Inhibrx Biosciences reports Q3 2024 results, cash & equivalents at $143.4mln.

• Inhibrx Biosciences reports Q3 2024 financial results • Completed sale of INBRX-101 to Sanofi in May 2024 • Two ongoing clinical trials with data readouts expected within 12 months • Biopharmaceutical company focuses on two programs • Historical financial statements from Former Parent Inhibrx, Inc. • Cash and cash equivalents not disclosed in Q3 results • Focus on ongoing clinical trials and future data readouts.

Inhibrx Biosciences, Inc. (Nasdaq: INBX) reported its financial results for the third quarter of 2024, showcasing a net loss of $43.9 million, which translates to $2.84 per share [1]. This represents a decrease from the net loss of $51.8 million or $4.39 per share during the same period in 2023. Following the successful spin-off of the company from Inhibrx, Inc., completed in May 2024 [1], Inhibrx Biosciences has initiated two clinical trials with anticipated data readouts within the next 12 months [1].

As of September 30, 2024, the company reported cash and cash equivalents of $196.3 million, reflecting a decline from $226.9 million at the quarter's end in June [1]. The outflows were primarily attributed to ongoing operations, including payments to contract development and manufacturing organizations (CDMOs) and contract research organizations (CROs) for clinical support [1]. Research and development (R&D) expenses slightly increased to $38.9 million from $38.1 million year-over-year, primarily driven by costs related to the expansion of its Phase 2 trial for ozekibart (INBRX-109) in treating chondrosarcoma [1]. General and administrative expenses remained stable at $7.9 million, with changes in stock option expenses offsetting increases in professional service costs [1].

In addition to the financial updates, Inhibrx Biosciences reported other income of $2.9 million in Q3 2024, marking a significant turnaround from an expense of $6 million in 2023 [1]. This shift was attributed to the elimination of third-party debt post-spin-off [1]. With a strong focus on its ongoing clinical trials and future data readouts, Inhibrx Biosciences is well-positioned for growth despite ongoing financial losses, as it advances its key projects, ozekibart and INBRX-106.

References:
[1] https://marketwirenews.com/news-releases/inhibrx-biosciences-reports-third-quarter-2024-finan-6823518874774696.html