Inhibrx Biosciences, Inc. reported its financial results for the third 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 licensing agreement with Scithera, Inc., which generated the entirety of the revenue for the nine months ended September 30, 2025. Despite this revenue increase, the company continues to operate at a loss, reporting a net loss of $35.3 million for the quarter, compared to a loss of $43.9 million in the prior year, reflecting a 20% improvement in operational efficiency.
The company's operating expenses for the third quarter decreased by 28% to $33.8 million, down from $46.8 million in the same quarter of 2024. This reduction was primarily driven by a 27% decrease in research and development expenses, which fell to $28.5 million from $38.9 million. The decline in R&D spending is largely due to reduced costs associated with clinical trials and contract manufacturing, particularly following the termination of the INBRX-105 program. General and administrative expenses also saw a notable decrease of 33%, reflecting cost-cutting measures and a reduction in headcount.
In terms of strategic developments, Inhibrx has been focusing on its clinical pipeline, which includes two key candidates: ozekibart (INBRX-109) and INBRX-106. The company is advancing these candidates through various stages of clinical trials, with ozekibart currently in a registration-enabling Phase 2 trial for chondrosarcoma. The company plans to submit a biologics license application for ozekibart in the second quarter of 2026, contingent on successful trial outcomes. Additionally, Inhibrx has entered into a new loan agreement, securing $100 million in gross proceeds to support its ongoing operations and development efforts.
As of September 30, 2025, Inhibrx reported cash and cash equivalents of $153.1 million, a slight increase from $152.6 million at the end of 2024. The company believes this liquidity will be sufficient to fund its operations for at least the next 12 months. However, it acknowledges the need for additional capital to support its clinical programs and potential commercialization efforts. The company is exploring various funding avenues, including equity offerings and strategic collaborations, to bolster its financial position and support its growth initiatives.
Looking ahead, Inhibrx remains focused on advancing its therapeutic candidates through clinical trials while managing its operational costs. The company is also evaluating potential monetization strategies for ozekibart, which could enhance shareholder value. However, it cautions that the success of these efforts is contingent on various factors, including market conditions and the outcomes of ongoing clinical trials.
About Inhibrx Biosciences, Inc.
Inhibrx Biosciences is a clinical-stage biopharmaceutical company developing innovative biologic therapies using proprietary protein engineering platforms. Its focus includes oncology and immunotherapy, with pipeline candidates like ozekibart (INBRX-109) targeting cancer cell death pathways and INBRX-106 enhancing T-cell responses. The company aims to address high unmet medical needs through targeted, differentiated biologics for cancer and immune-related diseases.
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