# EDGAR Filing Document

**Accession Number:** 0001739614
**File Stem:** 0001739614-23-000021
**Filing Date:** 2023-3
**Character Count:** 57874
**Document Hash:** 54349d147ecdf4d09369fa7565d9a2ab
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001739614-23-000021.hdr.sgml**: 20230306

**ACCESSION NUMBER**: 0001739614-23-000021

**CONFORMED SUBMISSION TYPE**: 8-K

**PUBLIC DOCUMENT COUNT**: 61

**CONFORMED PERIOD OF REPORT**: 20230306

**ITEM INFORMATION**: Results of Operations and Financial Condition

**ITEM INFORMATION**: Regulation FD Disclosure

**ITEM INFORMATION**: Financial Statements and Exhibits

**FILED AS OF DATE**: 20230306

**DATE AS OF CHANGE**: 20230306

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Inhibrx, Inc.
- **CENTRAL INDEX KEY:** 0001739614
- **STANDARD INDUSTRIAL CLASSIFICATION:** BIOLOGICAL PRODUCTS (NO DIAGNOSTIC SUBSTANCES) [2836]
- **IRS NUMBER:** 824257312
- **STATE OF INCORPORATION:** CA
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 8-K
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-39452
- **FILM NUMBER:** 23708898

**BUSINESS ADDRESS:**
- **STREET 1:** 11025 N. TORREY PINES ROAD, SUITE 200
- **CITY:** LA JOLLA
- **STATE:** CA
- **ZIP:** 92037
- **BUSINESS PHONE:** (858) 795-4220

**MAIL ADDRESS:**
- **STREET 1:** 11025 N. TORREY PINES ROAD, SUITE 200
- **CITY:** LA JOLLA
- **STATE:** CA
- **ZIP:** 92037

?xml version="1.0" ? inhibrx-20230306

**UNITED STATES**

**SECURITIES AND EXCHANGE COMMISSION**

**Washington, D.C. 20549**

**FORM 8-K**

**CURRENT REPORT**

**Pursuant to Section 13 or 15(d)**

**of the Securities Exchange Act of 1934**

**Date of Report (Date of earliest event reported): March 6, 2023**

**INHIBRX, INC.**

**(Exact name of registrant as specified in its charter)** 

---

| | | |
|:---|:---|:---|
| **Delaware** | **001-39452** | **82-4257312** |
| **(State or other jurisdiction<br>of incorporation)** | **(Commission<br>File Number)** | **(IRS Employer<br>Identification No.)** |

---

**11025 N. Torrey Pines Road, Suite 200**

**La Jolla, CA 92037** 

**(Address of Principal Executive Offices and Zip Code)** 

**Registrant's telephone number, including area code: (858) 795-4220**

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐&nbsp;&nbsp;&nbsp;&nbsp;Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐&nbsp;&nbsp;&nbsp;&nbsp;Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐&nbsp;&nbsp;&nbsp;&nbsp;Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐&nbsp;&nbsp;&nbsp;&nbsp;Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

---

| | | |
|:---|:---|:---|
| **Title of each class** | **Trading Symbol(s)** | **Name of each exchange on which registered** |
| Common Stock, par value $0.0001 per share | INBX | The Nasdaq Global Market |

---

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.

☐

------

**Item 2.02&nbsp;&nbsp;&nbsp;&nbsp;Results of Operations and Financial Condition**

On March 6, 2023, Inhibrx, Inc. (the "Company") issued a press release announcing its financial results for the year ended December 31, 2022. A copy of the press release is furnished as Exhibit 99.1 to this report.

**Item 7.01 Regulation FD Disclosure.**

On March 6, 2023, the Company also posted an updated copy of its corporate slide presentation to the "Investors" tab of its website at www.inhibrx.com. These slides are also attached to this Current Report on Form 8-K as Exhibit 99.2. The Company from time to time presents and/or distributes to the investment community at various industry and other conferences slide presentations to provide updates and summaries of its business. It undertakes no obligation to update, supplement or amend the materials attached hereto as Exhibit 99.2.

The information in Items 2.02 and 7.01 of this Current Report on Form 8-K, including Exhibits 99.1 and 99.2 attached hereto, is intended to be furnished and shall not be deemed "filed" for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the "Exchange Act"), or otherwise subject to the liabilities of that section, nor shall it be deemed incorporated by reference in any filing under the Securities Act of 1933, as amended, or the Exchange Act, except as expressly set forth by specific reference in such filing.

**Item 9.01.&nbsp;&nbsp;&nbsp;&nbsp;Financial Statements and Exhibits.**

(d) <u>Exhibits</u>.

---

| | |
|:---|:---|
| **Exhibit No.** | **Description** |
| 99.1 | <u>[Press Release issued by Inhibrx, Inc. on March 6, 2023](exhibit99112312022.htm)</u> |
| 99.2 | <u>[Corporate Presentation](inhibrxpresentationmarch.htm)</u> |

---

**SIGNATURES**

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

---

| | | |
|:---|:---|:---|
| Date: March 6, 2023 |  |  |
|  | **INHIBRX, INC.** | **INHIBRX, INC.** |
|  | By: | /s/ Kelly Deck |
|  | Name: | Kelly Deck |
|  | Title: | Chief Financial Officer |

---

## Exhibit 99.1

**Exhibit 99.1**

**Inhibrx Reports Fourth Quarter and Fiscal Year 2022 Financial Results** 

San Diego, CA, March 6, 2023 – Inhibrx, Inc. (Nasdaq: INBX) ("Inhibrx" or the "Company"), a biopharmaceutical company with four clinical programs in development and a strong emerging pipeline, today reported financial results for the fourth quarter and fiscal year 2022.

**Key Highlights**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• INBRX-101: Timing for the potentially registration-enabling trial for Alpha-1 Antitrypsin Deficiency, or AATD, is on track with sites expected to activate and initiate enrollment in April 2023. Initial trial data is anticipated in early 2025. We expect to initiate clinical trial(s) in Graft-versus-host-disease, or GvHD, during the second half of 2023.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• INBRX-105: To date, we have observed a therapeutic window for our targeted 4-1BB agonist in the checkpoint refractory population, with responses both as a single agent and in combination with Keytruda<sup>®</sup>. We expect to announce clinical data from these cohorts during the second half of 2023.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• INBRX-109: We believe we can now more precisely identify the at-risk population for severe liver toxicity in our DR5 agonist trials as elderly individuals with fatty liver disease. Enrollment is paused while we implement the Hepatic Steatosis Index, or HSI, into our screening criteria protocol. We expect enrollment to resume by the middle of the year and do not anticipate this to impact the timeline for completion of the potentially registration-enabling trial in chondrosarcoma during the second half of 2024.

**Financial Results**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• ***Cash and Cash Equivalents****.* As of December 31, 2022, Inhibrx had cash and cash equivalents of $273.9 million, compared to $131.3 million as of December 31, 2021.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• ***R&D Expense****.* Research and development expenses were $30.5 million during the fourth quarter of 2022, compared to $18.6 million during the fourth quarter of 2021. Research and development expenses were $110.2 million during the fiscal year 2022, compared to $71.4 million during the fiscal year 2021. Clinical trial expenses increased related to the progression of the Company's four Phase 1 trials and its potentially registration-enabling Phase 2 trial, which was initiated during the second quarter of 2021. The Company also incurred increased contract manufacturing expenses due to greater production run costs at its contract development and manufacturing organization partners, including drug substance batch manufacturing in preparation for a Phase 2 trial supply and pilot batch production for one of its preclinical candidates. Personnel-related costs also increased during both periods, partially attributable to an increase in headcount as the Company continues to expand its clinical operations and technical operations teams as well as increased salaries and the expansion of our bonus eligibility pool in the current year.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• ***G&A Expense***. General and administrative expenses were $5.3 million during the fourth quarter of 2022, compared to $3.6 million during the fourth quarter of 2021. General and

------

**Exhibit 99.1**

administrative expenses were $21.1 million during the fiscal year 2022, compared to $12.4 million during the fiscal year 2021. This overall increase in both periods was primarily driven by an increase in personnel-related costs, in part due to the expansion of the Company's commercial strategy team as well as an increase in salaries and the expansion of our bonus eligibility pool in the current year. In addition, market research and other scientific publication expenses were incurred related to its continued pre-commercialization efforts for INBRX-101 and INBRX-109. The Company also incurred increased accounting and legal fees as a result of the establishment of its ATM facility and the continued expansion of its intellectual property portfolio.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• ***Net Loss****.* Net loss was $40.9 million during the fourth quarter of 2022, or $0.95 per share, compared to $21.2 million during the fourth quarter of 2021, or $0.55 per share. Net loss was $145.2 million during the fiscal year 2022, or $3.62 per share, compared to $81.8 million during the fiscal year 2021, or $2.15 per share.

**About Inhibrx, Inc.**

Inhibrx is a clinical-stage biopharmaceutical company focused on developing a broad pipeline of novel biologic therapeutic candidates in oncology and orphan diseases. Inhibrx utilizes diverse methods of protein engineering to address the specific requirements of complex target and disease biology, including its proprietary protein engineering platforms. Inhibrx has collaborations with 2seventy bio, Inc. (formerly bluebird bio, Inc.), Bristol-Myers Squibb Company and Chiesi Farmaceutici S.p.A. For more information, please visit www.inhibrx.com.

**Forward Looking Statements** 

Inhibrx cautions you that statements contained in this press release regarding matters that are not historical facts are forward-looking statements. These statements are based on Inhibrx's current beliefs and expectations. These forward-looking statements include, but are not limited to, statements regarding: Inhibrx's and its investigators' judgments and beliefs regarding the strength of Inhibrx's pipeline and the observed safety and efficacy to date of its therapeutic candidates; future clinical development of Inhibrx's therapeutic candidates, including any potential for accelerated approval. Actual results may differ from those set forth in this press release due to the risks and uncertainties inherent in Inhibrx's business, including, without limitation, risks and uncertainties regarding: the initiation, timing, progress and results of its preclinical studies and clinical trials, and its research and development programs; its ability to advance therapeutic candidates into, and successfully complete, clinical trials; its interpretation of preclinical data and initial, interim or preliminary data from its clinical trials, including interpretations regarding disease control and disease response; the timing or likelihood of regulatory filings and approvals; the successful commercialization of its therapeutic candidates, if approved; the pricing, coverage and reimbursement of its therapeutic candidates, if approved; its ability to utilize its technology platform to generate and advance additional therapeutic candidates; the implementation of its business model and strategic plans for its business and therapeutic candidates; its ability to successfully manufacture therapeutic candidates for clinical trials and commercial use, if approved; its ability to contract with third-party suppliers and manufacturers and their ability to perform adequately; the scope of protection it is able to establish and maintain for intellectual property rights covering its therapeutic candidates; its ability to enter into strategic partnerships and the potential benefits of these partnerships; its estimates regarding expenses, capital requirements and needs for additional financing and financial performance; and other risks described from time to time in the "Risk Factors" section

------

**Exhibit 99.1**

of its filings with the U.S. Securities and Exchange Commission, including those described in its Annual Report on Form 10-K as well as its Quarterly Reports on Form 10-Q, and supplemented from time to time by its Current Reports on Form 8-K. You are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date hereof, and Inhibrx undertakes no obligation to update these statements to reflect events that occur or circumstances that exist after the date hereof. All forward-looking statements are qualified in their entirety by this cautionary statement, which is made under the safe harbor provisions of the Private Securities Litigation Reform Act of 1995.

**Investor and Media Contact:**

Kelly D. Deck

Chief Financial Officer

kelly@inhibrx.com

858-795-4260

------

**Exhibit 99.1**

**Inhibrx, Inc. <br>Condensed Consolidated Statements of Operations <br>(In thousands, except per share data)**

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **THREE MONTHS ENDED DECEMBER 31,** | **THREE MONTHS ENDED DECEMBER 31,** | **YEAR ENDED<br>DECEMBER 31,** | **YEAR ENDED<br>DECEMBER 31,** |
| | **2022** | **2021** | **2022** | **2021** |
| | **(unaudited)** | **(unaudited)** | | |
| Revenue: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;License fee revenue | $274 | $2836 | $2178 | $7125 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Grant revenue |  | 20 | 14 | 106 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total revenue | 274 | 2856 | 2192 | 7231 |
| Operating expenses: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Research and development | 30451 | 18615 | 110186 | 71440 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;General and administrative | 5323 | 3645 | 21123 | 12355 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total operating expenses | 35774 | 22260 | 131309 | 83795 |
| Loss from operations | (35500) | (19404) | (129117) | (76564) |
| Total other income (expense) | (5416) | (1785) | (16106) | (5202) |
| Provision for income taxes | (1) |  | 3 | 2 |
| Net loss | $(40915) | $(21189) | $(145226) | $(81768) |
| Net loss per share, basic and diluted | $(0.95) | $(0.55) | $(3.62) | $(2.15) |
| Weighted-average shares of common stock outstanding, basic and diluted | 43268 | 38581 | 40108 | 38010 |

---

------

**Exhibit 99.1**

**Inhibrx, Inc. <br>Condensed Consolidated Balance Sheets** 

**(In thousands)** 

****

<br> ---

| | | |
|:---|:---|:---|
| | **AS OF DECEMBER 31,** | **AS OF DECEMBER 31,** |
| | **2022** | **2021** |
| Cash and cash equivalents | $273865 | $131301 |
| Other current assets | 6628 | 7811 |
| Non-current assets | 10382 | 11338 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total assets | $290875 | $150450 |
| Debt, current and non-current | $202069 | $70470 |
| Other current liabilities | 27576 | 22454 |
| Other non-current liabilities | 3173 | 5143 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total liabilities | 232818 | 98067 |
| Stockholders' equity | 58057 | 52383 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total liabilities and stockholders' equity | $290875 | $150450 |

---

## Exhibit 99.2

![](inhibrxpresentationmarch001.jpg)

Outcomes Focused Innovation Driven March 2023

------

![](inhibrxpresentationmarch002.jpg)

2 Presentation disclaimer This presentation contains forward-looking statements. In some cases, you can identify forward-looking statements by the words "will," "expect," "intend," "plan," "objective," "believe," "estimate," "potential," "continue" and "ongoing," or the negative of these terms, or other comparable terminology intended to identify statements about the future. These statements are based on management's current beliefs and expectations. These statements include but are not limited to statements regarding Inhibrx, Inc.'s (the "Company") business strategy, the Company's plans to develop and commercialize its product candidates, the safety and efficacy of the Company's product candidates, the Company's plans and expected timing with respect to clinical trials and regulatory filings and approvals, manufacturing matters, strength of intellectual property protection, and the size and growth potential of the markets for the Company's product candidates, and any implication that pre-clinical data or preliminary or topline results will be representative of the results of later trials. This presentation also contains certain projections and estimates regarding the Company's future financial performance, namely potential future revenue for certain of the Company's product candidates. This information also constitutes forward-looking information and is for illustrative purposes only and should not be relied upon as necessarily being indicative of any future results. The assumptions and estimates underlying this estimated financial information are inherently uncertain and subject to a wide variety of significant business, economic competitive and other risks and uncertainties that could cause actual results to differ materially from those contained in the prospective financial information. These potential financial information and other forward-looking statements involve substantial known and unknown risks, uncertainties and other factors that may cause the Company's actual results, levels of activity, performance or achievements to be materially different from the information expressed or implied by these forward-looking statements. Additional information regarding the Company's risks and uncertainties are described from time to time in the "Risk Factors" section of our Securities and Exchange Commission filings, including those described in our Annual Report on Form 10-K as well as our Quarterly Reports on Form 10-Q, and supplemented from time to time by our Current Reports on Form 8-K. The Company may not actually achieve the plans, intentions or expectations disclosed in its forward-looking statements, and you should not place undue reliance on the Company's forward-looking statements. Actual results or events could differ materially from the plans, intentions and expectations disclosed in the forward-looking statements the Company makes. The forward-looking statements in this presentation represent the Company's views as of the date of this presentation. The Company anticipates that subsequent events and developments will cause its views to change. However, while the Company may elect to update these forward-looking statements at some point in the future, the Company has no current intention of doing so except to the extent required by applicable law. You should, therefore, not rely on these forward-looking statements as representing the Company's views as of any date subsequent to the date of this presentation. The investigational product candidates discussed in this presentation have not been approved or licensed by the U.S. Food and Drug Administration or by any other regulatory authority, and they are not commercially available in any market. This presentation also contains estimates and other statistical data made by independent parties and by the Company relating to market size and growth and other data about its industry. This data involves a number of assumptions and limitations, and you are cautioned not to give undue weight to such estimates. In addition, projections, assumptions, and estimates of the Company's future performance and the future performance of the markets in which it operates are necessarily subject to a high degree of uncertainty and risk. Inhibrx, the Inhibrx logo and ContraMAB are registered trademarks of Inhibrx, Inc. All third-party trademarks used herein are registered trademarks of their respective owners. This presentation shall not constitute an offer to sell or the solicitation of an offer to buy securities.

------

![](inhibrxpresentationmarch003.jpg)

3 Why Inhibrx Should Be Front and Center on Your Radar Four Biologic Programs in the Clinic All are demonstrating clinical activity with multi-billion-dollar potential peak sales. Two potentially registration-enabling programs are underway in 1H 2023. Our Interests are Aligned With Our Investors Credible base of major holders and ~30% internally owned. Potential to become financially self- sustaining within 18 months with no debt and possible return of capital to investors through share buy-backs and/or special dividends. Opportunities to Both Partner Assets and Commercialize In-house We believe our assets appeal to major pharmaceutical companies as licensing targets. We are building the infrastructure to internally execute on small commercial footprint opportunities. Active Discovery Process Six programs are expected to enter the clinic over the next three years.

------

![](inhibrxpresentationmarch004.jpg)

4 Innovative Approach to Biologic Therapeutic Discovery & Development Broad Internal Expertise + The modular nature of our platforms and technologies combined with our protein engineering expertise allow for rapid exploration of therapeutic approaches + Teams with deep biologics drug development expertise across translational sciences, clinical, technical operations, manufacturing and commercial + Best targets are known and already explored, but what is not known is how to drug them properly + We learn through prior clinical failures and therapeutic liabilities + We only move programs into the clinic that are first or best-in-class with a clear path to point of concept Settlers, Not Pioneers Success Where Others Have Failed + First company to optimize and develop recombinant AAT + First company to overcome DR5 agonism toxicity challenges and advance into registration-enabling study + First company to find a therapeutic window for 4-1BB

------

![](inhibrxpresentationmarch005.jpg)

5 + No innovation for 30+ years and multiple recombinant AAT failures + Favorable safety and tolerability profile w/potential to achieve normal AAT levels with monthly dosing + Site activation and enrollment initiation for potentially registration-enabling trial expected in April 2023; Potential path to launch in 2026; $3B+ peak sales potential + Prior DR5 agonist efforts failed due to limited activity or hepatotoxicity + At-risk population for severe liver toxicity now identified and currently updated screening criteria protocol + Data from potentially registration-enabling trial expected in 2H 2024 with possible path to approval in chondrosarcoma in 2025; $1B peak sales potential and exploring expansion into other indications INBRX-109 Our Tetravalent DR5 Agonist + OX40 is a validated target but no one has been able to build a viable multivalent antibody + Clinical data looks promising with durable single agent activity + Substantial data update in 1H 2024 with registration studies as early as 2H 2024 INBRX-106 Our Hexavalent OX40 Agonist INBRX-105 Our Tetravalent PD-L1 targeted 4-1BB Agonist + We believe we are the first to find a therapeutic window for 4-1BB agonism + Based on incoming clinical data, we are growing more confident this could be a blockbuster drug, potentially as a single agent + Data update in 2H 2023 with potential for registration studies to start early next year INBRX-101- AATD Our Recombinant Alpha-1-Anti-trypsin Fc-Fusion Protein (AAT-Fc) Potentially registration- Preclinical Phase 1 enabling Our Therapeutic Candidates

------

![](inhibrxpresentationmarch006.jpg)

6 Other Programs on the Horizon INBRX-101- GvHD Our Recombinant Alpha-1- Anti-trypsin Fc-Fusion Protein (AAT-Fc) Our Upcoming Therapeutic Candidates All potential best-in-class with differentiated profiles INBRX-121 Our NK cell targeted IL-2 + De-risked opportunity with promising clinical data with pdAAT + Potential to reach >$3B peak sales in Acute GvHD and Chronic GvHD + Clinical trial(s) to initiate 2H 2023 + NKp46 targeting with engineered IL-2 drives selective NK cell expansion and enhancement of cytotoxicity capacity + Phase 1 trial could initiate in Q4 2023 + FcRN Antagonist + Radiopharmaceuticals + T-cell Engagers - ContraMAB® Platform + γδ T-cell Targeted Cisleukin™ Molecule

------

![](inhibrxpresentationmarch007.jpg)

7 PARTNER FOCUS CD47 checkpoint inhibitor Option to Ex-North America rights to INBRX-101 AATD Use of INBX sdAb platform for certain cell therapy products for up to 13 programs Merck-supplied Keytruda for INBRX-106 Phase 1 combo trial Joint venture with ArrowMark affiliate, Phylaxis Bioscience, LLC: license of IP and know-how to develop certain compounds Greater China rights to INBRX-105 and INBRX-106 Key financial highlights 43.6M $274M 49.1M Cash and cash equivalents Common stock outstanding Fully diluted outstanding \*As of 12/31/2022 > 30% Internal ownership ~130 Employees Partnerships with Industry Leaders \*Does not include academic partnerships, product development arrangements and various other collaborations

------

![](inhibrxpresentationmarch008.jpg)

8 Near Term Expected Clinical Milestones 1H 2023 2H 2023 (DR5) Initial mesothelioma, Ewing sarcoma, pancreatic cancer, colorectal cancer and GIST combination study data (AATD) Start to potentially registration- enabling trial INBRX-101 INBRX-106 INBRX-101 (GvHD) Trial initiations for aGvHD and cGvHD 1H 2024 INBRX-109 INBRX-105 (PD-L1x41BB) Single agent and Keytruda combination update INBRX-109 INBRX-121 (IL-2x) IND filing (DR5) Potentially registration- enabling Phase 2 Chondrosarcoma data INBRX-105 (PD-L1x41BB) Possible start to first potentially registration- enabling trial (OX40) Single agent and Keytruda combination update 2H 2024

------

![](inhibrxpresentationmarch009.jpg)

INBRX-101 Recombinant Alpha-1 Antitrypsin Fc-fusion Protein

------

![](inhibrxpresentationmarch010.jpg)

INBRX-101 Alpha-1 Antitrypsin Deficiency (AATD)

------

![](inhibrxpresentationmarch011.jpg)

11 Functional AAT Levels in Healthy Individuals vs. AATD Patients Disease history + Alpha-1 antitrypsin deficiency (AATD) is an inherited orphan respiratory disease characterized by deficient levels of alpha-1 antitrypsin (AAT) + This causes loss of lung function and decreased life expectancy + A small percentage of patients also develop liver disease MZ SZ ZZ SERPINA1 Phenotype MM N=65 N=2 N=3 N=25 Volunteers Ph 1 Baseline Fu nc tio na l A AT le ve ls (μ M) 80 60 0 40 20 - Box plots show the minimum, lower quartile, median, upper quartile and maximum - The shaded region represents the 5th-95th percentiles of the normal range of functional AAT in healthy MM genotype adults - AAT variant determination was conducted by the Mayo Clinic Laboratories using an LC-MS/MS method (A1ALC) - The Phsae 1 baseline data represents the functional AAT levels measured in patients at the beginning of the study prior to dosing INBRX-101 Study results + Functional AAT levels from 65 MM genotype healthy volunteers ranged from 21 to 54 micromolar (µM), with a mean of 36 µM. + Baseline levels of functional AAT for 30 Phase 1 patients prior to dosing of INBRX-101 ranged from 2 to 18 µM, with a median of 4.7 for ZZ genotype patients.

------

![](inhibrxpresentationmarch012.jpg)

12 Current Standard of Care Does Not Maintain Normal AAT Levels + INBRX-101, dosed every four weeks at 120 mg/kg, is predicted to maintain patients above the lower threshold of the normal range and achieve an average level (Cavg) of functional AAT that approximates that of healthy MM genotype adults.\* + The current standard of care, plasma-derived AAT (pdAAT)\*\*, dosed once weekly at 60 mg/kg, achieves Cavg of functional AAT of 17.8 µM over the weekly dosing interval as calculated from steady-state area under the curve (AUC) values\*\*\*. Due to its short half- life, patients require weekly infusions to achieve target levels, but levels typically fall below the normal range within 1-2 days of infusion. \*Source~ Normal range calculated based on Inhibrx ANEC assay results from 65 healthy MM genotype adults \*\*Current pdAAT therapies include: Aralast, Glassia, Prolastin-C & Zemaira \*\*\*Source~ reported in Stocks et al. BMC Clinical Pharmacology 2010, 10:13 Functional AAT serum levels at steady-state (INBRX-101 vs. pdAAT) 80 Fu nc tio na l s er um A AT le ve l (μM) 40 20 0 0 28 Time in days 36 μM mean of functional AAT normal range\* 11 μM historical putative threshold 21147 60 INBRX-101 pdAAT

------

![](inhibrxpresentationmarch013.jpg)

13 Potential Advantages of Recombinant AAT Fc-fusion Protein AAT Fc Potential to extend the dosing interval from weekly to monthly Has demonstrated potential to maintain patients in normal functional AAT range Recombinant manufacturing provides abundant supply with no pathogen risk

------

![](inhibrxpresentationmarch014.jpg)

14 Complete INBRX-101 - Topline Results from Phase 1, Part 2 N=18 \* bronchoalveolar lavage N=6 40 mg/kg N=6 80 mg/kg\* N=6 120 mg/kg\* INBRX-101 topline results – 3rd dose of 40, 80 or 120 mg/kg (Q3W) PART 2 Multiple ascending dose escalation (MAD) + Favorable safety and tolerability profile with only mild and a few moderate AEs that were transient and fully reversible with minimal or no symptomatic care + Dose related increases in maximal and total exposure occurred across entirety of SAD and MAD ranges of 10-120 mg/kg + Revealed potential to achieve and maintain normal functional AAT levels with monthly dosing + Significant accumulation observed following each MAD dose in-line with the prolonged terminal elimination half-life of INBRX-101 + MAD cohorts demonstrate observed Cavg of functional AAT of 37.6 µM and 45.4 µM over the 21-day dosing interval following the third 80 mg/kg and 120 mg/kg doses, respectively + Functional AAT levels at Day 70 (28 days following the 3rd dose), on average, were within the normal range for the 120 mg/kg dose level Time (days) Fu nc tio na l A AT le ve ls (μ M) 0 7 14 28 0 40 100 120 mg/kg 80 mg/kg 40 mg/kg 60 \* Baseline values shown at Day 0 21 Indicates timing after third dose 80 20 Baseline

------

![](inhibrxpresentationmarch015.jpg)

15 INBRX-101 is Present in the Lung in Every Patient Sampled Following IV Dosing Bronchoalveolar lavage fluid (BALF) sample collection and analysis + BALF samples were collected from 3 lobes of the lung for each patient in the 80 (N = 5)1 and 120 (N = 6) mg/kg MAD cohorts prior to dosing and two weeks after completion of multiple dosing + INBRX-101 concentrations were measured using a proprietary validated mass spectrometry assay specific to INBRX-101 - Each point represents the average INBRX-101 concentration measured across three lobes in an individual subject - Horizontal lines are the median values for each dose level - Data is preliminary and has not been fully verified BALF assessment results + At baseline, BALF samples from subjects that rolled over from the Part 1 SAD2 had measurable INBRX-101 while drug was undetectable in INBRX- 101 naïve patients (data not shown) + Post-dose, INBRX-101 was present in each lung lobe of every patient for which a bronchoscopy was performed + The Phase 1 study data provide emerging evidence of a dose-dependent increase in INBRX-101 lung exposure 1 One 80 mg/kg patient did not have a post-dose sample collected 2 In rollover patients, baseline collection was at least 84 days after the SAD 100 120 mg/kg80 mg/kg Day 56 IN BR X- 10 1 (μ g/ m L) 0 50 200 150 naive rollover naive rollover

------

![](inhibrxpresentationmarch016.jpg)

16 INBRX-101 has the Potential to Achieve ~$3B in Annual U.S. Revenue with Expected Rapid Uptake in Patients with Severe AATD Notes: \*Pricing assumption is for modelling purposes only Source: KOL Qualitative Interviews (n=~25); EvaluatePharma, Datamonitor, IQVIA, Fortune Business Insights, Analog analysis of other recombinant products $0B $3B $0.3B 1721 3 $0.7B $1.3B $3.0B U. S. p ro je ct ed s al es (U SD) Years post launch + "Severe (ZZ/SZ)" AATD patients (same as pdAATs today) + 7% CAGR throughout forecast period (conservative estimate given CAGR of ~17% from 2016 to 2020) + ~75% peak market share + 3-year time to peak share + Price parity with current pdAATs\* & 2% annual price growth + Little to no generic erosion due to high barriers to entry Key assumptions 3 years to peak market share INBRX-101 top line projected U.S. sales & key assumptions

------

![](inhibrxpresentationmarch017.jpg)

17 INBRX-101 has the Potential to Shift the Treatment Paradigm, Expanding Augmentation Therapy to a Broad Group of AATD Patients in the U.S. Sources: KOL Interviews, 1. Sandhaus Chronic Obstr Pulm Dis 2016; 2. Barjaktarevic and Miravitlles BMC Pulm Med 2021 TODAY FUTURE PI\*ZZ or PI\*SZ PI\*ZZ or PI\*SZ U.S. prevalence ~100K ~100K (same as today) Treatment rate ~8-10% ~40% (driven by increased diagnosis rates) Total treated U.S. patients ~8K ~40K Market revenue potential ~$1 Billion ~$4 Billion + pdAATs only utilized for severe AATD patients and market is still worth ~$1B today despite only ~8-10% treatment rate + PI\*ZZ & PI\*SZ AATD market is growing at ~17% annually and projected to grow to $4B due to increased diagnosis + Upside market potential from earlier intervention of augmentation therapy, which can help to prevent lung decline + Commercial viability and expansion of augmentation therapy use requires abundant supply only available via INBRX-101 Key Takeaways for AATD Market: "The results of the RAPID trial stress the importance of early intervention. Patients who started augmentation late were unable to regain lung tissue lost during placebo treatment and did not 'catch up' to patients who started augmentation early." – U.S. KOL

------

![](inhibrxpresentationmarch018.jpg)

INBRX-101 Graft versus Host Disease (GvHD)

------

![](inhibrxpresentationmarch019.jpg)

19 Fred Hutch/Baxalta 1 Ph1/2 (n=12) U of Michigan/CSL 2 AAT +/- Prednisone Ph2 (n=40) Ef fic ac y ORR (%) at day 28 (per CIBMTR) 8/12 (67%) 26/40 (65%) CR (%) at day 28 4/12 (33%) 14/40 (35%) OS 6/12 alive 45% at 6 months Sa fe ty Grade 3+ AEs 0% 0% Most Frequent AEs "No clinical apparent toxicity in any patient" 2 d/c due to lack of efficacy "well tolerated with no infusion reactions or drug- related grade 3 to 4 toxicity" Incidence of Infection 0 13/40 (32.5%) Through 30 days Dosing 90 mg/kg loading dose followed by either 30 or 60 mg/kg every other day 60mg/kg per day every four days Ruxolitinib, Incyte4 (n=49) Ef fic ac y ORR (%) at day 28 (per CIBMTR) 28/49 (57%) CR (%) at day 28 15/49 (31%) OS 51% at 6 months Sa fe ty (n =7 1) Grade 3+ AEs 97.2% Most Frequent AEs + Anemia: 64% + Thrombocytopenia 62% + Neutropenia 48% Incidence of Infection 80% Dosing • 5-10 mg twice daily National comprehensive cancer network (nccn) Ruxolitinib (category 1) Alemtuzumab Alpha-1 antitrypsin Anti-thymocyte globulin Basiliximab Calcineurin inhibitors Etanercept European society for blood and marrow transplantation (ebmt) Alemtuzumab Alpha-1 antitrypsin Basiliximab Cellular therapies Daclizumab Extracorporeal photopheresis Faecal microbiota transplantation Strong Clinical Data and Established Guidelines Exist for AAT Therapy in Acute GVHD + The safety and efficacy of alpha-1 antitrypsin (AAT) for the prevention of graft- versus-host disease (GVHD) in patients receiving hematopoietic cell transplant (MODULAATE) (NCT03805789)3 + Treatment of GVHD in hematopoietic stem cell transplant (HSCT) recipients using AAT plus corticosteroids (CS) compared with corticosteroids alone (NCT04167514)3 Two active Phase 2/3 studies sponsored by CSL Behring Current guidelines for aGVHD5 Existing clinical data for plasma-derived AAT therapies 2L (steroid resistant) aGVHD Existing clinical data for Jakafi: current standard of care 2L (steroid resistant) acute GVHD (aGVHD) Sources: 1 Response of Steroid-Refractory Acute GvHD to a1-Antitrypsin, Marcondes et at, 2016. http://dx.doi.org/10.1016/j.bbmt.2016.05.011 2 a1-Antitrypsin infusion for treatment of steroid-resistant acute graft-versus-host disease, Magenau et al, 2018. http://ashpublications.org/blood/article- pdf/131/12/1372/1405639/blood815746.pdf 3 https://clinicaltrials.gov/ 4 https://www.jakafi.com/pdf/prescribing-information.pdf, https://ashpublications.org/blood/article/135/20/1739/452638/Ruxolitinib-for-the-treatment-of-steroid 5 Listed in alphabetical order and not comprehensive of all consensus recommendations for steroid-refractory GVHD.

------

![](inhibrxpresentationmarch020.jpg)

20 INBRX-101 has the Potential for Fast Entry into Acute GVHD, Expanding to Prophylaxis, Achieving >$1bn in the US Market Sources: Qualitative research, third-party analysis, HRSA Blood Stem Cell (https://bloodstemcell.hrsa.gov/data) + TPP: Superior safety, efficacious in prophylaxis, same efficacy in acute + Patients: Allogeneic stem cell transplants (2.3% annual growth), Acute 2L+, high risk prophylaxis (30%) + Share: Acute 2L: 50%, 3L: 70%, Prophylaxis: 21% + Time to peak: 2 years for acute and prophylaxis (5 years peak total) + Price: In-line with approved GvHD branded agents, 2.5% annual growth Key assumptions: Upside potential: + Potential for transformational efficacy at high dose + Safety profile could enable broad combinability across current and future therapies, including 1L Potential advantages over pdAAT + Potential for sustainable dosing schedule + Potential for transformational efficacy at higher dose + Ability to price in-line with current standard of care while pdAAT would be more expensive due to COGS and the high dose required + Near elimination of pathogenic risk for immunocompromised patients Potential advantages over standard of care + Expected superior safety benefits with potential for greater efficacy INBRX-101 acute & prophylaxis GvHD top line projected US sales & key assumptions $550$$1,200 $0M $1,300M $150 $450 Y1 $300 Y4Y3\*Y2 $600 Y5 Y17 5 Years to Peak Market Share \*Launch of prophylaxis indication M ill io ns o f U SD

------

![](inhibrxpresentationmarch021.jpg)

21 INBRX-101 GvHD Expansion Opportunities Sources: 1 2019 figures from HRSA Blood Stem Cell (https://bloodstemcell.hrsa.gov/data) 2 2017 figures for 40 European countries and 10 related countries: https://www.nature.com/articles/s41409-019-0465-9 3 2020 figures from JDCHCT https://drive.google.com/file/d/16Vv8k1aHTMc0KbmOHGiUmEk4rFGwgBEy/view?usp=drive_web 4 Qualitative research, third-party analysis and current therapy pricing research, HRSA Blood Stem Cell (https://bloodstemcell.hrsa.gov/data). 5 Assumes pricing corridor 50% smaller than the US 6 Epidemiology and Treatment of Chronic Graft-versus-Host Disease Post-Allogeneic Hematopoietic Cell Transplantation: A US Claims Analysis, Bachier, et. al., 2021 U.S. chronic GvHD – progression beyond steroids US Prevalence (2022) ~16,000 6 Extensive disease requiring therapy (50%) 4 8,000 Progression beyond Steroids (71%) 4 5,700 ~$2bn 2030 US Market Opportunity Europe & Japan Allogeneic Transplants 21,000 2, 3 Prophylaxis, acute, & chronic GvHD – EU / Japan >$3bn 2030 EU & JP Market Opportunity 5 + Less competitive future market landscape + Longer therapy duration requires reduced toxicity and steroid-sparing agents + Favorable safety profile enables opportunity for combining with standards of care + Long half-life enables sustainable long-term utilization of 101 relative to pdAAT therapies + Favorable pricing and reimbursement as compared to typical European/Japanese standards due to high mortality and significant unmet medical need + There were 9, 4001 allogeneic transplants in the U.S. market; ex-US transplant market represents a large global opportunity

------

![](inhibrxpresentationmarch022.jpg)

INBRX-109 Tetravalent DR5 Agonist

------

![](inhibrxpresentationmarch023.jpg)

23 A Next Generation DR5 Agonist with an Optimized Balance of Efficacy and Safety 1. Ashkenazi A, et al. J Clin Invest. 1999;104(2):155-162. 2. Walczak H, et al. Nat Med. 1999;5(2):157-163. 3. Valley CC et al. J Biol Chem. 2012;287(25):21265-21278. 4. Pan L, et al. Cell. 2019;176(6):1477-1489.e1414. 5. Nair PM, et al. Proc Natl Acad Sci. 2015;112(18):5679-5684. 6.Razeghian E, et al. Front Immunol. 2021;12:699746. 7. Papadopoulos KP, et al. Cancer Chemother Pharmacol. 2015;75(5):887-895. Engineered Fc Minimize effector function Four DR5 sdAbs with key immunogenic epitopes removed  Death Receptor 5 (DR5/TRAIL-R2) has been a target of interest in oncology due to the differential sensitivity of cancerous cells over healthy cells to TRAIL-mediated killing.1-5DR5 is a key receptor for TRAIL-induced apoptosis of unwanted, damaged, virally infected and transformed cells6  Previous generation DR5 agonists have been ineffective due to poor clustering or led to unintended apoptosis in normal hepatocytes likely due to unwanted hyperclustering7 Smaller than conventional mAb may allow for better tumor penetration 106 kDa Our Engineering Goal:  Design a DR5 agonist that can selectively induce enhanced apoptosis in tumor cells Our Solution: Tetravalent DR5 agonist empirically designed to simultaneously engage four DR5 molecules to drive enhanced clustering/signaling in tumor cells while minimizing off-target effects

------

![](inhibrxpresentationmarch024.jpg)

24 Preliminary Phase 1 Data in Unresectable or Metastatic Conventional Chondrosarcoma + Data cut point 8-Nov-2022, study ongoing + Response per RECISTv1.1 per Investigator assessment, data subject to change (e.g., some data raw and not verified) + PR=Partial Response, SD=Stable Disease, PD=Progressive Disease + ► Patient still on treatment IDH- isocitrate dehydrogenase (IDH1/IDH2) mutant + \*Off-study per subject request (e.g., resection) or \*\*Investigator discretion \* \* ► \*\* ► ► ► ► 0 2 4 6 8 10 12 14 16 18 20 22 24 26 28 30 32 34 36 38 40 42 44 46 48 50 52 54 56 58 60 62 64 66 68 70 72 74 76 78 80 82 84 86 88 IDH IDH Weeks SD (-11%) SD (-1%) SD (-17%) SD (-20%) SD (-7%) SD (-13%) PR (-60%) SD (10%) SD (-19%) SD (-13%) SD (5%) SD (-8%) SD (3%) SD (-23%) PR (-45%) SD (-4%) SD (16%) SD (-3%) SD (16%) SD (10%) SD (5%) SD (4%) SD (-3%) SD (3%) SD (5%) SD (-5%) SD (7%) PD (27%) PD (9%) PD (31%) SD (-4%) PD (0%) SD (16%) 3mo 6mo 18mo15mo12mo9mo IDH IDH IDH IDH IDH IDH IDH IDH IDH IDH

------

![](inhibrxpresentationmarch025.jpg)

25 ENDPOINTS Primary: Progression free survival Secondary: Overall survival, quality of life, overall response rate, duration of response, disease control rate, safety, etc. INBRX-109 Phase 2 Potentially Registration-enabling Study Design in Chondrosarcoma Randomization Conventional chondrosarcoma, Grades 1, 2 and 3, unresectable or metastatic Stratification by line of therapy, Grade and IDH1/2 mutation status INBRX-109 Placebo Until PD or toxicity with cross-over to INBRX-109 \*Including interim analysis N=134\* N=67 \* 3 mg/kg every three weeks 2H 2024 Initiated PFS from other placebo-controlled chondrosarcoma studies Therapeutic IPI-926 (HH) Control arm Placebo Subject number 100 (2:1) Placebo arm Median PFS 2.9 months Source~ European Journal of Cancer 2021 Florence Duffaud et al. Therapeutic Regorafenib Control arm Placebo Subject number 46 (2:1) Placebo arm Median PFS~ 2 months Source~ CTOS 2013 Wagner et al. + No approved systemic therapeutic for the treatment of chondrosarcoma + FDA Fast Track designation and orphan-drug designation in unresectable and metastatic conventional chondrosarcoma

------

![](inhibrxpresentationmarch026.jpg)

26 Many Patients with Local Disease Eventually Progress to Unresectable or Metastatic Chondrosarcoma, Providing an Annual Prevalent Patient Pool of ~2.5K in the U.S. At Diagnosis Recurrence at 10 years Conventional chondrosarcoma Local (~75%) Low grade resectable (~55%) Metastatic (~25%) High grade resectable (~12%) Only local (~14%) Unresectable or metastatic (~2%) Only local (~2%) Unresectable or metastatic (~5%) Cured (~39%) Cured (~5%) Unresectable (~8%) Conventional chondrosarcoma patient flow KEY TAKEAWAYS + Unresectable or metastatic opportunity estimated at ~2.5K patients in the U.S. today vs. reported incidence of ~1.5K given tendency for local disease to progress to unresectable or metastatic + Longer term growth opportunity in the peri- operative setting for high-risk patients with ~1.6K prevalent patients in the U.S. today Legend: Unresectable or metastatic population (opportunity at launch) Peri-operative opportunity in high-risk patients (growth opportunity) Sources: KOL Interviews (n=20); Kythera claims database (~60% of all U.S. insurance claims); Inhibrx secondary research; Hua et al., Treatment Method and Prognostics…, 2020

------

![](inhibrxpresentationmarch027.jpg)

27 Based on Current Trends and Lack of Approved Options, INBRX-109 has the Potential to Achieve ~$1B in Annual Revenue with Rapid Uptake Post Launch Notes: \*Pricing assumption is for modelling purposes only based on analogous market research for oncology products in rare indications; Sources: KOL qualitative interviews (n=~20); Inhibrx secondary research; Hua et al., Treatment Method and Prognostics…, 2020 $0B $1B $1.0B $0.3B 3 $0.1B 21 $0.6B 17 U. S. p ro je ct ed s al es (U SD) Years post launch + ~375K\* annual price per patient + ~85% peak share + ~30% 10-year recurrence rate for local, low- grade patients + ~65% 10-year recurrence rates for local, high- grade patients Key assumptions 3 years to peak market share Incremental growth opportunity + Peri-operative setting provides an incremental ~$500M annual opportunity in the U.S. alone INBRX-109 top line projected U.S. sales in the unresectable/metastatic setting & key assumptions

------

![](inhibrxpresentationmarch028.jpg)

28 INBRX-109 on the Horizon Combination studies Pancreatic adenocarcinoma 2nd line with mFOLFIRIN=20 Ewing sarcoma with Irinotecan + Temozolomide PART 3 Colorectal Cancer with FOLFIRI Data releases: 2H 2023 N=20 N=20 N=20 SDH-deficient GIST with Temozolomide Ongoing POTENTIAL FUTURE OPPORTUNITIES Solid Tumors + IAP antagonists + Targeted therapies + Checkpoint inhibitors + Selective kinase inhibitors + Additional combo agents Hematologic tumors + Bcl-2 inhibitors + Proteosome inhibitors + Additional combo agents Additional sarcoma indications

------

![](inhibrxpresentationmarch029.jpg)

INBRX-105 PD-L1 x 4-1BB Multispecific

------

![](inhibrxpresentationmarch030.jpg)

30  4-1BB (CD137/TNFRS9) is a member of the tumor necrosis factor (TNF) receptor superfamily and is an attractive target for immunotherapy due to its increased expression on tumor reactive TILs1  Agonistic 4-1BB mAbs have shown promising anti-tumor activity in early clinical studies2,3  However, systemic activation of 4-1BB has led to a narrow therapeutic window limited by toxicity2,4 Localizing and Potentiating the Anti-cancer Effects of the 4-1BB Pathway 1. Kim AM, et al. Front Oncol 2022;10.3389. 2. Chester C, et al. Blood 2018;131:49–57. 3. Etxeberria I, et al. ESMO Open 2020;4:e000733. 4. Bartkowiak T, et al. Front Oncol 2015;5:117. 105 kDa Two PD-L1 sdAbs designed to block PD-1 interaction Two 4-1BB sdAbs designed to allow 4-1BBL interaction Smaller than conventional mAb may allow for better tumor penetration Engineered Fc minimize effector function Our Engineering Goal:  Design a 4-1BB agonist with an optimized therapeutic index Our Solution: Tetravalent PD-L1 and 4-1BB bispecific antibody that localizes the 4-1BB costimulatory effect to a PD-L1 rich tumor microenvironment

------

![](inhibrxpresentationmarch031.jpg)

31 INBRX-105 is a Potential Best-in-class 4-1BB Agonist CANDIDATE FORMAT 4-1BBL BLOCKING INBRX-105 Bivalent/Bivalent No Gen-1064 Monovalent/Monovalent n/a MCLA-145 Monovalent/Monovalent Yes FS222 Bivalent/Bivalent n/a PRS-343 Bivalent/Bivalent No ND021 Monovalent/Monovalent n/a CANDIDATE IGG SUBCLASS 4-1BBL BLOCKING STATUS Urelumab IgG4 Yes Discontinued Utomilumab IgG2 No Discontinued CTX-471 IgG4 No Phase I ADG106 IgG4 Yes Phase I ATOR-1017 IgG4 Yes Phase I AGEN2373 IgG1 No Phase I LVGN6051 unknown n/a Phase I PD-L1 x 4-1BB Bispecifics Monoclonal 4-1BB Antibodies

------

![](inhibrxpresentationmarch032.jpg)

32 No pre-screening, all-comers N=30 No pre-screening, all-comers OngoingOngoingComplete INBRX-105 has the Potential to be the First 4-1BB Agonist with a Robust Therapeutic Window Single agent: PD-L1+ basket Single agent dose escalation Single agent dose expansion N=105-175N=38N=32 2H 2023 PART 2 PART 4 Dose expansion with Keytruda™Dose escalation with Keytruda™ Complete Multiple cohorts: CPI-naïve and relapsed refractory patients PART 3PART 1 Phase 1 Trial Design + Therapeutic window observed in the CPI-refractory population with responses both in single agent and in combination with Keytruda + Single agent complete response observed 2H 2023

------

![](inhibrxpresentationmarch033.jpg)

INBRX-106 Hexavalent OX40 Agonist

------

![](inhibrxpresentationmarch034.jpg)

35 INBRX-106 is a Potential Best-in-class OX40 Agonist CANDIDATES VALENCY ISOTYPE LIGAND BLOCKING STATUS INBRX-106 Hexa- IgG1 N Ph 1 (2019) MOXR-0916 Bi- IgG1 Y Discontinued GSK-3174998 Discontinued BMS-986178 Ph 1 (2016) INCAGN-1949 Ph 1 (2016) ABBV-368 Ph 1 (HNSCC, 2020) IBI-101 Ph 1 (2018) MEDI-0562 Discontinued PF-04518600 Bi- IgG2 Y Discontinued BGB-A445 Bi- IgG1 N Ph 1 (2020) BAT6026 Bi- IgG1 afucosylated mAb n/a INBRX-106 Hexavalent Strong OX40 signaling OX40 Bivalent anti- OX40 Weak OX40 signaling OX40

------

![](inhibrxpresentationmarch035.jpg)

36 OngoingComplete PART 1 Complete Complete PART 2 PART 4PART 3 Phase 1 INBRX-106 Trial as a Single Agent and in Combination with Keytruda® INBRX-106 single-agent dose escalation + 3+3 design + Locally advanced or metastatic solid tumors + All-comers Dose expansion with Keytruda Dose escalation with Keytruda INBRX 106 single-agent dose expansion N=4 + Locally advanced or metastatic solid tumors + mTPI design + >3 subjects per dose level: - 0.01, 0.03, 0.1 and 0.3 mg/kg (Q3W) + No prescreening; all-comers N=4 + 0.03 mg/kg (RP2D) at 2 dosing schedules (Q3W or Q9W) in tumor types responsive to CPIs N=4 + Relapsed or refractory to CPI + PDL1 TPS ≥ 1% (NSCLC) + PDL1 CPS ≥ 1% (PD-L1 basket) N=4 N=4 N=80N=20 N=24 NSCLC Melanoma HNSCC G/GEA RCC N=20 N=20 N=10 N=10 PDL1+ NSCLC r/r PDL1+ basket PDL1+ cutaneous melanoma PDL1+ uveal melanoma N=30 N=10 PDL1+ HNSCC N=10 PDL1+ nasopharyngeal carcinoma + Durable responses with anti-PD-1 in CPI refractory patients across multiple tumor types + Well-tolerated with mild or moderate immune- related toxicities + 4/10 response evaluable NSCLC & melanoma patients with duration of stable disease\* greater than 6 months (three CPI-exposed patients and one CPI-naïve uveal melanoma patient) + Longest duration of stable disease was 2+ years (NSCLC patient refractory to Keytruda)\*\* + Well-tolerated with mild or moderate immune-related toxicities \*per investigator assessment \*\*patient came off study May 12, 2022 after 112 weeks on treatment with INBRX-106 CPI naïve CPI r/r In combinationSingle agent In combinationSingle agent 1H 2024 1H 2024

------

![](inhibrxpresentationmarch036.jpg)

37 Potential Market Opportunity for INBRX-106 and INBRX-105 The figures on this slide represent market research estimates from Evaluate Pharma \*Keytruda and Opdivo® go off patent in 2028 $14.4 $7.9 $2.9 $2.0 $1.0 $28.2$27.1 $14.2 $7.4 $4.7 $10.1 $63.5 $0 $10 $20 $30 $40 $50 $60 $70 KEYTRUDA\* OPDIVO\* TECENTRIQ IMFINZI OTHER TOTAL 2020 Projected 2026 0 5 10 15 20 25 30 Total Other indications SCLC Gastrointestinal adenocarcinoma Head & neck cancers Bladder cancer Renal cell carcinoma Melanoma NSCLC 2020 PD-1/PD-L1 WW Revenue (in $ billions) PD-1/PD-L1 WW Revenue by Indication (in $ billions)

------

![](inhibrxpresentationmarch037.jpg)

CisleukinTM Platform A Targeted Cis-IL2 Platform

------

![](inhibrxpresentationmarch038.jpg)

39 Targeting the Robust Anti-tumor Effects of IL-2 to Overcome Off-target Toxicity  IL-2 is a potent stimulator of cytotoxic cell types with natural anti-tumor activity that has shown great promise as a single agent in multiple cancers1  However, efforts to mitigate the toxicities of IL-2 therapy have been at the expense of anti-tumor efficacy restricting its therapeutic window Our Engineering Goal:  Design a potent, targeted IL-2 able to widen the therapeutic window and minimize off-target toxicity Our Solution: Proprietary CisleukinTM platform able to restrict IL-2 effects to a specific target cell/antigen utilizing high affinity sdAb and an engineered cis-binding IL-2 variant (IL2-X) Dutcher J , et al. Med Oncol. 2001;18:209–2109 High affinity sdAb targeting Low affinity IL2-X Low affinity IL2-X binding of CD25 and CD122 when not bound to a target cell/antigen that is recovered upon binding of the sdAb Targeting of IL2-X via high-affinity sdAbs allows pinpointed signaling on defined target cell populations

------

![](inhibrxpresentationmarch039.jpg)

INBRX-121 NK Cell Targeted CisleukinTM Molecule

------

![](inhibrxpresentationmarch040.jpg)

41 An NK Cell Targeted CisleukinTM Molecule + Natural Killer (NK) cells have potent cytolytic activity and are not limited by MHC-I presentation of tumor-associated antigens like T cells + NKp46 is an NK cell-specific marker that maintains expression on tumor-infiltrating NK cells + Targeting of affinity-reduced IL2-X via high-affinity sdAbs for NKp46 ensures specific modulation of NK cells without impacting unwanted cell populations like regulatory T cells Description/MOA Two NKp46 sdAbs designed to allow natural ligand binding Engineered Fc minimize effector function CisleukinTM Platform IL2-X with low CD25/122 affinity until bound to target

------

![](inhibrxpresentationmarch041.jpg)

42 INBRX-121 INBRX-121 is poised to bring NK cells to the forefront of immunotherapy NK NK NK NK NK NK NK NK NK NK Improved NK Activity Safety with durability Single agent Activated NK cells exhibit immediate cytotoxicity Multiple potential paths forward Combination therapy Enhances the activity of therapeutic antibodies ⁺ Expands NK cell numbers ⁺ Overcomes suppression ⁺ Enhances cytotoxic capacity ⁺ Cytokine release syndrome not caused by NK cells ⁺ Extended exposure drives durability CYTOKINES INBRX-121

------

![](inhibrxpresentationmarch042.jpg)

43 Expanded mouse NK cells and enhanced their cytotoxic potential 0 2,000 3,000 4,000 5,000 KL RG 1 le ve ls 5,000 10,000 15,000 20,000 Gr an zy m e B le ve ls M ax . f ol d- ch an ge (r el at iv e to v eh ic le) 0 5 10 20 25 15 NK cells CD8 T cells Tregs CD4+Tcon B cells NK cell cytolytic activityNK cell activationNK cell expansion Vehicle INBRX-121 1,000 0 Vehicle INBRX-121

------

![](inhibrxpresentationmarch043.jpg)

44 Synergized with approved therapeutic antibodies INBRX-121 synergized with Rituxan® in a subcutaneous Raji tumor model resulting in complete tumor regression Dosing Days TREATMENT COMPLETE RESPONSES Rituxan® 0/10 INBRX-121 + Rituxan® 9/10 Raji tumor growth 0 42 Time (days) 0 Tu m or Vo lu m e (m m 3) 500 1,000 1,500 2,000 7 14 21 28 35 INBRX-121 + Rituxan INBRX-121 Rituxan Vehicle

------

![](inhibrxpresentationmarch044.jpg)

45 INBRX-121 safely expanded NK cells in non-human primates 8% 82% 10% 41.5% 51.5% 7% Expanded NK cells in a dose-dependent manner (up to 12-fold) that persists for more than 21 days and can be dosed multiple times safely Tolerated in repeat dose range studies up to 10 mg/kg NK cell expansion in blood after a single dose of INBRX-121 at 1 mg/kg: T-cells B-cells NK-cells Frequency of lymphocytes Pre-dose Day 10 NK NK NK NK NK NK NK NK NK NK

------

![](inhibrxpresentationmarch045.jpg)

46 Expanded NK cells from Lymphoma patients NK cells from Lymphoma patients expressed NKp46 at levels similar to or above that of healthy donors Patient NK cells responded to stimulation with INBRX-121 by upregulating pSTAT5 and showed an increased proliferative potential - + Healthy Donor 0 20 40 % p ST AT 5 po sit iv e - + FL - + MCL % K i6 7 po sit iv e 60 IL-2 signaling in patient NK cells Patient NK cell proliferation - + DLBCL 0 20 40 60 - + Healthy Donor - + FL - + MCL - + DLBCL - +: 1 nM INBRX-121 DLBCL: Diffuse large B-cell Lymphoma MCL: Mantle cell Lymphoma FL: Follicular Lymphoma INBRX-121 INBRX-121

------

![](inhibrxpresentationmarch046.jpg)

47 Expanded the number of NK cells while enhancing their individual cytotoxic capacities INBRX-121 increased NK cell-mediated killing of Raji cells in the presence of a Rituximab sequence analog (Anti-hCD20- hIgG1). Raji cell killing after INBRX-121 pre-incubation Effector: target ratio 0 % Ta rge t c ell de ath 40 80 100 120 2.5:1 5:1 10:1 20:1 40:1 Anti-hCD20-hlgG1 + INBRX-121 Anti-hCD20-hlgG1 only 60 20

------

![](inhibrxpresentationmarch047.jpg)

11025 N. Torrey Pines Rd Ste 200 La Jolla, CA 92037 www.inhibrx.com Investor Relations: Kelly Deck, CFO Kelly@inhibrx.com

------