On August 9, 2021 Inhibrx, Inc. (Nasdaq: INBX), a biotechnology company with four clinical programs in development, reported financial results for the second quarter of 2021 (Press release, Inhibrx, AUG 9, 2021, View Source [SID1234586125]).
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Financial Results
Cash and Cash Equivalents. As of June 30, 2021, Inhibrx had cash and cash equivalents of $125.7 million, compared to $128.7 million as of December 31, 2020.
R&D Expense. Research and development expenses were $17.9 million during the second quarter of 2021, compared to $19.0 million during the second quarter of 2020. This overall decrease was primarily due to the timing of work performed by Inhibrx’s contract development and manufacturing organization partners for the formulation and manufacturing of certain of its therapeutic candidates, offset in part by an increase in headcount and personnel-related costs due to the continued expansion of its organization.
G&A Expense. General and administrative expenses were $2.9 million during the second quarter of 2021, compared to $1.5 million during the second quarter of 2020. This increase was primarily due to an increase in personnel-related costs and other expenses associated with operating as a public company following its initial public offering in August 2020.
Net Loss. Net loss was $20.7 million during the second quarter of 2021, or $0.55 per share, compared to $17.9 million during the second quarter of 2020, or $0.99 per share.
About the Inhibrx sdAb Platform
Inhibrx utilizes diverse methods of protein engineering in the construction of therapeutic candidates that can address the specific requirements of complex target and disease biology. A key tool for this effort is the Inhibrx proprietary sdAb platform, which enables the development of therapeutic candidates with attributes superior to other monoclonal antibody and fusion protein approaches. This platform allows the combination of multiple binding units in a single molecule, enabling the creation of therapeutic candidates with defined valency or multiple specificities that can achieve enhanced cell signaling or conditional activation. An additional benefit of this platform is that these optimized, multi-functional entities can be manufactured using the established processes that are commonly used to produce therapeutic proteins.