Inhibrx Biosciences Reports $43.3 Million Net Loss in Q1 2025, Reduces Operating Expenses by 42%

Inhibrx Biosciences, Inc. reported a net loss of $43.3 million for the first quarter of 2025, a significant reduction from the $78.7 million loss recorded in the same period of the previous year. The company's total operating expenses decreased by 42% to $42.9 million, down from $73.8 million in the first quarter of 2024. This decline was primarily driven by reduced research and development costs, which fell to $36.9 million from $63.9 million, largely due to decreased expenses associated with the spin-off of the INBRX-101 program. General and administrative expenses also decreased to $6.0 million from $10.0 million, reflecting lower personnel-related costs and reduced legal expenses.

In terms of financial position, Inhibrx's cash and cash equivalents increased to $216.5 million as of March 31, 2025, compared to $152.6 million at the end of 2024. The company’s total assets rose to $242.6 million, up from $180.8 million, while total liabilities surged to $148.2 million, primarily due to the assumption of a $100 million loan under the 2025 Loan Agreement with Oxford Finance LLC. The company’s accumulated deficit also increased to $149.4 million from $106.1 million, reflecting ongoing investment in its clinical pipeline.

Strategically, Inhibrx has focused on advancing its clinical-stage programs, particularly ozekibart (INBRX-109) and INBRX-106, both of which are undergoing trials for various cancers. The company has not generated any revenue from product sales but has entered into a License and Assignment Agreement with Scithera, Inc., which could yield future milestone payments and royalties. The company continues to evaluate its operational strategies and may seek additional funding through equity offerings or collaborations to support its ongoing development efforts.

Operationally, Inhibrx has made significant progress in its clinical trials, with expectations for data releases in the latter half of 2025. The company’s employee headcount has adjusted in line with its strategic focus, and it continues to manage its resources effectively to support its therapeutic candidates. The company remains committed to its long-term growth strategy, although it acknowledges the inherent uncertainties in clinical development and the need for substantial capital to fund its operations.

Looking ahead, Inhibrx believes its existing cash reserves will be sufficient to fund operations for at least the next 12 months. However, the company recognizes the potential need for additional capital to support its clinical programs and operational expenses. The management has indicated that future funding may come from various sources, including equity offerings, debt financing, and strategic partnerships, while also highlighting the risks associated with market conditions and operational challenges that could impact its financial outlook.