On November 13, 2026 Inhibrx Biosciences, Inc. (Nasdaq: INBX) (Inhibrx or the Company) reported financial results for the third quarter of 2026. The biopharmaceutical company has two programs in ongoing clinical trials.
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Upcoming Clinical Milestones
Ozekibart (INBRX-109) in Ewing sarcoma. The Company plans to present updated results from the Phase 1/2 study evaluating ozekibart (INBRX-109) in combination with irinotecan and temozolomide in refractory Ewing sarcoma at the annual Connective Tissue Oncology Society (CTOS) meeting in Seoul, South Korea from November 19th-20th, 2026.
Ozekibart (INBRX-109) in Chondrosarcoma. Commercial readiness activities advancing in line with the regulatory review timeline for ozekibart in chondrosarcoma.
Ordastobart (INBRX-106) in HNSCC. The Company is currently enrolling the Phase 2 portion of the randomized HexAgon study in head and neck squamous cell carcinoma (HNSCC) in combination with pembrolizumab, which is expected to add approximately 50 additional HPV-positive Oropharyngeal Squamous Cell Carcinoma patients to support a potential accelerated regulatory pathway. The expansion of the HexAgon program is strategically focused on the HPV-positive setting. Inhibrx believes this positioning allows ordastobart (INBRX-106) to maximize its costimulatory activity where immune responsiveness and clinical benefit have proven highest. Following the Phase 2 expansion, the initial read out of which is expected around mid-2027, the Company plans to align with the FDA on this framework and anticipates initiating the Phase 3 portion of the HexAgon trial, which is intended to serve as the confirmatory study.
Ordastobart (INBRX-106) in NSCLC. The Company expects initial results from its Phase 1/2 study of ordastobart (INBRX-106) in the perioperative setting of non-small cell lung cancer (NSCLC) in mid-2027. This readout is expected to provide important clinical insights to inform future development, demonstrating the potential for ordastobart (INBRX-106) to extend well beyond head and neck cancer into broader solid tumor indications.
Financial Results
Cash and Cash Equivalents. As of September 30, 2026, the Company had cash and cash equivalents of $199.5 million.
Revenue. Inhibrx recognized $2.0 million of revenue during the third quarter of 2026 under a license agreement with Pfizer, Inc., in which the Company granted a non-exclusive license for certain of the Company’s patent rights in exchange for a $2.0 million upfront payment which was received in September 2026. The Company did not recognize any revenue during the third quarter of 2025.
R&D Expense. Research and development expenses were $26.0 million for the third quarter of 2026, as compared to $28.5 million for the third quarter of 2025. This decrease was primarily related to a decrease in clinical trial costs due to the timing of the completion of enrollment in our trial for ozekibart (INBRX-109) for the treatment of unresectable or metastatic conventional chondrosarcoma and a decrease in personnel expenses due to a decrease in headcount, offset in part by an increase in contract manufacturing expenses as the Company performs certain manufacturing activities to supports its filing of the Biologics License Application (BLA) for the potential approval of ozekibart (INBRX-109) in conventional chondrosarcoma.
G&A Expense. General and administrative expenses were $7.8 million during the third quarter of 2026, compared to $5.3 million during the third quarter of 2025. This increase is primarily related to additional pre-commercialization expenses related to market access, launch and the development of communication materials as the Company prepares for its potential commercialization of ozekibart (INBRX-109) in conventional chondrosarcoma.
Other Expense. Total other expense was $7.0 million during the third quarter of 2026, compared to $1.4 million during the third quarter of 2025. The increase is primarily due to higher interest expense on the Company’s $275.0 million outstanding loan balance during the third quarter of 2026 as compared to $100.0 million outstanding during the third quarter of 2025.
Net Loss. Net loss was $38.7 million during the third quarter of 2026, or $2.46 per share, basic and diluted, as compared to a net loss of $35.3 million during the third quarter of 2025, or $2.28 per share, basic and diluted.
(Press release, Inhibrx, NOV 13, 2026, View Source [SID1234674767])