Inhibrx(US:INBX) Prnewswireยท2024-11-14 21:24Core Viewpoint - Inhibrx Biosciences, Inc. reported its financial results for Q3 2024, highlighting a net loss reduction and ongoing clinical trials following its spin-off from Inhibrx, Inc. [1][2] Financial Results - As of September 30, 2024, Inhibrx Biosciences had cash and cash equivalents of $196.3 million, down from $226.9 million as of June 30, 2024, primarily due to operational expenses [2]. - Research and development expenses increased to $38.9 million in Q3 2024 from $38.1 million in Q3 2023, driven by expanded clinical trial activities [2]. - General and administrative expenses remained stable at $7.9 million for both Q3 2024 and Q3 2023, with fluctuations due to changes in stock option expenses and professional service costs [2]. - Other income was reported at $2.9 million in Q3 2024, a significant improvement from an expense of $6.0 million in Q3 2023, attributed to the absence of third-party debt post-spin-off [2]. - The net loss for Q3 2024 was $43.9 million, or $2.84 per share, compared to a net loss of $51.8 million, or $4.39 per share, in Q3 2023 [2][5]. Company Overview - Inhibrx Biosciences is a clinical-stage biopharmaceutical company focused on developing a pipeline of novel biologic therapeutic candidates, utilizing advanced protein engineering methods [3]. - The company was incorporated in January 2024 as a wholly-owned subsidiary of Inhibrx, Inc., following a series of restructuring transactions and a distribution of shares to common stockholders [3]. - The current clinical pipeline includes ozekibart (INBRX-109) and INBRX-106, both designed to optimize therapeutic functions through multivalent formats [3].