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Inhibrx Biosciences, Inc. (INBX)·Q1 2025 Earnings Summary

Executive Summary

  • Q1 2025 loss narrowed materially: net loss of $43.3M and EPS of -$2.80 vs -$78.7M and -$5.77 in Q1 2024, driven by lower R&D and G&A post-INBRX-101 spin-off .
  • Liquidity strengthened: cash rose to $216.5M from $152.6M at YE 2024, primarily from the $100M Oxford term loan; debt stood at $98.7M at quarter-end .
  • The quarter’s catalysts are clinical: ozekibart (INBRX-109) and INBRX-106 have multiple data readouts expected through H2 2025, which will likely be stock-moving events .
  • EPS beat consensus: -$2.80 actual vs -$3.12* estimate (beat of $0.32); revenue consensus was $0*, and the company did not disclose product revenue in Q1 . Values retrieved from S&P Global.

What Went Well and What Went Wrong

What Went Well

  • Expense discipline: R&D fell to $36.9M from $63.9M YoY, and G&A declined to $6.0M from $10.0M YoY, reflecting lower trial/manufacturing costs post-101 spin-off and lower stock option/professional fees .
  • Liquidity bolstered: $216.5M cash at 3/31/25 after drawing $100M from Oxford; provides strategic flexibility ahead of multiple 2025 data readouts (“This enables us strategic flexibility post data readouts…”) .
  • Early clinical signals: CRC Phase 1 combination data (ozekibart + FOLFIRI) showed 1 CR, 3 PRs, 6 SD, 46.2% durable disease control ≥180 days, and median PFS of 7.85 months; expansion cohort underway .

What Went Wrong

  • Continued operating losses: Total operating expenses of $42.9M and net loss of $43.3M underscore ongoing cash burn for a clinical-stage portfolio .
  • Debt introduced: Total debt of $98.7M at 3/31/25 following the Oxford facility, which raises interest obligations versus YE 2024 $0 debt .
  • Limited disclosures on revenue/productization: Q1 2025 materials emphasize expenses, cash, and trials; no commercial revenue line was highlighted in Q1 statements .

Financial Results

Income Statement Highlights

MetricQ3 2024Q4 2024Q1 2025
R&D Expense ($USD Thousands)$38,893 $33,367 $36,877
G&A Expense ($USD Thousands)$7,904 $16,661 $6,024
Total Operating Expenses ($USD Thousands)$46,797 $50,028 $42,901
Net Loss ($USD Thousands)$43,864 $47,865 $43,311
Diluted EPS ($USD)-$2.84 -$3.09 -$2.80

Liquidity and Balance Sheet

MetricQ3 2024Q4 2024Q1 2025
Cash and Cash Equivalents ($USD Thousands)$196,332 $152,596 $216,520
Total Debt ($USD Thousands)$0 $0 $98,653
Stockholders’ Equity ($USD Thousands)$178,467 $133,584 $94,443

EPS vs Estimates (Q1 2025)

MetricQ1 2025
Primary EPS Consensus Mean ($USD)-$3.12*
Actual EPS ($USD)-$2.80
Primary EPS - # of Estimates1*
Revenue Consensus Mean ($USD)$0*
Revenue - # of Estimates1*

Values retrieved from S&P Global.

YoY Comparison (Q1 2025 vs Q1 2024)

MetricQ1 2025Q1 2024
R&D Expense ($USD Thousands)$36,877 $63,851
G&A Expense ($USD Thousands)$6,024 $9,974
Net Loss ($USD Thousands)$43,311 $78,710
Diluted EPS ($USD)-$2.80 -$5.77

KPIs – Clinical Efficacy (CRC Phase 1, ozekibart + FOLFIRI)

KPIValue
Patients assessed (RECIST v1.1)10 of 13
Responses1 CR, 3 PR, 6 SD
Durable disease control (≥180 days)46.2%
Median PFS7.85 months
Prior lines of therapyMedian 2 (range 1–6)

Guidance Changes

MetricPeriodPrevious GuidanceCurrent GuidanceChange
INBRX-109 (Chondrosarcoma Phase 2) – data readoutQ3 2025“Middle of this year” (2025) “Third quarter of 2025” Clarified timing
INBRX-109 (CRC expansion cohort) – initial dataQ3 2025New expansion cohort initiated; timing not previously specified “Initial data… anticipated in the third quarter of 2025” New timing disclosed
INBRX-109 (Ewing sarcoma expansion cohort) – interim dataH2 2025Investigating in ongoing Phase 1; timing not specified “Interim data… expected in the second half of 2025” New timing disclosed
INBRX-106 (HNSCC Phase 2/3 combo with pembrolizumab) – initial Phase 2 dataQ4 2025Trial initiated; timing not specified in prior PRs “Initial Phase 2 data… expected during the fourth quarter of 2025” New timing disclosed
INBRX-106 (NSCLC refractory/relapsed) – interim dataQ4 2025Ongoing Phase 1/2; timing not specified “Interim data… expected during the fourth quarter of 2025” New timing disclosed

No formal financial guidance (revenue, margins, OpEx, OI&E, tax, dividends) was provided in Q1 materials .

Earnings Call Themes & Trends

Note: A Q1 2025 earnings call transcript was not found in the document catalog; press releases inform themes [ListDocuments returned none].

TopicPrevious Mentions (Q3 2024, Q4 2024)Current Period (Q1 2025)Trend
Funding/LiquidityYE 2024 cash $152.6M, no debt post spin-off Cash $216.5M after $100M Oxford draw; debt $98.7M Improved liquidity; added leverage
R&D ExecutionR&D $38.9M in Q3 2024 ; $33.4M Q4 2024 R&D $36.9M; declines YoY vs Q1 2024 Stable-to-down YoY post-101 divestiture
Legal/Professional CostsHigher legal services in Q4 2024; proceedings concluded, not liable G&A down to $6.0M on lower stock option/professional fees Lower G&A run-rate
Pipeline Clinical UpdatesTrial expansions across INBRX-109 and INBRX-106 Multiple readouts scheduled (Q3/Q4/H2 2025); CRC combo signals Building toward pivotal catalysts
Strategic FlexibilityNo debt at YE 2024; strong cash Oxford facility cited for flexibility (“enables strategic flexibility”) Flexibility ahead of data

Management Commentary

  • “This enables us strategic flexibility post data readouts expected later this year for our INBRX-109 and INBRX-106 programs.” — Kelly Deck, CFO, on the Oxford loan facility .
  • “We believe these interim results underscore the potential of ozekibart to provide meaningful clinical benefit for patients with advanced solid tumors… We are particularly encouraged by the durable disease control observed…” — Josep Garcia, Chief Clinical Development Officer (CRC Phase 1) .
  • Q1 2025 PR emphasized upcoming milestones: INBRX-109 Phase 2 chondrosarcoma data in Q3 2025; CRC expansion cohort initial data in Q3; Ewing sarcoma interim data in H2; INBRX-106 HNSCC and NSCLC interim/initial data in Q4 2025 .

Q&A Highlights

An earnings call transcript for Q1 2025 was not available in the catalog; no Q&A themes can be extracted from transcripts [ListDocuments returned none]. Press releases did not contain Q&A content .

Estimates Context

  • Q1 2025 EPS beat: -$2.80 actual vs -$3.12* consensus (1 estimate), a $0.32 narrower loss; revenue consensus was $0* and the company did not disclose product revenue in Q1 . Values retrieved from S&P Global.

Where estimates may need to adjust:

  • Expense trajectory: With G&A normalization and R&D focused on fewer programs, models may trim OpEx assumptions for 2025 unless new trials expand .
  • Timing of catalysts: Clarified windows (Q3/Q4/H2 2025) may refine timelines for probability-of-success and potential milestone catalysts in valuation frameworks .

Key Takeaways for Investors

  • Balance sheet runway improved: $216.5M cash at Q1 end plus credit capacity supports operations through multiple 2025 catalysts; debt at $98.7M introduces interest expense but is offset by interest income on cash balances .
  • Operating discipline evident: YoY reductions in R&D and G&A drove a narrower loss; watch for maintenance of lower G&A run-rate and R&D mix as trials progress .
  • Near-term catalysts: INBRX-109 chondrosarcoma Phase 2 (Q3), CRC expansion initial data (Q3), Ewing interim (H2), and INBRX-106 HNSCC/NSCLC readouts (Q4) can be decisive for the medium-term thesis .
  • Trading setup: Into Q3/Q4 clinical readouts, sentiment will hinge on efficacy signals and safety profile; volatility likely increases around event dates .
  • Structural story: Post-spin, the streamlined pipeline and financing provide a clearer path to value inflection; monitor debt terms and any additional $50M draw .
  • Model implications: EPS beat vs consensus this quarter was driven by leaner OpEx; absent commercial revenue, earnings volatility will be tied to expense cadence and financing costs .
  • Risk watchlist: Trial outcomes, regulatory timelines, and competitive developments remain key; legal overhangs noted in 2024 have concluded, aiding G&A trajectory .