INBXHIGH SIGNALFINANCIAL10-K

INBX completed its spin-off from former parent Inhibrx Inc. (acquired by Sanofi) in May 2024, emerging as a standalone biotech company with substantially reduced operating losses but a dramatically diminished equity base.

The spin-off transaction fundamentally transformed INBX's financial profile, leaving it with a 94% reduction in stockholders' equity to just $8.0M, creating potential funding challenges for ongoing clinical programs. While the company achieved meaningful reductions in operating losses and R&D expenses, the severely constrained balance sheet raises questions about its ability to fund operations through key clinical milestones for ozekibart and INBRX-106.

Comparing 2026-03-19 vs 2025-03-17View on EDGAR →
FINANCIAL ANALYSIS

The spin-off transaction resulted in a substantially weakened balance sheet, with stockholders' equity plummeting 94% to $8.0M and total assets declining 19% to $146.5M. Operating performance showed notable improvement with operating losses reduced meaningfully and R&D expenses declining 44.5%, though cash burn remained elevated at $129.8M. The company's cash position of $124.2M, while still substantial, combined with the minimal equity base, suggests potential near-term financing needs to sustain clinical operations.

FINANCIAL STATEMENT CHANGES
Capital Expenditure
Cash Flow
-98.8%
$2.6M→$31K

Capex reduced 98.8% — investment cycle winding down or capital discipline; may improve near-term free cash flow.

Stockholders Equity
Balance Sheet
-94%
$133.6M→$8.0M

Equity declined sharply — large losses, buybacks, or write-downs reducing book value significantly.

Operating Income
P&L
+59.3%
-$331.4M→-$135.0M

Operating leverage kicking in — revenue growth outpacing cost growth, a hallmark of scaling businesses.

R&D Expense
P&L
-44.5%
$203.7M→$113.0M

R&D spending cut 44.5% — could signal cost discipline or concerning reduction in innovation investment.

Operating Cash Flow
Cash Flow
+33.2%
-$194.4M→-$129.8M

Operating cash flow surged 33.2% — exceptional cash generation, highest quality earnings signal.

Total Assets
Balance Sheet
-19%
$180.8M→$146.5M

Total assets contracted 19% — asset sales, write-downs, or balance sheet optimization underway.

Cash & Equivalents
Balance Sheet
-18.6%
$152.6M→$124.2M

Cash decreased 18.6% — monitor burn rate and upcoming capital needs.

Current Assets
Balance Sheet
-17.2%
$160.4M→$132.8M

Current assets declined 17.2% — monitor working capital adequacy and short-term liquidity.

Current Liabilities
Balance Sheet
-17%
$40.7M→$33.8M

Current liabilities reduced — improved short-term financial position and working capital health.

LANGUAGE CHANGES
NEW — 2026-03-19
PRIOR — 2025-03-17
ADDED
As of March 11, 2026, the registrant had 14,607,036 shares of common stock outstanding.
Recent Developments Separation from Former Parent On May 29, 2024, Inhibrx, Inc., or the Former Parent, effected the spin-off of INBRX-101, an optimized, recombinant alpha-1 antitrypsin, or AAT, augmentation therapy in a registrational trial for the treatment of patients with alpha-1 antitrypsin deficiency, upon which the Former Parent completed a distribution to holders of its shares of common stock of 92% of the issued and outstanding shares of our common stock, or the Distribution.
On May 30, 2024, the Former Parent completed the merger, or the Merger, of Art Acquisition Sub, Inc., a wholly-owned subsidiary of Aventis Inc., or the Acquirer, a wholly-owned subsidiary of Sanofi S.A., or Sanofi, with and into the Former Parent with the Former Parent continuing as the surviving entity.
From and after the closing, Inhibrx continues to operate as a stand-alone, publicly traded company focused on ozekibart and INBRX-106, both of which are clinical-stage programs.
For periods prior to the spin-off, descriptions of historical business activities are presented as if the spin-off had already occurred, and the Former Parent s activities related to such assets and liabilities had been performed by us.
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REMOVED
As of February 28, 2025, the registrant had 14,475,904 shares of common stock outstanding.
Recent Developments Separation from Former Parent In January 2024, Inhibrx, Inc., or the Former Parent, announced its intent to effect the spin-off of INBRX-101, an optimized, recombinant alpha-1 antitrypsin, or AAT, augmentation therapy in a registrational trial for the treatment of patients with alpha-1 antitrypsin deficiency.
On May 29, 2024, the Former Parent completed a distribution to holders of its shares of common stock of 92% of the issued and outstanding shares of common stock of the Company, or the Distribution.
On May 30, 2024, the Former Parent completed the merger of Art Acquisition Sub, Inc., a wholly owned subsidiary of Aventis Inc., or the Acquirer, a wholly owned subsidiary of Sanofi S.A., or Sanofi, with and into the Former Parent with the Former Parent continuing as the surviving entity.
Upon the closing, each Former Parent stockholder received: (i) $30.00 per share in cash, (ii) one contingent value right per share, representing the right to receive a contingent payment of $5.00 in cash upon the achievement of a regulatory milestone, and (iii) one SEC-registered, publicly listed, share of Inhibrx for every four shares of the Former Parent s common stock held.
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