SAN DIEGO , Aug. 13, 2024 /PRNewswire/ -- Inhibrx Biosciences, Inc. (Nasdaq: INBX) ("Inhibrx Biosciences" or the "Company"), a biopharmaceutical company with two programs in ongoing clinical trials and a strong emerging pipeline, today reported financial results for the second quarter of 2024 and provided an update on recent corporate highlights.
Separation from the Former Parent Financial Results About Inhibrx Biosciences, Inc. Inhibrx Biosciences is a clinical-stage biopharmaceutical company focused on developing a broad pipeline of novel biologic therapeutic candidates in oncology. Inhibrx Biosciences utilizes diverse methods of protein engineering to address the specific requirements of complex target and disease biology, including its proprietary protein engineering platforms.
For more information, please visit www.inhibrx.com .
Forward Looking Statements Inhibrx Biosciences 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 Biosciences' current beliefs and expectations. These forward-looking statements include, but are not limited to, statements regarding: Inhibrx Biosciences' and its investigators' judgments and beliefs regarding the strength of Inhibrx Biosciences' pipeline and the observed safety and efficacy to date of its therapeutic candidates; whether a trial is registration-enabling; future clinical development of Inhibrx Biosciences' therapeutic candidates, including any potential for approval or accelerated approval or implication that the results of earlier clinical trials or studies will be representative of later clinical trials.
Actual results may differ from those set forth in this press release due to the risks and uncertainties inherent in Inhibrx Biosciences' 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, including whether any product candidate receives approval from the United States Food and Drug Administration, or similar regulatory authority, for an accelerated approval process; the commercialization of the Company's therapeutic candidates, if approved; the pricing, coverage and reimbursement of the Company's therapeutic candidates, if approved; the Company's ability to utilize the Company's technology platform to generate and advance additional therapeutic candidates; the implementation of the Company's business model and strategic plans for the Company's business and therapeutic candidates; the Company's ability to successfully manufacture the Company's therapeutic candidates for clinical trials and commercial use, if approved; the Company's ability to contract with third-party suppliers and manufacturers and their ability to perform adequately; the scope of protection the Company is able to establish and maintain for intellectual property rights covering the Company's therapeutic candidates; the Company's ability to enter into strategic partnerships and the potential benefits of such partnerships; the Company's estimates regarding expenses, capital requirements and needs for additional financing; the ability to raise funds needed to satisfy the Company's capital requirements, which may depend on financial, economic and market conditions and other factors, over which the Company may have no or limited control; the Company's financial performance; the Company's and the Company's third party partners' and service providers' ability to continue operations and advance the Company's therapeutic candidates through clinical trials and the ability of the Company's third party manufacturers to provide the required raw materials, antibodies and other biologics for the Company's preclinical research and clinical trials in light of current market conditions or any pandemics, regional conflicts, sanctions, labor conditions, geopolitical events, natural disasters or extreme weather events; the ability to retain the continued service of the Company's key professionals and to identify, hire and retain additional qualified professionals; and developments relating to the Company's competitors and the Company's industry; 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 Registration Statement on Form 10, as amended (File No.
001-42031) as well as its Quarterly Reports on Form 10-Q, and supplemented from time to time by its Current Reports on Form 8-K as filed from time to time. You are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date hereof, and Inhibrx Biosciences 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 [email protected] 858-795-4260 Inhibrx Biosciences, Inc Condensed Consolidated Statements of Operations (In thousands, except per share data) (Unaudited) THREE MONTHS ENDED JUNE 30, SIX MONTHS ENDED JUNE 30, 2024 2023 2024 2023 Revenue: License fee revenue $ 100 $ 30 $ 100 $ 47 Total revenue 100 30 100 47 Operating expenses: Research and development 67,632 34,106 131,483 71,492 General and administrative 93,366 7,263 103,340 13,660 Total operating expenses 160,998 41,369 234,823 85,152 Loss from operations (160,898) (41,339) (234,723) (85,105) Total other income (expense) 2,018,911 (5,708) 2,014,026 (10,858) Provision for income taxes 2 5 2 5 Net income (loss) $ 1,858,011 $ (47,052) $ 1,779,301 $ (95,968) Earnings (loss) per share Basic $ 127.
10 $ (4.31) $ 125.93 $ (8.
80) Diluted $ 125.48 $ (4.31) $ 122.
75 $ (8.80) Shares used in computing earnings (loss) per share Basic 14,619 10,911 14,129 10,902 Diluted 14,807 10,911 14,495 10,902 Inhibrx Biosciences, Inc Condensed Consolidated Balance Sheets (In thousands) (Unaudited) JUNE 30, DECEMBER 31, 2024 2023 Cash and cash equivalents $ 226,860 $ 277,924 Other current assets 15,197 17,434 Non-current assets 16,361 12,535 Total assets $ 258,418 $ 307,893 Debt, current and non-current $ — $ 206,968 Other current liabilities 39,052 56,312 Other non-current liabilities — 1,110 Total liabilities 39,052 264,390 Stockholders' equity 219,366 43,503 Total liabilities and stockholders' equity $ 258,418 $ 307,893 View original content to download multimedia: https://www.prnewswire.
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