INBXHIGH SIGNALFINANCIAL10-K

INBX experienced a dramatic $1.8B swing from profit to loss and a 94% collapse in stockholders' equity following its spin-off from Inhibrx, Inc.

The massive swing from $1.7B net income to -$140.1M loss indicates the previous year's profits were largely attributable to the spin-off transaction rather than core operations. The 94% destruction of stockholders' equity combined with a 194% increase in total liabilities suggests significant balance sheet restructuring that has left the company in a much weaker financial position post-separation.

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

INBX shows a tale of two companies - the previous period benefited from a massive one-time gain related to the spin-off transaction ($1.7B net income), while the current period reflects the reality of standalone operations with -$140.1M losses. The balance sheet deterioration is severe, with stockholders' equity collapsing 94% to just $8.0M while liabilities nearly tripled, though operating metrics improved with R&D expenses down 44.5% and operating cash flow losses narrowing 33.2%. This financial profile suggests a newly independent biotech company struggling with capital adequacy after separation from its well-capitalized parent.

FINANCIAL STATEMENT CHANGES
Revenue
P&L
+550%
$200K→$1.3M

Strong top-line growth of 550% — accelerating demand or successful expansion into new markets.

Total Liabilities
Balance Sheet
+193.5%
$47.2M→$138.5M

Liabilities grew 193.5% — significant increase in debt or obligations, assess impact on financial flexibility.

Net Income
P&L
-108.3%
$1.7B→-$140.1M

Net income declined 108.3% — review whether driven by operations, interest costs, or non-recurring items.

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.

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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