Inhibrx Reports Narrowed Losses Post-Sanofi Spin-Off, Eyes Key FDA Milestones

Event summary

  • Inhibrx reported $140.1M net loss for FY2025, down from $1.7B net income in FY2024 due to one-time gains from Sanofi transaction
  • Company raised $75M via debt financing in March 2026, boosting cash position to $199.2M (including prior $124.2M)
  • R&D expenses fell 44% YoY to $113M as clinical trials for ozekibart neared completion
  • Plans BLA submission for ozekibart in chondrosarcoma treatment by Q2 2026

The big picture

Inhibrx's post-spin-off financials reflect the operational streamlining following Sanofi's acquisition of its INBRX-101 program. The company is now focused on advancing two key assets through pivotal regulatory milestones, with ozekibart representing a potential first-to-market opportunity in chondrosarcoma treatment. The $75M debt raise suggests confidence in near-term clinical catalysts despite the biotech sector's ongoing capital constraints.

What we're watching

Regulatory Timing
Whether Inhibrx can maintain its aggressive timeline for FDA submissions and data readouts across multiple indications
Financial Runway
How the $75M debt financing will extend operational capacity before potential commercialization of ozekibart
Clinical Validation
The pace at which INBRX-106 data in HNSCC could position it as a KEYTRUDA combination therapy contender