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SAN DIEGO, Nov. 7, 2022 /PRNewswire/ -- Inhibrx, Inc. (Nasdaq: INBX), a biopharmaceutical company with four clinical programs in development and a strong emerging pipeline, today reported financial results for the third quarter of 2022 and provided an update on recent corporate highlights.
Recent Corporate Highlights
Financial Results
About the Inhibrx sdAb Platform
Inhibrx utilizes diverse methods of protein engineering in the construction of therapeutic candidates that can address the specific requirements of complex target and disease biology. A key tool for this effort is the Inhibrx proprietary single-domain antibody (sdAb) platform, which enables the development of therapeutic candidates with attributes superior to other monoclonal antibody and fusion protein approaches. This platform allows the combination of multiple binding units in a single molecule, enabling the creation of therapeutic candidates with defined valency or multiple specificities that can achieve enhanced cell signaling or conditional activation. An additional benefit of this platform is that these optimized, multi-functional entities can be manufactured using the established processes that are commonly used to produce therapeutic proteins.
About Inhibrx, Inc.
Inhibrx is a clinical-stage biopharmaceutical company focused on developing a broad pipeline of novel biologic therapeutic candidates in oncology and orphan diseases. Inhibrx utilizes diverse methods of protein engineering to address the specific requirements of complex target and disease biology, including its proprietary sdAb platform. Inhibrx has collaborations with 2seventy bio (formerly bluebird bio), Bristol-Myers Squibb and Chiesi Farmaceutici S.p.A. 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: Inhibrx's and its investigators' judgments and beliefs regarding the strength of Inhibrx's pipeline and the observed safety and efficacy to date of its therapeutic candidates; future clinical development of Inhibrx's therapeutic candidates, including any potential for accelerated approval. 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; its interpretation of preclinical data and initial, interim or preliminary data from its clinical trials, including interpretations regarding disease control and disease response; the timing or likelihood of regulatory filings and approvals; the successful commercialization of its therapeutic candidates, if approved; the pricing, coverage and reimbursement of its therapeutic candidates, if approved; its ability to utilize its technology platform to generate and advance additional therapeutic candidates; the implementation of its business model and strategic plans for its business and therapeutic candidates; its ability to successfully manufacture therapeutic candidates for clinical trials and commercial use, if approved; its ability to contract with third-party suppliers and manufacturers and their ability to perform adequately; the scope of protection it is able to establish and maintain for intellectual property rights covering its therapeutic candidates; its ability to enter into strategic partnerships and the potential benefits of these partnerships; its estimates regarding expenses, capital requirements and needs for additional financing and financial performance; its expectations regarding the impact of the COVID-19 pandemic on its business; 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 as well as its Quarterly Reports on Form 10-Q, and supplemented from time to time by its Current Reports on Form 8-K. 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
kelly@inhibrx.com
858-795-4260
Inhibrx, Inc.
Condensed Consolidated Statements of Operations
(In thousands, except per share data)
(unaudited)
THREE MONTHS ENDED
SEPTEMBER 30,
NINE MONTHS ENDED
SEPTEMBER 30,
2022
2021
2021
2020
Revenue:
License fee revenue
$ 278
$ 2,508
$ 1,904
$ 4,289
Grant revenue
—
24
14
86
Total revenue
278
2,532
1,918
4,375
Operating expenses:
Research and development
24,934
18,485
79,735
52,825
General and administrative
5,347
2,848
15,800
8,710
Total operating expenses
30,281
21,333
95,535
61,535
Loss from operations
(30,003)
(18,801)
(93,617)
(57,160)
Total other income (expense)
(5,322)
(1,779)
(10,690)
(3,417)
Provision for income taxes
—
—
4
2
Net loss
$ (35,325)
$ (20,580)
$ (104,311)
$ (60,579)
Net loss per share, basic and diluted
$ (0.90)
$ (0.54)
$ (2.67)
$ (1.60)
Weighted-average shares of common stock
outstanding, basic and diluted
39,071
37,893
39,043
37,818
Inhibrx, Inc.
Condensed Consolidated Balance Sheets
(In thousands)
SEPTEMBER 30,
DECEMBER 31,
2022
2021
(unaudited)
Cash and cash equivalents
$ 146,073
$ 131,301
Other current assets
7,681
7,811
Non-current assets
11,098
11,338
Total assets
$ 164,852
$ 150,450
Debt, current and non-current
$ 170,819
$ 70,470
Other current liabilities
25,426
22,454
Other non-current liabilities
3,657
5,143
Total liabilities
199,902
98,067
Stockholders' equity
(35,050)
52,383
Total liabilities and stockholders' equity
$ 164,852
$ 150,450
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SOURCE Inhibrx Inc.