Inhibrx Announces First Quarter – GuruFocus.com

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SAN DIEGO, May 9, 2022 /PRNewswire/ — Inhibrx, Inc. (Nasdaq: INBX), a biotechnology company with four clinical programs in development and a strong emerging pipeline, today reported financial results for the first quarter of 2022 and provides an update on recent company highlights.

Recent Company Highlights

  • On February 22, 2022, Inhibrx announced that it has entered into an amendment to its loan and guarantee agreement with Oxford Finance LLC. The amendment provides for the financing of an additional budget $130.0 million in gross product, $40.0 million of which was financed when the amendment was signed February 18, 2022with the rest $90.0 million be funded in three separate tranches at future milestones.
  • On March 3, 2022Inhibrx announced that the FDA has granted orphan drug designation to INBRX-101 for the treatment of alpha-1 antitrypsin deficiency, or AATD.
  • On April 5, 2022Inhibrx announced that it will present late-breaking INBRX-101 data at the 2022 American Thoracic Society Conference May 13-18, 2022.
  • On April 25, 2022Inhibrx announced the formation of a Scientific Advisory Board, comprised of the world’s top AATD experts, for INBRX-101.

Financial results

  • Cash and cash equivalents. From March 31, 2022Inhibrx had cash and cash equivalents of $143.5 millioncompared to $131.3 million of the December 31, 2021.
  • R&D costs. Research and development expenses were $24.9 million in the first quarter of 2022, compared to $16.4 million during the first quarter of 2021. This overall increase is primarily due to an increase in work performed by partners in Inhibrx’s contract development and manufacturing organization for the formulation and manufacturing of some of its therapeutic candidates, as well than an increase in clinical trial spending based on the initiation of a potentially registration-eligible Phase 2 trial in conventional chondrosarcoma and the progress of ongoing Phase 1 trials. Additionally, personnel costs increased in the first quarter of 2022 compared to the same prior year period due to the continued expansion of Inhibrx.
  • General and administrative costs. General and administrative expenses were $5.1 million in the first quarter of 2022, compared to $3.0 million during the first quarter of 2021. This overall increase is mainly due to an increase of approximately $1.4 million additional personnel costs, as well as marketing research expenses related to the launch of our potential commercialization efforts for INBRX-101 and INBRX-109.
  • Net loss. The net loss was $31.3 million during the first quarter of 2022, or $0.80 per share, compared to $19.3 million during the first quarter of 2021, or $0.51 per share.

About the Inhibrx sdAb platform
Inhibrx uses various protein engineering methods in the construction of therapeutic candidates that can meet the specific requirements of complex target and disease biology. A key tool for this effort is Inhibrx’s proprietary sdAb platform, which enables the development of therapeutic candidates with attributes superior to other monoclonal antibody and fusion protein approaches. This platform allows for the combination of multiple binding units in a single molecule, enabling the creation of therapeutic candidates with defined valence or multiple specificities that can achieve enhanced cell signaling or conditional activation. An added benefit of this platform is that these optimized, multi-functional entities can be fabricated using established processes that are commonly used to produce therapeutic proteins.

About Inhibrx, Inc.
Inhibrx is a clinical-stage biotechnology company focused on developing a broad portfolio of novel biologic therapeutic candidates in oncology and orphan diseases. Inhibrx uses various protein engineering methods to address the specific requirements of complex target and disease biology, including its proprietary sdAb platform. Inhibrx has collaborations with 2seventy bio (formerly bluebird bio), Bristol-Myers Squibb and Chiesi. For more information, please visit www.inhibrx.com.

Forward-looking statements
Inhibitx cautions you that statements in this press release regarding matters that are not historical facts are forward-looking statements. These statements are based on Inhibrx’s current beliefs and expectations. These forward-looking statements include, but are not limited to, statements regarding: Inhibrx’s and the judgments and beliefs of its investigators regarding the strength of Inhibrx’s pipeline and the safety and efficacy observed to date of its therapeutic candidates; future clinical development of Inhibrx’s therapeutic candidates; evaluations and judgments concerning Inhibrx’s cash position; and statements and judgments regarding its partnership and relationship with Oxford. Actual results may differ from those presented in this press release due to risks and uncertainties inherent in Inhibrx’s business, including, without limitation, the risks and uncertainties regarding: the initiation, timing, progress and results of its preclinical clinical studies and trials, and its research and development programs; its ability to advance therapeutic candidates into and successfully complete clinical trials; his interpretation of preclinical initial, interim or preliminary data and data from its clinical trials, including interpretations regarding disease control and disease response; the timing or likelihood of regulatory filings and approvals; the successful commercialization of its therapeutic candidates, if approved; the pricing, coverage and reimbursement of its therapeutic candidates, if approved; its ability to use its technology platform to generate and advance additional therapeutic candidates; the implementation of its business model and its strategic plans for its commercial and therapeutic candidates; its ability to successfully manufacture therapeutic candidates for clinical trials and commercial use, if approved; its ability to enter into contracts with third-party suppliers and manufacturers and their ability to operate adequately; the extent of the protection it is able to establish and maintain for the intellectual property rights covering its therapeutic candidates; its ability to enter into strategic partnerships and the potential benefits of such partnerships; its estimates of expenses, capital requirements and additional financing needs and financial performance; its expectations regarding the impact of the COVID-19 pandemic on its business; and other risks described from time to time in the “Risk Factors” section of its filings with the United States Securities and Exchange Commission, including those described in its Annual Report on Form 10-K as well as its quarterly reports on Form 10-Q, and supplemented from time to time by its current reports on Form 8-K. You are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date hereof, and Inhibitx assumes no obligation to update these statements to reflect events that occur or circumstances that exist after the date hereof. All forward-looking statements are qualified in their entirety by this cautionary statement, which is made under the safe harbor provisions of the Private Securities Litigation Reform Act of 1995.

Investor and media contact:
Kelly D. Pont
Financial director
[email protected]
858-795-4260

Inhibrx, Inc.
Condensed Consolidated Statements of Earnings
(In thousands, except per share data)

(unaudited)

THREE MONTHS ENDED

MARCH, 31ST,

2022

2021

Revenue:

Revenue from license fees

$915

$863

Grant revenue

14

26

Total income

929

889

Operating costs :

Research and development

24,895

16,438

general and administrative

5,051

3,009

Total operating expenses

29,946

19,447

Operating loss

(29,017)

(18,558)

Total other income (expenses)

(2,237)

(729)

Provision for income taxes

2

Net loss

($31,254)

($19,289)

Net loss per share, basic and diluted

$(0.80)

$(0.51)

Weighted average common shares outstanding, base and
diluted

39,017

37,736

Inhibrx, Inc.
Condensed consolidated balance sheets
(In thousands)

MARCH, 31ST,

THE 31ST OF DECEMBER,

2022

2021

(unaudited)

Cash and cash equivalents

$143,467

$131,301

Other current assets

6,935

7,811

Non-current assets

10,781

11,338

Total assets

$161,183

$150,450

Debt, current and non-current

$109,141

$70,470

Other current liabilities

20 105

22,454

Other non-current liabilities

4,587

5,143

Total responsibilities

133,833

98,067

Equity

27,350

52,383

Total Liabilities and Equity

$161,183

$150,450

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SOURCEInhibrx Inc.

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