Inhibrx Biosciences, Inc.
INBX · Biological Products, (No Diagnostic Substances) · 14.7M shares · +27%/yr ↑ dilution · EDGAR filings ↗
Reference price $32.25 · est. market cap ~$473M — last insider sale, 2025-10-07 (estimated from the dated SEC Form 4 price × shares outstanding — not a live quote)
Grade
D40Clinical-stage biotech with deep losses, heavy cash burn, and very high leverage.
Strengths
- Adequate liquidity — current ratio 3.9 (49th)
Risks
- Deep losses — operating margin -104%, net margin -108%
- Very high leverage — D/E 12.6 (97th)
- Clinical/funding risk — per 10-K
Notable findings
- Chronic dilutionShare count +27%/yr over 1y (dilution, book value/share -95%)
- Net lossNet loss (net margin -10773.5%)
- Cash burnNegative free cash flow (-129.8M)
- Fund exitedNotable fund(s) exited this quarter: VANGUARD GROUP INC
- High leverageHigh leverage (debt/equity 12.58)
- Trial readout soonUpcoming trial readout ~2026-10-30 — PHASE1/PHASE2 · Solid Tumor
- Notable holderHeld by 5 notable fund(s): STATE STREET CORP, GOLDMAN SACHS GROUP INC, CITADEL ADVISORS LLC +2 more (as of 2026-03-31)
- Trial resultTrial topline data reported — see 8-K for outcome 8-K ↗
Quarterly revenue
Last 4 quarters · from SEC filings.
Key metrics
Operating margin
-10386.5%
Net margin
-10773.5%
Return on equity
-1752.2%
Return on assets
-95.6%
ROIC
-98.3%
Revenue growth (QoQ)
550.0%
Net-income growth
-108.3%
Debt / equity
12.6×
Current ratio
3.9×
Free cash flow
-$130M
EBITDA
-$133M
Tangible book value
$8M
Cash & investments
$124M
Cash runway
4q
Stock comp / revenue
856.8%
Insider transactions · last 18 months
| Date | Insider | Type | Shares | Price |
|---|---|---|---|---|
| 2025-10-07 | VIKING GLOBAL INVESTORS LP | Sell | 309K | $32.25 |
| 2025-10-07 | VIKING GLOBAL INVESTORS LP | Sell | 16K | $32.25 |
| 2025-10-07 | VIKING GLOBAL INVESTORS LP | Sell | 25K | $32.25 |
| 2025-03-27 | Kayyem Jon Faiz | Gift | 90K | — |
All non-derivative Form 4 activity (SEC), newest first.
Clinical trials
| Trial | Title | Phase | Status | Primary completion |
|---|---|---|---|---|
| NCT06295731 ↗ | INBRX-106 in Combination With Pembrolizumab in First-line PD-L1 CPS≥20 HNSCC Head and Neck Squamous Cell Carcinoma (HNSCC) | PHASE2/PHASE3 | Active Not Recruiting | 2029-05-01 |
| NCT03715933 ↗ | Phase 1 Study of INBRX-109 in Subjects With Locally Advanced or Metastatic Solid Tumors Including Sarcomas Ewing Sarcoma, Colorectal Adenocarcinoma | PHASE1 | Recruiting | 2028-12-01 |
| NCT04198766 ↗ | Study of INBRX-106 and INBRX-106 in Combination With Pembrolizumab (Keytruda®) in Subjects With Locally Advanced or Metastatic Solid Tumors (Hexavalent OX40 Agonist) Solid Tumor, Non-Small Cell Lung Cancer | PHASE1/PHASE2 | Active Not Recruiting | 2026-10-30 |
| NCT04950075 ↗ | Study of INBRX-109 in Conventional Chondrosarcoma Conventional Chondrosarcoma | PHASE2 | Active Not Recruiting | 2025-09-30 |
| NCT03809624 ↗ | Study of INBRX-105 and INBRX-105 With Pembrolizumab in Patients With Solid Tumors Including Head and Neck Cancer Metastatic Solid Tumors, Non-small Cell Lung Cancer | PHASE1 | Terminated | 2024-10-03 |
| NCT03815396 ↗ | Phase 1 Study to Assess the Safety, PK and PD of INBRX-101 in Adults With Alpha-1 Antitrypsin Deficiency Alpha-1 Antitrypsin Deficiency, AATD | PHASE1 | Completed | 2022-08-18 |
Source: ClinicalTrials.gov (U.S. NIH) · active studies first.
Notable events (8-K)
Recent filings
| Form | Filed | Period | Accession |
|---|---|---|---|
| 8-K | 2026-06-15 | 2026-06-15 | 0002007919-26-000033 ↗ |
| 8-K | 2026-06-03 | 2026-06-03 | 0002007919-26-000030 ↗ |
| 10-Q | 2026-05-14 | 2026-03-31 | 0002007919-26-000027 ↗ |
| 8-K | 2026-05-14 | 2026-05-14 | 0002007919-26-000028 ↗ |
| 8-K | 2026-05-11 | 2026-05-11 | 0002007919-26-000020 ↗ |
| 8-K | 2026-04-21 | 2026-04-21 | 0002007919-26-000010 ↗ |
| 8-K | 2026-03-19 | 2026-03-19 | 0002007919-26-000007 ↗ |
| 10-K | 2026-03-19 | 2025-12-31 | 0002007919-26-000006 ↗ |
| 8-K | 2026-02-23 | 2026-02-23 | 0002007919-26-000002 ↗ |
| 8-K | 2025-12-16 | 2025-12-16 | 0002007919-25-000097 ↗ |
| 10-Q | 2025-11-14 | 2025-09-30 | 0002007919-25-000093 ↗ |
| 8-K | 2025-11-14 | 2025-11-14 | 0002007919-25-000094 ↗ |