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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

MetricQ1 2025Q2 2025Q3 2025
Revenues ($USD)N/A$1,300,000 $0
Research & Development ($USD)$36,877,000 $22,267,000 $28,535,000
General & Administrative ($USD)$6,024,000 $6,422,000 $5,277,000
Other Income (Expense) ($USD)$(410,000) $(1,263,000) $(1,444,000)
Net Income (Loss) ($USD)$(43,311,000) $(28,654,000) $(35,256,000)
EPS (Basic/Diluted) ($)$(2.80) $(1.85) $(2.28)
Cash & Cash Equivalents ($USD)$216,520,000 $186,567,000 $153,088,000
Long‑term Debt, net ($USD)$98,653,000 $99,279,000 $99,917,000
Shares Used in Computing EPS (Diluted)15,468 15,468 15,478

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)

MetricQ3 2024Q3 2025
Revenues ($USD)$0 $0
Research & Development ($USD)$38,893,000 $28,535,000
General & Administrative ($USD)$7,904,000 $5,277,000
Other Income (Expense) ($USD)$2,933,000 $(1,444,000)
Net Income (Loss) ($USD)$(43,864,000) $(35,256,000)
EPS (Basic/Diluted) ($)$(2.84) $(2.28)

Actual vs Wall Street Consensus (S&P Global)

MetricQ1 2025Q2 2025Q3 2025
EPS Actual ($)$(2.80) $(1.85) $(2.28)
EPS Consensus Mean ($)-3.12*-2.60*-1.72*
Revenue Actual ($USD)N/A$1,300,000 $0
Revenue Consensus Mean ($USD)0*0*0*
EPS – # of Estimates1*1*1*
Revenue – # of Estimates1*2*1*

Values with asterisks retrieved from S&P Global.

Guidance Changes

MetricPeriodPrevious GuidanceCurrent GuidanceChange
Ozekibart (INBRX‑109) registrational trial readoutQ3 2025Expected late Oct 2025 Announced Oct 23, 2025 Achieved (timeline met)
Ozekibart BLA submissionQ2 2026Not previously specifiedPlan to submit BLA in Q2 2026 New guidance (introduced)
INBRX‑106 Phase 2/3 HNSCC (with pembrolizumab) initial dataQ4 2025Expected Q4 2025 Reiterated/maintained (no Q3 update beyond prior) Maintained
Financial guidance (Revenue, margins, OpEx, tax)FY 2025None providedNone provided Maintained (no financial guidance)

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 .

TopicPrevious Mentions (Q1 2025)Previous Mentions (Q2 2025)Current Period (Q3 2025)Trend
R&D execution (INBRX‑109)Registrational trial data expected Q3 2025 Unblinding expected late Oct 2025 Primary endpoint met; PFS benefit; CTOS presentation Improving; milestone achieved
Pipeline expansion (CRC, Ewing)Interim data expected 2H 2025 Expansion cohorts in progress CRC ORR 23% (DCR 92%); Ewing ORR 64% (DCR 92%) Positive momentum
Regulatory pathNo BLA timing disclosedNo BLA timing disclosedBLA planned for Q2 2026 Clearer path forward
Cost disciplineLower G&A vs prior year G&A down vs prior year; transaction costs in 2024 R&D and G&A down YoY; headcount/legal reductions Improving opex efficiency
Financing/interest expenseNew $100M loan (Jan 2025) Interest expense modest Other expense includes ~$3.2M interest on $100M debt Interest burden weighs on EPS
Commercial opportunity narrativeNot quantifiedNot quantifiedTAM framed: >$2.5B combined; CRC up to $3.5B U.S. peak (RAS WT) Expanding scope

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 .