##### Table of Contents



UNITED STATES SECURITIES AND EXCHANGE COMMISSION
 WASHINGTON, D.C. 20549
 FORM 10-Q
  þ
    
    QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES AND EXCHANGE ACT OF 1934
 For the quarterly period ended June 30, 2010
 OR
 o
    
    TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
 For the transition period from to
 Commission File No. 0-50772
 INHIBITEX, INC.
  Delaware
    
    74-2708737(State or other jurisdiction of
    
    (I.R.S. Employer Identification No.)incorporation or organization)9005 Westside ParkwayAlpharetta, Georgia
    
    30009(Address of principal executive offices)
    
    (Zip Code)
 (678) 746-1100   Not Applicable
 Yes þ No o
 Yes o No o
  Large Accelerated Filer o
    
    Accelerated Filer o
    
    Non-Accelerated Filer o
    
    Smaller Reporting Company þ
 Yes
o No þ




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##### 



TABLE OF CONTENTS
 PAGEPART I  FINANCIAL INFORMATIONItem 1. Unaudited Condensed Financial StatementsConsolidated Balance Sheets as of June 30, 2010 and December 31, 2009
    
    
    3Consolidated Statements of Operations for the Three and Six Months Ended June 30, 2010 and 2009
    
    
    4Consolidated Statements of Cash Flows for the Six Months Ended June 30, 2010 and 2009
    
    
    5Notes to Unaudited Consolidated Financial Statements
    
    
    6Item 2. Managements Discussion and Analysis of Financial Condition and Results of Operations
    
    
    10Item 4T. Controls and Procedures
    
    
    15PART II  OTHER INFORMATIONItem 1A. Risk Factors
    
    
    16Item 6. Exhibits
    
    
    18Signatures
    
    
    19Exhibit Index
    
    
    20EXHIBIT 31.1EXHIBIT 32.1
   2




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ITEM 1. FINANCIAL STATEMENTS
 INHIBITEX, INC.
 
 CONSOLIDATED BALANCE SHEETS
 June 30,
    
    
    December 31,2010
    
    
    2009(unaudited)ASSETSCurrent assets:Cash and cash equivalents
    
    $
    6,907,451
    
    
    $
    11,290,332Short-term investments
    
    
    22,390,181
    
    
    
    26,625,496Prepaid expenses and other current assets
    
    
    678,726
    
    
    
    831,196Accounts receivable
    
    
    67,857
    
    
    
    61,062Total current assets
    
    
    30,044,215
    
    
    
    38,808,086Property and equipment, net
    
    
    1,340,401
    
    
    
    1,621,392Other assets
    
    
    35,683
    
    
    
    40,290Total assets
    
    $
    31,420,299
    
    
    $
    40,469,768LIABILITIES AND STOCKHOLDERS EQUITYCurrent liabilities:Accounts payable
    
    $
    2,304,142
    
    
    $
    1,590,804Accrued expenses
    
    
    1,418,515
    
    
    
    1,537,637Current portion of notes payable
    
    
    121,528
    
    
    
    78,125Current portion of capital lease obligations
    
    
    218,884
    
    
    
    207,100Current portion of deferred revenue
    
    
    441,667
    
    
    
    191,667Other current liabilities
    
    
    228,835
    
    
    
    202,531Total current liabilities
    
    
    4,733,571
    
    
    
    3,807,864Long-term liabilities:Notes payable, net of current portion
    
    
    425,347
    
    
    
    546,875Capital lease obligations, net of current portion
    
    
    68,313
    
    
    
    180,792Deferred revenue, net of current portion
    
    
    12,500
    
    
    
    87,500Other liabilities, net of current portion
    
    
    986,562
    
    
    
    1,096,629Total long-term liabilities
    
    
    1,492,722
    
    
    
    1,911,796Total liabilities
    
    
    6,226,293
    
    
    
    5,719,660Stockholders equity:Preferred stock, $.001 par value; 5,000,000
shares authorized at June 30, 2010 and December 31, 2009; none issued and outstanding
    
    
    
    
    
    
    Common stock, $.001 par value; 150,000,000
shares authorized at June 30, 2010 and December
31, 2009, respectively; 62,135,924 and
61,559,782 shares issued and outstanding at June
30, 2010 and December 31, 2009, respectively
    
    
    62,136
    
    
    
    61,560Warrants
    
    
    11,631,670
    
    
    
    12,133,216Accumulated other comprehensive income (loss)
    
    
    (1,683
    )
    
    
    8,977Additional paid-in capital
    
    
    268,740,043
    
    
    
    267,432,572Accumulated deficit
    
    
    (255,238,160
    )
    
    
    (244,886,217
    )Total stockholders equity
    
    
    25,194,006
    
    
    
    34,750,108Total liabilities and stockholders equity
    
    $
    31,420,299
    
    
    $
    40,469,768
   3




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INHIBITEX, INC.
 
 CONSOLIDATED STATEMENTS OF OPERATIONS
(unaudited)
 Three Months Ended
    
    
    Six Months EndedJune 30,
    
    
    June 30,2010
    
    
    2009
    
    
    2010
    
    
    2009Revenue:License fees and milestones
    
    $
    37,500
    
    
    $
    37,500
    
    
    $
    786,667
    
    
    $
    75,000Collaborative research and
development
    
    
    250,000
    
    
    
    250,000
    
    
    
    500,000
    
    
    
    500,000Total revenue
    
    
    287,500
    
    
    
    287,500
    
    
    
    1,286,667
    
    
    
    575,000Operating expense:Research and development
    
    
    4,915,899
    
    
    
    3,680,548
    
    
    
    9,705,514
    
    
    
    7,177,608General and administrative
    
    
    958,834
    
    
    
    937,354
    
    
    
    1,982,875
    
    
    
    2,008,844Total operating expense
    
    
    5,874,733
    
    
    
    4,617,902
    
    
    
    11,688,389
    
    
    
    9,186,452Loss from operations
    
    
    (5,587,233
    )
    
    
    (4,330,402
    )
    
    
    (10,401,722
    )
    
    
    (8,611,452
    )Other income, net
    
    
    12,194
    
    
    
    46,223
    
    
    
    15,714
    
    
    
    38,072Interest income, net
    
    
    16,249
    
    
    
    54,921
    
    
    
    34,065
    
    
    
    148,439Net loss
    
    $
    (5,558,790
    )
    
    $
    (4,229,258
    )
    
    $
    (10,351,943
    )
    
    $
    (8,424,941
    )Basic and diluted net loss per share
    
    $
    (0.09
    )
    
    $
    (0.10
    )
    
    $
    (0.17
    )
    
    $
    (0.19
    )Weighted average shares used to
compute basic and diluted net loss
per share
    
    
    61,835,222
    
    
    
    43,524,715
    
    
    
    61,698,884
    
    
    
    43,476,613
   4




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INHIBITEX, INC.
 
 CONSOLIDATED STATEMENTS OF CASH FLOWS
 (unaudited)
 Six Months EndedJune 30,2010
    
    
    2009Cash flows from operating activities:Net loss
    
    $
    (10,351,943
    )
    
    $
    (8,424,941
    )Adjustments to reconcile net loss to net cash used in
operating activities:Depreciation and amortization
    
    
    323,839
    
    
    
    379,900Share-based compensation
    
    
    276,354
    
    
    
    300,317Gain on sale of equipment
    
    
    
    
    
    
    (39,805
    )Amortization of investment premium or discount
    
    
    305,325
    
    
    
    (28,738
    )Changes in operating assets and liabilities:Prepaid expenses and other assets
    
    
    157,077
    
    
    
    (149,951
    )Accounts receivable
    
    
    (6,795
    )
    
    
    14,836Accounts payable and other liabilities
    
    
    629,575
    
    
    
    (235,479
    )Accrued expenses
    
    
    (119,122
    )
    
    
    153,502Deferred revenue
    
    
    175,000
    
    
    
    (325,000
    )Net cash used in operating activities
    
    
    (8,610,690
    )
    
    
    (8,355,359
    )Cash flows from investing activities:Purchases of property and equipment
    
    
    (42,848
    )
    
    
    (2,408
    )Proceeds from sale of property and equipment
    
    
    
    
    
    
    39,805Purchases of investments
    
    
    (11,586,670
    )
    
    
    (11,484,194
    )Proceeds from maturities and sales of investments
    
    
    15,506,000
    
    
    
    14,940,000Net cash provided by investing activities
    
    
    3,876,482
    
    
    
    3,493,203Cash flows from financing activities:Payments on promissory notes and capital leases
    
    
    (178,820
    )
    
    
    (237,096
    )Repurchase of common stock
    
    
    
    
    
    
    (3,213
    )Proceeds from the issuance of common stock
    
    
    530,147
    
    
    
    5,321Net cash provided by ( used in) financing activities
    
    
    351,327
    
    
    
    (234,988
    )Decrease in cash and cash equivalents
    
    
    (4,382,881
    )
    
    
    (5,097,144
    )Cash and cash equivalents at beginning of period
    
    
    11,290,332
    
    
    
    11,507,137Cash and cash equivalents at end of period
    
    $
    6,907,451
    
    
    $
    6,409,993Supplemental cash flow information:Interest paid
    
    $
    21,235
    
    
    $
    35,668
   5




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INHIBITEX, INC.
 
 NOTES TO UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS
 1. Operations
     2. Summary of Significant Accounting Policies
   Recent Accounting Pronouncements.
     6




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3. Net Loss Per Share
   Three Months Ended
    
    
    Six Months EndedJune 30,
    
    
    June 30,2010
    
    
    2009
    
    
    2010
    
    
    2009Net loss
    
    $
    (5,558,790
    )
    
    $
    (4,229,258
    )
    
    $
    (10,351,943
    )
    
    $
    (8,424,941
    )Weighted average common shares outstanding used to
compute basic earnings per share
    
    
    61,835,222
    
    
    
    43,524,715
    
    
    
    61,698,884
    
    
    
    43,476,613Dilutive effect of:Stock options
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    Warrants
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    Shares used to compute diluted earnings per share
    
    
    61,835,222
    
    
    
    43,524,715
    
    
    
    61,698,884
    
    
    
    43,476,613Basic net loss per share
    
    $
    (0.09
    )
    
    $
    (0.10
    )
    
    $
    (0.17
    )
    
    $
    (0.19
    )Diluted loss per share
    
    $
    (0.09
    )
    
    $
    (0.10
    )
    
    $
    (0.17
    )
    
    $
    (0.19
    )Number of antidilutive stock options excluded from
computation
    
    
    5,660,098
    
    
    
    4,650,250
    
    
    
    5,660,098
    
    
    
    4,650,250Number of antidilutive warrants excluded from
computation
    
    
    13,460,107
    
    
    
    8,001,401
    
    
    
    13,460,107
    
    
    
    8,001,401
 4. Comprehensive Loss
  Three Months Ended
    
    
    Six Months EndedJune 30,
    
    
    June 30,2010
    
    
    2009
    
    
    2010
    
    
    2009Net loss
    
    $
    (5,558,790
    )
    
    $
    (4,229,258
    )
    
    $
    (10,351,943
    )
    
    $
    (8,424,941
    )Change in net
unrealized losses on
investments
    
    
    3,807
    
    
    
    (32,679
    )
    
    
    (10,660
    )
    
    
    (89,440
    )Comprehensive
loss
    
    $
    (5,554,983
    )
    
    $
    (4,261,937
    )
    
    $
    (10,362,603
    )
    
    $
    (8,514,381
    )
 5. Fair Value Measurements
    7




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Quoted prices inactive markets for
    
    
    Significant other
    
    
    Significantidentical assets
    
    
    observable inputs
    
    
    unobservable inputsJune 30, 2010
    
    Total
    
    
    (Level 1)
    
    
    (Level 2)
    
    
    (Level 3)Cash equivalents
    
    $
    5,062,850
    
    
    $
    5,062,850
    
    
    $
    
    
    
    $
    Short-term investments available-for-sale
    
    
    22,390,181
    
    
    
    250,907
    
    
    
    22,139,274
    
    
    
    Total
    
    $
    27,453,031
    
    
    $
    5,313,757
    
    
    $
    22,139,274
    
    
    $
    
   Unrealized
    
    
    UnrealizedJune 30, 2010
    
    At Cost
    
    
    Gains
    
    
    (Losses)
    
    
    At Fair ValueMoney market funds
    
    $
    5,062,850
    
    
    $
    
    
    
    $
    
    
    
    $
    5,062,850Commercial paper
    
    
    11,939,156
    
    
    
    6,756
    
    
    
    
    
    
    
    11,945,912Corporate debt
    
    
    7,697,626
    
    
    
    702
    
    
    
    (10,276
    )
    
    
    7,688,052Debt securities of U.S. government
agencies
    
    
    2,504,231
    
    
    
    1,079
    
    
    
    
    
    
    
    2,505,310U.S. Treasury securities
    
    
    250,851
    
    
    
    56
    
    
    
    
    
    
    
    250,907Total
    
    $
    27,454,714
    
    
    $
    8,593
    
    
    $
    (10,276
    )
    
    $
    27,453,031
 Unrealized
    
    
    UnrealizedDecember 31, 2009
    
    At Cost
    
    
    Gains
    
    
    (Losses)
    
    
    At Fair ValueCertificates of deposit and money market
funds
    
    $
    10,380,463
    
    
    $
    
    
    
    $
    
    
    
    $
    10,380,463Commercial paper
    
    
    9,635,631
    
    
    
    9,145
    
    
    
    
    
    
    
    9,644,776Corporate debt
    
    
    9,183,702
    
    
    
    956
    
    
    
    (5,006
    )
    
    
    9,179,652Debt securities of U.S. government
agencies
    
    
    7,293,200
    
    
    
    5,273
    
    
    
    (1,428
    )
    
    
    7,297,045U.S. Treasury securities
    
    
    503,986
    
    
    
    103
    
    
    
    (66
    )
    
    
    504,023Total
    
    $
    36,996,982
    
    
    $
    15,477
    
    
    $
    (6,500
    )
    
    $
    37,005,959
   8




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6. Research and License Agreements
 Out-licensing Agreements
 Pfizer (Wyeth).
  Staphylococcus aureus (S. aureus)
  9




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ITEM 2. MANAGEMENTS DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS
 This Quarterly Report on Form 10-Q contains forward-looking statements. These forward-looking
statements involve known and unknown risks, uncertainties and other factors that may cause actual
results, performance or achievements to be materially different from any future results,
performance or achievements expressed or implied by the forward-looking statements. In some cases,
you can identify forward-looking statements by terms such as may, will, should, could,
would, expect, plan, intend, anticipate, believe, estimate, project, predict,
forecast, potential, likely or possible, as well as the negative of such expressions, and
similar expressions intended to identify forward-looking statements. These forward-looking
statements include, without limitation, statements relating to:
 
    
    The anticipated availability of top-line data in the fourth quarter of 2010 from the ongoing Phase II trial of FV-100;
    
    the expected time to complete the ongoing Phase Ia single ascending dose study of INX-189;
    
    our expected plans to advance INX-189 into a Phase Ib multiple ascending dose study;
    
    the number of months that our current cash, cash equivalents and short-term investments will allow us to operate;
    
    our future financing requirements, the factors that may influence the timing and amount of these requirements, and
our ability to fund them;
    
    our potential future revenue from collaborative research agreements, partnerships, license agreements, product
related revenue or materials transfer agreements;
    
    the potential of our product candidates to address a number of current therapeutic limitations, such as inadequate
potency, diminishing efficacy due to the emergence of drug-resistant viruses, toxic or adverse side effects, complex
dosing schedules, and inconvenient routes of administration and other unmet needs in their intended indications; and
    
    anticipated future net losses from operations.
 These statements reflect our current views with respect to future events and are based on
assumptions and subject to risks and uncertainties including, without limitation: that we, the FDA,
or an investigational review board suspending or terminating the clinical development of FV-100 or
INX-189 for lack of safety, manufacturing issues or other clinical reasons; FV-100 not
demonstrating sufficient efficacy in reducing the incidence and severity of shingles-related
symptoms, including acute pain and post herpetic neuralgia, to be clinically relevant or
commercially viable; the results of ongoing or future preclinical studies and clinical trials of
INX-189 not supporting its further development; Pfizer not terminating our license and
collaborative research agreements; our ability to maintain sufficient resources, including
executive management and key employees; our ability to successfully develop current and future
product candidates either in collaboration with a partner or independently and through the
regulatory process; our ongoing or future preclinical studies or clinical trials not demonstrating
an appropriate safety and/or efficacy profile of our product candidates; our ability to secure and
use third-party clinical and preclinical research and data management organizations and third party
manufacturers not fulfilling their contractual obligations or otherwise performing satisfactorily
in the future; our ability to manufacture and maintain sufficient quantities of preclinical and
clinical trial material on hand to complete our preclinical studies or clinical trials on a timely
basis; our failure to obtain regulatory approval to market our product candidates; our ability to
protect and maintain our proprietary intellectual property rights from unauthorized use by others
or not infringing on the intellectual property rights of others; our collaborators failing to
fulfill their obligations under our agreements with them in the future; our ability to attract
suitable organizations to collaborate on the development and commercialization of our product
candidates; the condition of the financial equity and debt markets and our ability to raise
sufficient funding in such markets; our ability to manage our current cash reserves as planned;
changes in general economic business or competitive conditions; and other statements contained
elsewhere in this Quarterly Report on Form 10-Q (including the Risk Factors section herein) and
risk factors described in or referred to in greater detail in the Risk Factors section of our
Form 10-K for the year ended December 31, 2009. There may be events in the future that we are
unable to predict accurately, or over which we have no control. You should read this Form 10-Q and
the documents that we reference herein and which been filed or incorporated by reference as
exhibits completely and with the understanding that our actual future results may be materially
different from what we expect. Our business, financial condition, results of operations, and
prospects may change. We may not update these forward-looking statements, even though our situation
may change in the future, unless we have obligations under the federal securities laws to update
and disclose material developments related to previously
disclosed information. We qualify all of the information presented in this Form 10-Q , and
particularly our forward-looking statements, by these cautionary statements.
  10




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Inhibitex ® and MSCRAMM ® are registered trademarks of Inhibitex, Inc.
 The following discussion should be read in conjunction with the financial statements and the notes
thereto included in Item 1 of this Quarterly Report on Form 10-Q .
 Overview
   Recent Developments
 FV-100 for Shingles 
 INX-189 for Chronic Hepatitis C 
 Critical Accounting Policies
   
    
    Use of Estimates
    
    Revenue Recognition
    
    Accrued Expenses
  11




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Results of Operations
 Three Months Ended June 30, 2010 and 2009
 Summary.
  Revenue.
 Research and Development Expense.
 June 30,2010
    
    
    2009(In millions)Direct clinical, preclinical and
manufacturing-related expenses
    
    $
    3.0
    
    
    $
    1.5Salaries, benefits and share-based
compensation expense
    
    
    1.0
    
    
    
    1.0License fees, patent-related legal fees
and other expense
    
    
    0.5
    
    
    
    0.7Depreciation and facility related
expenses
    
    
    0.4
    
    
    
    0.5Total research and development
expense
    
    $
    4.9
    
    
    $
    3.7
   12




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General and Administrative Expense.
 June 30,2010
    
    
    2009(In millions)Salaries, benefits and share-based
compensation expense
    
    $
    0.4
    
    
    $
    0.4Professional and legal
fees
    
    
    0.3
    
    
    
    0.2Other expenses
    
    
    0.3
    
    
    
    0.3Total general and administrative
expense
    
    $
    1.0
    
    
    $
    0.9
  Six Months Ended June 30, 2010 and 2009
 Summary.
  Revenue.
 Research and Development Expense.
 June 30,2010
    
    
    2009(In millions)Direct clinical, preclinical and
manufacturing-related expenses
    
    $
    5.6
    
    
    $
    3.0Salaries, benefits and share-based
compensation expense
    
    
    2.0
    
    
    
    2.0License fees, patent-related legal fees
and other expense
    
    
    1.2
    
    
    
    1.3Depreciation and facility related
expenses
    
    
    0.9
    
    
    
    0.9Total research and development
expense
    
    $
    9.7
    
    
    $
    7.2
   13




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General and Administrative Expense.
 June 30,2010
    
    
    2009(In millions)Salaries, benefits and share-based
compensation expense
    
    $
    0.8
    
    
    $
    0.9Professional and legal
fees
    
    
    0.6
    
    
    
    0.5Other expenses
    
    
    0.6
    
    
    
    0.6Total general and administrative
expense
    
    $
    2.0
    
    
    $
    2.0
  Liquidity and Capital Resources
       
    
    our development timelines and plans for our product candidates, including any changes in our strategy;
    
    the variability, timing and costs associated with conducting clinical trials, the rate of enrollment in such
clinical trials and the results of these clinical trials:
    
    the variability, timing and costs associated with conducting preclinical studies, and the results of these studies;
    
    the cost of formulating and manufacturing preclinical and clinical trial materials to evaluate our product
candidates;
    
    whether we receive regulatory approval to advance the clinical development of our product candidates in a timely
manner, if at all;
    
    the cost to obtain regulatory approvals required to advance the development of our product candidates;
    
    the terms and timing of any collaborative, licensing and other arrangements that we may establish in the future;
    
    future payments we may receive or make under existing or future license or collaboration agreements, if any;
    
    the cost to maintain a corporate infrastructure to support being a publicly-traded company; and
    
    the cost of filing, prosecuting, and enforcing patent and other intellectual property claims.
  14




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ITEM 4T. CONTROLS AND PROCEDURES
 Disclosure Controls and Procedures
  Changes in Internal Control over Financial Reporting
   15




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PART II
OTHER INFORMATION
 
 ITEM 1A. RISK FACTORS
 You should carefully consider the following discussion of risks, together with the other
information contained in this Form 10-Q . The occurrence of any of the following risks could
materially harm our business, our ability to continue to operate our business, our financial
condition, or our ability to raise additional capital in the future, or ever become profitable. In
that event, the market price of our common stock could decline and you could lose part or all of
your investment. The Risk Factors included in the Companys Annual Report on Form 10-K for the year
ended December 31, 2009, have not materially changed, except as set forth below.
 Risks Relating to our Development of our Product Candidates
 All of our product candidates are in the early stages of development and their commercial
viability remains subject to future preclinical studies, clinical trials, regulatory approvals and
the risks generally inherent in these activities. If we are unable to successfully advance or
develop our product candidates, our business will be materially harmed.
   
    
    offer therapeutic or other benefits over existing comparable drugs or other product candidates in development;
 
    
    be proven to be safe and effective in current and future preclinical studies or clinical trials;
 
    
    have the desired effects (or may include undesirable or unexpected effects);
 
    
    meet applicable regulatory standards;
 
    
    be capable of being formulated and manufactured in commercially suitable quantities and at an acceptable cost; or
 
    
    be successfully commercialized by us or by collaborators.
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In order to develop our product candidates and support our operations beyond 21 months, we expect
that we will need to raise additional capital. Such capital may not be available to us on
acceptable terms, if at all, which could materially harm our business and business prospects.
    
    
    our development timelines and plans for our product candidates, including any changes in our strategy;
    
    the variability, timing and costs associated with conducting clinical trials, the rate of enrollment in such
clinical trials and the results of these clinical trials:
    
    the variability, timing and costs associated with conducting preclinical studies, and the results of these studies;
    
    the cost of formulating and manufacturing preclinical and clinical trial materials to evaluate our product
candidates;
    
    whether we receive regulatory approval to advance the clinical development of our product candidates in a timely
manner, if at all;
    
    the cost to obtain regulatory approvals required to advance the development of our product candidates;
    
    the terms and timing of any collaborative, licensing and other arrangements that we may establish in the future;
    
    future payments we may receive or make under existing or future license or collaboration agreements, if any;
    
    the cost to maintain a corporate infrastructure to support being a publicly-traded company; and
    
    the cost of filing, prosecuting, and enforcing patent and other intellectual property claims.
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ITEM 6. EXHIBITS
  Exhibit No.
    
    Description10.1
    
    
    Amended and Restated 2004 Stock Incentive Plan (incorporated by reference to Exhibit 4.1
to the Registration Statement on Form S-8 filed by the Company with the Securities and
Exchange Commission on July 1, 2010).10.2
    
    
    Form of Non-Employee Directors Stock Option Agreement (incorporated by reference to
Exhibit 4.2 to the Registration Statement on Form S-8 filed by the Company with the
Securities and Exchange Commission on July 1, 2010).10.3
    
    
    Form of Employee Stock Option Agreement (incorporated by reference to Exhibit 4.3 to the
Registration Statement on Form S-8 filed by the Company with the Securities and Exchange
Commission on July 1, 2010).31.1
    
    
    Section 302 Certification of the Chief Executive Officer and Chief Financial Officer
Required by Rule 13a-14(a) or Rule 15d-14(a) of the Securities Exchange Act of 1934, as
Adopted Pursuant to Section 302 of the Sarbanes-Oxley Act of 200232.1
    
    
    Section 906 Certifications of the Chief Executive Officer and the Chief Financial Officer
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##### Table of Contents



SIGNATURES
  Date: August 12, 2010
    INHIBITEX, INC/s/ Russell H. PlumbRussell H. PlumbPresident, Chief Executive Officer,
Chief Financial Officer and Chief Accounting Officer  19




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##### Table of Contents



EXHIBIT INDEX
 Exhibit No.
    
    Description10.1
    
    
    Amended and Restated 2004 Stock Incentive Plan (incorporated by reference to Exhibit 4.1
to the Registration Statement on Form S-8 filed by the Company with the Securities and
Exchange Commission on July 1, 2010).10.2
    
    
    Form of Non-Employee Directors Stock Option Agreement (incorporated by reference to
Exhibit 4.2 to the Registration Statement on Form S-8 filed by the Company with the
Securities and Exchange Commission on July 1, 2010).10.3
    
    
    Form of Employee Stock Option Agreement (incorporated by reference to Exhibit 4.3 to the
Registration Statement on Form S-8 filed by the Company with the Securities and Exchange
Commission on July 1, 2010).31.1
    
    
    Section 302 Certification of the Chief Executive Officer and Chief Financial Officer as
Required by Rule 13a-14(a) or Rule 15d-14(a) of the Securities Exchange Act of 1934, as
Adopted Pursuant to Section 302 of the Sarbanes-Oxley Act of 200232.1
    
    
    Section 906 Certifications of the Chief Executive Officer and the Chief Financial Officer
  20