On May 8, 2023 Inhibrx, Inc. (Nasdaq: INBX), or Inhibrx, or the Company, a biopharmaceutical company with four clinical programs in development and a strong emerging pipeline, reported its financial results for the first quarter of 2023 and provided an update on recent corporate highlights (Press release, Inhibrx, MAY 8, 2023, View Source [SID1234631167]).
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Recent Corporate Highlights
•On April 26, 2023, Inhibrx announced the initiation of a registration-enabling trial for INBRX-101, an optimized recombinant human AAT-Fc fusion protein, for treatment of patients with emphysema due to alpha-1 antitrypsin deficiency. The initial read-out from this trial is expected to occur in late 2024.
•On April 26, 2023, Inhibrx announced the U.S. Food and Drug Administration has lifted the partial clinical hold on studies evaluating its death-receptor 5 agonist, INBRX-109. Patient enrollment has resumed.
Financial Results
•Cash and Cash Equivalents. As of March 31, 2023, Inhibrx had cash and cash equivalents of $234.3 million, compared to $273.9 million as of December 31, 2022. The increase in cash outflow during the first quarter of 2023 was a result of the timing of payments made to the Company’s contract development and manufacturing organizations, or CDMO, related to batch production for its clinical and preclinical candidates. Additionally, there was an increase in cash outflow during the period in advance of the initiation of the INBRX-101 registration-enabling trial to the Company’s contract research organizations, or CRO, partners, as well as the timing of payments associated with the INBRX-109 Phase 1 combination cohorts and expanded patient enrollment targets for the Phase 1/2 trials for both INBRX-105 and INBRX-106.
•R&D Expense. Research and development expenses were $37.4 million during the first quarter of 2023, compared to $24.9 million during the first quarter of 2022. During the first quarter of 2023, Inhibrx’s clinical trial expenses increased, both for its Phase 1/2 trials as they continue to progress, as well as its continued expenses related to the ongoing INBRX-109 registration-enabling trial and the initiation of the INBRX-101 registration-enabling trial. The Company also incurred increased CMC expenses at our CDMO and CRO partners supporting our clinical and preclinical therapeutic candidates, including early and late stage drug substance clinical manufacturing, drug product manufacturing, and selected BLA-enabling activities. Personnel-related costs also increased during both periods, partially attributable to an increase in headcount as the Company continues to expand its research and development and clinical operations teams as well as increased salaries and the expansion of our bonus eligibility pool in the current year.
•G&A Expense. General and administrative expenses were $6.4 million during the first quarter of 2023, compared to $5.1 million during the first quarter of 2022. This overall increase was primarily driven by an increase in additional personnel-related costs in part due to the expansion of the Company’s commercial strategy team as well as an increase in salaries and the expansion of our bonus eligibility pool in the current year. In addition, market research and other scientific publication expenses were incurred related to its continued pre-commercialization efforts for INBRX-101 and INBRX-109.
•Net Loss.
Net loss was $48.9 million during the first quarter of 2023, or $1.12 per share, compared to $31.3 million during the first quarter of 2022, or $0.80 per share.