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Inhibrx Biosciences, Inc. (INBX)·Q4 2024 Earnings Summary

Executive Summary

  • Q4 2024 delivered minimal revenue ($0.10M) and a narrower net loss ($47.9M; $(3.09) EPS), with operating expenses down versus Q3; other income turned positive reflecting interest income post spin-off debt elimination .
  • Year-over-year, R&D fell sharply ($33.4M vs $82.1M), G&A rose on legal costs, and net loss improved markedly (Q4 2024: $(47.9)M vs Q4 2023: $(93.6)M) .
  • Cash was $152.6M at year-end; subsequent $100M debt draw from Oxford lifted cash to $230.5M by Feb 28, 2025, extending runway into key 2025 readouts for ozekibart (INBRX-109) and INBRX-106 .
  • Wall Street (S&P Global) quarterly consensus estimates were unavailable at time of preparation, so no beat/miss assessment; focus shifts to clinical catalysts mid-2025 (Chondrosarcoma Phase 2) and Q3 2025 (CRC combo cohort) .

What Went Well and What Went Wrong

What Went Well

  • R&D efficiency: Q4 R&D spend decreased to $33.4M (vs $38.9M in Q3 and $82.1M in Q4 2023), primarily due to lower contract manufacturing expenses after divesting INBRX-101 .
  • Clinical momentum: Interim CRC data for ozekibart+FOLFIRI showed 1 CR, 3 PRs, 6 SD; median PFS 7.85 months; expansion cohort up to 50 patients with data expected Q3 2025 (“We believe these interim results underscore the potential of ozekibart…”) .
  • Balance sheet flexibility: $100M Oxford term loan (option for +$50M) with interest-only to Mar 2028; CFO: “This enables us strategic flexibility post data readouts…” .

What Went Wrong

  • Minimal revenue base: Q4 revenue was $0.10M (license fees), limiting operating leverage; EBIT margin therefore highly negative due to low revenue denominator .
  • Higher G&A in Q4 ($16.7M vs $7.9M Q3 2023) driven by legal services; although trade-secret litigation outcome was favorable, the quarter bore higher opex burden .
  • No earnings call transcript available for Q4, reducing transparency on near-term guidance and operational detail vs peers who host calls [List: none found].

Financial Results

Quarterly Trend (Q2–Q4 2024)

MetricQ2 2024Q3 2024Q4 2024
Total Revenue ($USD Thousands)100 0 100
Loss from Operations ($USD Millions)$(160.898) $(46.797) $(49.928)
Net Income (Loss) ($USD Millions)$1,858.011 $(43.864) $(47.865)
EPS Basic ($USD)$127.10 $(2.84) $(3.09)
EPS Diluted ($USD)$125.48 $(2.84) $(3.09)
R&D Expense ($USD Millions)$67.632 $38.893 $33.367
G&A Expense ($USD Millions)$93.366 $7.904 $16.661
Other Income (Expense) ($USD Millions)$2,018.911 $2.933 $2.063
Cash & Cash Equivalents ($USD Millions)$226.860 $196.332 $152.596

Year-over-Year (Q4 2024 vs Q4 2023)

MetricQ4 2023Q4 2024
Total Revenue ($USD Thousands)1,634 100
Loss from Operations ($USD Millions)$(88.289) $(49.928)
Net Income (Loss) ($USD Millions)$(93.604) $(47.865)
EPS Basic/Diluted ($USD)$(6.93)/$(6.93) $(3.09)/$(3.09)
R&D Expense ($USD Millions)$82.091 $33.367
G&A Expense ($USD Millions)$7.832 $16.661
Other Income (Expense) ($USD Millions)$(3.685) $2.063
Cash & Cash Equivalents (12/31) ($USD Millions)$277.924 $152.596
Debt (12/31) ($USD Millions)$206.968 $0

Margins

MetricQ2 2024Q3 2024Q4 2024
EBIT ($USD Millions)$(160.898) $(46.797) $(49.928)
EBIT Margin %(−160,898%) N/A (zero revenue) (−49,928%)

Revenue Composition

MetricQ2 2024Q3 2024Q4 2024
License Fee Revenue ($USD Thousands)100 0 100

KPIs

KPIQ2 2024Q3 2024Q4 2024
Cash & Cash Equivalents ($USD Millions)$226.860 $196.332 $152.596
Debt (Current/Non-current) ($USD Millions)$0 $0 $0
Shares Used Basic (000s)14,619 15,468 15,468
Shares Used Diluted (000s)14,807 15,468 15,468

Guidance Changes

MetricPeriodPrevious GuidanceCurrent GuidanceChange
Ozekibart (INBRX-109) Phase 2 Chondrosarcoma readoutMid-2025Mid-2025 Mid-2025 Maintained
Ozekibart (INBRX-109) CRC combo expansion cohortQ3 2025N/ANew expansion cohort up to 50 patients; data expected Q3 2025 Raised (new milestone)
INBRX-106 Phase 2/3 HNSCC (CPS ≥20) initial data2H 20252H 2025 2H 2025 Maintained
Financial guidance (Revenue/Margins/OpEx)FY/Q4 2024Not providedNot provided Maintained (no guidance)

Earnings Call Themes & Trends

Note: No Q4 2024 earnings call transcript was available; themes reflect press releases and filings.

TopicPrevious Mentions (Q2 2024, Q3 2024)Current Period (Q4 2024)Trend
R&D executionQ2: Registration-enabling Phase 2 for ozekibart; INBRX-106 Phase 1/2 and Phase 2/3 initiation . Q3: Continued expansion; stable G&A; R&D ~$38.9M .Q4: R&D down to $33.4M; opex discipline; legal-driven G&A increase .Improving R&D efficiency; targeted spend.
Product performanceQ2: Pipeline progress and preliminary activity (deck) -. Q3: No new efficacy PRs .Interim CRC efficacy (ozekibart+FOLFIRI) incl. 1 CR, 3 PRs; expansion cohort planned .Positive momentum; expanding indications.
Regulatory/legalQ2/Q3: No major legal outcomes disclosed.Trade secret case verdict in favor of INBX (jury rejected all allegations) .Legal overhang reduced.
Financing/cash runwayQ2: Cash $226.9M; post-separation gains; no debt . Q3: Cash $196.3M .Year-end cash $152.6M; $100M Oxford loan closed Jan 13; cash $230.5M by Feb 28 .Runway extended into 2025 catalysts.
Supply chain/tariffs/macroNot discussed .Not discussed .Neutral.
R&D platform/technologyEmphasis on multivalent engineering and DR5/OX40 platforms (deck) -.Continued positioning; no new platform updates in Q4 PR .Stable narrative.

Management Commentary

  • “We believe these interim results underscore the potential of ozekibart to provide meaningful clinical benefit for patients with advanced solid tumors, even in heavily pretreated populations.” — Josep Garcia, Chief Clinical Development Officer .
  • “This enables us strategic flexibility post data readouts expected later this year for our INBRX-109 and INBRX-106 programs.” — Kelly Deck, CFO, on Oxford loan .
  • “This outcome allows us to focus even more on what matters: delivering life-changing therapies to patients around the world.” — Mark Lappe, CEO, on trade secret verdict .

Q&A Highlights

  • No Q4 2024 earnings call transcript was available; the company’s disclosures for Q4 relied on the 8-K and press releases without a public Q&A session [List: none found].

Estimates Context

  • S&P Global consensus estimates for Q4 2024 EPS and revenue were unavailable to retrieve at this time due to data access limits, so a beat/miss analysis cannot be provided. Values from S&P Global could not be accessed; no alternative consensus was cited by the company [GetEstimates error].
  • With no company-issued financial guidance and minimal revenue, analyst models likely hinge on timing/probability of clinical milestones and operating expense trajectories; R&D declined QoQ and YoY in Q4, while G&A rose on legal services, which may prompt near-term opex revisions .

Key Takeaways for Investors

  • Balance sheet strengthened post-quarter via $100M Oxford loan (option for +$50M), taking cash to $230.5M by Feb 28, 2025—sufficient runway into mid-2025 and 2H-2025 readouts for ozekibart and INBRX-106 .
  • Clinical catalysts: ozekibart Phase 2 chondrosarcoma readout mid-2025; CRC expansion cohort data Q3 2025; INBRX-106 Phase 2/3 HNSCC initial data 2H 2025—these are the primary stock drivers near to medium term .
  • Operational discipline: R&D declined to $33.4M in Q4; monitor sustainability of opex reductions as cohorts expand and Phase 2/3 activity intensifies .
  • Legal overhang reduced: jury verdict in favor of INBX on trade secrets case removes a reputational and potential financial risk factor .
  • Limited revenue base means valuation is catalyst-driven; traders should focus on event timing and any incremental efficacy signals (e.g., additional responses, durability metrics) in upcoming disclosures .
  • With no Q4 call transcript and no formal financial guidance, consider tracking upcoming filings and conference abstracts for clarity on trial status and cash deployment cadence .