Inhibrx Biosciences said on Thursday its experimental drug helped slow the progression of a rare and aggressive bone cancer in a mid-stage trial, sending its shares surging over 70% in extended tradin... ...

Core Insights - Inhibrx Biosciences announced positive topline results from the ChonDRAgon study, demonstrating the efficacy of ozekibart (INBRX-109) in treating advanced or metastatic chondrosarcoma, achieving a statistically significant improvement in median progression-free survival (PFS) compared to placebo [1][2][6] Chondrosarcoma Study Results - The ChonDRAgon study met its primary endpoint, showing a 52% reduction in the risk of disease progression or death with ozekibart, resulting in a median PFS of 5.52 months versus 2.66 months for placebo [2][6] - Ozekibart is the first investigational therapy to show a significant PFS benefit in a randomized trial for chondrosarcoma, a condition lacking approved systemic treatments [2][6] - Key secondary endpoints indicated a disease control rate of 54% for ozekibart compared to 27.5% for placebo, along with improvements in pain and physical function [3][6] Safety Profile - Ozekibart was generally well tolerated, with common treatment-related adverse events including fatigue, constipation, and nausea. The incidence of treatment-related hepatic adverse events was 11.8% compared to 4.5% in the placebo group [4][10] - Hepatotoxicity was managed effectively through patient selection and monitoring, resulting in a low overall incidence of severe liver-related adverse events [4][10] Expansion Cohorts - Inhibrx is conducting expansion cohorts for ozekibart in combination with FOLFIRI for colorectal cancer and with irinotecan and temozolomide for Ewing sarcoma, showing promising early results [6][15] - Initial results from the colorectal cancer trial indicated a 23% overall response rate and a 92% disease control rate in a heavily pretreated patient population [7][8] - For Ewing sarcoma, the combination therapy showed a 64% overall response rate and a 92% disease control rate among evaluable patients [9][10] Future Plans - The company plans to file a Biologics License Application (BLA) for ozekibart in Q2 of 2026, aiming to expedite its availability to patients [6][10] - Detailed results from the ChonDRAgon study will be presented at the Connective Tissue Oncology Society Annual Meeting on November 14, 2025 [5][6]

Core Insights - Inhibrx Biosciences, Inc. will host a live webcast on October 23, 2025, to present topline results from the ChonDRAgon study of ozekibart (INBRX-109) for advanced chondrosarcoma [1] - The company will also provide updates on ongoing trials of ozekibart in combination therapies for colorectal cancer and Ewing sarcoma [1] Company Overview - Inhibrx is a clinical-stage biopharmaceutical company focused on developing therapeutics for oncology and rare diseases [1][5] - The company utilizes diverse protein engineering methods to create novel biologic therapeutic candidates [5] Product Information - Ozekibart (INBRX-109) is a tetravalent death receptor 5 (DR5) agonist antibody designed to induce tumor-biased cell death [3] - The FDA granted Fast Track designation for ozekibart in January 2021 and orphan drug designation in November 2021 for chondrosarcoma [3] Clinical Trials - A Phase 2 trial of ozekibart in metastatic, unresectable conventional chondrosarcoma was initiated in June 2021 [4] - Ongoing Phase 1/2 trials are investigating ozekibart in combination with FOLFIRI for colorectal cancer and with irinotecan/temozolomide for Ewing sarcoma [4]

Industry Overview - Inhibrx Biosciences, Inc. operates in the competitive biotechnology sector, focusing on protein-based therapeutics for cancer and serious diseases, alongside competitors like Keros Therapeutics, Kymera Therapeutics, iTeos Therapeutics, Harmony Biosciences Holdings, and Vaxcyte [1] Financial Analysis of Inhibrx Biosciences - The company's Return on Invested Capital (ROIC) is -95.25%, significantly lower than its Weighted Average Cost of Capital (WACC) of 8.16%, indicating insufficient returns to cover capital costs [2] - The ROIC to WACC ratio of -11.67 highlights inefficiencies in capital utilization [2] Comparison with Competitors - Keros Therapeutics has a ROIC of 0.03% and a WACC of 8.47%, resulting in a ROIC to WACC ratio of 0.0035, indicating minimal efficiency [3] - Kymera Therapeutics and iTeos Therapeutics report negative ROICs of -29.50% and -42.54%, respectively, with ROIC to WACC ratios of -2.17 and -4.03, reflecting challenges in generating adequate returns [3] - Harmony Biosciences Holdings stands out with a ROIC of 21.25% and a WACC of 7.65%, leading to a ROIC to WACC ratio of 2.78, indicating effective capital utilization [4] - Vaxcyte shows a ROIC of -22.46% and a WACC of 8.40%, with a ROIC to WACC ratio of -2.67, further illustrating inefficiencies in capital utilization [5] Summary of Financial Health - The analysis reveals varying degrees of financial health and capital efficiency among biotechnology companies, with Inhibrx Biosciences facing significant challenges in generating returns that cover its cost of capital [5]

Core Viewpoint - Inhibrx Biosciences, Inc. reported its financial results for Q2 2025, highlighting a significant decrease in both revenue and net income compared to the same period in 2024, following the completion of the 101 Transaction and the spin-off from its former parent company [1][4]. Financial Results - As of June 30, 2025, Inhibrx had cash and cash equivalents of $186.6 million, down from $216.5 million as of March 31, 2025 [4]. - Revenue for Q2 2025 was $1.3 million, a substantial increase from $0.1 million in Q2 2024 [4][7]. - Research and development expenses were $22.3 million in Q2 2025, significantly lower than $67.6 million in Q2 2024, primarily due to the elimination of costs associated with the INBRX-101 program following the 101 Transaction [4][8]. - General and administrative expenses decreased to $6.4 million in Q2 2025 from $93.4 million in Q2 2024, reflecting the absence of non-recurring expenses related to the 101 Transaction [4][8]. - The company reported a net loss of $28.7 million in Q2 2025, compared to a net income of $1.9 billion in Q2 2024, largely due to the prior year's gain from the 101 Transaction [4][8]. Upcoming Milestones - The ozekibart (INBRX-109) Phase 2 trial in unresectable or metastatic conventional chondrosarcoma has completed full enrollment, with results expected by late October 2025 [4]. - Initial Phase 2 data from the INBRX-106 trial in head and neck squamous cell carcinoma, in combination with KEYTRUDA®, is anticipated in Q4 2025 [4].

UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 10-Q (Mark one) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended September 30, 2022 or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15 (d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission File Number: 001-39452 INHIBRX, INC. (Exact name of registrant as specified in its charter) Delaware 82-4257312 (State or other jurisdictio ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 10-Q (Mark one) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended June 30, 2022 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15 (d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission File Number: 001-39452 INHIBRX, INC. (Exact name of registrant as specified in its charter) Delaware 82-4257312 (State or other jurisdiction of ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 10-Q (Mark one) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended March 31, 2022 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15 (d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission File Number: 001-39452 INHIBRX, INC. (Exact name of registrant as specified in its charter) Delaware 82-4257312 (State or other jurisdiction of ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 10-K (Mark one) ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2021 or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15 (d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission File Number: 001-39452 INHIBRX, INC. (Exact name of registrant as specified in its charter) (State or other jurisdiction of incorporation or organiz ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 10-Q (Mark one) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended September 30, 2021 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15 (d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission File Number: 001-39452 INHIBRX, INC. (Exact name of registrant as specified in its charter) Delaware 82-4257312 (State or other jurisdictio ...