Inhibrx Net Loss Widens as Oxford Loan Interest Rises

The Tip Desk · November 13, 2026 · 3 min read

The company posted a $38.7 million third-quarter loss, or $2.46 a share, and $199.5 million of cash as of September 30, 2026.

Inhibrx Biosciences, Inc. (INBX) reported a net loss of $38.7 million, or $2.46 a share, basic and diluted, for the third quarter of 2026, compared with a net loss of $35.3 million, or $2.28 a share, a year earlier.

The clinical-stage biopharmaceutical company recognized $2.0 million of license-fee revenue in the quarter from a non-exclusive patent license with Pfizer, Inc., for which an upfront payment was received in September 2026. It recognized no revenue in the third quarter of 2025.

Research and development expenses were $26.0 million, down from $28.5 million a year earlier. The company said the decrease was primarily related to lower clinical-trial costs after completion of enrollment in the ozekibart (INBRX-109) trial for unresectable or metastatic conventional chondrosarcoma and lower personnel-related expenses from reduced headcount, offset in part by higher contract manufacturing as it performs activities to support a Biologics License Application for ozekibart in conventional chondrosarcoma.

General and administrative expenses were $7.8 million, compared with $5.3 million a year earlier. The company attributed the increase primarily to additional pre-commercialization expenses related to market access, launch and communication materials as it prepares for potential commercialization of ozekibart in conventional chondrosarcoma.

Total other expense was $7.0 million, compared with $1.4 million a year earlier. The company said the increase is primarily due to higher interest expense on a $275.0 million outstanding loan balance in the third quarter of 2026 versus $100.0 million outstanding a year earlier.

Cash and cash equivalents were $199.5 million as of September 30, 2026. Long-term debt, net, was $276.7 million at September 30, 2026, versus $100.6 million at December 31, 2025. Stockholders’ equity swung to a deficit of $85.9 million from equity of $8.0 million at year-end 2025.

The company said it plans to present updated results from the Phase 1/2 study of ozekibart in combination with irinotecan and temozolomide in refractory Ewing sarcoma at the Connective Tissue Oncology Society meeting in Seoul from November 19 to 20, 2026. Commercial-readiness activities for ozekibart in chondrosarcoma are advancing in line with the regulatory review timeline, the company said.

It is enrolling the Phase 2 portion of the randomized HexAgon study of ordastobart (INBRX-106) in head and neck squamous cell carcinoma in combination with pembrolizumab, which it expects to add approximately 50 additional HPV-positive oropharyngeal squamous cell carcinoma patients to support a potential accelerated regulatory pathway. The company said the initial readout of that expansion is expected around mid-2027, after which it plans to align with the FDA on that framework and anticipates initiating the Phase 3 portion of HexAgon as the confirmatory study.

The company expects initial results from its Phase 1/2 study of ordastobart in the perioperative setting of non-small cell lung cancer in mid-2027.