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].

Summary of Xencor (XNCR) Update / Briefing April 29, 2025 Company Overview - **Company**: Xencor (XNCR) - **Focus**: Development of protein engineering and drug molecules for unmet medical needs, particularly in oncology and immunology Key Industry Insights - **Industry**: Inflammatory Bowel Disease (IBD) treatment - **Current Market Need**: High unmet medical need in IBD, with existing medications achieving remission in only 10% to 20% of patients [7][8] - **Target Population**: Over 3 million individuals affected by IBD in the U.S. and Europe [7] Core Program Updates - **XmAb942**: A high potency, half-life extended anti-TL1A antibody - **Phase I Study Results**: Positive interim results indicating safety and pharmacokinetics [2][12] - **Half-Life**: Estimated at greater than 71 days, promising for convenient dosing [14] - **Dosing Schedule**: Planned Q12 week subcutaneous maintenance dosing [11][21] - **TL1A by IL-23 P19 Bispecific**: A lead candidate designed to combine two effective mechanisms of action for IBD treatment - **Development Timeline**: First in human studies expected in 2026 [58] Clinical Development Plans - **Phase II Study (ZENITH UC)**: - Focus on patients with moderately to severely active ulcerative colitis who have failed previous therapies [19][21] - Primary endpoint: Clinical remission based on modified Mayo Score at week twelve [21] - Expected to start in the second half of 2025 [61] Competitive Landscape - **Comparison with Competitors**: XmAb942 expected to provide higher drug exposure and better clinical outcomes compared to leading first-generation anti-TL1A drugs [60] - **Dosing Frequency**: Over 90% of surveyed gastroenterologists believe that XmAb942's Q12 week dosing could significantly improve patient compliance [61] Future Directions - **Combination Therapies**: Emphasis on developing a combination strategy with IL-23 and TL1A targeting to enhance efficacy [49][54] - **Market Positioning**: Xencor aims to position XmAb942 as a first or second line treatment option in advanced IBD therapy [60] Important Considerations - **Safety Profile**: No significant safety signals observed in Phase II data for competing therapies [31] - **Patient Compliance**: A more convenient dosing schedule is expected to improve patient quality of life and adherence to treatment [42][43] Conclusion - Xencor is advancing its pipeline with promising data for XmAb942 and a bispecific candidate targeting TL1A and IL-23, aiming to address significant unmet needs in IBD treatment while enhancing patient experience through improved dosing regimens and safety profiles [66]