	154,222	146,478
Current liabilities:
Accounts payable	9,800	5,944
Accrued expenses	15,773	25,529
Current portion of operating lease liability	2,491	2,326
Total current liabilities	28,064	33,799
Long-term debt, net	176,285	100,559
Non-current portion of operating lease liability	2,850	4,127
Total liabilities	207,199	138,485
Commitments and contingencies (Note 7)
Stockholders’ equity (deficit)
Preferred stock, $0.0001 par value; 15,000,000 shares authorized as of June 30, 2026 and December 31, 2025; no shares issued or outstanding as of June 30, 2026 and December 31, 2025.	0	0
Common stock, $0.0001 par value; 120,000,000 shares authorized as of June 30, 2026 and December 31, 2025; 14,708,910 shares issued and outstanding as of June 30, 2026 and 14,577,609 shares issued and outstanding as of December 31, 2025.	1	1
Additional paid-in-capital	263,300	254,179
Accumulated deficit	(316,278)	(246,187)
Total stockholders’ equity (deficit)	(52,977)	7,993
Total liabilities and stockholders’ equity (deficit)	$ 154,222	$ 146,478