On November 9, 2021 Inhibrx, Inc. (Nasdaq: INBX), a biotechnology company with four clinical programs in development and a strong emerging pipeline, reported financial results for the third quarter of 2021 and provided an update on recent corporate highlights (Press release, Inhibrx, NOV 9, 2021, https://www.prnewswire.com/news-releases/inhibrx-reports-third-quarter-2021-financial-results-and-recent-corporate-highlights-301420241.html [SID1234594914]).

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Recent Corporate Highlights

On October 12, 2021, Inhibrx announced interim results from a Phase 1 clinical trial evaluating the safety and pharmacokinetics of INBRX-101, an optimized recombinant human AAT-Fc fusion protein, in patients with alpha-1 antitrypsin deficiency, or AATD. The data from the single ascending dose cohorts revealed the potential to achieve normal AAT levels with monthly dosing and also showed a favorable safety and tolerability profile with no drug-related severe or serious adverse events at doses up to and including 120 mg/kg single dose and 80 mg/kg multi-dose administered intravenously.
On October 28, 2021, Inhibrx announced the appointment of three executives: David Matly, M.B.A., as Chief Commercial Officer; David Kao, PharmD, M.B.A., RPh, as Vice President of Regulatory Affairs; and Jack Tsai, M.D., M.B.A., as Vice President of Business Development. Additionally, the Company announced the appointment of Kristiina Vuori, M.D., Ph.D. to its Board of Directors.
On November 1, 2021, Inhibrx announced it will be presenting at the Connective Tissue Oncology Society (CTOS) 2021 Virtual Annual Meeting taking place November 10-13, 2021. This presentation will provide an update on the Phase 1 expansion cohort for INBRX-109 in patients with conventional chondrosarcoma. Inhibrx will also present a poster on preclinical data that will guide the planned Phase 1 expansion cohort for INBRX-109 in Ewing Sarcoma.
On November 3, 2021, Inhibrx announced that three abstracts had been accepted for presentation at the Society for Immunotherapy of Cancer (SITC) (Free SITC Whitepaper) 36th Annual Meeting, taking place November 10-14, 2021, in Washington D.C. and virtually. The three abstracts will highlight preclinical data from two of its clinical programs, INBRX-105 and INBRX-106, as well as introduce the first emerging pipeline candidate from its targeted cytokine platform, INBRX-121.
Financial Results

Cash and Cash Equivalents. As of September 30, 2021, Inhibrx had cash and cash equivalents of $112.7 million, compared to $128.7 million as of December 31, 2020. As of November 9, 2021, Inhibrx had cash and cash equivalents of $141.1 million.
R&D Expense. Research and development expenses were $18.5 million during the third quarter of 2021, compared to $19.8 million during the third quarter of 2020. This overall decrease was primarily due to the timing of work performed during 2020 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 clinical trial expenses based on the initiation of a Phase 2 trial in conventional chondrosarcoma and the progression of ongoing Phase 1 trials during 2021. Additionally, personnel-related costs increased during the third quarter of 2021 as compared to the same period in the prior year as a result of the continued expansion of its organization.
G&A Expense. General and administrative expenses were $2.8 million during the third quarter of 2021, compared to $1.6 million during the third quarter of 2020. This was primarily driven by increases in personnel-related costs, as well as increases in professional service fees related to Inhibrx’s expanding intellectual property portfolio and other expenses associated with operating as a public company following its initial public offering in August 2020.
Net Loss. Net loss was $20.6 million during the third quarter of 2021, or $0.54 per share, compared to $20.5 million during the third quarter of 2020, or $0.77 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.