Inhibrx Biosciences (NASDAQ: INBX) reported its fourth‑quarter and full‑year 2025 financial results, showing a cash balance of $124.2 million as of December 31 2025 and a total debt of $100.0 million after a $75.0 million first amendment to its Oxford Finance loan received on March 18 2026.
Operating expenses for the quarter totaled $30.9 million, comprising $25.3 million in research and development and $5.6 million in general and administrative costs. Year‑to‑year, R&D spending fell 44.5% and G&A fell 81.8% compared with 2024, reflecting the cost‑reduction impact of the spin‑off and the completion of certain clinical and legal activities.
The company posted a net loss of $32.8 million for Q4 2025, a reduction from the $47.9 million loss in Q4 2024. For the full year, Inhibrx recorded a net loss of $140.1 million, a sharp reversal from the $1.7 billion net income in FY 2024, which was largely driven by a one‑time gain from the sale of INBRX‑101 to Sanofi. The FY 2025 loss therefore represents a normalized operating performance after the removal of that gain.
Cash runway calculations show that the $124.2 million balance, combined with the recent loan amendment, supports operations for at least the next 12 months at the current burn rate of roughly $33 million per quarter. The company remains focused on advancing its ozekibart (INBRX‑109) and INBRX‑106 programs, with a planned BLA submission for ozekibart in early Q2 2026 and data readouts for INBRX‑106 in head‑and‑neck squamous cell carcinoma later in the year.
Management emphasized that the reduced operating expenses are a result of the spin‑off’s efficiency gains and the conclusion of certain clinical trials, positioning Inhibrx to allocate resources toward its remaining pipeline assets. The company also highlighted the need for additional financing or a partnership to support upcoming clinical milestones, underscoring the importance of maintaining liquidity in a clinical‑stage environment.
Overall, the results illustrate a transition to a leaner, standalone entity with a solid cash position but a significant debt load, and a clear focus on advancing its core pipeline while managing costs. The financial data and strategic outlook provide investors with a comprehensive view of Inhibrx’s current standing and future trajectory.
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