Inhibrx releases Q2 2022 financial results and recent corporate events

SAN DIEGO, August 8, 2022 /PRNewswire/ — Inhibrx, Inc. (Nasdaq: INBX), a biotechnology company with four clinical programs in development and a strong emerging pipeline, today reported second quarter 2022 financial results and provided an update on recent corporate events.

Latest corporate aspects

Turned on May 16, 2022, Inhibrx announced first-line results from its Phase 1 clinical trial of INBRX-101 showing a favorable safety profile in patients with alpha-1 antitrypsin deficiency, or AATD, and demonstrating the potential to achieve levels normal functional levels of alpha-1 antrypsin with monthly dosages. The data show that the treatment was well tolerated with no serious or serious adverse events related to the study drug. Turned on June 30, 2022Inhibrx announced the completion of its Phase 1 dose escalation of INBRX-105 in combination with Keytruda® and the initiation of Part 4 of the Phase 1 clinical trial. June 30, 2022Inhibrx announced the receipt of $60.0 million in gross proceeds under its loan and security agreement with Oxford Finance LLC.

Financial results

Cash and cash equivalents. How of June 30, 2022Inhibrx had cash and cash equivalents 176.4 million dollarscompared to 131.3 million dollars how of December 31, 2021. R&D expenses. Research and development expenses were 29.9 million dollars during the second quarter of 2022, compared to 17.9 million dollars during the second quarter of 2021. During the period, Inhibrx’s clinical trial expenses increased, both for its Phase 1 trials as they continue to progress, including the purchase of Keytruda as it is used in combination studies in its INBRX-105 trial, as well as its ongoing expenses related to the potentially registrable phase 2 trial of INBRX-109, which was initiated in the second quarter of 2021. The organization also incurred increased contract manufacturing expenses due to higher production costs from its development and contract manufacturing partners, including drugs. batch manufacturing of substances in preparation for a phase 2 trial supply and pilot batch production for one of its preclinical candidates. Personnel-related costs also increased during the period, which is due to an increase in headcount as Inhibrx continues to expand its clinical operations and technical operations teams. G&A expenses. General and administrative expenses were 5.4 million dollars during the second quarter of 2022, compared to 2.9 million dollars during the second quarter of 2021. This overall increase was primarily driven by an increase in additional personnel-related costs due to an increase in headcount as the organization develops its business strategy team. In addition, Inhibrx incurred market research expenses related to its continued pre-commercialization efforts for INBRX-101 and INBRX-109. net loss The net loss was 37.7 million dollars during the second quarter of 2022, or 0.97 USD per share, compared to 20.7 million dollars during the second quarter of 2021, or $0.55 by action

About the Inhibrx sdAb platform
Inhibrx uses various protein engineering methods in the construction of therapeutic candidates that can address the specific requirements of the complex target and disease biology. A key tool for this effort is Inhibrx’s proprietary single-domain antibody, or sdAb, platform, which enables the development of therapeutic candidates with attributes superior to other monoclonal antibody and fusion protein approaches. This platform enables the combination of multiple binding units in a single molecule, enabling the creation of therapeutic candidates with defined valence or multiple specificities that can achieve enhanced cell signaling or conditional activation. An additional advantage of this platform is that these optimized, multifunctional entities can be manufactured using the established processes commonly used to produce therapeutic proteins.

About Inhibrx, Inc.
Inhibrx is a clinical-stage biotechnology company focused on developing a broad portfolio of novel biologic therapeutic candidates in oncology and orphan diseases. Inhibrx uses various protein engineering methods to address the specific requirements of complex target and disease biology, including its proprietary sdAb platform. Inhibrx has partnerships with 2seventy bio (formerly bluebird bio), Bristol-Myers Squibb and Chiesi Farmaceutici SpA. For more information, 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 researchers’ judgments and beliefs regarding the strength of Inhibrx’s pipeline and the safety and efficacy observed to date of its therapeutic candidates; future clinical development of Inhibrx’s therapeutic candidates; assessments and judgments about Inhibrx’s cash position; and statements and judgments about his association and relationship with Oxford. Actual results may differ from those set forth in this press release due to risks and uncertainties inherent in Inhibrx’s business, including, without limitation, risks and uncertainties regarding: the commencement, timing, progress and the 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; your interpretation of preclinical data and initial, interim or preliminary data from your clinical trials, including interpretations of 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 use 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; your ability to contract with third-party suppliers and manufacturers and your ability to perform adequately; the scope of protection it may establish and maintain for the intellectual property rights covering its therapeutic candidates; its ability to establish strategic partnerships and the potential benefits of such partnerships; its estimates of expenses, capital requirements and additional financing needs and financial performance; your expectations regarding the impact of the COVID-19 pandemic on your business; and other risks described from time to time in the “Risk Factors” section of its filings with the US Securities and Exchange Commission, including those described in its Annual Report on Form 10-K, as well as in its reports quarterly 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 such statements to reflect events that occur or circumstances that exist after the date hereof of this document. All forward-looking statements are qualified in their entirety by this cautionary statement, which is made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995.

Contact with investors and media:
Kelly D. Deck
Finance chief
[email protected]
858-795-4260

Inhibrx, Inc.
Condensed consolidated income statements
(In thousands, except data per share)

(not audited)




THREE MONTHS OVER

JUNE 30,


SIX MONTHS OVER
JUNE 30,


2022


2021


2021


2020

Income:















License fee revenue

$711


$918


$1,626


$1,781

Income subsidy


36


14


62

Total revenue

711


954


1,640


1,843

Operating expenses:















Research & Development

29,906


17,902


54,801


34,340

General and administrative

5,402


2,853


10,453


5,862

Total operating expenses

35,308


20,755


65,254


40,202

Losses from operations

(34,597)


(19,801)


(63,614)


(38,359)

Total other income (expenses)

(3.131)


(909)


(5,368)


(1,638)

Provision for income taxes

4



4


2

net loss

$ (37,732)


$ (20,710)


$ (68,986)


$ (39,999)

Net loss per share, basic and diluted

$(0.97)


$(0.55)


$(1.77)


$(1.06)

Weighted average of ordinary shares
highlighted, basic and diluted

39,040


37,824


39,029


37,780

Inhibrx, Inc.
Condensed consolidated balance sheets

(in thousands)




JUNE 30,


DECEMBER 31,


2022


2021


(not audited)













Cash and cash equivalents

$176,385


$131,301

Other current assets

5,238


7,811

Non-current assets

11,587


11,338

Total assets

$193,210


$150,450









Debt, current and non-current

$169,800


$70,470

Other current liabilities

24.201


22,454

Other non-current liabilities

4.131


5,143

Total liabilities

198,132


98,067

net worth

(4,922)


52,383

Total liabilities and equity

$193,210


$150,450

SOURCE Inhibrx Inc.

rt



Source link

You May Also Like

About the Author: Chaz Cutler

My name is Chasity. I love to follow the stock market and financial news!