Inhibrx: Continued Advancement Even After INBRX-101 Sale To Sanofi

Core Viewpoint - Inhibrx Biosciences, Inc. is making significant strides in developing its oncology pipeline, particularly with drugs INBRX-109 and INBRX-106, following the sale of INBRX-101 to Sanofi for $2.2 billion, which has generated shareholder value and interest in the company's future prospects [1][2][16]. Company Developments - Inhibrx has advanced INBRX-101 into a phase 3 study for alpha-1 antitrypsin deficiency, attracting attention from Sanofi, which acquired the drug for an aggregate value of $2.2 billion [1][2][16]. - The company has retained rights to its oncology pipeline, focusing on two key compounds: INBRX-109 for Ewing Sarcoma and INBRX-106 for multiple solid tumor types [3][26]. Drug Pipeline - INBRX-109 is a tetravalent molecule targeting Death receptor 5 (DR5) and is being developed for Ewing Sarcoma, a rare tumor primarily affecting children and young adults [4][5]. - The Ewing Sarcoma therapeutics market is projected to reach $424.42 million by 2032, indicating a moderate market opportunity for INBRX-109 [6]. - INBRX-106 is a hexavalent molecule targeting OX40, with potential applications across various solid tumor types, including non-small cell lung cancer and melanoma [11][12]. Clinical Trials and Efficacy - A phase 1 study for INBRX-109 has been initiated, aiming to recruit 240 patients to evaluate its efficacy in combination with standard care therapies [7][8]. - The combination of INBRX-109 with standard chemotherapeutics IRI and TMZ has shown an objective response rate (ORR) of 53.8%, with classical Ewing Sarcoma patients achieving an ORR of 71.4% [9][10][26]. - INBRX-106 has demonstrated improved antitumor activity in preclinical models, leading to its advancement into phase 1 studies in combination with Keytruda [15][27]. Financial Position - Following the sale of INBRX-101, Inhibrx has $30 per share in cash and a contingent value right for an additional $5 upon achieving regulatory milestones [18][16]. - The company reported cash and cash equivalents of $277.9 million as of December 31, 2023, with a cash burn rate of approximately $89.9 million per quarter, indicating a need for future funding [20][21].