Inhibrx Biosciences Reports $1.3M Revenue in Q2 2025, Faces $28.7M Net Loss

Inhibrx Biosciences, Inc. reported its financial results for the second quarter of 2025, revealing a total revenue of $1.3 million, a significant increase from $100,000 in the same period last year. This growth is attributed to a new license agreement with Scithera, Inc., which generated the entirety of the revenue for the quarter. However, the company continues to face substantial operating losses, reporting a net loss of $28.7 million for the quarter, compared to a net income of $1.9 billion in the prior year, which was largely due to a one-time gain from a merger transaction.

The company's operating expenses for the second quarter of 2025 were $28.7 million, a decrease of 82% from $161 million in the same quarter of 2024. This reduction was primarily driven by a significant decline in research and development expenses, which fell from $67.6 million to $22.3 million, and general and administrative expenses, which decreased from $93.4 million to $6.4 million. The decrease in expenses is largely attributed to the completion of the spin-off of INBRX-101 and the associated costs related to the merger that were incurred in the previous year.

In terms of operational metrics, Inhibrx's cash and cash equivalents increased to $186.6 million as of June 30, 2025, up from $152.6 million at the end of 2024. The company’s total liabilities surged to $143.6 million, primarily due to the assumption of long-term debt under a new loan agreement. The company’s employee headcount has also seen a reduction, reflecting the ongoing adjustments following the merger and the strategic refocusing of its operations.

Looking ahead, Inhibrx anticipates that its existing cash reserves will be sufficient to fund operations for at least the next 12 months. The company plans to finance future needs through equity offerings, debt financing, and potential collaborations. However, it acknowledges the inherent risks and uncertainties associated with clinical trials and the commercialization of its therapeutic candidates, which may impact its financial performance and operational plans.

Inhibrx remains focused on advancing its clinical pipeline, which includes ozekibart (INBRX-109) and INBRX-106, both of which are in various stages of clinical trials. The company is preparing for potential commercialization of its therapeutic candidates, contingent upon successful clinical outcomes and regulatory approvals.