Inhibrx Reports Fourth Quarter and Fiscal Year 2024 Financial Results

Core Insights - Inhibrx Biosciences, Inc. reported financial results for Q4 and fiscal year 2024, highlighting a significant change in its operational structure following the spin-off from its former parent company and the sale of INBRX-101 to Sanofi S.A. [1] - The company currently has two clinical programs in ongoing trials, with data readouts expected within the next 12 months [1] Financial Results - As of December 31, 2024, Inhibrx had cash and cash equivalents of $152.6 million, which increased to $230.5 million by February 28, 2025, following a loan agreement that provided $100 million in gross proceeds [3][6] - General and administrative expenses rose to $16.7 million in Q4 2024 from $7.8 million in Q4 2023, primarily due to legal services and one-time expenses related to the spin-off [5][12] - Research and development expenses decreased to $33.4 million in Q4 2024 from $82.1 million in Q4 2023, attributed to reduced contract manufacturing costs following the divestiture of INBRX-101 [7] - For the fiscal year 2024, research and development expenses totaled $203.7 million, up from $191.6 million in 2023, driven by increased clinical trial expenses and stock option expenses related to the spin-off [7] - The company reported a net loss of $47.9 million in Q4 2024, a decrease from a loss of $93.6 million in Q4 2023, while achieving a net income of $1.7 billion for the fiscal year 2024 compared to a net loss of $241.4 million in 2023 [10][12] Clinical Developments - Interim efficacy and safety data from the Phase 1 trial of ozekibart (INBRX-109) showed promising results in treating advanced colorectal adenocarcinoma, with 46.2% of patients achieving durable disease control lasting at least 180 days [6] - A new expansion cohort for the ozekibart trial is expected to enroll up to 50 patients, with data anticipated in Q3 2025 [6] Company Overview - Inhibrx is a clinical-stage biopharmaceutical company focused on developing novel biologic therapeutic candidates, utilizing advanced protein engineering methods [10] - The company was incorporated in January 2024 as a wholly-owned subsidiary of Inhibrx, Inc., following a series of restructuring transactions [10]