Inhibrx Reports Third Quarter 2022 Financial Results and Recent Corporate Highlights

Financial Results

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 single-domain antibody (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.

About Inhibrx, Inc.
Inhibrx is a clinical-stage biopharmaceutical company focused on developing a broad pipeline of novel biologic therapeutic candidates in oncology and orphan diseases. Inhibrx utilizes diverse methods of protein engineering to address the specific requirements of complex target and disease biology, including its proprietary sdAb platform. Inhibrx has collaborations with 2seventy bio (formerly bluebird bio), Bristol-Myers Squibb and Chiesi Farmaceutici S.p.A. For more information, please visit www.inhibrx.com.

Forward Looking Statements
Inhibrx cautions you that statements contained in this press release regarding matters that are not historical facts are forward-looking statements. These statements are based on Inhibrx's current beliefs and expectations. These forward-looking statements include, but are not limited to, statements regarding: Inhibrx's and its investigators' judgments and beliefs regarding the strength of Inhibrx's pipeline and the observed safety and efficacy to date of its therapeutic candidates; future clinical development of Inhibrx's therapeutic candidates, including any potential for accelerated approval. Actual results may differ from those set forth in this press release due to the risks and uncertainties inherent in Inhibrx's business, including, without limitation, risks and uncertainties regarding: the initiation, timing, progress and results of its preclinical studies and clinical trials, and its research and development programs; its ability to advance therapeutic candidates into, and successfully complete, clinical trials; its interpretation of preclinical data and initial, interim or preliminary data from its clinical trials, including interpretations regarding disease control and disease response; the timing or likelihood of regulatory filings and approvals; the successful commercialization of its therapeutic candidates, if approved; the pricing, coverage and reimbursement of its therapeutic candidates, if approved; its ability to utilize its technology platform to generate and advance additional therapeutic candidates; the implementation of its business model and strategic plans for its business and therapeutic candidates; its ability to successfully manufacture therapeutic candidates for clinical trials and commercial use, if approved; its ability to contract with third-party suppliers and manufacturers and their ability to perform adequately; the scope of protection it is able to establish and maintain for intellectual property rights covering its therapeutic candidates; its ability to enter into strategic partnerships and the potential benefits of these partnerships; its estimates regarding expenses, capital requirements and needs for additional financing and financial performance; its expectations regarding the impact of the COVID-19 pandemic on its business; and other risks described from time to time in the "Risk Factors" section of its filings with the U.S. Securities and Exchange Commission, including those described in its Annual Report on Form 10-K as well as its Quarterly Reports on Form 10-Q, and supplemented from time to time by its Current Reports on Form 8-K. You are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date hereof, and Inhibrx undertakes no obligation to update these statements to reflect events that occur or circumstances that exist after the date hereof. All forward-looking statements are qualified in their entirety by this cautionary statement, which is made under the safe harbor provisions of the Private Securities Litigation Reform Act of 1995.

Investor and Media Contact:
Kelly D. Deck
Chief Financial Officer
kelly@inhibrx.com
858-795-4260

 Inhibrx, Inc.
Condensed Consolidated Statements of Operations
(In thousands, except per share data)

(unaudited)

THREE MONTHS ENDED

SEPTEMBER 30,

 NINE MONTHS ENDED
SEPTEMBER 30,

2022

2021

2021

2020

Revenue:

License fee revenue

$ 278

$ 2,508

$ 1,904

$ 4,289

Grant revenue

—

24

14

86

Total revenue

278

2,532

1,918

4,375

Operating expenses:

Research and development

24,934

18,485

79,735

52,825

General and administrative

5,347

2,848

15,800

8,710

Total operating expenses

30,281

21,333

95,535

61,535

Loss from operations

(30,003)

(18,801)

(93,617)

(57,160)

Total other income (expense)

(5,322)

(1,779)

(10,690)

(3,417)

Provision for income taxes

—

—

4

2

Net loss

$ (35,325)

$ (20,580)

$ (104,311)

$ (60,579)

Net loss per share, basic and diluted

$ (0.90)

$ (0.54)

$ (2.67)

$ (1.60)

 Weighted-average shares of common stock
outstanding, basic and diluted

39,071

37,893

39,043

37,818

 Inhibrx, Inc.
Condensed Consolidated Balance Sheets

(In thousands)

SEPTEMBER 30,

DECEMBER 31,

2022

2021

(unaudited)

Cash and cash equivalents

$ 146,073

$ 131,301

Other current assets

7,681

7,811

Non-current assets

11,098

11,338

Total assets

$ 164,852

$ 150,450

Debt, current and non-current

$ 170,819

$ 70,470

Other current liabilities

25,426

22,454

Other non-current liabilities

3,657

5,143

Total liabilities

199,902

98,067

Stockholders' equity

(35,050)

52,383

Total liabilities and stockholders' equity

$ 164,852

$ 150,450

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SOURCE Inhibrx Inc.