Inhibrx Biosciences (INBX) Q4 2025 earnings summary

Executive summary

• Completed sale of INBRX-101 and spin-off, now focused on two clinical programs: ozekibart and INBRX-106.

• Pipeline includes ongoing trials in chondrosarcoma, colorectal cancer, and head and neck squamous cell carcinoma.

Financial highlights

• Cash and cash equivalents were $124.2 million as of December 31, 2025.

• Net loss for Q4 2025 was $32.8 million ($2.11/share), improved from $47.9 million ($3.09/share) in Q4 2024.

• Net loss for FY 2025 was $140.1 million ($9.04/share), compared to net income of $1.7 billion ($114.01/share) in FY 2024, which included a one-time gain from the INBRX-101 transaction.

• Research and development expenses decreased to $25.3 million in Q4 2025 (from $33.4 million in Q4 2024) and to $113.0 million in FY 2025 (from $203.7 million in FY 2024).

• General and administrative expenses dropped to $5.6 million in Q4 2025 (from $16.7 million in Q4 2024) and to $23.3 million in FY 2025 (from $127.9 million in FY 2024).

• Other expense was $1.9 million in Q4 2025 versus other income of $2.1 million in Q4 2024; FY 2025 other expense was $5.0 million versus FY 2024 other income of $2.0 billion (driven by the INBRX-101 gain).

Outlook and guidance

• Plans to submit BLA for ozekibart in unresectable/metastatic chondrosarcoma to FDA in early Q2 2026.

• Progression-free survival data for ozekibart in colorectal cancer expected in Q2 2026; FDA meeting for accelerated approval in Ewing Sarcoma and fourth-line colorectal cancer planned for H2 2026.

• Interim ORR data for INBRX-106 in HNSCC with pembrolizumab expected in Q2 2026; PFS data at ESMO 2026 Congress in Q4 2026.