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Inhibrx Biosciences, Inc. (INBX)·Q2 2025 Earnings Summary

Executive Summary

  • Q2 2025 GAAP EPS of $-1.85 beat S&P Global consensus by $0.75, and revenue of $$1.30M beat a $0.00 consensus; both were driven by license fee revenue and materially lower operating expenses versus the prior year, not product sales . EPS consensus: $-2.60*, Revenue consensus: $0.00*.
  • Year-over-year, R&D fell to $22.3M from $67.6M and G&A fell to $6.4M from $93.4M, reflecting removal of INBRX‑101 program costs and absence of 2024 spin-off-related expenses; net income swung to a loss of $28.7M from a gain of $1.9B in Q2 2024 given last year’s $2.0B one-time gain .
  • Liquidity remained solid with cash and equivalents of $186.6M at quarter-end (down from $216.5M in Q1) and long-term debt of $99.3M; equity stood at $68.6M .
  • Near-term stock catalysts: ozekibart (INBRX‑109) Phase 2 chondrosarcoma readout expected by late October 2025 and INBRX‑106 head & neck cancer initial Phase 2 data in Q4 2025, plus interim data in other cohorts .

Note: Estimates marked with * are Values retrieved from S&P Global.

What Went Well and What Went Wrong

What Went Well

  • Large year-over-year reduction in operating expenses: R&D ($22.3M vs. $67.6M) and G&A ($6.4M vs. $93.4M), reflecting elimination of INBRX‑101-related costs and one-time spin-off expenses .
  • License fee revenue of $$1.30M supported a beat vs. consensus; management reiterated revenue drivers are from licensing rather than product sales .
  • Pipeline execution with completed enrollment in the registration-enabling ozekibart Phase 2 chondrosarcoma trial and clearly stated timelines: “The Company expects to announce these results by late October 2025” .

What Went Wrong

  • Sequential cash decline to $186.6M from $216.5M in Q1 2025 as operating losses continued; net loss was $28.7M with other expense of $1.3M .
  • No product revenue; revenue recognition remains tied to licensing and prior agreements (e.g., Regeneron option extension in Q2 2024), highlighting lack of recurring operating income .
  • Balance sheet leverage rose with long-term debt at $99.3M, adding interest burden despite some offset from interest income .

Financial Results

Income Statement (YoY comparison)

MetricQ2 2024Q2 2025
Revenue ($USD Millions)$0.10 $1.30
R&D Expense ($USD Millions)$67.63 $22.27
G&A Expense ($USD Millions)$93.37 $6.42
Loss from Operations ($USD Millions)$(160.90) $(27.39)
Other Income (Expense) ($USD Millions)$2,018.91 $(1.26)
Net Income (Loss) ($USD Millions)$1,858.01 $(28.65)
EPS (Basic) ($USD)$127.10 $(1.85)

Sequential Detail (Q1 2025 to Q2 2025)

MetricQ1 2025Q2 2025
R&D Expense ($USD Millions)$36.88 $22.27
G&A Expense ($USD Millions)$6.02 $6.42
Net Income (Loss) ($USD Millions)$(43.31) $(28.65)
EPS (Basic & Diluted) ($USD)$(2.80) $(1.85)

Balance Sheet (Liquidity and Capitalization)

MetricQ4 2024 (Dec 31)Q1 2025 (Mar 31)Q2 2025 (Jun 30)
Cash and Cash Equivalents ($USD Millions)$152.60 $216.52 $186.57
Total Assets ($USD Millions)$180.77 $242.64 $212.12
Long-term Debt, net ($USD Millions)— $98.65 $99.28
Stockholders’ Equity ($USD Millions)$133.58 $94.44 $68.56

Results vs. S&P Global Consensus (Q2 2025)

MetricActualConsensusBeat/(Miss)
Revenue ($USD Millions)$1.30 $0.00*+$1.30
EPS (GAAP, $USD)$(1.85) $(2.60)*+$0.75

Note: Estimates marked with * are Values retrieved from S&P Global.

Segment Breakdown

  • Not applicable; the company reports consolidated results without segment revenue .

KPIs and Operational Metrics

KPIQ2 2025Context
Ozekibart (INBRX‑109) Phase 2 ChondrosarcomaFull enrollment completed; 151 PFS events required to unblind; results expected by late Oct-2025
INBRX‑106 Head & Neck (HNSCC)Initial Phase 2 data expected Q4 2025
INBRX‑106 NSCLC (CPI-refractory)Interim Phase 1/2 data expected Q4 2025

Guidance Changes

MetricPeriodPrevious GuidanceCurrent GuidanceChange
Financial Guidance (Revenue/EPS/OpEx)FY/Q2 2025None providedNone providedMaintained (no formal financial guidance)
Ozekibart (INBRX‑109) – Chondrosarcoma readoutLate Oct 20253Q 2025 (prior expectation) Late Oct 2025 Clarified timeline
INBRX‑106 – HNSCC initial Phase 2 dataQ4 2025Q4 2025 Q4 2025 Maintained
INBRX‑106 – NSCLC interim Phase 1/2 dataQ4 2025Q4 2025 Q4 2025 Maintained

Earnings Call Themes & Trends

Note: A Q2 2025 earnings call transcript was not located in the document catalog; themes reflect press releases and 8‑K disclosures.

TopicPrevious Mentions (Q4 2024)Previous Mentions (Q1 2025)Current Period (Q2 2025)Trend
Capital structure / debtNo long-term debt at year-end 2024; subsequent Oxford Loan entered Jan-2025 $100M gross proceeds; debt $98.65M on Mar 31 Long-term debt $99.28M; interest expense moderated and partially offset by interest income Stable leverage; manageable interest dynamics
Legal/regulatoryLegal proceedings concluded; not liable; higher Q4 G&A Lower professional services in Q1 given spin-off and legal conclusion No new legal items disclosed; G&A down YoY Headwind eased
Pipeline executionOzekibart interim CRC data and expansion cohort plans Ongoing Phase 2/3 HNSCC and NSCLC plans outlined Ozekibart Phase 2 enrolled; timelines clarified; HNSCC/NSCLC timing maintained Execution milestones progressing
Revenue modelLicense fee revenue minimal; no product sales No product revenue; other income dynamics License fee revenue $1.3M; no product revenue Licensing remains primary driver

Management Commentary

  • “The ozekibart (INBRX‑109) registration-enabling Phase 2 trial in unresectable or metastatic conventional chondrosarcoma completed full enrollment in July 2025… The Company expects to announce these results by late October 2025.”
  • “Initial Phase 2 data from the INBRX‑106 randomized Phase 2/3 trial in head and neck squamous cell carcinoma in combination with KEYTRUDA (pembrolizumab) are expected during the fourth quarter of 2025, as well as interim data from the Phase 1/2 checkpoint inhibitor refractory or relapsed non-small cell lung cancer trial.”
  • Financial context: “Other expense was $1.3 million during the second quarter of 2025… interest expense decreased… offset in part by interest income earned on the Company’s sweep and money market account balances.”

Q&A Highlights

  • A Q2 2025 earnings call transcript was not available in our document set; no Q&A themes to report from a transcript. Company communications were via the press release and 8‑K .

Estimates Context

  • Q2 2025 results vs. S&P Global consensus: EPS $-1.85 vs. $-2.60* (beat by $0.75); Revenue $$1.30M vs. $0.00* (beat by $$1.30M). Number of estimates: EPS (1), Revenue (2)*.
  • Given licensing-driven revenue and materially lower operating expenses vs. prior year, near-term estimates may need to reflect non-product revenue variability and the cost structure post‑INBRX‑101 transaction .

Note: Estimates marked with * are Values retrieved from S&P Global.

Key Takeaways for Investors

  • Strong beat on both EPS and revenue driven by license fee revenue and leaner operating cost base; however, the revenue is non-recurring license-related, not product sales, which limits visibility .
  • Liquidity remains robust ($186.6M cash) despite sequential decline, supporting upcoming clinical readouts; debt sits at ~$99M with moderated interest expense partially offset by interest income .
  • Near-term catalysts: ozekibart Phase 2 chondrosarcoma readout by late Oct-2025; INBRX‑106 HNSCC initial Phase 2 data in Q4 2025; interim NSCLC data in Q4 2025—data readouts are likely the primary stock drivers .
  • Year-over-year comparisons are distorted by the $2.0B gain in Q2 2024 tied to the INBRX‑101 transaction; focus should shift to operational burn trajectory and trial progress rather than YoY net income optics .
  • Watch for any additional licensing activity or option extensions that could add non-dilutive revenue; absent that, expect continued operating losses until clinical success or partnerships materialize .
  • G&A normalization and removal of 2024 one-time items improve operating leverage; R&D now more concentrated on ozekibart and INBRX‑106 programs with lower manufacturing burden post‑101 divestiture .
  • Trading setup: volatility likely into late Oct/Q4 around clinical readouts; positioning should reflect binary outcomes and liquidity runway supported by cash and structured debt .