Inhibrx Biosciences — Third Quarter 2026 Earnings Summary

Financial Performance:

• Revenue for the quarter ended September 30, 2026, was $2.0 million, compared to $0 in the same period in 2025, driven by a non-exclusive license agreement with Pfizer Inc. for patent rights.
• Research and development expenses were $26.0 million for the quarter, a decrease from $28.5 million in Q3 2025, primarily due to reduced clinical trial costs following enrollment completion for ozekibart in chondrosarcoma and lower personnel expenses, partially offset by increased contract manufacturing costs for BLA filing support.
• General and administrative expenses rose to $7.8 million in Q3 2026 from $5.3 million in Q3 2025, attributed to pre-commercialization costs for market access, launch, and communication materials.
• Total other expense increased to $7.0 million in Q3 2026 from $1.4 million in Q3 2025, driven by higher interest expense on a loan balance of $275.0 million compared to $100.0 million in the prior year period.
• Net loss for the quarter was $38.7 million ($2.46 per share), compared to a net loss of $35.3 million ($2.28 per share) in Q3 2025.
• Cash and cash equivalents totaled $199.5 million as of September 30, 2026, up from $124.2 million as of December 31, 2025.
• Long-term debt, net, increased to $276.7 million as of September 30, 2026, from $100.6 million as of December 31, 2025.
• Stockholders' equity turned to a deficit of $85.9 million as of September 30, 2026, compared to positive equity of $8.0 million at year-end 2025.

Business Segments and Product Lines:

• Ozekibart (INBRX-109): Updated results from the Phase 1/2 study in Ewing sarcoma (in combination with irinotecan and temozolomide) are scheduled for presentation at the CTOS meeting in Seoul, South Korea, on November 19-20, 2026. Commercial readiness activities are advancing in line with the regulatory review timeline for conventional chondrosarcoma.
• Ordastobart (INBRX-106): The Phase 2 portion of the HexAgon study in head and neck squamous cell carcinoma (HNSCC) is currently enrolling, with an expansion focused on HPV-positive Oropharyngeal Squamous Cell Carcinoma to support a potential accelerated regulatory pathway. Initial readout for the Phase 2 expansion is expected around mid-2027, followed by plans to initiate the Phase 3 confirmatory trial.
• Ordastobart (INBRX-106) in NSCLC: Initial results from the Phase 1/2 perioperative study in non-small cell lung cancer are expected in mid-2027.

Other Key Points:

• The company is preparing for the potential commercialization of ozekibart (INBRX-109) in conventional chondrosarcoma, evidenced by increased G&A spending on market access and launch activities.
• The company holds two programs in ongoing clinical trials: ozekibart and ordastobart, both utilizing multivalent formats optimized for target-centric agonist function.
• The balance sheet reflects a significant increase in debt load, with the outstanding loan balance more than doubling from $100.0 million in Q3 2025 to $275.0 million in Q3 2026.