Why did Inhibrx's operating expenses surge in Q4 2024?

Inhibrx's operating expenses surged in Q4 2024 due to several factors: 1. **Acquisition-Related Costs**: The company's expenses were influenced by one-time costs associated with the acquisition of INBRX-101 by Sanofi. These costs are reflected in both research and development (R&D) and selling, general, and administrative (SG&A) categories. 2. **Clinical Trial Activities**: The company has two programs in ongoing clinical trials, with data readouts expected within the next 12 months. The ongoing clinical trials contribute to the increased R&D expenses. 3. **Loan Agreement**: Inhibrx entered into a loan and security agreement with Oxford Finance LLC, receiving $100 million in gross proceeds. The loan agreement includes additional funding options, which could impact future expenses. In summary, the surge in operating expenses is primarily due to acquisition-related costs and the ongoing clinical trials, which are all part of Inhibrx's strategic expansion and development efforts.