Inhibrx, Inc. (INBX): Business Model Canvas [Dec-2025 Updated]

You're trying to map out the new, lean Inhibrx, Inc. business engine after the Sanofi separation, and frankly, it's a pure-play clinical oncology story now, hinging entirely on two assets: ozekibart and INBRX-106. As a seasoned analyst, I see a company that burned through about $28.5 million in R&D in Q3 2025, meaning that $153.1 million cash pile as of September 30, 2025, needs to fund some serious clinical progress. This is a classic 'pipeline-or-bust' model. To see the full strategic blueprint-from their key partnership with Merck to the specific patient groups they are targeting-check out the detailed Business Model Canvas we've laid out below.

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

The financing structure for Inhibrx Biosciences relies heavily on debt capital secured through key financial partners to support its clinical pipeline advancement, especially following the May 2024 separation from its Former Parent.

The relationship with Oxford Finance is central, evidenced by the five-year term loan facility for up to $\mathbf{\$150}$ million, which closed on January 13, 2025. Inhibrx Biosciences received an initial Term Loan of $\mathbf{\$100}$ million on the Closing Date. An additional $\mathbf{\$50}$ million may be available upon request and lender discretion. This debt carries specific financial obligations, including interest-only payments until March 2028, and a final payment of $\mathbf{9.0\%}$ of the total repaid principal amount due at the maturity date of January 1, 2030. For the third quarter of 2025, the interest expense on the $\mathbf{\$100.0}$ million outstanding balance was $\mathbf{\$3.2}$ million. Furthermore, the agreement included issuing warrants to purchase an aggregate of $\mathbf{140,741}$ shares of common stock at a strike price of $\mathbf{\$14.21}$ per share, representing $\mathbf{2\%}$ of the initial term loan value. As of September 30, 2025, the company held $\mathbf{\$153.1}$ million in cash and cash equivalents. The initial $\mathbf{\$100}$ million funding in January 2025 followed the company ending 2024 with $\mathbf{\$152.6}$ million in cash and cash equivalents.

The following table summarizes the key financial terms of the Oxford Finance credit facility as of late 2025:

The collaboration with Merck centers on the development of INBRX-106, a hexavalent OX40 agonist antibody. Merck supplies Keytruda (pembrolizumab) for the ongoing Phase 1 combination trial (NCT04198766). Initial Phase 2 data from the INBRX-106 randomized Phase 2/3 trial in head and neck squamous cell carcinoma, in combination with KEYTRUDA®, are expected during the fourth quarter of $\mathbf{2025}$. This is concurrent with other key data readouts for the pipeline, as Inhibrx Biosciences reported $\mathbf{\$186.6}$ million in cash and cash equivalents at the end of Q2 2025.

Engagement with Contract Development and Manufacturing Organizations (CDMOs) is reflected in operational expenses. Research and development expenses for the third quarter of 2025 were $\mathbf{\$28.5}$ million, a decrease from $\mathbf{\$38.9}$ million in the third quarter of 2024. This reduction was primarily linked to a decrease in process development and manufacturing activities performed by CDMO partners in the prior year related to the ozekibart (INBRX-109) clinical trial.

The relationship with Sanofi stems from the $\mathbf{\$2.0}$ billion sale of INBRX-101 in May $\mathbf{2024}$. Following this transaction and the concurrent spin-off, Inhibrx Biosciences reported a net income of $\mathbf{\$1.9}$ billion in Q2 2024, contrasting with a net loss of $\mathbf{\$28.7}$ million in Q2 2025. The company distributed $\mathbf{92\%}$ of the issued and outstanding shares of Inhibrx Biosciences to the Former Parent's stockholders.

Partnerships with Academic and clinical research institutions are fundamental for trial execution, as seen in the structure of the ongoing studies:

• Trial NCT04198766 for INBRX-106 is an open-label, multicenter, first-in-human, dose-escalation, multicohort, Phase 1/2 study.
• The trial evaluates INBRX-106 in combination with pembrolizumab across multiple solid tumor types including NSCLC, HNSCC, melanoma, gastric cancer, renal cell carcinoma, and urothelial carcinoma.
• The ozekibart (INBRX-109) Phase 2 registration-enabling trial in chondrosarcoma was fully enrolled with results expected by late October $\mathbf{2025}$.

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

You're managing a clinical-stage biotech post-spin-off, so your key activities revolve around driving the two remaining oncology assets through critical data readouts and regulatory milestones. It's all about execution on the clinic front right now, supported by a carefully managed cash position.

Executing registrational Phase 2 trial for ozekibart (INBRX-109)

The registrational ChonDRAgon study for ozekibart (INBRX-109) in advanced or metastatic, unresectable chondrosarcoma completed full enrollment in July 2025. The company announced positive topline results on October 23, 2025, hitting the primary endpoint. This activity is central to the near-term value proposition, as it validates the drug's mechanism in a disease with no current approved systemic therapy.

Here are the key performance indicators from that registrational trial:

Also critical is advancing the expansion cohorts for ozekibart in other difficult-to-treat settings. Interim data showed promising activity when combined with standard chemotherapy regimens.

• Colorectal Cancer (FOLFIRI combo): Achieved a 23% overall response rate.
• Ewing Sarcoma (IRI/TMZ combo): Demonstrated a 64% overall response rate.
• Ewing Sarcoma Cohort: Showed a 92% disease control rate among 25 evaluable patients.

Advancing INBRX-106 Phase 2/3 trial in head and neck cancer

The second major clinical activity is pushing INBRX-106, a hexavalent OX40 agonist, forward in combination with Merck's Keytruda. This is being evaluated in the HexAgon-HN trial, a Phase 2/3 study for first-line locally advanced recurrent or metastatic head and neck squamous cell carcinoma (HNSCC) expressing PD-L1. You are expecting initial Phase 2 data from this program during the fourth quarter of 2025. This data readout is the next major catalyst following the ozekibart announcement.

Biologics License Application (BLA) preparation for ozekibart in Q2 2026

Based on the positive Phase 2 data, the immediate regulatory activity is preparing the submission package. Inhibrx Biosciences is planning to submit a Biologics License Application (BLA) to the U.S. Food and Drug Administration (FDA) in the second quarter of 2026 for ozekibart specifically for chondrosarcoma. This is the ultimate near-term goal for the lead asset.

Protein engineering and discovery of novel biologic candidates

The foundation of Inhibrx Biosciences' work involves proprietary protein engineering. Ozekibart is a precision-engineered, tetravalent death receptor 5 (DR5) agonist. Similarly, INBRX-106 is designed as a hexavalent OX40 agonist, using valency to enhance its mechanism of action. This ongoing technical activity supports the pipeline beyond the two current clinical candidates.

Managing intellectual property portfolio and clinical data

This activity is underpinned by financial management to ensure runway through these critical milestones. You need to watch the burn rate closely. For the third quarter of 2025, the company reported a net loss of $35.3 million, or $2.28 per share. Research and development expenses for that quarter were $28.5 million, while General and Administrative expenses were $5.3 million. The cash position reflects the recent operational spending, with cash and cash equivalents standing at $153.1 million as of September 30, 2025, down from $186.6 million at the end of Q2 2025. Furthermore, the balance sheet includes $100.0 million in outstanding debt, which requires interest payments through February 1, 2028. Finance: draft 13-week cash view by Friday.

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

You're looking at the core assets Inhibrx Biosciences, Inc. is counting on to drive value, especially after the INBRX-101 transaction. These aren't just line items; they are the engine for their next phase of clinical milestones.

The most immediate tangible resource is the balance sheet strength. As of September 30, 2025, Inhibrx Biosciences, Inc. reported $153.1 million in cash and cash equivalents. That number reflects the burn from operations following the prior quarter's balance of $186.6 million as of June 30, 2025. This liquidity is critical for funding the ongoing clinical programs.

Here's a quick look at how that cash position has shifted through 2025:

Also vital is the human capital. As of October 2025, Inhibrx Biosciences, Inc. has approximately 128 employees across 2 continents, North America and Europe. This team brings the specialized R&D personnel and the regulatory expertise needed to navigate the path to a Biologics License Application (BLA).

The foundation of Inhibrx Biosciences, Inc.'s scientific value is its proprietary single domain antibody protein engineering platform. This technology allows for the development of highly targeted biologics using single domain antibodies (sdAbs), which are small, modular binding domains that can be combined in various ways to meet specific biological target needs. This platform underpins the multivalent formats used in their key candidates.

The intellectual property protecting this technology is substantial, evidenced by recent grants.

• Patent number 11965017, granted May 7, 2024, covers multivalent and multispecific molecules that bind at least Death Receptor 5 (DR5).
• Patent number 11945869, granted April 23, 2024, covers PD-1 single domain antibodies and related fusion proteins.
• The portfolio includes coverage for serpin fusion polypeptides and OX40-binding polypeptides.

The most advanced clinical-stage assets represent the near-term catalysts. These are the products of the platform and the focus of the current cash runway.

• Ozekibart (INBRX-109): This DR5 agonist is in a registrational Phase 2 trial for unresectable or metastatic conventional chondrosarcoma. Topline results announced in October 2025 showed median Progression-Free Survival (PFS) of 5.52 months compared to 2.66 months for placebo, achieving a 52% risk reduction. Inhibrx Biosciences, Inc. plans to submit a BLA to the FDA in the second quarter of 2026.
• INBRX-106: This hexavalent OX40 agonist is being explored in combination trials. Initial Phase 2 data in head and neck squamous cell carcinoma (HNSCC) in combination with pembrolizumab is expected during the fourth quarter of 2025.

Interim data from expansion cohorts for ozekibart in colorectal cancer and Ewing sarcoma also demonstrated high response and disease control rates in heavily pretreated patients.

Finance: review the cash burn rate against the $153.1 million on hand by the end of Q3 2025 and model runway through the expected Q4 2025 INBRX-106 data readout.

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:

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:

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:

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:

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:

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:

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:

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:

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:

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.