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Inhibrx Biosciences, Inc. (INBX)·Q3 2025 Earnings Summary
Executive Summary
- Q3 2025 net loss improved year over year to $35.3M (EPS -$2.28), driven by lower R&D and G&A, but missed Wall Street EPS consensus of -$1.72; revenue was $0, in line with consensus .*
- Cash declined to $153.1M from $186.6M in Q2, reflecting operating burn and interest expense on $100M debt; management highlighted lower legal and personnel costs year over year .
- Strategic catalyst: Ozekibart (INBRX‑109) delivered registrational PFS benefit in chondrosarcoma (HR 0.479; median PFS 5.52 vs 2.66 months), with plans to file a BLA in Q2 2026, and promising interim data in late‑line CRC and refractory Ewing sarcoma .
- No explicit financial guidance; operational timeline reinforced (CTOS presentation, BLA target). Near‑term stock narrative likely centers on DR5 agonist clinical momentum and partnering optionality rather than quarterly fundamentals .
What Went Well and What Went Wrong
What Went Well
- Ozekibart met primary endpoint in registrational chondrosarcoma trial with robust PFS improvement; benefit consistent across subgroups; manageable safety after mitigation measures . “We are excited by these results which suggest the potential of ozekibart to expand not only in sarcomas but also in high unmet need solid tumor indications.” — Mark Lappe, CEO .
- Expansion cohorts showed encouraging activity: CRC ORR 23% and DCR 92% in heavily pretreated patients; Ewing sarcoma ORR 64% and DCR 92% with measurable tumor reductions .
- Operating cost discipline: R&D fell to $28.5M from $38.9M YoY; G&A fell to $5.3M from $7.9M YoY on lower legal and personnel costs .
What Went Wrong
- EPS missed consensus in Q3 (actual -$2.28 vs -$1.72), largely due to interest expense on $100M debt; other expense swung to a loss vs prior year .*
- Cash burn: Cash and equivalents decreased to $153.1M from $186.6M in Q2, underscoring need for capital discipline or partnering to fund development .
- No revenue in Q3 (vs $1.3M license fee in Q2), highlighting lumpiness of non‑product revenue and reliance on financing vs internal cash generation .
Financial Results
Quarterly P&L and Cash Metrics
Notes: Q1 revenue not presented in the company’s statement of operations; Q3 revenue presented as “—” (interpreted as $0) .
Q3 YoY Comparison (Q3 2024 vs Q3 2025)
Actual vs Wall Street Consensus (S&P Global)
Values with asterisks retrieved from S&P Global.
Guidance Changes
Earnings Call Themes & Trends
Note: The company did not publish a Q3 earnings call transcript in the document set; management commentary reflects the Oct 23 study webcast and Q3 press materials .
Management Commentary
- “We are excited by these results which suggest the potential of ozekibart to expand not only in sarcomas but also in high unmet need solid tumor indications.” — Mark Lappe, CEO .
- “Ozekibart met its primary endpoint in chondrosarcoma, demonstrating a statistically significant and clinically meaningful improvement in median progression‑free survival compared to placebo.” .
- “The benefit of ozekibart was consistent across all pre‑specified subgroups… disease control rate (54% vs 27.5%)… delay to deterioration in pain and physical function.” .
- “General and administrative expenses were $5.3M… decrease primarily related to decreased legal expenses… and decreased personnel‑related expenses.” .
Q&A Highlights
- No formal earnings Q&A transcript published; management’s webcast remarks emphasized: market sizing (> $2.5B combined TAM for chondrosarcoma, late‑line CRC, and Ewing; CRC U.S. peak sales up to $3.5B in RAS WT if first‑line), and intent to transact program with focus on tax efficiency and dilution sensitivity .
- Safety clarifications: early hepatotoxicity risk mitigated via exclusion criteria and close monitoring; overall hepatic adverse events 11.8% vs 4.5% (mostly Grade 1–2) .
- Regulatory timeline: CTOS data presentation Nov 14, 2025; BLA targeted Q2 2026 .
Estimates Context
- Q3 2025: EPS -$2.28 vs consensus -$1.72 → bold miss; revenue $0 vs $0 consensus → in‑line .*
- Q2 2025: EPS -$1.85 vs -$2.60 → beat; revenue $1.3M vs $0 → beat .*
- Q1 2025: EPS -$2.80 vs -$3.12 → beat; revenue consensus $0, actual not presented in statements .*
- With interest expense ramping on $100M debt, EPS variance vs models likely driven by OI&E; consensus count thin (1–2 estimates), suggesting models may need updating post clinical readouts and Q3 cost mix.*
Values with asterisks retrieved from S&P Global.
Key Takeaways for Investors
- Ozekibart’s registrational success in chondrosarcoma and strong expansion cohort signals in CRC/Ewing are the primary stock drivers; expect attention around partnering or strategic transactions to fund commercialization .
- Q3 fundamentals showed disciplined opex and improved YoY net loss but EPS missed due to interest expense; cash declined to $153.1M, underscoring importance of non‑dilutive funding/partnerships .
- Near‑term catalysts: CTOS presentation, continuing CRC/Ewing recruitment/data updates; medium‑term: BLA filing in Q2 2026 .
- Estimates coverage is sparse; models should adjust for interest expense trajectory and potential milestone/licensing revenue variability; EPS sensitivity to OI&E remains high.*
- No financial guidance; investors should focus on trial timelines, regulatory interactions, and BD outcomes as the principal valuation anchors .
- Risk factors: hepatic safety management, regulatory review outcomes, financing needs, and execution in expansion indications; management’s mitigation approach and subgroup consistency are supportive but must be validated in filings and further data .