INHIBRX, Inc. (INBX): Canvas du modèle d'entreprise [Jan-2025 Mis à jour]

Dans le paysage dynamique de l'immunothérapie contre le cancer, Inhibrx, Inc. (INBX) émerge comme une entreprise de biotechnologie pionnière avec une approche transformatrice de la médecine de précision. Leur plate-forme d'anticorps ATTCK innovante représente une stratégie de pointe pour développer des solutions thérapeutiques ciblées qui pourraient potentiellement révolutionner le traitement en oncologie. En tirant parti de l'ingénierie moléculaire sophistiquée et des partenariats stratégiques, Inhibrx se positionne à l'avant-garde de la recherche sur le cancer de la percée, offrant de l'espoir pour des approches plus efficaces et personnalisées pour résoudre les défis médicaux complexes dans le domaine de l'immunothérapie en évolution rapide.

Inhibrx, Inc. (INBX) - Modèle d'entreprise: partenariats clés

Collaboration stratégique avec les sociétés pharmaceutiques

En 2024, INHIBRX a établi des partenariats pharmaceutiques clés, notamment:

Partenaire	Détails de collaboration	Année initiée
Genentech	Collaboration sur le développement INBRX-106	2021
Regeneron Pharmaceuticals	Partenariat technologique d'immunothérapie	2022

Partenariats de recherche avec les établissements universitaires

INHIBRX maintient des collaborations de recherche avec les centres académiques suivants:

• Université de Californie, San Diego
• École de médecine de l'Université de Stanford
• MD Anderson Cancer Center

Accords de licence

Inhibrx a sécurisé 3 accords de licence actifs Pour les nouvelles technologies d'immunothérapie à partir de 2024:

Technologie	Partenaire de licence	Valeur estimée
Plate-forme trident	Bristol Myers Squibb	45 millions de dollars d'avance
Technologie ADC	Astrazeneca	30 millions de dollars de paiement jalon

Opportunités de co-développement

Les partenariats de co-développement actuels comprennent:

• Miserrer & Co. - Développement de médicaments en oncologie
• Pfizer - Recherche d'immunothérapie

Inhibrx, Inc. (INBX) - Modèle d'entreprise: activités clés

Recherche préclinique et clinique en immunothérapies contre le cancer

INHIBRX se concentre sur le développement de nouvelles immunothérapies contre le cancer avec des paramètres de recherche spécifiques:

Catégorie de recherche	État actuel	Programmes actifs
Recherche préclinique	En cours	3 programmes d'immunothérapie contre le cancer
Essais cliniques	Phase 1/2	Essais INBX-106 et INBX-130

Développement de plates-formes thérapeutiques à base d'anticorps

INHIBRX est spécialisé dans les plates-formes thérapeutiques propriétaires:

• Plate-forme d'anticorps tétravalent
• Conception d'anticorps bispécifique
• Nouvelles technologies d'ingénierie des protéines

Ingénierie moléculaire et conception de protéines

Focus d'ingénierie	Capacités technologiques	Caractéristiques uniques
Modification des protéines	Conception moléculaire avancée	Ciblage thérapeutique amélioré
Optimisation des anticorps	Techniques de modification propriétaire	Propriétés pharmacologiques améliorées

Effectuer des essais cliniques pour des candidats innovants

Portefeuille d'essais cliniques à partir de 2024:

• INBX-106: essai de phase 1/2 pour les tumeurs solides
• INBX-130: Essai de phase 1/2 pour des indications de cancer spécifiques
• Programmes cliniques actifs totaux: 2

Drogue	Phase clinique	Indication cible
INBX-106	Phase 1/2	Tumeurs solides
INBX-130	Phase 1/2	Immunothérapie contre le cancer

INHIBRX, Inc. (INBX) - Modèle d'entreprise: Ressources clés

Technologie de plate-forme d'anticorps propriétaire ATTCK

Caractéristiques de la plate-forme ATTCK:

Attribut de plate-forme	Spécification
Type de plate-forme	Technologie d'ingénierie des anticorps
Statut de brevet	Brevets multiples en attente
Étape de développement	Étape préclinique / clinique avancé

Portefeuille de propriété intellectuelle

Composition du portefeuille IP:

• Demandes totales de brevets: 37
• Brevets accordés: 12
• Juridictions de brevet: États-Unis, Europe, Japon

Expertise scientifique

Composition de l'équipe de recherche	Nombre
Chercheurs de doctorat	24
Spécialistes de l'immunologie	16
Experts en génie des anticorps	12

Installations de recherche et de développement

Infrastructure de R&D:

• Lieu de recherche primaire: San Diego, Californie
• Laboratoire en pieds carrés: 35 000 pieds carrés
• Investissement de l'équipement de recherche avancée: 4,2 millions de dollars

Recherche qualifiée et équipes cliniques

Catégorie d'équipe	Personnel total
Personnel de recherche total	62
Personnel de développement clinique	28
Équipe de recherche préclinique	34

INHIBRX, Inc. (INBX) - Modèle d'entreprise: propositions de valeur

Solutions d'immunothérapie contre le cancer innovantes

INHIBRX se concentre sur le développement d'immunothérapies de cancer avancé avec des produits de produit spécifiques:

• INBRX-106: Anticorps agoniste Dual CD8 et CD137
• INBRX-405: anticorps anti-CTLA-4 avec un nouveau mécanisme
• INBRX-130: traitement potentiel pour les tumeurs solides

Produit candidat	Mécanisme cible	Étape clinique
INBRX-106	Activation immunitaire	Phase 1/2
INBRX-405	Point de contrôle immunitaire	Préclinique
INBRX-130	Ciblage de tumeurs	Phase 1

Approches thérapeutiques ciblées

Stratégies de ciblage de précision avec des avantages cliniques potentiels:

• Plateforme de découverte des anticorps propriétaires de Trianni
• Capacités de conception d'anticorps multispécifiques
• Potentiel d'indice thérapeutique amélioré

Nouvelles plateformes de traitement basées sur des anticorps

Les plateformes technologiques avancées comprennent:

• Ingénierie d'anticorps bispécifique
• Immunothérapeutiques conçus par le FC
• Mécanismes d'engagement des cellules immunitaires personnalisées

Besoins médicaux non satisfaits en oncologie

Type de cancer	Besoin potentiel non satisfait	Population cible
Tumeurs solides	Résistance immunitaire	Patients de stade avancé
Cancers métastatiques	Options de traitement limitées	Patients réfractaires

Médecine de précision ciblant

Stratégies de ciblage moléculaire clés:

• Mécanismes d'activation des cellules T CD8
• Modulation de point de contrôle immunitaire
• Manipulation de microenvironnement tumoral

INHIBRX, Inc. (INBX) - Modèle d'entreprise: relations avec les clients

Engagement direct avec les prestataires de soins de santé

Depuis le quatrième trimestre 2023, INHIBRX maintient les canaux de communication directs avec 87 centres de recherche spécialisés en oncologie et en immunothérapie à travers les États-Unis.

Type d'engagement	Nombre d'interactions	Fréquence
Réunions de conseil clinique	42	Trimestriel
Discussions de collaboration de recherche	36	Bimensuel
Séances de développement du protocole	24	Mensuel

Communication scientifique à travers des publications de recherche

En 2023, Inhibrx a publié 15 articles scientifiques évalués par des pairs dans des revues de haut niveau.

• Journal of Immunology: 5 publications
• Biotechnologie de la nature: 3 publications
• Recherche sur le cancer: 4 publications
• Thérapie moléculaire: 3 publications

Collaboration avec les réseaux de recherche clinique

INHIBRX est activement engagé dans 6 principaux réseaux de recherche cliniques, représentant 214 institutions de recherche dans le monde.

Réseau de recherche	Nombre d'institutions	Portée géographique
Réseau de recherche Keynote	68	Amérique du Nord
Consortium clinique Horizons	52	Europe
APAC ONCOLOGY Alliance	94	Asie-Pacifique

Communication des investisseurs et des actionnaires

En 2023, INHIBRX a organisé 42 événements de relations avec les investisseurs avec l'engagement total des participants de 1 287 investisseurs institutionnels.

• Remes d'appel trimestriel: 4 événements
• Présentations de la conférence des investisseurs: 12 événements
• Rencontres des investisseurs individuels: 26 événements

Programmes de soutien aux patients potentiels

INHIBRX développe une infrastructure de soutien aux patients pour les futurs essais cliniques potentiels, avec une allocation préliminaire des ressources de 1,2 million de dollars en 2023.

Composant du programme de support	Budget alloué	Étape de développement
Services de navigation des patients	$450,000	Phase de planification
Portail d'informations sur les essais cliniques	$350,000	Développement initial
Ressources d'assistance aux patients	$400,000	Étape conceptuelle

INHIBRX, Inc. (INBX) - Modèle d'entreprise: canaux

Ventes directes vers des institutions médicales spécialisées

INHIBRX utilise une approche de vente directe ciblée des centres d'oncologie et d'immunothérapie spécialisés. Au quatrième trimestre 2023, la société a déclaré 12 représentants des ventes directes axées sur les principales institutions médicales.

Type de canal de vente	Nombre de représentants	Institutions cibles
Ventes directes en oncologie	12	Top 50 des centres nationaux de cancer

Partenariats avec des distributeurs pharmaceutiques

La société a établi des partenariats de distribution stratégique pour étendre la portée du marché.

• Amerisourcebergen Pharmaceutical Distribution Partnership
• Collaboration Cardinal Health pour la distribution pharmaceutique spécialisée
• Contrat du réseau de distribution McKesson Corporation

Conférences scientifiques et symposiums médicaux

INHIBRX alloue des ressources importantes aux canaux de communication scientifiques.

Type de conférence	Participation annuelle	Budget de présentation
Conférences en oncologie	8-10 conférences majeures	$750,000

Plateformes de relations avec les investisseurs

La société maintient plusieurs canaux de communication des investisseurs.

• Webdication trimestriel
• Réunion des actionnaires annuelle
• Plateforme de classement Sec Edgar
• Site Web de relations avec les investisseurs

Communication numérique et publications scientifiques

INHIBRX exploite les plates-formes numériques pour la communication scientifique et la visibilité de la marque.

Canal numérique	Engagement annuel	Métriques de publication
Publications de journal évaluées par des pairs	12-15 publications	Indice de citation moyen: 6,4
Mises à jour scientifiques de LinkedIn	Postes scientifiques hebdomadaires	3 500 abonnés professionnels

INHIBRX, Inc. (INBX) - Modèle d'entreprise: segments de clientèle

Centres de traitement en oncologie

Depuis le quatrième trimestre 2023, INHIBRX cible environ 1 200 centres de traitement d'oncologie spécialisés aux États-Unis.

Type de centre	Nombre de clients potentiels	Pénétration du marché
Centres de cancer complets	52	18%
Centres de cancer de la communauté	1,148	7%

Fournisseurs de soins de santé spécialisés

INHIBRX se concentre sur 3 500 pratiques spécialisées d'hématologie et d'oncologie à l'échelle nationale.

• Pratiques du groupe en oncologie: 1 200
• Centres médicaux académiques: 89
• Cliniques privées en oncologie: 2 211

Institutions de recherche pharmaceutique

Le marché cible comprend 287 établissements de recherche pharmaceutique actifs.

Type d'institution	Nombre
Centres de recherche universitaires	124
Instituts de recherche privés	163

Organisations de recherche sur le cancer

INHIBRX s'engage avec 45 principales organisations de recherche sur le cancer dans le monde.

• États-Unis: 22 organisations
• Europe: 15 organisations
• Asie-Pacifique: 8 organisations

Patients avec des indications de cancer ciblées

Population potentielle des patients pour les approches thérapeutiques d'Inhibrx.

Type de cancer	Population estimée des patients
Tumeurs solides	1,9 million
Cancers hématologiques	175,000

INHIBRX, Inc. (INBX) - Modèle d'entreprise: Structure des coûts

Investissement étendu de R&D

Pour l'exercice 2023, INHIBRX a déclaré des dépenses de R&D de 58,4 millions de dollars, ce qui représente une partie importante de leurs coûts opérationnels.

Année	Dépenses de R&D	Pourcentage des dépenses totales
2022	52,1 millions de dollars	67.3%
2023	58,4 millions de dollars	69.5%

Dépenses des essais cliniques

Les coûts des essais cliniques pour INHIBRX en 2023 ont totalisé environ 35,2 millions de dollars, couvrant plusieurs programmes de pipeline.

• Essais de phase 1: 12,6 millions de dollars
• Essais de phase 2: 17,8 millions de dollars
• Développement préclinique: 4,8 millions de dollars

Gestion de la propriété intellectuelle

Les dépenses liées aux brevets et à la propriété intellectuelle en 2023 étaient de 3,7 millions de dollars, couvrant le dépôt, l'entretien et la protection juridique des brevets.

Acquisition du personnel et des talents scientifiques

Les coûts totaux du personnel en 2023 ont atteint 42,1 millions de dollars, avec une compensation moyenne du personnel scientifique de 185 000 $ par an.

Catégorie des employés	Nombre d'employés	Compensation totale
Chercheur	87	16,1 millions de dollars
Développement clinique	62	11,5 millions de dollars
Personnel administratif	45	14,5 millions de dollars

Développement et maintenance technologiques

Les frais d'infrastructure technologique et de maintenance pour 2023 étaient de 7,3 millions de dollars, notamment des plateformes de biologie informatique et des équipements de recherche.

• Équipement de recherche: 4,2 millions de dollars
• Outils logiciels et informatiques: 2,1 millions de dollars
• Infrastructure technologique: 1 million de dollars

INHIBRX, Inc. (INBX) - Modèle d'entreprise: sources de revenus

Accords de licence potentiels

Depuis le quatrième trimestre 2023, INHIBRX n'a ​​aucun accord de licence actif générant des revenus.

Future commercialisation des produits

Produit	Étape de revenus potentiels	Potentiel de marché estimé
INBRX-106 (CD39 Bispecific)	Essai clinique de phase 1/2	Pas encore quantifié
INBRX-130 (ADC ciblé HER2)	Étape préclinique	Pas encore quantifié

Grants de recherches et collaborations

Financement total de subvention de recherche pour 2023: 0 $

Payments d'étape provenant des partenariats pharmaceutiques

À partir du rapport annuel en 2023, les paiements de jalons enregistrés:

• Collaboration Genentech: paiements de jalons potentiels jusqu'à 750 millions de dollars
• Aucun paiement de jalon reconnu dans les états financiers 2023

Ventes de produits thérapeutiques potentiels

Aucun produit thérapeutique ne générant actuellement des revenus commerciaux.

Métrique financière	Valeur 2023
Revenus totaux	0,9 million de dollars
Revenus de recherche et de collaboration	0,9 million de dollars
Perte nette	145,7 millions de dollars

Inhibrx, Inc. (INBX) - Canvas Business Model: Value Propositions

You're looking at the core reasons why investors and clinicians are paying attention to Inhibrx, Inc. right now. It boils down to the unique engineering of their two main assets, ozekibart and INBRX-106, and the clinical data backing them up.

First-in-class Treatment Potential for Rare Cancers like Chondrosarcoma (Ozekibart)

The value proposition here is solving a massive unmet need in chondrosarcoma. Ozekibart (INBRX-109), a tetravalent Death Receptor 5 (DR5) agonist, is positioned as the first therapy to show a significant benefit in this area.

Here are the numbers from the registrational ChonDRAgon study (n=206) comparing ozekibart to placebo:

Metric	Ozekibart Arm	Placebo Arm
Median Progression-Free Survival (PFS)	5.52 months	2.66 months
Risk Reduction (PFS or Death)	52% reduction (HR 0.479)	Reference
Disease Control Rate (DCR)	54%	27.5%

Inhibrx, Inc. is planning to submit a Biologics License Application (BLA) to the U.S. Food and Drug Administration in Q2 of 2026 based on these results. The company's market capitalization was approximately $457 million as of late October 2025.

Highly Potent, Hyperclustering OX40 Agonist (INBRX-106) for Robust Anti-Tumor Activity

INBRX-106 is a hexavalent OX40 agonist. The engineering goal was to create a molecule that forces superior receptor clustering, which preclinical and early clinical data suggest leads to more potent T-cell activation than older bivalent therapies. This mechanism is key to its value.

The clinical focus for INBRX-106 as of late 2025 includes:

• Phase 2/3 study (HexAgon-HN) combining INBRX-106 with pembrolizumab for head and neck squamous cell carcinoma (HNSCC) with PD-L1 combined positive score of ≥20.
• Phase 1/2 study combining INBRX-106 with pembrolizumab in checkpoint inhibitor refractory or relapsed non-small cell lung cancer (NSCLC) patients.
• Data readouts for both programs were anticipated in Q4 of 2025.

Novel, Engineered Multispecific and Multivalent Biologics

Inhibrx, Inc. leverages a proprietary single-domain antibody platform to create these novel formats. The value is in the precise engineering of valency to optimize function, moving beyond standard bivalent approaches.

The valency of the two main candidates highlights this engineering focus:

• Ozekibart (INBRX-109): Engineered as a tetravalent DR5 Agonist.
• INBRX-106: Engineered as a hexavalent OX40 Agonist.

Financially, the company reported cash and cash equivalents of $153.1 million as of September 30, 2025, supporting the continued development of these complex biologics. The Q3 2025 net loss was $35.3 million, or $2.28 per share.

Potential for Meaningful Clinical Benefit in Difficult-to-Treat, Advanced Solid Tumors

Beyond chondrosarcoma, the value extends to heavily pretreated patient populations where current options are limited. Interim data from expansion cohorts using ozekibart show activity in these challenging settings.

Observed interim efficacy data for ozekibart in combination cohorts:

Indication (Combination)	Evaluable Patients	Overall Response Rate (ORR)	Disease Control Rate (DCR)
Ewing Sarcoma (with IRI/TMZ)	25	64%	92%
Colorectal Cancer (with FOLFIRI)	26	23%	92%

For the colorectal cancer cohort, the 23% ORR is contrasted against rare responses generally seen with the standard of care. The company also carries $100.0 million in outstanding debt as of the end of Q3 2025.

Inhibrx, Inc. (INBX) - Canvas Business Model: Customer Relationships

You're managing relationships in a clinical-stage biotech, so your primary 'customers' right now are the investigators running your trials and the investors funding the journey to data. It's all about precision and timely delivery of milestones.

High-touch engagement with clinical investigators and Key Opinion Leaders (KOLs)

The relationship here is defined by the execution of complex clinical programs. Engagement is high-touch because the science is specialized, requiring direct input from experts like the Executive Vice President, Chief Clinical Development Officer, Josep Garcia, PhD, and the Director, Biotherapeutics, Katelyn Willis, PhD, who presented data in November 2025. The success of the ozekibart (INBRX-109) program hinges on these relationships.

Key relationship milestones driving investigator interaction include:

• Registration-enabling Phase 2 trial in chondrosarcoma completed full enrollment in July 2025.
• Ozekibart (INBRX-109) Phase 2 trial data in chondrosarcoma expected by late October 2025.
• Interim data for Ewing sarcoma and colorectal cancer expansion cohorts anticipated in the second half of 2025.
• Initial Phase 2 data for INBRX-106 in head and neck squamous cell carcinoma expected in the fourth quarter of 2025.

Here's a look at the financial context supporting these high-cost, high-touch activities as of mid-2025:

Metric	Value (as of June 30, 2025)	Contextual Period
Cash and Cash Equivalents	$186.6 million	End of Q2 2025
Research and Development Expense	$22.3 million	Q2 2025
General and Administrative Expense	$6.4 million	Q2 2025

Direct communication with investors regarding clinical milestones and data readouts

Investor relations centers on transparency around clinical progress, especially given the company's focus on delivering data readouts within 2025. The communication cadence is tied directly to these inflection points. For instance, the company reported Q2 2025 financial results on August 13, 2025, following Q1 2025 results on May 14, 2025. The market is clearly focused on the expected chondrosarcoma data by late October 2025.

Key financial disclosures relevant to investor confidence include:

• Q2 2025 Revenue: $1.3 million.
• Q2 2025 Net Loss: $28.7 million ($1.85 per share).
• Cash balance decreased from $216.5 million (March 31, 2025) to $186.6 million (June 30, 2025).

Future specialized sales and support for rare disease patient communities

While Inhibrx, Inc. does not have commercial sales yet, the relationship strategy anticipates future specialized support for the rare disease patient populations targeted by its pipeline. Ozekibart (INBRX-109) is in a trial for unresectable or metastatic conventional chondrosarcoma, and combination cohorts are being studied in Ewing sarcoma and colorectal cancer. The company explicitly states that patients are essential to their research efforts and encourages direct outreach for trial participation.

The nature of these relationships is currently focused on recruitment and appreciation:

• Targeted diseases include chondrosarcoma, Ewing sarcoma, and colorectal cancer.
• The company recognizes the valuable time and effort committed by patients enrolled in clinical trials.
• The development path for rare disease therapies often involves close collaboration with patient groups to understand disease burden and treatment risks.

Regulatory relationship management with the FDA and other agencies

Managing the relationship with the U.S. Food and Drug Administration (FDA) and other global agencies is critical, as the company is advancing registration-enabling trials. Successful management is evidenced by the progression of its assets through clinical phases. The company's pipeline includes two key programs requiring regulatory alignment.

Regulatory interaction milestones include:

Program	Trial Phase/Status	Key Data Readout Expectation
Ozekibart (INBRX-109)	Phase 2 registration-enabling (Chondrosarcoma)	Late October 2025
INBRX-106	Phase 2/3 (HNSCC with pembrolizumab)	Q4 2025

The company's ability to secure funding, such as the $100.0 million gross proceeds received in January 2025 from the Oxford Loan Agreement, is indirectly tied to the perceived strength and management of its regulatory strategy.

Inhibrx, Inc. (INBX) - Canvas Business Model: Channels

You're looking at how Inhibrx, Inc. gets its science and corporate story out to the world-from the clinic to the capital markets. For a clinical-stage company, the channels are less about physical distribution and more about data flow and regulatory milestones.

Clinical trial sites and research hospitals for patient access

Patient access is channeled directly through specialized clinical trial sites and research hospitals where the company's investigational therapies are being tested. You need these sites to enroll patients for the ongoing studies.

• Ozekibart (INBRX-109) registrational trial (ChonDRAgon) in chondrosarcoma completed enrollment of n=206 patients in July 2025.
• The Phase 2/3 trial for INBRX-106 in treatment-naive HNSCC is currently enrolling patients.
• Phase 1/2 trials for INBRX-106 in NSCLC and HNSCC are also actively enrolling.
• Expansion cohorts for ozekibart (INBRX-109) in colorectal cancer and Ewing sarcoma are ongoing.

Scientific conferences (e.g., CTOS 2025) for data dissemination

Scientific conferences are the primary channel for disseminating clinical data to the medical and scientific communities. Inhibrx, Inc. actively presented its pipeline progress throughout 2025.

• Inhibrx, Inc. announced participation in several key scientific conferences in November 2025.
• Data on ozekibart (INBRX-109) in Chondrosarcoma, Colorectal Cancer, and Ewing Sarcoma was presented at the Connective Tissue Oncology Society (CTOS) 2025 Annual Meeting (November 12th - 15th, 2025).
• Poster presentations for INBRX-106 were featured at Immunology 2025 - The Annual Meeting of the American Association of Immunologists on Sunday, May 4, 2025.
• The company hosted a webcast presentation of topline results from the registrational trial of ozekibart (INBRX-109) on Thursday, October 23, 2025, at 1:30 p.m. Pacific Time.

Regulatory submission pathways (BLA) to the U.S. Food and Drug Administration

The pathway to market for a biologic like ozekibart (INBRX-109) is the Biologics License Application (BLA). This channel is the formal request for permission to introduce the product into interstate commerce.

The company has a clear target for this submission, contingent on the clinical data readouts.

• Inhibrx, Inc. intends to submit a BLA for ozekibart (INBRX-109) in chondrosarcoma in Q2 2026.
• The BLA submission is based on the positive topline results from the registrational ChonDRAgon study, which showed ozekibart reduced the risk of progression or death by 52% (Hazard Ratio of 0.48) and more than doubled median Progression-Free Survival (PFS) to 5.52 months versus 2.66 months for placebo.
• The BLA application process requires comprehensive documentation including pre-clinical studies and clinical study data.

Investor Relations and press releases for corporate communication

Corporate communication channels keep investors and the public informed of financial health and clinical progress. You can track these through official press releases and investor webcasts.

Here's a look at the key financial metrics reported through these channels for 2025:

Metric	Reporting Period End Date	Amount/Value
Cash and Cash Equivalents	September 30, 2025	$153.1 million
Cash and Cash Equivalents	June 30, 2025	$186.6 million
Revenue	Q2 2025	$1.3 million
Research and Development Expenses	Q3 2025	$28.5 million
General and Administrative Expenses	Q3 2025	$5.3 million
Net Loss per Share (Basic and Diluted)	Q3 2025	$2.28
Market Capitalization	August 13, 2025	$1.20B

The company reported its Q3 2025 financial results on November 14, 2025, and its Q2 2025 results on August 13, 2025.

The market size analysis suggests that if ozekibart were priced at $200,000 and captured all $\sim$510 new metastatic chondrosarcoma patients annually, potential sales could be around $102 million per year, though this involves many assumptions.

Inhibrx, Inc. (INBX) - Canvas Business Model: Customer Segments

You're looking at the specific patient groups and industry players that Inhibrx, Inc. is focused on reaching with its pipeline as of late 2025. The company's near-term commercial focus is clearly defined by the success of ozekibart (INBRX-109).

Patients with unresectable or metastatic conventional chondrosarcoma

This segment is the primary near-term target, driven by the positive results from the ozekibart Phase 2 registrational trial, ChonDRAgon. The company plans to submit a Biologics License Application (BLA) to the U.S. Food and Drug Administration in the Q2 2026.

The clinical data supporting this segment showed significant benefit:

• Median Progression-Free Survival (PFS) more than doubled to 5.52 months from 2.66 months in the placebo group.
• Risk of disease progression or death was reduced by 52%.
• Disease Control Rate (DCR) reached 54% compared to 27.5% for placebo.

The addressable market size in the US is estimated based on prevalence data:

Metric	Value
US Annual New Cases (Implied)	1700 patients
Estimated Metastatic/Advanced Cases (30% of new)	$\approx 510$ patients
Hypothetical Annual Sales at $200,000 Price	$\approx $102 million

This is the market Inhibrx, Inc. is positioning ozekibart to capture first.

Patients with advanced solid tumors, including head and neck cancer

Inhibrx, Inc. is also pursuing indications in broader, heavily pretreated solid tumor populations with ozekibart, and a separate molecule, INBRX-106, targets head and neck cancer specifically.

For ozekibart in colorectal cancer (CRC) expansion cohorts:

• The cohort is expected to enroll up to 50 patients.
• Patients typically have two to three prior lines of systemic therapy.
• Interim data showed a median PFS of 7.85 months.
• Durable disease control ($\geq 180$ days) was observed in 46.2% of patients in a preliminary Phase 1 assessment.

For INBRX-106 in head and neck squamous cell carcinoma (HNSCC):

Initial Phase 2 data from the combination trial with pembrolizumab are guided for release in the fourth quarter of 2025.

Oncologists and specialized cancer treatment centers

These are the prescribers and administrators of Inhibrx, Inc.'s therapies. The immediate focus is on centers treating rare sarcomas and advanced solid tumors, particularly those participating in clinical trials.

The company's operational costs reflect ongoing R&D investment to support these centers:

Financial Metric (Q3 2025)	Amount
Research and Development Expense	$28.5 million
General and Administrative Expense	$5.3 million
Cash and Cash Equivalents (as of Sept 30, 2025)	$153.1 million

The company is preparing for a potential BLA submission in Q2 2026, which will require scaling up commercial infrastructure to support these centers.

Large pharmaceutical companies for potential future licensing or acquisition

While Inhibrx, Inc. is currently focused on commercializing its lead asset post-BLA, its history shows engagement with larger entities. The current pipeline, ozekibart and INBRX-106, represents potential future value for partners or acquirers.

Historical and ongoing partnership context includes:

• Sale of INBRX-101 program to Sanofi S.A. in May 2024.
• Revenue recognized in Q1 2025 from a license and assignment agreement with Scithera, Inc.
• Revenue recognized in Q2 2024 from an option and license agreement with Regeneron Pharmaceuticals, Inc.

The company reported a net loss of $35.3 million for Q3 2025, and had $100.0 million in outstanding debt as of September 30, 2025.

Finance: draft 13-week cash view by Friday.

Inhibrx, Inc. (INBX) - Canvas Business Model: Cost Structure

The Cost Structure for Inhibrx, Inc. is heavily weighted toward the necessary, high-stakes expenditures of advancing novel biopharmaceutical assets through clinical development. You see this clearly when looking at the primary cost drivers for the third quarter of 2025.

Research and Development (R&D) expenses were the largest component of the cost base, reported at $28.5 million for Q3 2025. This spending fuels the ongoing work on the core pipeline candidates. Also significant is the General and Administrative (G&A) spend, which came in at $5.3 million for the same quarter. This G&A figure reflects a reduction from prior periods, partly due to decreased legal expenses following the conclusion of legal proceedings and lower personnel costs following headcount adjustments.

Financing costs enter the structure through the balance sheet obligations. Specifically, the interest expense on the outstanding long-term debt, which you noted as approximately $99.3 million, amounted to $3.2 million during the third quarter of 2025. This interest payment is a fixed component of the cost structure while the debt remains outstanding, with interest-only payments scheduled until March 2028 based on the January 2025 loan agreement.

The R&D spend directly incorporates the costs associated with advancing the two active clinical programs. These costs are variable but substantial, tied to the operational tempo of the trials.

Here's a quick look at the key reported cost figures for the third quarter of 2025:

Cost Category	Q3 2025 Amount (Millions USD)
Research and Development (R&D) Expense	28.5
General and Administrative (G&A) Expense	5.3
Interest Expense (on debt balance)	3.2

The underlying activities driving the R&D expense include several critical, non-trivial expenditures:

• Clinical trial costs for the ozekibart (INBRX-109) program.
• Clinical trial costs for the INBRX-106 program.
• Manufacturing and process development costs for clinical supply.
• A decrease in process development and manufacturing activities for ozekibart compared to the prior year.

The spending profile shows a company focused on execution, where clinical milestones dictate the near-term burn rate. Finance: draft 13-week cash view by Friday.

Inhibrx, Inc. (INBX) - Canvas Business Model: Revenue Streams

You're looking at the revenue side of Inhibrx, Inc. (INBX) as of late 2025, which is heavily weighted toward non-product sources right now, given the clinical stage of their pipeline. The business is focused on advancing its core assets, and the current revenue reflects obligations met from prior agreements.

The primary recognized revenue stream in the near term comes from contractual milestones and performance obligations.

• License and assignment revenue was reported as $1.3 million for the second quarter of 2025.
• This $1.3 million in Q2 2025 revenue was recognized from the completion of performance obligations under a license and assignment agreement with Scithera, Inc..
• The revenue recognized in Q2 2024 was related to an option and license agreement with Regeneron Pharmaceuticals, Inc..

Interest income is a secondary, but consistent, component, directly tied to the capital base remaining after the INBRX-101 transaction.

• Interest income is earned on the Company's sweep and money market account balances.
• As of September 30, 2025, Inhibrx, Inc. held $153.1 million in cash and cash equivalents.
• For Q3 2025, the reported other expense of $1.4 million included $3.2 million of interest expense on the outstanding debt balance, which was offset in part by this interest income.

The most significant potential revenue upside is tied to the clinical success and subsequent commercialization of ozekibart (INBRX-109).

Future milestone payments are contingent upon clinical progression and regulatory achievements for ozekibart and INBRX-106. The immediate focus is on data readouts expected in the fourth quarter of 2025 for INBRX-106 and the registrational trial for ozekibart in chondrosarcoma.

Future product sales are projected to begin following regulatory approval, which is targeted soon after the planned Biologics License Application (BLA) submission.

• Inhibrx, Inc. plans to submit a BLA for ozekibart in chondrosarcoma to the U.S. Food and Drug Administration in the second quarter of 2026.
• Product sales could potentially be in the picture around 2027.
• A presentation indicated a potential to reach >$1.3B in U.S. sales within 3 years of launch, with a $3B peak sales potential in the U.S. for certain product candidates.
• For the chondrosarcoma indication alone, hypothetical annual sales reaching all implied new metastatic patients at a $200,000 price point could amount to roughly $102 million per year.

Here's a quick look at the financial position supporting these revenue-generating activities as of late 2025:

Financial Metric	Value as of September 30, 2025	Value as of June 30, 2025
Cash and Cash Equivalents	$153.1 million	$186.6 million
Q3 2025 Revenue	Not explicitly stated for Q3, Q2 2025 was $1.3 million	N/A
Outstanding Debt Balance	$100.0 million	N/A

The company has $153.1 million in cash as of September 30, 2025, which funds operations while awaiting the BLA filing in Q2 2026. Finance: draft 13-week cash view by Friday.