# EDGAR Filing Document

**Accession Number:** 0002007919
**File Stem:** 0002007919-25-000093
**Filing Date:** 2025-11
**Character Count:** 172411
**Document Hash:** 055a8404391a652e1ae140e6adf57baf
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0002007919-25-000093.hdr.sgml**: 20251114

**ACCESSION NUMBER**: 0002007919-25-000093

**CONFORMED SUBMISSION TYPE**: 10-Q

**PUBLIC DOCUMENT COUNT**: 66

**CONFORMED PERIOD OF REPORT**: 20250930

**FILED AS OF DATE**: 20251114

**DATE AS OF CHANGE**: 20251113

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Inhibrx Biosciences, Inc.
- **CENTRAL INDEX KEY:** 0002007919
- **STANDARD INDUSTRIAL CLASSIFICATION:** BIOLOGICAL PRODUCTS (NO DIAGNOSTIC SUBSTANCES) [2836]
- **ORGANIZATION NAME:** 03 Life Sciences
- **EIN:** 990613523
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 10-Q
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-42031
- **FILM NUMBER:** 251480152

**BUSINESS ADDRESS:**
- **STREET 1:** 11025 N. TORREY PINES ROAD, SUITE 140
- **CITY:** LA JOLLA
- **STATE:** CA
- **ZIP:** 92037
- **BUSINESS PHONE:** (858) 795-4220

**MAIL ADDRESS:**
- **STREET 1:** 11025 N. TORREY PINES ROAD, SUITE 140
- **CITY:** LA JOLLA
- **STATE:** CA
- **ZIP:** 92037

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** Ibex SpinCo, Inc.
- **DATE OF NAME CHANGE:** 20240111

?xml version='1.0' encoding='ASCII'? inhibrx-20250930

---

| | |
|:---|:---|
| **UNITED STATES** <br>**SECURITIES AND EXCHANGE COMMISSION** | **UNITED STATES** <br>**SECURITIES AND EXCHANGE COMMISSION** |
| **WASHINGTON, D.C. 20549** | **WASHINGTON, D.C. 20549** |
| | **FORM 10-Q** |

---

**(Mark One)**

**☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934**

**For the quarterly period ended September 30, 2025**

or

**☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934**

**For the transition period from &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;to &nbsp;&nbsp;&nbsp;&nbsp;** 

**Commission File Number: 001-42031**

---

| | | |
|:---|:---|:---|
| **INHIBRX BIOSCIENCES, INC.** | **INHIBRX BIOSCIENCES, INC.** | **INHIBRX BIOSCIENCES, INC.** |
| **(Exact name of registrant as specified in its charter)** | **(Exact name of registrant as specified in its charter)** | **(Exact name of registrant as specified in its charter)** |
| **Delaware** | | **99-0613523** |
| **(State or other jurisdiction of**<br>**incorporation or organization)** | | **(I.R.S. Employer**<br>**Identification Number)** |
| **11025 N. Torrey Pines Road, Suite 140** | | |
| **La Jolla, California** |  | **92037** |
| **(Address of principal executive offices)** |  | **(Zip Code)** |
|  | **(858) 795-4220** |  |
| **(Registrant's telephone number, including area code)** | **(Registrant's telephone number, including area code)** | **(Registrant's telephone number, including area code)** |
|  | **N/A** |  |
| **(Former name, former address and former fiscal year, if changed since last report)** | **(Former name, former address and former fiscal year, if changed since last report)** | **(Former name, former address and former fiscal year, if changed since last report)** |

---

---

| | | |
|:---|:---|:---|
| **Securities registered pursuant to Section 12(b) of the Act** | **Securities registered pursuant to Section 12(b) of the Act** | **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 | INBX | The Nasdaq Global Market |

---

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Yes ☒&nbsp;&nbsp;&nbsp;&nbsp;No ☐

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Yes ☒&nbsp;&nbsp;&nbsp;&nbsp;No ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of "large accelerated filer," "accelerated filer," "smaller reporting company," and "emerging growth company" in Rule 12b-2 of the Exchange Act.

---

| | | | |
|:---|:---|:---|:---|
| Large Accelerated Filer | ☐ | Accelerated filer | ☐ |
| Non-accelerated filer | ☒ | Smaller reporting company | ☒ |
| | | 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. &nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ☒

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).&nbsp;&nbsp;&nbsp;&nbsp; Yes **☐**&nbsp;&nbsp;&nbsp;&nbsp;No ☒

As of November 7, 2025, the registrant had 14,543,738 shares of common stock outstanding.

------

**SPECIAL NOTE REGARDING FORWARD-LOOKING STATEMENTS**

This Quarterly Report on Form 10-Q, or this Quarterly Report, contains express and implied forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, or the Securities Act, and Section 21E of the Securities Exchange Act of 1934, as amended, or the Exchange Act. Except as otherwise indicated by the context, references in this Quarterly Report to "we," "us" and "our" are to the consolidated business of Inhibrx Biosciences, Inc., or the Company, or Inhibrx. All statements other than statements of historical facts contained in this Quarterly Report are forward-looking statements. In some cases, you can identify forward-looking statements by words such as "anticipate," "believe," "contemplate," "continue," "could," "estimate," "expect," "intend," "may," "plan," "possible," "potential," "predict," "project," "design," "seek," "should," "target," "will," "would," or the negative of these words or other comparable terminology. These forward-looking statements include, but are not limited to, statements about:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the design, initiation, timing, progress, results and costs of our research and development programs as well as our preclinical studies and clinical trials;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• our ability to advance therapeutic candidates into, and successfully complete, clinical trials;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• our interpretation of initial, interim or preliminary data from our clinical trials, including interpretations regarding disease control and disease response;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the potential benefits of regulatory designations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the timing or likelihood of regulatory filings and approvals;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the safety and therapeutic benefits of our therapeutic candidates;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the commercialization of our therapeutic candidates, if approved;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the pricing, coverage and reimbursement of our therapeutic candidates, if approved;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• our ability to utilize our technology platform to generate and advance additional therapeutic candidates;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the implementation of our business model and strategic plans for our business and therapeutic candidates;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• our ability to successfully manufacture our therapeutic candidates for clinical trials and commercial use, if approved;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• our ability to contract with third-party suppliers and manufacturers and their ability to perform adequately;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the scope of protection we are able to establish and maintain for intellectual property rights covering our therapeutic candidates;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• our ability to enter into strategic partnerships and the potential benefits of such partnerships;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• future results of operations and financial position and our estimates regarding expenses, capital requirements and needs for additional financing;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• our ability to raise funds needed to satisfy our capital requirements, which may depend on financial, economic and market conditions and other factors, over which we may have no or limited control;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• our financial performance;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• our and our third-party partners' and service providers' ability to continue operations and advance our therapeutic candidates through clinical trials, as well as the ability of our third party manufacturers to provide the required raw materials, antibodies and other biologics for our preclinical research and clinical trials, in light of the current market conditions or any pandemics, regional conflicts, sanctions, labor conditions, geopolitical events, natural disasters or extreme weather events;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• our ability to retain the continued service of our key professionals and to identify, hire and retain additional qualified professionals; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• developments relating to our competitors and our industry.

These forward-looking statements are subject to a number of risks, uncertainties and assumptions, including those described in Part II, Item 1A, "Risk Factors" of this Quarterly Report. Moreover, we operate in a very competitive and rapidly changing environment, and new risks emerge from time to time. It is not possible for our management to predict all risks, nor can we assess the impact of all factors on our business or the extent to which any factor, or combination of factors, may cause actual results to differ materially from those contained in any forward-looking statements we may make. In light of these risks, uncertainties and assumptions, the forward-looking events and circumstances discussed in this Quarterly Report may not occur and actual results could differ materially and adversely from those anticipated or implied in the forward-looking statements. In addition, statements that "we

------

believe" and similar statements reflect our current beliefs and opinions on the relevant subject. These statements are based upon information available to us as of the date of this Quarterly Report, and while we believe such information forms a reasonable basis for such statements, such information may be limited or incomplete, and our statements should not be read to indicate that we have conducted an exhaustive inquiry into, or review of, all potentially available relevant information. These statements are inherently uncertain and investors are cautioned not to unduly rely upon these statements.

You should not rely upon forward-looking statements as predictions of future events. Although we believe that the expectations reflected in the forward-looking statements are reasonable, we cannot guarantee that the future results, levels of activity, performance or events and circumstances reflected in the forward-looking statements will be achieved or occur. We undertake no obligation to update publicly any forward-looking statements for any reason after the date of this Quarterly Report to conform these statements to new information, actual results or to changes in our expectations, except as required by law.

You should read this Quarterly Report and the documents that we file with the SEC with the understanding that our actual future results, levels of activity, performance and events and circumstances may be materially different from what we expect. 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.

This Quarterly Report includes trademarks, tradenames and service marks that are the property of other organizations. Solely for convenience, trademarks and tradenames referred to in this Quarterly Report appear without the® and™ symbols, but those references are not intended to indicate, in any way, that we will not assert, to the fullest extent under applicable law, our rights, or that the applicable owner will not assert its rights, to these trademarks and tradenames.

------

**TABLE OF CONTENTS**

---

| | | |
|:---|:---|:---|
| | | **Page** |
| | <u>[Part I. Financial Information](#id7e97ad8afe14df0a6be707334996413_13)</u> | |
| <u>[Item 1.](#id7e97ad8afe14df0a6be707334996413_16)</u> | <u>[Financial Statements (unaudited)](#id7e97ad8afe14df0a6be707334996413_16)</u> | |
| | <u>[Condensed Consolidated Balance Sheets as of September 30, 2025 and December 31, 2024](#id7e97ad8afe14df0a6be707334996413_19)</u> | <u>[4](#id7e97ad8afe14df0a6be707334996413_19)</u> |
| | <u>[Condensed Consolidated Statements of Operations for the three and nine months ended September 30, 2025 and September 30, 2024](#id7e97ad8afe14df0a6be707334996413_22)</u> | <u>[5](#id7e97ad8afe14df0a6be707334996413_22)</u> |
| | <u>[Condensed Consolidated Statements of Stockholders' Equity for the three and nine months ended September 30, 2025 and September 30, 2024](#id7e97ad8afe14df0a6be707334996413_25)</u> | <u>[6](#id7e97ad8afe14df0a6be707334996413_25)</u> |
| | <u>[Condensed Consolidated Statements of Cash Flows for the nine months ended September 30, 2025 and September 30, 2024](#id7e97ad8afe14df0a6be707334996413_28)</u> | <u>[8](#id7e97ad8afe14df0a6be707334996413_28)</u> |
| | <u>[Notes to the Condensed Consolidated Financial Statements](#id7e97ad8afe14df0a6be707334996413_31)</u> | <u>[10](#id7e97ad8afe14df0a6be707334996413_31)</u> |
| <u>[Item 2.](#id7e97ad8afe14df0a6be707334996413_64)</u> | <u>[Management's Discussion and Analysis of Financial Condition and Results of Operations](#id7e97ad8afe14df0a6be707334996413_64)</u> | <u>[27](#id7e97ad8afe14df0a6be707334996413_64)</u> |
| <u>[Item 3.](#id7e97ad8afe14df0a6be707334996413_97)</u> | <u>[Quantitative and Qualitative Disclosures about Market Risk](#id7e97ad8afe14df0a6be707334996413_97)</u> | <u>[42](#id7e97ad8afe14df0a6be707334996413_97)</u> |
| <u>[Item 4.](#id7e97ad8afe14df0a6be707334996413_100)</u> | <u>[Controls and Procedures](#id7e97ad8afe14df0a6be707334996413_100)</u> | <u>[42](#id7e97ad8afe14df0a6be707334996413_100)</u> |
| | <u>[Part II. Other Information](#id7e97ad8afe14df0a6be707334996413_103)</u> | |
| <u>[Item 1.](#id7e97ad8afe14df0a6be707334996413_106)</u> | <u>[Legal Proceedings](#id7e97ad8afe14df0a6be707334996413_106)</u> | <u>[43](#id7e97ad8afe14df0a6be707334996413_106)</u> |
| <u>[Item 1A.](#id7e97ad8afe14df0a6be707334996413_109)</u> | <u>[Risk Factors](#id7e97ad8afe14df0a6be707334996413_109)</u> | <u>[43](#id7e97ad8afe14df0a6be707334996413_109)</u> |
| <u>[Item 2.](#id7e97ad8afe14df0a6be707334996413_112)</u> | <u>[Unregistered Sales of Equity Securities and Use of Proceeds](#id7e97ad8afe14df0a6be707334996413_112)</u> | <u>[43](#id7e97ad8afe14df0a6be707334996413_112)</u> |
| <u>[Item 3.](#id7e97ad8afe14df0a6be707334996413_115)</u> | <u>[Defaults Upon Senior Securities](#id7e97ad8afe14df0a6be707334996413_115)</u> | <u>[43](#id7e97ad8afe14df0a6be707334996413_115)</u> |
| <u>[Item 4.](#id7e97ad8afe14df0a6be707334996413_118)</u> | <u>[Mine Safety Disclosures](#id7e97ad8afe14df0a6be707334996413_118)</u> | <u>[43](#id7e97ad8afe14df0a6be707334996413_118)</u> |
| <u>[Item 5.](#id7e97ad8afe14df0a6be707334996413_121)</u> | <u>[Other Information](#id7e97ad8afe14df0a6be707334996413_121)</u> | <u>[43](#id7e97ad8afe14df0a6be707334996413_121)</u> |
| <u>[Item 6.](#id7e97ad8afe14df0a6be707334996413_124)</u> | <u>[Exhibits](#id7e97ad8afe14df0a6be707334996413_124)</u> | <u>[44](#id7e97ad8afe14df0a6be707334996413_124)</u> |
| | <u>[Signatures](#id7e97ad8afe14df0a6be707334996413_127)</u> | <u>[46](#id7e97ad8afe14df0a6be707334996413_127)</u> |

---

------

**Part I — Financial Information**

**Item 1. Financial Statements.**

**Inhibrx Biosciences, Inc. Condensed Consolidated Balance Sheets (In thousands, except share data and par value) (Unaudited)**

---

| | | |
|:---|:---|:---|
| | **SEPTEMBER 30,** | **DECEMBER 31,** |
| | **2025** | **2024** |
| **Assets** |  |  |
| Current assets: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cash and cash equivalents | $153088 | $152596 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accounts receivable | 110 | 356 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other receivables | 727 | 41 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Receivables from related parties |  | 23 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Prepaid expenses and other current assets | 7498 | 7382 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total current assets | 161423 | 160398 |
| Property and equipment, net | 4306 | 6200 |
| Operating right-of-use asset | 6004 | 7338 |
| Other non-current assets | 5738 | 6831 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total assets | $177471 | $180767 |
| **Liabilities and stockholders' equity** |  |  |
| Current liabilities: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accounts payable | $6773 | $9245 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accrued expenses | 26963 | 29890 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Current portion of operating lease liability | 2247 | 1595 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total current liabilities | 35983 | 40730 |
| Long-term debt, net | 99917 |  |
| Non-current portion of operating lease liability | 4741 | 6453 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total liabilities | 140641 | 47183 |
| Commitments and contingencies (Note 8) |  |  |
| Stockholders' equity |  |  |
| Preferred stock, $0.0001 par value; 15,000,000 shares authorized as of September 30, 2025 and December 31, 2024; no shares issued or outstanding as of September 30, 2025 and December 31, 2024. |  |  |
| Common stock, $0.0001 par value; 120,000,000 shares authorized as of September 30, 2025 and December 31, 2024; 14,498,093 and 14,475,904 shares issued and outstanding as of September 30, 2025 and December 31, 2024, respectively. | 1 | 1 |
| Additional paid-in-capital | 250182 | 239715 |
| Accumulated deficit | (213353) | (106132) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total stockholders' equity | 36830 | 133584 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total liabilities and stockholders' equity | $177471 | $180767 |

---

*The accompanying notes are an integral part of these condensed consolidated financial statements.*

------

**Inhibrx Biosciences, Inc. Condensed Consolidated Statements of Operations (In thousands, except per share data) (Unaudited)**

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **THREE MONTHS ENDED<br>SEPTEMBER 30,** | **THREE MONTHS ENDED<br>SEPTEMBER 30,** | **NINE MONTHS ENDED<br>SEPTEMBER 30,** | **NINE MONTHS ENDED<br>SEPTEMBER 30,** |
| | **2025** | **2024** | **2025** | **2024** |
| Revenue: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;License fee revenue | $— | $— | $1300 | $100 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total revenue |  |  | 1300 | 100 |
| Operating expenses: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Research and development | 28535 | 38893 | 87679 | 170376 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;General and administrative | 5277 | 7904 | 17723 | 111244 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total operating expenses | 33812 | 46797 | 105402 | 281620 |
| Loss from operations | (33812) | (46797) | (104102) | (281520) |
| Other income (expense): |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Gain related to transaction with Acquirer |  |  |  | 2021498 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interest expense | (3181) |  | (9011) | (13491) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interest income | 1783 | 2892 | 6236 | 8937 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other income (expense), net | (46) | 41 | (342) | 15 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total other income (expense) | (1444) | 2933 | (3117) | 2016959 |
| Income (loss) before income tax expense | (35256) | (43864) | (107219) | 1735439 |
| Provision for income taxes |  |  | 2 | 2 |
| Net income (loss) | $(35256) | $(43864) | $(107221) | $1735437 |
| Earnings (loss) per share |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Basic  | $(2.28) | $(2.84) | $(6.93) | $119.04 |
| &nbsp;&nbsp;&nbsp;&nbsp;Diluted | $(2.28) | $(2.84) | $(6.93) | $117.09 |
| Shares used in computing earnings (loss) per share |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Basic | 15478 | 15468 | 15471 | 14578 |
| &nbsp;&nbsp;&nbsp;&nbsp;Diluted | 15478 | 15468 | 15471 | 14821 |

---

*The accompanying notes are an integral part of these condensed consolidated financial statements.* 

------

**Inhibrx Biosciences, Inc. Condensed Consolidated Statements of Stockholders' Equity (In thousands) (Unaudited)**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Common Stock<br>(Shares)** | **Common Stock<br>(Amount)** | **Additional Paid-In Capital** | **Accumulated Deficit** | **Total Stockholders' Equity** |
| **Balance as of December 31, 2024** | 14476 | $1 | $239715 | $(106132) | $133584 |
| Stock-based compensation expense |  |  | 2450 |  | 2450 |
| Issuance of warrants in connection with 2025 Loan Agreement |  |  | 1720 |  | 1720 |
| Net loss |  |  |  | (43311) | (43311) |
| **Balance as of March 31, 2025** | 14476 | $1 | $243885 | $(149443) | $94443 |
| Stock-based compensation expense |  |  | 2770 |  | 2770 |
| Net loss |  |  |  | (28654) | (28654) |
| **Balance as of June 30, 2025** | 14476 | $1 | $246655 | $(178097) | $68559 |
| Stock-based compensation expense |  |  | 3175 |  | 3175 |
| Issuance of shares upon exercise of stock options | 22 |  | 352 |  | 352 |
| Net loss |  |  |  | (35256) | (35256) |
| **Balance as of September 30, 2025** | 14498 | $1 | $250182 | $(213353) | $36830 |

---

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Common Stock<br>(Shares)** | **Common Stock<br>(Amount)** | **Additional Paid-In Capital** | **Accumulated Deficit** | **Total Stockholders' Equity** |
| **Balance as of December 31, 2023** | 47369 | $5 | $657232 | $(613734) | $43503 |
| Stock-based compensation expense |  |  | 6397 |  | 6397 |
| Issuance of shares upon exercise of stock options | 1865 |  | 40378 |  | 40378 |
| Net loss |  |  |  | (78710) | (78710) |
| **Balance as of March 31, 2024** | 49234 | $5 | $704007 | $(692444) | $11568 |
| Stock-based compensation expense |  |  | 46174 |  | 46174 |
| Issuance of shares upon exercise of stock options | 1584 |  | 31300 |  | 31300 |
| Issuance of shares upon exercise of warrants | 2746 |  |  |  |  |
| Acquisition of Former Parent's common stock, stock options, and warrants by the Acquirer | (53564) | (5) | (563754) | (1179970) | (1743729) |
| Issuance of shares in Distribution | 14476 | 1 | 16041 |  | 16042 |
| Net income |  |  |  | 1858011 | 1858011 |
| **Balance as of June 30, 2024** | 14476 | $1 | $233768 | $(14403) | $219366 |
| Stock-based compensation expense |  |  | 2965 |  | 2965 |
| Net loss |  |  |  | (43864) | (43864) |
| **Balance as of September 30, 2024** | 14476 | $1 | $236733 | $(58267) | $178467 |

---

*The accompanying notes are an integral part of these condensed consolidated financial statements.*

------

**Inhibrx Biosciences, Inc. Condensed Consolidated Statements of Cash Flows (In thousands)**

**(Unaudited)**

---

| | | |
|:---|:---|:---|
| | **NINE MONTHS ENDED<br>SEPTEMBER 30,** | **NINE MONTHS ENDED<br>SEPTEMBER 30,** |
| | **2025** | **2024** |
| **Cash flows from operating activities** |  |  |
| Net income (loss) | $(107221) | $1735437 |
| Adjustments to reconcile net income (loss) to net cash used in operating activities: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Depreciation and amortization | 1919 | 1596 |
| &nbsp;&nbsp;&nbsp;&nbsp;Accretion of debt discount and non-cash interest expense | 1797 | 2065 |
| &nbsp;&nbsp;&nbsp;&nbsp;Stock-based compensation expense | 8395 | 55536 |
| &nbsp;&nbsp;&nbsp;&nbsp;Non-cash lease expense | 1334 | 1427 |
| &nbsp;&nbsp;&nbsp;&nbsp;Loss on disposal of fixed assets | 3 | 12 |
| &nbsp;&nbsp;&nbsp;&nbsp;Non-cash gain on transaction with Acquirer |  | (1998809) |
| &nbsp;&nbsp;&nbsp;&nbsp;Changes in operating assets and liabilities: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accounts receivable | 246 | (100) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other receivables | (686) | 423 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Receivables from related parties | 23 | (672) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Prepaid expenses and other current assets | 977 | 377 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other non-current assets |  | (3548) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accounts payable | (2472) | 21022 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accrued expenses | (2927) | 35883 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Operating lease liability | (1060) | (1338) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net cash used in operating activities | (99672) | (150689) |
| **Cash flows from investing activities** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Purchase of fixed assets | (31) | (2581) |
| &nbsp;&nbsp;&nbsp;&nbsp;Proceeds from the sale of property and equipment | 3 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net cash used in investing activities | (28) | (2581) |
| **Cash flows from financing activities** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Proceeds from the issuance of debt | 99965 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Payment of fees associated with debt | (125) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Proceeds from the exercise of stock options | 352 | 71678 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net cash provided by financing activities | 100192 | 71678 |
| Net increase (decrease) in cash and cash equivalents | 492 | (81592) |
| Cash and cash equivalents at beginning of period | 152596 | 277924 |
| Cash and cash equivalents at end of period | $153088 | $196332 |
| **Supplemental disclosure of cash flow information** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Cash paid for interest | $6386 | $11506 |
| &nbsp;&nbsp;&nbsp;&nbsp;Cash paid for income taxes | $2 | $2 |

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| | | |
|:---|:---|:---|
| **Supplemental schedule of non-cash investing and financing activities** | | |
| &nbsp;&nbsp;&nbsp;&nbsp;Fair value of warrants issued to lender in conjunction with 2025 Loan Agreement (as defined in Note 3) | $1720 | $— |
| &nbsp;&nbsp;&nbsp;&nbsp;Payable for purchase of fixed assets | $— | $6 |

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*The accompanying notes are an integral part of these condensed consolidated financial statements.*

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**Inhibrx Biosciences, Inc. Notes to Unaudited Condensed Consolidated Financial Statements**

**1. ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES**

***Organization***

Inhibrx Biosciences, Inc., or the Company, or Inhibrx, is a clinical-stage biopharmaceutical company with a pipeline of novel biologic therapeutic candidates, developed using its proprietary modular protein engineering platforms. The Company leverages its innovative protein engineering technologies and deep understanding of target biology to create therapeutic candidates with attributes and mechanisms it believes to be superior to current approaches and applicable to a range of challenging, validated targets with high potential.

***Basis of Presentation***

The accompanying unaudited condensed consolidated financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America, or GAAP, and applicable rules and regulations of the Securities and Exchange Commission, or the SEC, related to an interim report on Form 10-Q. The unaudited condensed consolidated financial statements include the accounts of the Company and its wholly-owned subsidiary. All intercompany accounts and transactions have been eliminated in consolidation.

The unaudited interim condensed consolidated financial statements reflect all adjustments which, in the opinion of management, are necessary for a fair statement of the results for the periods presented. All such adjustments are of a normal and recurring nature. The operating results presented in these unaudited interim condensed consolidated financial statements are not necessarily indicative of the results that may be expected for any future periods.

Certain information and note disclosures normally included in annual financial statements prepared in accordance with GAAP have been condensed or omitted. Accordingly, the accompanying unaudited interim condensed consolidated financial statements should be read in conjunction with the Company's audited consolidated financial statements and the related notes thereto for the fiscal year ended December 31, 2024, which are included in the Company's Annual Report on Form 10-K filed with the SEC on March 17, 2025.

***Reclassification of Prior Year Presentation***

Certain prior year amounts have been reclassified for consistency with the current year presentation. These reclassifications had no effect on the reported results of operations.

***Separation and Distribution***

In January 2024, Inhibrx, Inc., or the Former Parent, announced its intent, as approved by its board of directors, to effect the spin-off of INBRX-101, an optimized, recombinant alpha-1 antitrypsin, or AAT, augmentation therapy in a registrational trial for the treatment of patients with alpha-1 antitrypsin deficiency. The Former Parent and the Company signed an Agreement and Plan of Merger, dated as of January 22, 2024, or the Merger Agreement, with Aventis Inc., a Pennsylvania corporation, or the Acquirer, and a wholly-owned subsidiary of Sanofi S.A., or Sanofi, and Art Acquisition Sub, Inc., a Delaware corporation, or the Merger Sub, and a wholly-owned subsidiary of Acquirer, along with a Separation and Distribution Agreement, dated as of January 22, 2024, by and among the Former Parent, the Company and Acquirer. The Merger Agreement provided for the acquisition by Acquirer of the Former Parent, or the Merger, to be accomplished through the merger of Merger Sub with and into the Former Parent with the Former Parent continuing as the surviving entity.

On May 29, 2024, the Former Parent completed a distribution to holders of its shares of common stock of 92% of the issued and outstanding shares of common stock of the Company, or the Distribution. On May 30, 2024, the Former Parent completed the Merger, pursuant to which (i) all assets and liabilities primarily related to INBRX-101, or the 101 Business, were transferred to the Acquirer, a wholly-owned subsidiary of Sanofi; and (ii) by way of a series of internal restructuring transactions, or the Separation, the Company acquired the assets and liabilities and corporate infrastructure associated with its ongoing programs, INBRX-106 and ozekibart (INBRX-109), and its discovery pipeline, as well as the remaining close-out obligations related to its previously terminated program, INBRX-105. Upon the closing of the Merger, the Company became a stand-alone, publicly traded company.

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In connection with the foregoing transactions, each Former Parent stockholder received: (i) $30.00 per share in cash, (ii) one contingent value right per share, representing the right to receive a contingent payment of $5.00 in cash upon the achievement of a regulatory milestone, and (iii) one SEC-registered, publicly listed, share of Inhibrx for every four shares of the Former Parent's common stock held. The Acquirer retained an equity interest in the Company of 8% upon the Distribution.

The Acquirer paid transaction consideration of $1.9 billion, including the $30.00 per share consideration and the assumption of the Company's third-party debt. See Note 3 for further discussion on the extinguishment of the Company's Amended 2020 Loan Agreement with Oxford (as defined below). In addition, the Acquirer assumed all assets and liabilities under contracts primarily related to INBRX-101 upon close of the Merger. The Acquirer also reimbursed the Company or paid on behalf of the Company $68.0 million in transaction costs. The Acquirer may pay an additional $300.0 million in consideration under the contingent value rights issued upon the achievement of a regulatory milestone.

Notwithstanding the legal form of the spin-off, the Separation and Distribution is being treated as a reverse spin-off for financial accounting and reporting purposes in accordance with ASC 505-60, Spinoffs and Reverse Spinoffs because (i) a wholly-owned subsidiary of the Acquirer merged with and into the Former Parent immediately following the Distribution; (ii) no senior management of the Former Parent were retained by the Former Parent following the Distribution; and (iii) the size of the Company's operations relative to the 101 Business. As a reverse spin-off, the Company considers Inhibrx as the accounting spinnor of the Former Parent, and the accounting successor to the Former Parent. Therefore, for periods prior to the spin-off, the Company's financial statements are the historical financial statements of the Former Parent. For such periods, descriptions of historical business activities are presented as if the spin-off had already occurred, and the Former Parent's activities related to such assets and liabilities had been performed by the Company. In addition, for all periods prior to the spin-off, all outstanding shares referenced in these financial statements are those shares outstanding of the Former Parent at each respective date, unless otherwise indicated as adjusted for the distribution ratio. Following the spin-off, all outstanding shares referenced are those of the Company, which, as discussed above, were issued on a four-to-one ratio of the Former Parent's outstanding shares.

The Company evaluated the sale of the 101 Business in accordance with ASC 205-20, Discontinued Operations, and determined that the Separation does not represent a strategic shift and thus does not qualify as a discontinued operation. The Company next evaluated the sale of the 101 Business in accordance with ASC 805, Business Combinations, and determined that the 101 Business does not meet the definition of a business, given that substantially all of the fair value of the gross assets transferred is concentrated in one asset. The Company then evaluated the transaction under ASC 845, Nonmonetary Transactions, which contains guidance on the accounting for the distribution of nonmonetary assets to stockholders of an entity in a spin-off. In accordance with this guidance, the disposal of the 101 Business has been accounted for as a dividend-in-kind, with a gain recognized for the difference between the fair value and carrying value of the disposed assets.

The Company recorded a gain on the transaction of $2.0 billion during the nine months ended September 30, 2024, which consists of the following components (in thousands):

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| | |
|:---|:---|
| | **NINE MONTHS ENDED SEPTEMBER 30, 2024** |
| Merger consideration for common stock, warrants, and stock options | $1727687 |
| Book value of Amended 2020 Loan Agreement assumed by Acquirer | 211315 |
| Book value of net assets and liabilities related to INBRX-101 assumed by Acquirer | 14496 |
| Transaction costs paid by Acquirer | 68000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total gain recognized | $2021498 |

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The gain related to the Merger consideration payable to shareholders of $1.7 billion was recorded, net of consideration allocated to the shares issued to Acquirer, through a reduction to retained earnings of $1.2 billion,

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representing the amount of retained earnings available at the closing of the Merger, with the remaining amount of $563.8 million recorded through additional paid-in capital.

***Liquidity***

As of September 30, 2025, the Company had an accumulated deficit of $213.4 million and cash and cash equivalents of $153.1 million. From its inception and through September 30, 2025, the Company has devoted substantially all of its efforts to therapeutic drug discovery and development, conducting preclinical studies and clinical trials, enabling manufacturing activities in support of its therapeutic candidates, pre-commercialization activities, organizing and staffing the Company, establishing its intellectual property portfolio and raising capital to support and expand these activities.

The Company believes that its existing cash and cash equivalents will be sufficient to fund the Company's operations for at least 12 months from the date these unaudited condensed consolidated financial statements are issued. The Company plans to finance its future cash needs through equity offerings, debt financings or other capital sources, including potential collaborations, licenses, strategic transactions and other similar arrangements.

If the Company does raise additional capital through public or private equity or convertible debt offerings, the ownership interests of its existing stockholders will be diluted, and the terms of those securities may include liquidation or other preferences that adversely affect its stockholders' rights. If the Company raises capital through additional debt financings, it may be subject to covenants limiting or restricting its ability to take specific actions, such as incurring additional debt or making certain capital expenditures. To the extent that the Company raises additional capital through strategic licensing, collaboration or other similar agreements, it may have to relinquish valuable rights to its therapeutic candidates, future revenue streams or research programs at an earlier stage of development or on less favorable terms than it would otherwise choose, or to grant licenses on terms that may not be favorable to the Company. There can be no assurance as to the availability or terms upon which such financing and capital might be available in the future. If the Company is unable to secure adequate additional funding, it will need to reevaluate its operating plan and may be forced to make reductions in spending, extend payment terms with suppliers, liquidate assets where possible, delay, scale back or eliminate some or all of its development programs, or relinquish rights to its technology on less favorable terms than it would otherwise choose. These actions could materially impact its business, financial condition, results of operations and prospects.

The rules and regulations of the SEC or any other regulatory agencies may restrict the Company's ability to conduct certain types of financing activities, or may affect the timing of and amounts it can raise by undertaking such activities.

***Use of Estimates***

The preparation of these unaudited condensed consolidated financial statements in conformity with GAAP requires the Company to make estimates and judgments that affect the reported amounts of assets, liabilities, revenue and expense and the disclosure of contingent assets and liabilities in the Company's financial statements and accompanying notes. The Company's most significant estimates relate to evaluation of whether revenue recognition criteria have been met, accounting for development work and preclinical studies and clinical trials, determining the assumptions used in measuring stock-based compensation, the fair value of warrants, and the incremental borrowing rate estimated in relation to the Company's operating lease. The Company bases its estimates on historical experience, known trends and other market-specific or other relevant factors that it believes to be reasonable under the circumstances. Estimates are periodically reviewed in light of changes in circumstances, facts and experience. Changes in estimates are recorded in the period in which they become known. The Company's actual results may differ from these estimates under different assumptions or conditions.

***Cash and Cash Equivalents***

Cash and cash equivalents are comprised of cash held in financial institutions including readily available checking, overnight sweep, and money market accounts.

***Concentrations of Credit Risk***

Financial instruments that subject the Company to significant concentrations of credit risk consist primarily of cash and cash equivalents. The Company maintains deposits in federally insured financial institutions in excess of

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federally insured limits by the Federal Deposit Insurance Corporation, or the FDIC, of up to $250,000. The Company's cash management and investment strategy limits investment instruments to investment-grade securities with the objective to preserve capital and to maintain liquidity until the funds can be used in operations. The Company has not experienced any losses in such accounts and believes it is not exposed to significant risk on its cash balances due to the financial condition of the depository institutions in which those deposits are held.

***Fair Value Measurements***

The Company determines the fair value measurements of applicable assets and liabilities based on a three-tier fair value hierarchy established by accounting guidance and prioritizes the inputs used in measuring fair value. These tiers include:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Level 1 - Quoted prices in active markets for identical assets or liabilities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Level 2 - Inputs other than Level 1 that are observable, either directly or indirectly, such as quoted prices for similar assets or liabilities; quoted prices in markets that are not active; or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Level 3 - Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities.

In certain cases, the inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, the level in the fair value hierarchy within which the fair value measurement in its entirety falls has been determined based on the lowest level input that is significant to the fair value measurement in its entirety. The Company's assessment of the significance of a particular input to the fair value measurement in its entirety requires judgment and considers factors specific to the asset or liability.

As of September 30, 2025 and December 31, 2024, the Company held $151.6 million and $149.0 million, respectively, of money market mutual funds or equivalents, which are classified as Level 1 in the fair value hierarchy. The Company's long-term outstanding debt is not measured at fair value on a reoccurring basis. As of September 30, 2025, the fair value of the Company's long-term outstanding debt approximates fair value using Level 2 inputs.

***Accrued Research and Development and Clinical Trial Costs***

Research and development costs are expensed as incurred based on estimates of the period in which services and efforts are expended, and include the cost of compensation and related expenses, as well as expenses for third parties who conduct research and development on the Company's behalf, pursuant to development and consulting agreements in place. The Company's preclinical studies and clinical trials are performed internally, by third party contract research organizations, or CROs, and/or clinical investigators. The Company also engages with contract development and manufacturing organizations, or CDMOs, for clinical supplies and manufacturing scale-up activities related to its therapeutic candidates. Invoicing from these third parties may be monthly based upon services performed or based upon milestones achieved. The Company accrues these expenses based upon estimates determined by reviewing cost information provided by CROs and CDMOs, other third-party vendors and internal clinical personnel, and contractual arrangements with CROs and CDMOs and the scope of work to be performed. Costs incurred related to the Company's purchases of in-process research and development for early-stage products or products that are not commercially viable and ready for use, or have no alternative future use, are charged to expense in the period incurred. Costs incurred related to the licensing of products that have not yet received marketing approval to be marketed, or that are not commercially viable and ready for use, or have no alternative future use, are charged to expense in the period incurred.

***Income Taxes***

Income taxes are accounted for under the asset and liability method. Deferred income taxes are recorded for temporary differences between financial statement carrying amounts and the tax basis of assets and liabilities. Deferred tax assets and liabilities reflect the tax rates expected to be in effect for the years in which the differences are expected to reverse. A valuation allowance is provided if it is more likely than not that some or all of the deferred tax assets will not be realized.

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***Earnings (Loss) Per Share***

Basic earnings (loss) per share is computed by dividing net income (loss) by the weighted average number of common stock outstanding during the same period. Diluted earnings (loss) per share is computed by dividing net income (loss) by the weighted average number of common stock and potentially dilutive common shares outstanding during the same period. The Company excludes common stock equivalents from the calculation of diluted net earnings (loss) per share when the effect is anti-dilutive.

The weighted average number of common stock used in the basic and diluted net income (loss) per common stock calculations includes the weighted-average pre-funded warrants outstanding during the period as they are exercisable at any time for nominal cash consideration.

During the nine months ended September 30, 2024, outstanding shares during the period consist of shares of the Former Parent. For purposes of computing net loss per share only, for all periods presented in its condensed consolidated statements of operations, the Company adjusted all outstanding shares of the Former Parent, including potentially dilutive securities, by the four-to-one distribution ratio used in the Distribution.

In periods in which the Company has a net loss, basic loss per share and diluted loss per share are identical since the effect of potentially dilutive common shares is anti-dilutive and therefore excluded. Accordingly, for the three and nine months ended September 30, 2025 and the three months ended September 30, 2024, there is no difference in the number of shares used to calculate basic and diluted shares outstanding.

Potentially dilutive securities not included in the calculation of diluted loss per share are as follows (in thousands):

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| | | |
|:---|:---|:---|
| | **AS OF SEPTEMBER 30,** | **AS OF SEPTEMBER 30,** |
| | **2025** | **2024** |
| Outstanding stock options | 3590 | 3641 |
| Warrants to purchase common stock | 141 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total | 3731 | 3641 |

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In periods in which the Company has a net income, the Company applies the treasury stock method to determine the dilutive effect of potentially dilutive securities. Potentially dilutive securities included in the diluted earnings per share are as follows (in thousands):

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| | |
|:---|:---|
| | **NINE MONTHS ENDED<br>SEPTEMBER 30, 2024** |
| Outstanding stock options | 242 |
| Warrants to purchase common stock | 1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total | 243 |

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***Segment Information***

Operating segments are identified as components of an enterprise about which separate discrete financial information is available for evaluation by the chief operating decision-maker, or CODM, in making decisions regarding resource allocation and assessing performance. The Company views its operations and manages its business as one operating and reportable segment as the Company has devoted substantially all of its resources to drug discovery and development activities through conducting preclinical studies and clinical trials associated with its programs, all of which aim to discover and develop biologic therapeutic candidates.

The CODM assesses performance for the biologic therapeutic segment and decides how to allocate resources based on the condensed consolidated net income (loss) as reported on its condensed consolidated income statement. The accounting policies of the reportable segment are the same as those described in the summary of significant accounting policies. The measure of segment assets is reported on the condensed consolidated balance sheet as total consolidated assets. The segment depreciation expense, gain related to transaction with Acquirer, interest expense,

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interest income, and segment asset additions are consistent with consolidated amounts reported within the condensed consolidated statement of cash flows given the Company's operations are aggregated within a single reportable segment.

The CODM uses net income (loss) and the components of operating expense to assess the Company's operating results and performance and make operating decisions regarding the allocation of resources to best support the long-term growth of the Company's overall business.

The table below summarizes the significant segment expenses which are regularly reported to and reviewed by the CODM for the purposes of making decisions regarding the allocation of resources and are reconciled to condensed consolidated net income (loss) for the three and nine months ended September 30, 2025 and September 30, 2024 (in thousands):

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| | | | | |
|:---|:---|:---|:---|:---|
| | **THREE MONTHS ENDED<br>SEPTEMBER 30,** | **THREE MONTHS ENDED<br>SEPTEMBER 30,** | **NINE MONTHS ENDED<br>SEPTEMBER 30,** | **NINE MONTHS ENDED<br>SEPTEMBER 30,** |
| | **2025** | **2024** | **2025** | **2024** |
| **Segment net income (loss)** |  |  |  |  |
| Revenue | $— | $— | $1300 | $100 |
| Research and development expense |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Clinical trials | (11853) | (11691) | (29200) | (39339) |
| &nbsp;&nbsp;&nbsp;&nbsp;Personnel | (8801) | (10010) | (26764) | (62454) |
| &nbsp;&nbsp;&nbsp;&nbsp;Contract manufacturing | (1892) | (10417) | (14270) | (46911) |
| &nbsp;&nbsp;&nbsp;&nbsp;Equipment, depreciation, and facility | (2536) | (2583) | (7682) | (7200) |
| &nbsp;&nbsp;&nbsp;&nbsp;Other research and development | (3453) | (4192) | (9763) | (14472) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total research and development expense | (28535) | (38893) | (87679) | (170376) |
| General and administrative expense |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Merger-related |  |  |  | (68061) |
| &nbsp;&nbsp;&nbsp;&nbsp;Personnel | (3402) | (3854) | (10834) | (29353) |
| &nbsp;&nbsp;&nbsp;&nbsp;Other general and administrative | (1875) | (4050) | (6889) | (13830) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total general and administrative expense | (5277) | (7904) | (17723) | (111244) |
| Other income (expense) | (1444) | 2933 | (3117) | 2016959 |
| Provision for income taxes |  |  | (2) | (2) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Segment and consolidated net income (loss) | $(35256) | $(43864) | $(107221) | $1735437 |

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***Recent Accounting Pronouncements***

From time to time, new accounting pronouncements are issued by the Financial Accounting Standards Board, or FASB, or other standard setting bodies. The Company believes that the impact of the recently issued accounting pronouncements that are not yet effective will not have a material impact on its condensed consolidated financial condition or results of operations upon adoption.

*Recently Issued but Not Yet Adopted Accounting Pronouncements*

In December 2023, the FASB issued ASU 2023-09, *Income Taxes (Topic 740): Improvement to Income Tax Disclosures* to enhance the transparency and decision usefulness of income tax disclosures. Two primary enhancements related to this ASU include disaggregating existing income tax disclosures relating to the effective tax rate reconciliation and income taxes paid. ASU 2023-09 is effective for annual periods beginning after December 15, 2024 on a prospective basis. Early adoption is permitted. The Company is currently evaluating the impact of this accounting standard update on the Company's condensed consolidated financial statements and related disclosures.

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In November 2024, the FASB issued ASU 2024-03, *Income Statement - Reporting Comprehensive Income - Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses*, which requires additional disclosure about specific expense categories in the notes to financial statements. The amendments are effective for fiscal years beginning after December 15, 2026, and for interim periods within fiscal years beginning after December 15, 2027. Early adoption is permitted. The amendments should be applied either prospectively to financial statements issued for reporting periods after the effective date of this ASU or retrospectively to any or all prior periods presented in the financial statements. The Company is currently evaluating the impact of this accounting standard update on the Company's condensed consolidated financial statements and related disclosures.

**2. OTHER FINANCIAL INFORMATION** 

***Prepaid Expense and Other Current Assets***

Prepaid expense and other current assets were comprised of the following (in thousands):

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| | | |
|:---|:---|:---|
| | **AS OF** | **AS OF** |
| | **SEPTEMBER 30, 2025** | **DECEMBER 31, 2024** |
| Clinical trials <sup>(1)</sup> | $2815 | $3544 |
| Clinical drug substance and product manufacturing <sup>(2)</sup> | 2252 | 1998 |
| Software licenses | 1285 | 816 |
| Outside research and development services <sup>(3)</sup> | 736 | 642 |
| Other | 410 | 382 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Prepaid expense and other current assets | $7498 | $7382 |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) Relates primarily to the Company's prepayments to third-party CROs for management of clinical trials and prepayments for drug supply to be used in combination with the Company's therapeutics. See "Accrued Research and Development Clinical Trial Costs" in Note 1 for further discussion of the components of research and development.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) Relates primarily to the Company's usage of third-party CDMOs for clinical and development efforts. See "Accrued Research and Development Clinical Trial Costs" in Note 1 for further discussion of the components of research and development.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) Relates to the Company's usage of third-parties for other research and development efforts. See "Accrued Research and Development Clinical Trial Costs" in Note 1 for further discussion of the components of research and development.

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***Property and Equipment, Net***

Property and equipment, net were comprised of the following (in thousands):

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| | | |
|:---|:---|:---|
| | **AS OF** | **AS OF** |
| | **SEPTEMBER 30, 2025** | **DECEMBER 31, 2024** |
| Machinery and equipment | $9546 | $9758 |
| Computer software | 3984 | 3984 |
| Leasehold improvements | 795 | 795 |
| Furniture, fixtures, and other | 556 | 556 |
| Total property and equipment | 14881 | 15093 |
| Less: accumulated depreciation and amortization | (10575) | (8893) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Property and equipment, net | $4306 | $6200 |

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Depreciation and amortization expense for the three and nine months ended September 30, 2025 and September 30, 2024 consisted of the following (in thousands):

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| | | | | |
|:---|:---|:---|:---|:---|
| | **THREE MONTHS ENDED<br>SEPTEMBER 30,** | **THREE MONTHS ENDED<br>SEPTEMBER 30,** | **NINE MONTHS ENDED<br>SEPTEMBER 30,** | **NINE MONTHS ENDED<br>SEPTEMBER 30,** |
| | **2025** | **2024** | **2025** | **2024** |
| Research and development | $574 | $660 | $1748 | $1291 |
| General and administrative | 8 | 100 | 171 | 305 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total depreciation and amortization expense | $582 | $760 | $1919 | $1596 |

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***Accrued Expenses***

Accrued expenses were comprised of the following (in thousands):

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| | | |
|:---|:---|:---|
| | **AS OF** | **AS OF** |
| | **SEPTEMBER 30, 2025** | **DECEMBER 31, 2024** |
| Clinical trials <sup>(1)</sup> | $14203 | $14796 |
| Clinical drug substance and product manufacturing <sup>(2)</sup> | 5912 | 5642 |
| Compensation-related | 4835 | 7726 |
| Interest on long-term debt | 829 |  |
| Professional fees | 598 | 629 |
| Other outside research and development <sup>(3)</sup> | 286 | 632 |
| Other | 300 | 465 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accrued expenses | $26963 | $29890 |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) Relates primarily to the Company's usage of third-party CROs for management of clinical trials. See "Accrued Research and Development Clinical Trial Costs" in Note 1 for further discussion of the components of research and development.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) Relates primarily to the Company's usage of third-party CDMOs for clinical and development efforts. See "Accrued Research and Development Clinical Trial Costs" in Note 1 for further discussion of the components of research and development.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) Relates to the Company's usage of third-parties for other research and development efforts. See "Accrued Research and Development Clinical Trial Costs" in Note 1 for further discussion of the components of research and development.

**3. DEBT**

***2020 Loan Agreement***

In July 2020, the Company entered into a loan and security agreement, or the 2020 Loan Agreement, with Oxford Finance LLC, or Oxford. Under the original 2020 Loan Agreement and subsequent amendments between November

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2020 and October 2022, or collectively, the Amended 2020 Loan Agreement, the Company received an aggregate principal amount of $200.0 million over seven tranches, or Terms A-G.

Prior to the Separation, the outstanding term loans were to mature on January 1, 2027, or the Amended Maturity Date. In connection with the Separation, the Company's outstanding debt was assumed by the Acquirer. Prior to the close of the Merger, the Company had $200.0 million in gross principal outstanding in term loans under the Amended 2020 Loan Agreement. The Acquirer assumed the outstanding debt balance in full, consisting of the $200.0 million in gross principal, the $18.0 million final payment fee, and accrued interest of $2.3 million, net of debt discounts of $9.0 million.

The Company determined the Acquirer's assumption and subsequent repayment of the outstanding debt constitutes an extinguishment of the debt as the Company has been legally released from being the primary obligor under the liability. The Company did not make any payment upon the extinguishment of the debt and did not incur any prepayment penalties. Upon the Acquirer's assumption of the outstanding debt, the Company recorded a gain of $211.3 million, the net carrying amount of the Amended 2020 Loan Agreement upon extinguishment, within the gain related to transaction with Acquirer in its condensed consolidated statements of operations.

*Interest Expense*

Prior to the Separation, interest expense was calculated using the effective interest method and was inclusive of non-cash amortization of the debt discount and accretion of the final payment. During the nine months ended September 30, 2024, interest expense was $13.5 million, $2.1 million of which related to non-cash amortization of the debt discount and accretion of the final payment. The Company did not incur any interest expense during the three months ended September 30, 2024.

***2025 Loan Agreement***

On January 13, 2025, the Company entered into a Loan and Security Agreement, or the 2025 Loan Agreement, with Oxford, pursuant to which it received $100.0 million in gross proceeds. The 2025 Loan Agreement provides for an additional tranche of $50.0 million to be funded upon the Company's request and at Oxford's sole discretion.

The outstanding term loan will mature on January 1, 2030, or the Maturity Date, and bears interest at (1) 5.61% plus (2) the greater of (i) the 1-Month Term Secured Overnight Financing Right as published by the CME Group or (ii) 4.34%. The repayment schedule provides for interest-only payments through February 1, 2028, with principal payments beginning on March 1, 2028. The interest-only period is followed by 23 months of equal payments of principal plus interest. Upon the earliest to occur of (i) the Maturity Date, (ii) the acceleration of any term loan under the Term Loan Facility, or (iii) prepayment of any term loan under the Term Loan Facility, the Company will be required to make a final payment of 9.0% of the total principal amount. This final payment of $9.0 million will be accreted over the life of the 2025 Loan Agreement using the effective interest method. The Company has the option to prepay the outstanding balance of the term loan in full prior to the Maturity Date, subject to a prepayment fee ranging from 2.0% to 5.0%, depending on the timing of the prepayment.

As of September 30, 2025, the Company's outstanding debt balance under the 2025 Loan Agreement consisted of the following (in thousands):

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| | |
|:---|:---|
| | **AS OF** |
| | **SEPTEMBER 30, 2025** |
| Term loan | $109000 |
| Less: debt discount | (9083) |
| Long-term debt, including debt discount and final payment fee | $99917 |

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The Company's interest-only period will continue through February 2028, with principal payments beginning in March 2028. Future principal payments and final fee payments will be made as follows (in thousands):

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| | |
|:---|:---|
| | **AS OF** |
| | **SEPTEMBER 30, 2025** |
| 2028 (10 months) | $43478 |
| 2029 | 52174 |
| Thereafter | 13348 |
| Total future minimum payments | 109000 |
| Less: unamortized debt discount | (9083) |
| Total debt | $99917 |

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The Company's obligations under the 2025 Loan Agreement are secured by a first priority perfected lien on, and security interest in, substantially all present and future assets of the Company, subject to certain exceptions. The 2025 Loan Agreement includes customary events of default, including instances of a material adverse change in the Company's operations, that may require prepayment of the outstanding term loans. As of September 30, 2025, the Company is in compliance with all covenants under the 2025 Loan Agreement and has not received any notification or indication from Oxford of an intent to declare the loan due prior to maturity.

Concurrently with the debt issuance in January 2025, the Company issued to Oxford warrants to purchase shares of the Company's common stock equal to 2.0% of the funded amount, or $2.0 million, or the 2025 Oxford Warrants. Upon issuance, the warrants were exercisable for 140,741 shares of common stock at an exercise price of $14.21 per share. The 2025 Oxford Warrants are immediately exercisable, and the exercise period will expire 10 years from the date of issuance. Upon issuance, the warrants were classified as equity and recorded at their fair value of $1.7 million as additional paid-in-capital and as a debt discount which will be accreted over the life of the 2025 Loan Agreement using the effective interest method. See Note 4 for further discussion of these warrants.

*Interest Expense*

Interest expense is calculated using the effective interest method and is inclusive of non-cash amortization of the debt discount and accretion of the final payment at an effective interest rate of 12.9%. During the three months ended September 30, 2025, interest expense was $3.2 million, $0.6 million of which related to non-cash amortization of the debt discount and accretion of the final payment. During the nine months ended September 30, 2025, interest expense was $9.0 million, $1.8 million of which related to non-cash amortization of the debt discount and accretion of the final payment.

**4. STOCKHOLDERS' EQUITY**

***Amended and Restated Certificate of Incorporation***

On May 29, 2024, upon effecting the Separation, the Company's certificate of incorporation was amended and restated to authorize 120,000,000 shares of common stock and 15,000,000 shares of preferred stock, each with a par value of $0.0001 per share.

***Common Stock***

Following the Distribution and as of May 29, 2024, the Company had 14,475,904 shares of common stock outstanding. The Company issued one SEC-registered, publicly listed, share of Inhibrx for every four shares of the Former Parent's common stock held, resulting in 13,316,140 shares of common stock issued to common stockholders of the Former Parent. Upon the Distribution, the Former Parent retained an equity interest in the Company of 8%, or 1,157,926 shares. The Company issued 1,838 shares of common stock to Oxford in connection with the 2020 Oxford Warrants (as defined below) in the Distribution.

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***Securities Purchase Agreement***

In August 2023, the Company entered into a Securities Purchase Agreement, as amended, or the Purchase Agreement, with certain institutional and other accredited investors, or Purchasers, pursuant to which the Company sold and issued 3,621,314 shares of the Company's common stock for $19.35 per share and, with respect to certain Purchasers, pre-funded warrants to purchase 6,714,636 shares of the Company's common stock in a private placement transaction, or the Private Placement. The purchase price of the pre-funded warrants was $19.3499 per pre-funded warrant, with an exercise price of $0.0001 per share. The pre-funded warrants were exercisable upon issuance pursuant to certain beneficial ownership limitations as defined in the Purchase Agreement and will expire when exercised in full. During the second quarter of 2024, certain Purchasers exercised 2,747,245 pre-funded warrants on a cashless basis for a net of 2,746,454 shares of the Former Parent's common stock.

In connection with the execution of the Merger Agreement, the Former Parent entered into an Agreement Relating to the Pre-Funded Warrant to Purchase Common Stock and Securities Purchase Agreement, dated as of January 22, 2024, by and between the Former Parent and each holder of the pre-funded warrants purchased in the Private Placement so that on the date of the Distribution, any remaining pre-funded warrants of the Former Parent not already exercised to purchase the Former Parent's common stock became exercisable for an equivalent number of shares of the Company's common stock at an exercise price of $0.0001 per share, pursuant to certain beneficial ownership limitations. The Company has evaluated the amendment and accounted for this as a modification to the original Purchase Agreement.

As part of the Separation and Distribution, each holder of outstanding pre-funded warrants received (i) $30.00 per pre-funded warrant in cash, less the applicable exercise price per share, (ii) one contingent value right per share, representing the right to receive a contingent payment of $5.00 in cash upon the achievement of a regulatory milestone, and (iii) one pre-funded warrant of Inhibrx for every four of the Former Parent's pre-funded warrants held. Following the Separation and Distribution, pre-funded warrants to purchase 991,849 shares of the Company's common stock are outstanding at an exercise price of $0.0001 per share. The pre-funded warrants are exercisable upon issuance pursuant to certain beneficial ownership limitations as defined in the Purchase Agreement, as amended, and will expire when exercised in full.

***Oxford Warrants***

*Amended 2020 Loan Agreement*

In connection with the Amended 2020 Loan Agreement, the Company issued equity-classified warrants to Oxford, or the 2020 Oxford Warrants, in two tranches: (i) 7,354 warrants with an exercise price of $17.00, and (ii) 40,000 warrants with an exercise price of $45.00. As part of the Separation and Distribution, each holder of eligible outstanding warrants received (i) $30.00 per warrant in cash, less the applicable exercise price per share (ii) one contingent value right per share, representing the right to receive a contingent payment of $5.00 in cash upon the achievement of a regulatory milestone, and (iii) one SEC-registered, publicly listed, share of Inhibrx for every four of the Former Parent's warrants held. All outstanding warrants with an exercise price which exceeded the total consideration of $35.00 were canceled upon the Merger for no consideration.

Following the Separation, no 2020 Oxford Warrants were outstanding.

*2025 Loan Agreement*

In connection with the 2025 Loan Agreement, the Company issued warrants to Oxford, or the 2025 Oxford Warrants. The Company issued warrants to purchase 140,741 shares of the Company's common stock at an exercise price of $14.21 per share. The 2025 Oxford Warrants are exercisable upon issuance and will expire on January 13, 2035. The 2025 Oxford Warrants are equity-classified and carried at the instruments' fair value upon classification into equity, with no subsequent remeasurements.

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***Common Stock Reserved for Future Issuance***

Common stock reserved for future issuance as of September 30, 2025 for the Company and December 31, 2024 for the Former Parent consisted of the following (in thousands):

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| | | |
|:---|:---|:---|
| | **AS OF** | **AS OF** |
| | **SEPTEMBER 30, 2025** | **DECEMBER 31, 2024** |
| Options to purchase common stock issued and outstanding | 3590 | 3660 |
| Pre-funded warrants issued and outstanding | 992 | 992 |
| Shares available for future equity grants | 389 | 340 |
| Warrants issued and outstanding | 141 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total common stock reserved for future issuance | 5112 | 4992 |

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**5. EQUITY COMPENSATION PLAN** 

***2017 Plan***

The Company's share-based compensation plan, the Amended and Restated 2017 Employee, Director and Consultant Equity Incentive Plan, or the 2017 Plan, provided for the issuance of incentive stock options, restricted and unrestricted stock awards, and other stock-based awards. The 2017 Plan was terminated in connection with the Merger.

*Stock Option Activity*

The Company recognized compensation costs related to stock-based awards, including stock options, based on the estimated fair value of the awards on the date of grant. The Company granted options with an exercise price equal to the fair market value of the Company's stock on the date of the option grant. The options were subject to four-year vesting with a one-year cliff and had a contractual term of 10 years.

The aggregate intrinsic value of stock options exercised during the nine months ended September 30, 2024 was $65.3 million. Aggregate intrinsic value of stock options exercised was calculated using the fair value of common stock on the date of exercise. The total fair value of stock options vested during the nine months ended September 30, 2024 was $42.5 million. Following the Merger, there was no activity under the 2017 Plan and no stock options remained outstanding under the 2017 Plan.

*Settlement of Stock Options Upon Merger*

All outstanding options with an exercise price less than or equal to the total consideration of $35.00 vested immediately upon the Merger and were settled for the consideration of: (i) $30.00 per share in cash, less the applicable exercise price of their stock option and (ii) one contingent value right per share, representing the right to receive a contingent payment of $5.00 in cash upon the achievement of a regulatory milestone. All outstanding options with an exercise price which exceeded the total consideration of $35.00 were canceled upon the Merger for no consideration.

*Stock-Based Compensation Expense* 

The Company did not grant any stock options under the 2017 Plan during the nine months ended September 30, 2025 or September 30, 2024.

Stock-based compensation expense for stock options under the 2017 Plan consisted of the following (in thousands):

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| | |
|:---|:---|
| | **NINE MONTHS ENDED<br>SEPTEMBER 30, 2024** |
| Research and development | $32809 |
| General and administrative | 18725 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total stock-based compensation expense | $51534 |

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No expense was recognized under the 2017 Plan during the three and nine months ended September 30, 2025 or the three months ended September 30, 2024. As of September 30, 2025, the Company had no remaining unrecognized stock-based compensation expense related to its stock options under the 2017 Plan following the termination of the plan subsequent to the Merger.

***2024 Plan***

In connection with the Separation, the Company adopted the 2024 Omnibus Incentive Plan, or the 2024 Plan, which provides for the issuance of incentive stock options, restricted and unrestricted stock awards, and other stock-based awards. As of September 30, 2025, an aggregate of 4.0 million shares of common stock were authorized for issuance under the 2024 Plan, of which 0.4 million remained available for issuance.

*Stock Option Activity*

The Company recognizes compensation costs related to stock-based awards, including stock options, based on the estimated fair value of the awards on the date of grant. The Company grants stock options with an exercise price equal to the fair market value of the Company's stock on the date of the option grant. The stock options are generally subject to four-year vesting with a one-year cliff, or one-year vesting. All options have a contractual term of 10 years.

A summary of the Company's stock option activity under its 2024 Plan for the nine months ended September 30, 2025 is as follows (in thousands, except for per share data and years):

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| | | | | |
|:---|:---|:---|:---|:---|
| | **Number of Shares** | **Weighted Average Exercise Price** | **Weighted Average Remaining Contractual Term <br>(In Years)** | **Aggregate Intrinsic Value** |
| Outstanding as of December 31, 2024 | 3660 | $15.84 |  |  |
| Granted | 378 | $17.86 |  |  |
| Exercised | (22) | $15.86 |  |  |
| Forfeited | (426) | $15.86 |  |  |
| Outstanding as of September 30, 2025 | 3590 | $16.05 | 8.7 | $63 |
| Vested and exercisable as of September 30, 2025 | 1176 | $15.84 | 8.3 | $21 |

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The aggregate intrinsic value of stock options exercised during the nine months ended September 30, 2025 was $0.2 million. There were no stock options exercised during the nine months ended September 30, 2024. The total fair value of stock options vested during the nine months ended September 30, 2025 was $15.0 million. No stock options vested during the nine months ended September 30, 2024. The Company expects all outstanding stock options to vest.

*Stock-Based Compensation Expense* 

The weighted-average assumptions used by the Company to estimate the fair value of stock option grants using the Black-Scholes option pricing model, as well as the resulting weighted-average fair value, for the nine months ended September 30, 2025 and September 30, 2024 were as follows:

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| | | |
|:---|:---|:---|
| | **NINE MONTHS ENDED<br>SEPTEMBER 30,** | **NINE MONTHS ENDED<br>SEPTEMBER 30,** |
| | **2025** | **2024** |
| Risk-free interest rate | 3.92% | 4.56% |
| Expected volatility | 86.70% | 86.32% |
| Expected dividend yield | —% | —% |
| Expected term (in years) | 5.99 | 6.06 |
| Weighted average fair value | $13.32 | $11.89 |

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Stock-based compensation expense for stock options under the 2024 Plan consisted of the following (in thousands):

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| | | | | |
|:---|:---|:---|:---|:---|
| | **THREE MONTHS ENDED<br>SEPTEMBER 30,** | **THREE MONTHS ENDED<br>SEPTEMBER 30,** | **NINE MONTHS ENDED<br>SEPTEMBER 30,** | **NINE MONTHS ENDED<br>SEPTEMBER 30,** |
| | **2025** | **2024** | **2025** | **2024** |
| Research and development | $2048 | $1717 | $4886 | $2320 |
| General and administrative | 1127 | 1248 | 3509 | 1682 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total stock-based compensation expense | $3175 | $2965 | $8395 | $4002 |

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As of September 30, 2025, the Company had $28.7 million of total unrecognized stock-based compensation expense related to its stock options, which is expected to be recognized over a weighted-average period of 2.8 years.

**6. LICENSE REVENUES** 

The following table summarizes the total revenue recorded in the Company's condensed consolidated statements of operations (in thousands) during the nine months ended September 30, 2025 and September 30, 2024:

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| | | |
|:---|:---|:---|
| | **NINE MONTHS ENDED<br>SEPTEMBER 30,** | **NINE MONTHS ENDED<br>SEPTEMBER 30,** |
| | **2025** | **2024** |
| ***License fee revenue*** |  |  |
| Scithera, Inc. | $1300 | $— |
| Regeneron Pharmaceuticals, Inc. |  | 100 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total license fee revenue | $1300 | $100 |

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The Company did not recognize any revenue during the three months ended September 30, 2025 or September 30, 2024.

***License and Collaboration Agreements***

*Scithera License Agreement*

On March 31, 2025, the Company entered into a License and Assignment Agreement, or the Scithera License Agreement, with Scithera, Inc., or Scithera, a newly formed biotechnology company that focuses on antibody-based molecules.

Pursuant to the Scithera License Agreement, the Company licensed to Scithera the right to use certain assets in the Company's antibody library to research, develop, and commercialize antibody-based molecules to certain targets. Additionally, the Company assigned to Scithera its agreement with NorthStar Medical Technologies, LLC for the development of radiopharmaceuticals for the treatment of cancer. The Company also agreed to make available to Scithera certain research materials useful for identifying, generating, and developing antibodies from antibody libraries to enable Scithera's use of the assets licensed under the Scithera License Agreement.

Contingent upon Scithera's achievement of specified funding events, Scithera was required to pay the Company $1.3 million as a non-refundable payment. In addition, Scithera may make additional future milestone payments of

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up to an aggregate of $41.25 million per target upon the achievement of certain milestone events, and potential royalty payments on net sales in the low- to mid-single digits.

As of the effective date of the agreement, the Company identified one performance obligation, which was the transfer of licenses to Scithera for the specified assets and all related materials and know-how. During the second quarter of 2025, Scithera achieved the specified funding event and made a non-refundable payment of $1.3 million to the Company. Upon notice of the achievement of such funding event, the Company re-assessed the transaction price to be $1.3 million, which was allocated to the single performance obligation. All remaining consideration under the agreement is variable consideration associated with the achievement of specified development milestones, and as a result, has been fully constrained (excluded) from the transaction price until such time that the Company concludes that it is probable that a significant reversal of previously recognized revenue will not occur. These estimates will be reassessed at each reporting period.

During the second quarter of 2025, the Company completed its single performance obligation and recognized $1.3 million at the point in time upon the completion of the transfer of all licensed materials and know-how. During the nine months ended September 30, 2025, the Company recognized $1.3 million of revenue and received a payment of $1.3 million under the Scithera License Agreement. The Company did not recognize any revenue or receive any payments under the Scithera License Agreement during the three months ended September 30, 2025.

*Regeneron*

In June 2020, the Company entered into an Option and License Agreement with bluebird bio, Inc., or bluebird, pursuant to which the Company granted to bluebird exclusive worldwide rights to develop binders and cell therapy products containing single domain antibodies, or sdAbs, directed to specified targets, consisting of two initial programs and up to an additional 8 programs. The Company retained all rights to the specific sdAbs outside of the cell therapy field. In November 2021, this agreement was assigned to 2seventy bio, Inc., or 2seventy, in connection with bluebird's internal restructuring and subsequent spin-out of 2seventy, and subsequently in April 2024, this agreement, or the 2020 Regeneron Agreement, was assigned to Regeneron Pharmaceuticals, Inc., or Regeneron, in connection with the divestiture of 2seventy's oncology and autoimmune pipeline to Regeneron.

In June 2022, 2seventy selected a third program and paid a non-refundable upfront option fee in exchange for a development license and an option in which Regeneron may acquire an exclusive license with respect to all binders and cell therapy products developed under this agreement, which entitles the Company to additional fees upon exercise of the option. In connection with each program for which Regeneron exercises its option, Regeneron will be required to pay the Company a one-time, non-refundable, non-creditable fee in the low-single-digit millions. The Company is also entitled to receive certain developmental milestone payments of up to an aggregate of $51.5 million per therapeutic, as well as percentage tiered royalties on future product sales with rates in the mid-single digits. Due to the uncertainty in the achievement of the developmental milestones and future sales, the variable consideration associated with the future milestone payments has been fully constrained (excluded) from the transaction price until such time that the Company concludes that it is probable that a significant reversal of previously recognized revenue will not occur. These estimates will be re-assessed at each reporting period.

In May 2024, pursuant to the option extension terms in the 2020 Regeneron Agreement, Regeneron requested to extend the option term for its third program by an additional six months in exchange for an option extension fee of $0.1 million. The Company recognized the $0.1 million of revenue related to this extension at the point in time in which the extension was granted. In November 2024, Regeneron requested a second extension of the option term for an additional six months in exchange for an option extension fee of $0.1 million. The option period for this program expired in May 2025.

During the nine months ended September 30, 2024, the Company recognized $0.1 million of revenue related to this agreement. The Company did not recognize any revenue under this agreement during the three months ended September 30, 2024 or the three and nine months ended September 30, 2025.

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**7. RELATED PARTY TRANSACTIONS** 

From time to time, the Company will enter into an agreement with a related party in the ordinary course of its business. These agreements are ratified by the Company's Board of Directors or a committee thereof pursuant to policy.

***Separation and Distribution***

In connection with the Separation, as discussed in Note 1, the Former Parent completed a distribution to holders of its shares of common stock of 92% of the issued and outstanding shares of common stock of the Company, or the Distribution. The Former Parent retained an equity interest in the Company of 8%, or 1,157,926 shares upon the Distribution. Accordingly, the Company identified the Acquirer as a related party following the Merger with the Former Parent.

*Transition Services Agreement*

In connection with the Separation, the Company also entered into the Transition Services Agreement with the Former Parent under which the Company or one of its affiliates provide the Former Parent or other Sanofi entities with certain transition services for a limited time to ensure an orderly transition following the Separation. The services that the Company agreed to provide to the Former Parent or other Sanofi entities under the Transition Services Agreement include certain finance and accounting, including payroll, tax, and procurement, information technology, legal and intellectual property, clinical study support, technical operations, regulatory, quality assurance, commercial and medical affairs, and other services. The Former Parent pays the Company for any such services received by the Former Parent or other Sanofi entities, as applicable, at agreed amounts as set forth in the Transition Services Agreement.

During the second quarter of 2025, the Company substantially completed all obligations under the Transition Services Agreement. The Company has not billed the Former Parent for any services under the Transition Services during the nine months ended September 30, 2025 and does not expect any future billings. During the nine months ended September 30, 2025, the Company received payments of approximately $23,000 of previously billed services and following receipt, had no remaining receivables from related parties under the agreement.

**8. COMMITMENTS AND CONTINGENCIES**

***Operating Leases***

In September 2017, the Company entered into a seven-year lease agreement as its sole location in La Jolla, California, which contains an initial base rent of approximately $0.1 million per month with 2% annual escalations. In May 2019, the Company executed an amendment to its lease agreement to expand its facilities and began occupying this space in January 2020, which contains an initial base rent of approximately $30,000 per month with 2% annual escalations. Payments under each of the lease agreements include base rent plus a percentage of taxes and operating expenses incurred by the lessor in connection with the ownership and management of the property, the latter of which to be determined annually.

In November 2024, the Company entered into a new lease agreement for its existing facilities, or the 2024 Lease Agreement, for the period following the expiration of its two existing leases in June 2025 through June 2028, with an option to extend the lease an additional three years, which is not included in the right-of-use asset and lease liabilities. This agreement did not include any additional square footage. The 2024 Lease Agreement contains initial base rent of approximately $0.2 million per month with 3% annual escalations, plus a percentage of taxes and operating expenses incurred by the lessor in connection with the ownership and management of the property, the latter of which is to be determined annually. The 2024 Lease Agreement also provided for four months of base rent abatement of $0.2 million per month for the period of October 2024 through January 2025.

The Company determined the 2024 Lease Agreement contains a lease which should be accounted for as a single modified contract with its existing lease agreements. As a result, the Company remeasured the operating lease liability, resulting in an increase to its operating lease liability and right-of-use asset of $6.3 million as of the lease's commencement date, which was determined to be the effective date of the 2024 Lease Agreement. The Company utilized an estimated incremental fully collateralized borrowing rate of 10.2% in its present value calculation as the

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2024 Lease Agreement, which does not have a stated rate and did not have a readily determinable implicit rate. The estimated rate was determined using the rate of the 2025 Loan Agreement with Oxford entered into in January 2025.

The operating right-of-use asset and operating lease liability as of September 30, 2025 and December 31, 2024 were as follows (in thousands):

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| | | |
|:---|:---|:---|
| | **AS OF** | **AS OF** |
| | **SEPTEMBER 30, 2025** | **DECEMBER 31, 2024** |
| Operating right-of-use asset | $6004 | $7338 |
| Operating lease liability |  |  |
| &nbsp;&nbsp;Current | $2247 | $1595 |
| &nbsp;&nbsp;Non-current | 4741 | 6453 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total operating lease liability | $6988 | $8048 |

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During the three months ended September 30, 2025 and September 30, 2024, the Company recognized operating lease expense of $1.0 million and $0.9 million, respectively. During the nine months ended September 30, 2025 and September 30, 2024, the Company recognized operating lease expense of $2.9 million and $2.5 million, respectively.

During the three months ended September 30, 2025 and September 30, 2024, the Company paid $0.7 million and $0.4 million in cash for amounts included in the measurement of the operating lease liability, respectively. During the nine months ended September 30, 2025 and September 30, 2024, the Company paid $1.6 million and $1.5 million in cash for amounts included in the measurement of the operating lease liability, respectively.

As of September 30, 2025 and December 31, 2024, the Company's operating lease had a remaining term of 2.75 years and 3.5 years, respectively. The Company discounts its lease payments using its incremental borrowing rate as of the commencement of the lease. The Company determined a weighted-average discount rate of 10.2% as of September 30, 2025 and December 31, 2024.

Future minimum rental commitments for the Company's operating leases reconciled to the operating lease liability are as follows (in thousands):

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| | |
|:---|:---|
| | **AS OF** |
| | **SEPTEMBER 30, 2025** |
| 2025 (three months) | $703 |
| 2026 | 2855 |
| 2027 | 2941 |
| 2028 | 1492 |
| Total future minimum lease payments | 7991 |
| Less: imputed interest | (1003) |
| Total operating lease liability | 6988 |
| Less: current portion of operating lease liability | (2247) |
| Non-current portion of operating lease liability | $4741 |

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***Litigation***

The Company is not party to any material legal proceedings. From time to time, it may be involved in legal proceedings or subject to claims incident to the ordinary course of business. Regardless of the outcome, such proceedings or claims can have an adverse impact on the Company because of defense and settlement costs, diversion of resources and other factors, and there can be no assurances that favorable outcomes will be obtained.

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**Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations.**

*You should read the following discussion and analysis of our financial condition and results of operations in conjunction with our unaudited condensed consolidated financial statements and related notes included in Part I, Item 1 of this Quarterly Report, and our audited consolidated financial statements and notes thereto as of and for the fiscal year ended December 31, 2024 and the related Management's Discussion and Analysis of Financial Condition and Results of Operations, both of which are contained in our Annual Report on Form 10-K for the fiscal year ended December 31, 2024, or the Annual Report. Some of the information contained in this discussion and analysis or set forth elsewhere in this Quarterly Report contains forward-looking statements that involve risk and uncertainties, including those described in the section titled "Special Note Regarding Forward-Looking Statements." As a result of many factors, our actual results could differ materially from the results described in or implied by the forward-looking statements contained in the following discussion and analysis.* 

**Overview**

We are a clinical-stage biopharmaceutical company with a pipeline of novel biologic therapeutic candidates, developed using our proprietary modular protein engineering platforms. We leverage our innovative protein engineering technologies and deep understanding of target biology to create therapeutic candidates with attributes and mechanisms we believe to be superior to current approaches and applicable to a range of challenging, validated targets with high potential.

*Separation from Former Parent*

On May 29, 2024, Inhibrx, Inc., or the Former Parent, effected the spin-off of INBRX-101, an optimized, recombinant alpha-1 antitrypsin, or AAT, augmentation therapy in a registrational trial for the treatment of patients with alpha-1 antitrypsin deficiency, upon which the Former Parent completed a distribution to holders of its shares of common stock of 92% of the issued and outstanding shares of our common stock, or the Distribution. On May 30, 2024, the Former Parent completed a series of internal restructuring transactions, or the Separation.

On May 30, 2024, the Former Parent completed the merger, or the Merger, of Art Acquisition Sub, Inc., a wholly-owned subsidiary of Aventis Inc., or the Acquirer, a wholly-owned subsidiary of Sanofi S.A., or Sanofi, with and into the Former Parent with the Former Parent continuing as the surviving entity. Pursuant to the Merger (i) all assets and liabilities primarily related to INBRX-101, or the 101 Business, were transferred to the Acquirer; and (ii) by way of the Separation, we acquired the assets and liabilities and corporate infrastructure associated with its ongoing programs, INBRX-106 and ozekibart (INBRX-109), and its discovery pipeline, as well as the remaining close-out obligations related to its previously terminated program, INBRX-105. From and after the closing, Inhibrx continues to operate as a stand-alone, publicly traded company focused on ozekibart (INBRX-109) and INBRX-106, both of which are clinical-stage programs.

For periods prior to the spin-off, descriptions of historical business activities are presented as if the spin-off had already occurred, and the Former Parent's activities related to such assets and liabilities had been performed by us. Refer to Note 1 to our unaudited condensed consolidated financial statements included elsewhere in this Quarterly Report for further discussion of the underlying basis used to prepare the consolidated financial statements. The operating results presented in our historical financial statements prior to the Merger and in connection with the Separation and the Merger may not be indicative of our results following the Merger and Separation.

*Current Clinical Pipeline*

Our current clinical pipeline of therapeutic candidates includes ozekibart (INBRX-109) and INBRX-106, both of which utilize our multivalent formats where the precise valency can be optimized in a target-centric way to mediate what we believe to be the most appropriate agonist function:

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---

| | |
|:---|:---|
| ![INBRX-109 Blank.jpg](inhibrx-20250930_g1.jpg) | ![INBRX-106 Blank.jpg](inhibrx-20250930_g2.jpg) |
| **ozekibart (INBRX-109)** | **INBRX-106** |
| **Tetravalent DR5 agonist** | **Hexavalent OX40 agonist** |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Program** | **Therapeutic Area** | **Target(s)/Format** | **STAGE OF DEVELOPMENT** | **STAGE OF DEVELOPMENT** | **STAGE OF DEVELOPMENT** | **STAGE OF DEVELOPMENT** |
| **Program** | **Therapeutic Area** | **Target(s)/Format** | **Preclinical** | **Phase 1** | **Phase 2** | **Phase 3** |
| ozekibart (INBRX-109)\* | Oncology | DR5<br>Tetravalent Agonist |  |  |  |  |
| ozekibart (INBRX-109)\* | Oncology | DR5<br>Tetravalent Agonist |  |  |  |  |
| ozekibart (INBRX-109)\* | Oncology | DR5<br>Tetravalent Agonist |  |  |  |  |
| INBRX-106\*\* | Oncology | OX40<br>Hexavalent Agonist |  |  |  |  |
| INBRX-106\*\* | Oncology | OX40<br>Hexavalent Agonist |  |  |  |  |
| INBRX-106\*\* | Oncology | OX40<br>Hexavalent Agonist |  |  |  |  |

---

__________________

\* Currently being investigated in chondrosarcoma, colorectal cancer, Ewing sarcoma, and certain other solid tumor types.

\*\* Currently being investigated in patients with non-small cell lung cancer, or NSCLC, and head and neck squamous cell carcinoma, or HNSCC.

**ozekibart (INBRX-109)**

Ozekibart (INBRX-109) is a tetravalent death receptor 5, or DR5, agonist currently being evaluated in patients diagnosed with chondrosarcoma, colorectal cancer, and Ewing sarcoma.

*Chondrosarcoma*

In June 2021, based on the initial Phase 1 data results, we initiated a registration-enabling Phase 2 trial for the treatment of unresectable or metastatic conventional chondrosarcoma for which the United States Food and Drug Administration, or FDA, and the European Medicines Agency, or EMA, granted orphan drug designation in November 2021 and August 2022, respectively. The primary endpoint for this Phase 2 trial was progression-free survival, or PFS. This trial completed full enrollment in July 2025 and in October 2025, we announced the study met its primary endpoint of a statistically significant and clinically meaningful median PFS for patients with advanced or metastatic chondrosarcoma treated with ozekibart compared to placebo.

Ozekibart achieved a 52% reduction in the risk of disease progression or death compared to placebo (stratified Hazard Ratio 0.479; 95% CI: 0.33, 0.68); P<0.0001), more than doubling median PFS to 5.52 months versus 2.66 months for placebo. Importantly, ozekibart is the first investigational therapy to demonstrate a significant PFS benefit in a randomized trial for chondrosarcoma, a disease with no approved systemic options.

The benefit of ozekibart was consistent across all pre-specified subgroups, including patients with isocitrate dehydrogenase, or IDH, -wild-type and IDH-mutant tumors. Other key secondary endpoints, including disease control rate (54% vs 27.5%), and delay to deterioration in pain and physical function, further supported the clinical benefit observed with ozekibart.

------

Ozekibart was generally well tolerated, with a manageable safety profile. The most common treatment-related adverse events were fatigue, constipation, and nausea. Hepatotoxicity, a known risk for this mechanism of action, occurs during the first treatment cycle and is in patients with underlying hepatic impairment. One hepatotoxicity-related fatal event occurred early in the study, prior to the implementation of mitigation measures. Over the course of the ChonDRAgon study, this risk was effectively mitigated by excluding patients with severe liver impairment and by implementing close monitoring during early treatment cycles, allowing for prompt management of liver enzyme elevations. This approach resulted in a low overall incidence of treatment-related hepatic adverse events, 11.8% compared to 4.5% in the placebo arm, the majority of which were Grade 1 or 2 in severity.

We plan to submit to the FDA a biologics license application in the second quarter of 2026.

*Colorectal adenocarcinoma*

In January 2025, we announced interim efficacy and safety data from the cohort of the Phase 1/2 trial evaluating ozekibart (INBRX-109) in combination with FOLFIRI for the treatment of advanced or metastatic, unresectable colorectal adenocarcinoma, or CRC. Efficacy was assessed in 10 of the 13 patients evaluable as of the cutoff date of December 2, 2024, who received at least one dose of ozekibart, based on RECIST v1.1 criteria. Results demonstrated one complete response, or CR, three partial responses, or PR, and six cases of stable disease, or SD. Durable disease control lasting ≥180 days was observed in 46.2% of patients, with a median PFS of 7.85 months. All patients had received at least one prior line of systemic therapy (median: two; range: 1–6). Notably, the patient achieving a CR had undergone three prior lines of therapy, and two PRs occurred in patients who had failed prior FOLFIRI-based treatments.

Based on the initial results above, we initiated an expansion cohort enrolling 44 patients, as a fourth line of therapy for approximately 70% of patients and as a third line of therapy for approximately 30% of patients. 80% of patients had been previously treated with regimens containing irinotecan. In October 2025, we announced interim results from this expansion cohort. Efficacy, based on RECIST v1.1 criteria, was assessed in 26 evaluable patients as of the cutoff date of October 15, 2025, who had at least one post-baseline scan. The results show a 23% overall response rate, or ORR, and an overall disease control rate of 92%.

Ozekibart, in combination with FOLFIRI, was well tolerated. The most common treatment-emergent adverse events included anemia, diarrhea, nausea, and fatigue, with the majority being low-grade and consistent with the known safety profile of FOLFIRI.

*Ewing sarcoma* 

In November 2023, we announced interim efficacy and safety data from the cohort of the Phase 1/2 trial evaluating ozekibart (INBRX-109) in combination with Irinotecan, or IRI, and Temozolomide, or TMZ, for the treatment of advanced or metastatic, unresectable Ewing sarcoma. Four of the 13 evaluable patients at that time had prior IRI exposure, including two out of the four responses. ozekibart (INBRX-109) in combination with IRI/TMZ was well tolerated from a safety perspective.

Based on this preliminary data, the ongoing Phase 1/2 trial in the Ewing sarcoma cohort was expanded with an expectation of enrolling up to 50 patients. In October 2025, we announced interim results from this expansion cohort. Of the 33 patients recruited to date, more than half were third or fourth line patients. Among the 25 evaluable patients based on the cutoff date of October 15, 2025, we observed a 64% ORR, and a disease control rate of 92%, with the majority of patients experiencing measurable tumor reduction.

Ozekibart in combination with IRI/TMZ was well tolerated. The most common adverse events were diarrhea, nausea, anemia, and fatigue, all consistent with the known safety profile of IRI/TMZ.

**INBRX-106**

INBRX-106 is a precisely engineered hexavalent sdAb-based therapeutic candidate targeting OX40, designed to be an optimized agonist of this co-stimulatory receptor. It is currently being investigated as a single agent and in combination with Keytruda in patients with locally advanced or metastatic solid tumors. Parts 1 and 3, dose escalation as a single agent and in combination with Keytruda, have been completed. We observed durable responses across multiple tumor types.

------

In Part 4 of the Phase 1/2 trial, we continue to enroll patients with NSCLC in combination with Keytruda. Primary endpoints for this cohort is objective response rate, or ORR, disease control rate, or DCR, duration of response, or DOR, and safety. In addition, the NSCLC cohort evaluating patients dosed with chemotherapy in conjunction with the INBRX-106 and Keytruda combination is ongoing. The primary endpoint for this cohort is safety. We expect to have a more mature dataset on these cohorts during the fourth quarter of 2025 and plan to provide an update at that time.

In June 2024, a seamless Phase 2/3 clinical trial was initiated for INBRX-106 in combination with Keytruda as a first-line treatment for patients with local advanced recurrent or metastatic head HNSCC. This trial recruits patients who have not received prior checkpoint inhibitors and whose tumors express a PDL-1 CPS equal to or greater than 20. We plan to enroll approximately 60 patients in the Phase 2 portion with a primary endpoint of ORR supported by secondary endpoints of DOR, PFS, and safety. We expect to announce initial data on Phase 2 during the fourth quarter of 2025. If positive, we anticipate this data will ungate the Phase 3 portion, where we expect approximately 350 patients will be randomized to INBRX-106 or placebo in combination with Keytruda. The co-primary endpoints for the Phase 3 portion of the study will be PFS and overall survival.

**Components of Results of Operations** 

***Revenue***

As of the date of this Quarterly Report, all of our revenue has been derived from licenses with collaboration partners and grant awards. We have not generated any revenue from the commercial sale of approved therapeutic products to date.

***Operating Expenses***

*Research and Development* 

As of the date of this Quarterly Report, our research and development expenses have related primarily to research activities, including our discovery efforts, and preclinical and clinical development and the manufacturing of our therapeutic candidates. Research and development expenses are recognized as incurred and payments made prior to the receipt of goods or services to be used in research and development are capitalized until the goods or services are received.

In accordance with the applicable accounting and regulatory requirements, we track all research and development expenses in the aggregate and do not manage or track either external or internal expenses on a program-by-program basis. External research and development expenses are instead managed and tracked by the nature of the activity, and primarily consist of contract manufacturing and clinical trial expenses. Internal research and development expenses primarily relate to personnel, early research and consumable costs, which are deployed across multiple projects under development. We manage and prioritize our research and development expenses based on scientific data, probability of successful technical development and regulatory approval, market potential and unmet medical need, among other considerations. We regularly review our research and development activities and, as necessary, reallocate resources that we believe will best support the long-term growth of our overall business. We review expenses incurred by vendor and by contract as benchmarked against the progression of our clinical and other milestones.

External research and development expenses consist of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• expenses incurred in connection with the preclinical development of our programs;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• clinical trials of our therapeutic candidates, including under agreements with third parties, such as consultants and contract research organizations, or CROs;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• expenses associated with the manufacturing of our therapeutic candidates under agreements with contract development and manufacturing organizations, or CDMOs;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• expenses associated with regulatory requirements, including fees and other expenses related to our Scientific Advisory Board; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• other external expenses, such as laboratory services related to our discovery and development programs and other shared services.

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Internal research and development expenses consist of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• salaries, benefits and other related costs, including non-cash stock-based compensation under the former Amended and Restated 2017 Employee, Director and Consultant Equity Incentive Plan, or the 2017 Plan, and the 2024 Omnibus Incentive Plan, or the 2024 Plan, for personnel engaged in research and development functions;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• facilities, depreciation and other expenses, which include direct and allocated expenses for depreciation and amortization, rent and maintenance of facilities; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• other internal expenses, such as laboratory supplies and other shared research and development costs.

We expect that research and development expense will continue to increase over the next several years as we continue development of our therapeutic candidates currently in clinical stage development and support our preclinical programs. In particular, clinical development of our therapeutic candidates, as opposed to preclinical development, generally has higher development costs, primarily due to the increased size and duration of later-stage clinical trials. Moreover, the costs associated with our CDMOs to manufacture our therapeutic candidates and future commercial products is also much more costly as compared to early-stage preclinical development. We cannot determine with certainty the timing of initiation, the duration or the completion costs of current or future preclinical studies and clinical trials of our therapeutic candidates due to the inherently unpredictable nature of preclinical and clinical development. Preclinical and clinical development timelines, the probability of success and development costs can differ materially from expectations. We anticipate that we will make determinations as to which therapeutic candidates to pursue and how much funding to direct to each therapeutic candidate on an ongoing basis in response to the results of ongoing and future preclinical studies and clinical trials, regulatory developments, and our ongoing assessments as to each therapeutic candidate's commercial potential. We will need substantial additional capital in the future to support these efforts. In addition, we cannot forecast which therapeutic candidates may be subject to future collaborations, when such arrangements will be secured, if at all, and to what degree such arrangements would affect our development plans and capital requirements.

Our clinical development costs may vary significantly based on factors such as:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the per patient trial costs;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the number of trials required for approval;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the number of sites included in the trials;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the countries in which the trials are conducted;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the length of time required to enroll eligible patients;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the number of patients that participate in the trials;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the ability to identify patients eligible for our clinical trials;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the number of doses that patients receive;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the drop-out or discontinuation rates of patients;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the potential additional safety monitoring requested by regulatory agencies;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the duration of patient participation in the trials and follow-up;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the cost, timing, and successful manufacturing of our therapeutic candidates;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the phase and development of our therapeutic candidates;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the efficacy and safety profile of our therapeutic candidates;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the timing, receipt, and terms of any approvals from applicable regulatory authorities including the FDA and non-U.S. regulators;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• maintaining a continued acceptable safety profile of our therapeutic candidates following approval, if any;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• significant and changing government regulation and regulatory guidance;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the ability to attract and retain personnel;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the impact of any business interruptions to our operations or to those of the third parties with whom we work;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the uncertainties related to potential economic downturn, inflation, interest rates, geopolitical events and widespread health events on capital and financial markets, the supply chain and our expenses; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the extent to which we establish additional strategic collaborations or other arrangements.

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*General and Administrative* 

General and administrative, or G&A, expenses consist primarily of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• salaries, benefits and other related costs, including non-cash stock-based compensation under the former 2017 Plan and 2024 Plan, for personnel engaged in G&A functions;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• expenses incurred in connection with accounting, audit, and tax services, legal services, including costs associated with obtaining and maintaining our patent portfolio, investor relations and consulting expenses under agreements with third parties, such as consultants and contractors;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• expenses incurred in connection with commercialization and business development activity; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• facilities, depreciation and other expenses, which include direct and allocated expenses for depreciation and amortization, rent and maintenance of facilities, insurance and supplies.

We expect certain of our G&A expenses will continue to increase in the future to support our continued research and development activities, including costs related to pre-commercialization and business development activities. Additionally, we will continue to incur other professional service fees, including but not limited to, legal costs associated with the filing, prosecution, and maintenance of our patents for our therapeutic candidates, and other legal matters, as well as costs associated with services for compliance, accounting, legal, regulatory, tax, investor and public relations.

***Other Income (Expense)***

*Gain related to transaction with Acquirer.* Gain related to transaction with Acquirer consists of our gain recorded in connection with the completion of the Merger during the second quarter of 2024. We do not expect future income or gains in connection with the Merger in future periods.

*Interest expense.* Interest expense consists of interest on our 2025 Loan Agreement with Oxford during the three and nine months ended September 30, 2025 and on our former loans with Oxford incurred prior to the Merger in 2024, upon which the outstanding debt was assumed by the Acquirer.

*Interest income.* Interest income consists of interest earned on cash and cash equivalents.

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**Results of Operations** 

***Comparison of the Three Months Ended September 30, 2025 and September 30, 2024***

The following table summarizes our condensed consolidated results of operations for each of the periods indicated (in thousands, except percentages):

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| | | | | |
|:---|:---|:---|:---|:---|
| | **THREE MONTHS ENDED<br>SEPTEMBER 30,** | **THREE MONTHS ENDED<br>SEPTEMBER 30,** | **CHANGE** | **CHANGE** |
| | **2025** | **2024** | **($)** | **(%)** |
| Operating expense: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Research and development | $28535 | $38893 | $(10358) | (27)% |
| &nbsp;&nbsp;&nbsp;&nbsp;General and administrative | 5277 | 7904 | (2627) | (33)% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total operating expense | 33812 | 46797 | (12985) | (28)% |
| Loss from operations | (33812) | (46797) | 12985 | (28)% |
| Other income (expense) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest expense | (3181) |  | (3181) | 100% |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest income | 1783 | 2892 | (1109) | (38)% |
| &nbsp;&nbsp;&nbsp;&nbsp;Other income (expense), net | (46) | 41 | (87) | (212)% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total other income (expense) | (1444) | 2933 | (4377) | (149)% |
| Provision for income taxes |  |  |  | —% |
| Net loss | $(35256) | $(43864) | $8608 | (20)% |

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*Research and Development Expense*

The following table sets forth the primary external and internal research and development expenses (in thousands, except percentages):

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **THREE MONTHS ENDED<br>SEPTEMBER 30,** | **THREE MONTHS ENDED<br>SEPTEMBER 30,** | **CHANGE** | **CHANGE** |
| | **2025** | **2024** | **($)** | **(%)** |
| External expenses: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Clinical trials | $11853 | $11691 | $162 | 1% |
| &nbsp;&nbsp;&nbsp;&nbsp;Contract manufacturing | 1892 | 10417 | (8525) | (82)% |
| &nbsp;&nbsp;&nbsp;&nbsp;Other external research and development | 2666 | 2836 | (170) | (6)% |
| Internal expenses: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Personnel | 8801 | 10010 | (1209) | (12)% |
| &nbsp;&nbsp;&nbsp;&nbsp;Equipment, depreciation, and facility | 2536 | 2583 | (47) | (2)% |
| &nbsp;&nbsp;&nbsp;&nbsp;Other internal research and development | 787 | 1356 | (569) | (42)% |
| Total research and development expenses | $28535 | $38893 | $(10358) | (27)% |

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Research and development expenses decreased by $10.4 million from $38.9 million during the three months ended September 30, 2024 to $28.5 million during the three months ended September 30, 2025. The overall decrease was primarily due to the following factors:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• clinical trial expense increased by $0.2 million as a result of increased expenses related to our ongoing trials for ozekibart (INBRX-109) and INBRX-106, which were offset in part by decreased expenses following the termination of our INBRX-105 program during 2024;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• contract manufacturing expense decreased by $8.5 million, primarily due to significant expenses incurred for Phase 2 process development and manufacturing activities performed by one of our CDMO partners for our ozekibart (INBRX-109) program during the three months ended September 30, 2024;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• personnel-related expense decreased by $1.2 million due to a decrease in headcount during the three months ended September 30, 2025; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• other research and development expenses decreased by $0.7 million, which was primarily attributable to a decrease in certain non-recurring sponsored research and preclinical activities, as well as a decrease in purchases of lab supplies following the decrease in headcount during the three months ended September 30, 2025.

*G&A Expense*

G&A expenses decreased by $2.6 million from $7.9 million during the three months ended September 30, 2024 to $5.3 million during the three months ended September 30, 2025. The overall decrease was primarily due to the following factors:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• professional services-related expenses related to legal services decreased by $1.9 million, primarily attributable to the conclusion of legal proceedings; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• personnel-related expenses decreased by $0.5 million due to a decrease in headcount during the three months ended September 30, 2025.

*Other Income (Expense)*

*Interest expense.* Interest expense was $3.2 million during the three months ended September 30, 2025, all of which related to interest incurred and the amortization of debt discounts related to the 2025 Loan Agreement, under which we had $100.0 million in outstanding principal during the period. We did not incur any interest during the three months ended September 30, 2024 following the extinguishment of our outstanding debt in connection with the Merger.

*Interest income.* During the three months ended September 30, 2025 and September 30, 2024, we earned $1.8 million and $2.9 million of interest income related to interest earned on our sweep and money market account balances, respectively.

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***Comparison of the Nine Months Ended September 30, 2025 and September 30, 2024***

The following table summarizes our condensed consolidated results of operations for each of the periods indicated (in thousands, except percentages):

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| | | | | |
|:---|:---|:---|:---|:---|
| | **NINE MONTHS ENDED<br>SEPTEMBER 30,** | **NINE MONTHS ENDED<br>SEPTEMBER 30,** | **CHANGE** | **CHANGE** |
| | **2025** | **2024** | **($)** | **(%)** |
| Revenue: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;License fee revenue | $1300 | $100 | $1200 | 1200% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total revenue | 1300 | 100 | 1200 | 1200% |
| Operating expense: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Research and development | 87679 | 170376 | (82697) | (49)% |
| &nbsp;&nbsp;&nbsp;&nbsp;General and administrative | 17723 | 111244 | (93521) | (84)% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total operating expense | 105402 | 281620 | (176218) | (63)% |
| Loss from operations | (104102) | (281520) | 177418 | (63)% |
| Other income (expense) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Gain related to transaction with Acquirer |  | 2021498 | (2021498) | (100)% |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest expense | (9011) | (13491) | 4480 | (33)% |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest income | 6236 | 8937 | (2701) | (30)% |
| &nbsp;&nbsp;&nbsp;&nbsp;Other expense, net | (342) | 15 | (357) | (2380)% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total other income (expense) | (3117) | 2016959 | (2020076) | (100)% |
| Provision for income taxes | 2 | 2 |  | —% |
| Net income (loss) | $(107221) | $1735437 | $(1842658) | (106)% |

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*License Fee Revenue*

License fee revenue during the nine months ended September 30, 2025 was $1.3 million and consisted of revenue related to the Scithera License Agreement which we recognized following the completion of the transfer of all licenses, related materials, and know-how. License fee revenue during the nine months ended September 30, 2024 was $0.1 million and consisted of revenue related to the 2020 Regeneron Agreement which we recognized following the grant of a six-month extension of the option term.

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*Research and Development Expense*

The following table sets forth the primary external and internal research and development expenses (in thousands, except percentages):

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **NINE MONTHS ENDED<br>SEPTEMBER 30,** | **NINE MONTHS ENDED<br>SEPTEMBER 30,** | **CHANGE** | **CHANGE** |
| | **2025** | **2024** | **($)** | **(%)** |
| External expenses: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Clinical trials | $29200 | $39339 | $(10139) | (26)% |
| &nbsp;&nbsp;&nbsp;&nbsp;Contract manufacturing | 14270 | 46911 | $(32641) | (70)% |
| &nbsp;&nbsp;&nbsp;&nbsp;Other external research and development | 7260 | 9439 | (2179) | (23)% |
| Internal expenses: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Personnel | 26764 | 62454 | (35690) | (57)% |
| &nbsp;&nbsp;&nbsp;&nbsp;Equipment, depreciation, and facility | 7682 | 7200 | 482 | 7% |
| &nbsp;&nbsp;&nbsp;&nbsp;Other internal research and development | 2503 | 5033 | (2530) | (50)% |
| Total research and development expenses | $87679 | $170376 | $(82697) | (49)% |

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Research and development expenses decreased by $82.7 million from $170.4 million during the nine months ended September 30, 2024 to $87.7 million during the nine months ended September 30, 2025. The overall decrease was primarily due to the following factors:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• clinical trial expense decreased by $10.1 million, primarily due to decreased expenses following the spin-off of our INBRX-101 program, which occurred during the second quarter of 2024, and the termination of our INBRX-105 program during 2024, in addition to decreases in expenses in our registration-enabling Phase 2 trial for ozekibart (INBRX-109) for the treatment of unresectable or metastatic conventional chondrosarcoma as the trial approached completion of enrollment ahead of our data readout. These decreases in expenses were offset in part by increases in our ongoing trials for INBRX-106, in which we opened additional sites and increased enrollment during the period;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• contract manufacturing expense decreased by $32.6 million primarily due to a decrease in expenses in the current period following the purchase of raw materials for our drug substance manufacturing and Phase 2 process development and manufacturing activities with one of our CDMO partners for our ozekibart (INBRX-109) program during the nine months ended September 30, 2024, as well as decreased expenses following the spin-off of our INBRX-101 program, which occurred during the second quarter of 2024;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• personnel-related expense decreased by $35.7 million, which was primarily related to $25.9 million in stock option expense recognized during the nine months ended September 30, 2024 upon the acceleration of outstanding options in connection with the close of the Merger, in addition to a decrease in headcount during the nine months ended September 30, 2025; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• other research and development expenses decreased by $4.7 million, which was primarily attributable to a decrease in certain non-recurring sponsored research and preclinical activities, as well as a decrease in purchases of lab supplies and travel expenses following the decrease in headcount during the nine months ended September 30, 2025.

*G&A Expense*

G&A expenses decreased by $93.5 million from $111.2 million during the nine months ended September 30, 2024 to $17.7 million during the nine months ended September 30, 2025. The overall decrease during the nine months ended September 30, 2025, was primarily due to the following factors:

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• expenses related to the Merger of $68.1 million, consisting of legal, advisory, and consulting services performed in connection to the transaction, and SEC filing fees in connection with filings related to the transaction during the nine months ended September 30, 2024;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• personnel-related expenses decreased by $18.5 million, which was primarily related to $15.2 million in stock option expense recognized during the nine months ended September 30, 2024 upon the acceleration of outstanding options in connection with the close of the Merger, in addition to a decrease in headcount during the nine months ended September 30, 2025; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• professional services-related expenses related to legal services, which decreased by $3.9 million, primarily attributable to the conclusion of legal proceedings.

*Other Income (Expense)*

*Gain related to transaction with Acquirer.* During the nine months ended September 30, 2024, we earned $2.0 billion of other income, consisting of gains recorded in connection with the completion of the Merger. We recorded a gain of $1.7 billion related to Merger consideration for our outstanding common stock, warrants, and stock options, in addition to $211.3 million related to the extinguishment of our Amended 2020 Loan Agreement assumed by the Acquirer. In addition to the Acquirer assuming our outstanding debt, the Acquirer assumed outstanding assets and liabilities related to INBRX-101 upon the transaction, resulting in a gain of $14.5 million. The Acquirer also reimbursed us for or paid on our behalf $68.0 million of transaction costs related to the Merger, resulting in a gain. We did not earn income or gains in connection with the Merger during the nine months ended September 30, 2025 and do not expect to in future periods.

*Interest expense.* Interest expense was $9.0 million during the nine months ended September 30, 2025, all of which related to interest incurred and the amortization of debt discounts related to the 2025 Loan Agreement, under which we had $100.0 million in outstanding principal during the period. Interest expense was $13.5 million during the nine months ended September 30, 2024, all of which related to interest incurred and the amortization of debt discounts related to the Amended 2020 Loan Agreement, under which we had $200.0 million in outstanding principal during the period prior to its extinguishment upon the Merger.

*Interest income.* During the nine months ended September 30, 2025 and September 30, 2024, we earned $6.2 million and $8.9 million, respectively, of interest income related to interest earned on our sweep and money market account balances.

**Liquidity, Capital Resources and Financial Condition** 

***Sources of Liquidity***

As of the date of this Quarterly Report, sources of capital raised to fund our operations have been comprised of the sale of equity securities, borrowings under our prior loan and security agreements, payments received from commercial partners for licensing rights to our therapeutic candidates under development, grants, and proceeds from the sale and issuance of convertible promissory notes.

In January 2025, we entered into the 2025 Loan Agreement, upon which we received gross proceeds of $100.0 million. The 2025 Loan Agreement provides for up to an additional $50.0 million to be funded upon our request and at Oxford's sole discretion.

***Future Funding Requirements***

Since our inception, we have devoted substantially all of our efforts to therapeutic drug discovery and development, conducting preclinical studies and clinical trials, enabling manufacturing activities in support of our therapeutic candidates, pre-commercialization activities, organizing and staffing the Company, establishing our intellectual property portfolio, and raising capital to support and expand these activities. Cash used to fund operating expenses is impacted by the timing of when we pay these expenses, as reflected in the change in our outstanding accounts payable and accrued expenses. Our net income or losses may fluctuate significantly from quarter-to-quarter and year-to-year, depending on the timing of our clinical trials and our expenditures on other research and development activities, as well as the timing of other corporate transactions. During the nine months ended September 30, 2025 our net loss was $107.2 million. As of September 30, 2025, we had an accumulated deficit of $213.4 million and cash and cash equivalents of $153.1 million.

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Based upon our current operating plans, we believe that our existing cash and cash equivalents will be sufficient to fund our operations for at least the next 12 months from the date of filing of this Quarterly Report. Our forecast of the period through which our financial resources will be adequate to support our operations is a forward-looking statement that involves risks and uncertainties, and actual results could vary materially. We have based this estimate on assumptions that may prove to be wrong, and we could deplete our capital resources sooner than we expect.

The process of conducting preclinical studies and testing therapeutic candidates in clinical trials is costly, and the timing of progress and expenses in these studies and trials is uncertain. We expect to continue to incur net losses for the foreseeable future until, if ever, we have an approved product and can successfully commercialize it. We expect our research and development expenses to increase as we continue our development of, and seek marketing approvals for, our therapeutic candidates (especially as we move more candidates into later stages of clinical development), and begin to commercialize any approved products, if ever. At this time, we are preparing to proceed with the commercialization of certain of our therapeutic candidates, if ever approved. As a result, we will incur significant pre-commercialization expenses in preparation for launch, the outcome of which is uncertain. Additionally, if approved and if we choose to commercialize, we would incur significant commercialization expenses related to product sales, marketing, manufacturing, and distribution.

Until such time we, if ever, can generate substantial product revenue, we expect to finance our cash needs through equity offerings, debt financings or other capital sources, including strategic licensing and collaborations, strategic transactions, or other similar arrangements and transactions, and from time to time, we engage in discussions with potential acquirers regarding the disposition of one or more of our therapeutic candidates. If the Company does raise additional capital through public or private equity or convertible debt offerings, the ownership interests of its existing stockholders will be diluted, and the terms of those securities may include liquidation or other preferences that adversely affect its stockholders' rights. If the Company raises capital through additional debt financings, it may be subject to covenants limiting or restricting its ability to take specific actions, such as incurring additional debt or making certain capital expenditures. To the extent that the Company raises additional capital through strategic licensing, collaboration or other similar agreements, it may have to relinquish valuable rights to its therapeutic candidates, future revenue streams or research programs at an earlier stage of development or on less favorable terms than it would otherwise choose, or to grant licenses on terms that may not be favorable to the Company. However, there can be no assurance as to the availability or terms upon which such finances or capital might be available in the future. If we are unable to secure adequate additional funding, we will need to reevaluate our operating plan and may be forced to make reductions in spending, extend payment terms with suppliers, liquidate assets where possible, delay, scale back or eliminate some or all of our development programs, or relinquish rights to our intellectual property on less favorable terms than we would otherwise choose. These actions could materially impact our business, results of operations, financial condition, and prospects.

Our future liquidity and capital funding requirements will depend on numerous factors, including:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the outcome, costs and timing of preclinical studies and clinical trials for our current or future therapeutic candidates;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• whether and when we are able to obtain marketing approval to market any of our therapeutic candidates and the outcome of meetings with applicable regulatory agencies, including the FDA;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• our ability to successfully commercialize, including the costs and timing of manufacturing, any therapeutic candidates that receive marketing approval;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the emergence and effect of competing or complementary therapeutics or therapeutic candidates;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• our ability to maintain, expand and defend the scope of our intellectual property portfolio, including the amount and timing of any payments we may be required to make, or that we may receive, in connection with the licensing, filing, prosecution, defense and enforcement of any patents or other intellectual property rights;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• our ability to retain our current employees and the need and ability to hire additional management and scientific and medical personnel;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the costs and timing of establishing or securing sales and marketing capabilities if any current or future therapeutic candidate is approved;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the terms and timing of any strategic licensing, collaboration or other similar agreement that we have established or may establish;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• our ability to achieve market acceptance, coverage and adequate reimbursement from third-party payors and adequate market share and revenue for any approved therapeutics;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• our ability to repay, refinance or restructure when payment is due any indebtedness we might incur, including in the event such indebtedness is accelerated;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the valuation of our capital stock; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the continuing or future effects of a potential economic downturn, inflation, interest rates, geopolitical events, and widespread health events on capital and financial markets, the supply chain and our expenses.

We do not own or operate manufacturing and testing facilities for the production of any of our therapeutic candidates, nor do we have plans to develop our own manufacturing operations in the foreseeable future. We currently rely on a limited number of third-party contract manufacturers for all of our required raw materials, antibodies and other biologics for our preclinical research, clinical trials, and if and when applicable, commercial product, and employ internal resources to manage our manufacturing relationships with these third parties.

*Commitments*

Our material cash requirements from known contractual and other obligations primarily relate to our lease obligations and services provided by our third party CROs and CDMOs.

Our lease for our laboratory and office space expires in 2028, with an option to extend for an additional three years. As of September 30, 2025, we had future minimum rental payments under these leases of $8.0 million, of which $2.8 million and $5.2 million are current and non-current, respectively. For more information regarding these lease agreements, refer to Note 8 to the unaudited condensed consolidated financial statements.

We enter into contracts in the normal course of business with CROs related to our ongoing preclinical studies and clinical trials and with CDMOs for clinical supplies and manufacturing scale-up activities. These contracts are generally cancellable, with notice, at our option. We have recorded accrued expenses of approximately $20.4 million in our condensed consolidated balance sheets for expenditures incurred by CROs and CDMOs as of September 30, 2025.

While these contracts are generally cancellable, some may contain specific activities that involve one or more noncancellable commitments. Depending on the timing and reasoning of the exit, certain termination penalties may apply and can range from the cost of work performed to date up to twelve months of future committed manufacturing costs. As of September 30, 2025, the noncancellable portion of these contracts totaled in aggregate, excluding amounts recorded in accounts payable and accrued expenses as of this date, approximately $12.6 million. The noncancellable purchase commitments relate to future contract manufacturing of drug supply for one of our therapeutic candidates.

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**Cash Flow Summary**

The following table sets forth a summary of the net cash flow activity for each of the periods indicated (in thousands):

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| | | |
|:---|:---|:---|
| | **NINE MONTHS ENDED SEPTEMBER 30,** | **NINE MONTHS ENDED SEPTEMBER 30,** |
| | **2025** | **2024** |
| Net cash used in operating activities | $(99672) | $(150689) |
| Net cash used in investing activities | (28) | (2581) |
| Net cash provided by financing activities | 100192 | 71678 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net increase (decrease) in cash and cash equivalents | $492 | $(81592) |

---

***Operating Activities***

Net cash used in operating activities was $99.7 million during the nine months ended September 30, 2025 and consisted primarily of a net loss of $107.2 million, adjusted for non-cash items, including accretion on our debt discount and the non-cash portion of interest expense related to our debt of $1.8 million, stock-based compensation expense of $8.4 million, depreciation and amortization of $1.9 million, and non-cash lease expense of $1.3 million. Changes in operating assets and liabilities also contributed to the cash used in operating activities, including the decrease in operating lease liability of $1.1 million as a result of lease payments made throughout the period, an increase in accounts receivables and other receivables of $0.4 million, and decreases in accounts payable of $2.5 million and accrued expenses of $2.9 million due to the timing of payments to our CRO and CDMO partners during the period. These uses of cash were offset in part by a decrease in prepaid expenses and other current assets of $1.0 million as a result of the timing of payments to our CRO and CDMO partners during the period.

Net cash used in operating activities was $150.7 million during the nine months ended September 30, 2024 and consisted primarily of a net income of $1.7 billion, adjusted for non-cash items. Non-cash adjustments primarily relate to gains recorded upon the Merger of $2.0 billion. Other non-cash adjustments include accretion on our debt discount and the non-cash portion of interest expense related to our debt of $2.1 million, stock-based compensation expense of $55.5 million, depreciation and amortization of $1.6 million and non-cash lease expense of $1.4 million. Changes in operating assets and liabilities also contributed to the cash used in operating activities, primarily related to an increase in other non-current assets of $3.5 million due to prepayments and additional deposits we made to our CRO partners during the period. Additionally, the operating lease liability decreased by $1.3 million as a result of lease payments made throughout the period. These uses of cash were offset by increases in accrued expenses and other current liabilities of $35.9 million and an increase in accounts payable of $21.0 million due to the timing of payments to our CRO and CDMO partners during the period, each of which excludes the liabilities related to INBRX-101 which were assumed by the Acquirer in the Merger.

***Investing Activities***

Net cash used in investing activities was $28,000 and $2.6 million during the nine months ended September 30, 2025 and September 30, 2024, respectively, and was related to capital purchases of software and laboratory equipment.

***Financing Activities***

Net cash provided by financing activities was $100.2 million during the nine months ended September 30, 2025, which consisted primarily of net proceeds of $99.8 million from the 2025 Loan Agreement which we entered into in January 2025, in addition to $0.4 million from the proceeds from the exercise of stock options. Net cash provided by financing activities was $71.7 million during the nine months ended September 30, 2024, which consisted of proceeds from the exercise of stock options.

**Critical Accounting Estimates and Policies** 

Our management's discussion and analysis of our financial condition and results of operations is based on our condensed consolidated financial statements, which have been prepared in accordance with accounting principles generally accepted in the United States of America. The preparation of financial statements requires us to make estimates and judgments that affect the reported amounts of assets, liabilities, revenues, costs and expenses and

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related disclosures. We base our estimates on historical experience and on various other assumptions that we believe to be reasonable under the circumstances. Changes in estimates are reflected in reported results for the period in which they become known. Actual results could differ significantly from the estimates made by our management.

There have been no material changes to our critical accounting policies and estimates from those disclosed in our financial statements and the related notes and other financial information included in the 2024 Annual Report.

**Emerging Growth Company**

We are an "emerging growth company," as defined in the Jumpstart Our Business Startups Act, or the JOBS Act, enacted in 2012. As such, we are eligible for exemptions from various reporting requirements applicable to other public companies that are not emerging growth companies, including, but not limited to, presenting only two years of audited financial statements, not being required to comply with the auditor attestation requirements of Section 404, reduced disclosure obligations regarding executive compensation, and an exemption from the requirements to obtain a non-binding advisory vote on executive compensation or golden parachute arrangements.

In addition, an emerging growth company can take advantage of an extended transition period provided in Section 7(a)(2)(B) of the Securities Act for complying with new or revised accounting standards. We have irrevocably elected not to avail ourselves of this exemption and, therefore, we will be subject to the same new or revised accounting standards as other public companies that are not emerging growth companies.

**Smaller Reporting Company Status**

Additionally, we are a "smaller reporting company," as defined in Rule 12b-2 under the Exchange Act. As such, we are eligible for exemptions from various reporting requirements applicable to other public companies that are not smaller reporting companies, including, but not limited to, reduced disclosure obligations regarding executive compensation.

We will remain a smaller reporting company as long as either: (i) the market value of the shares of our common stock held by non-affiliates is less than $250.0 million as of the last business day of our most recently completed second fiscal quarter; or (ii) our annual revenue is less than $100.0 million during the most recently completed fiscal year and the market value of the shares of our common stock held by non-affiliates is less than $700.0 million as of the last business day of our most recently completed second fiscal quarter.

**Recent Accounting Pronouncements** 

See Note 1 to our unaudited condensed consolidated financial statements included elsewhere in this Quarterly Report for a discussion of recent accounting pronouncements and their effect, if any, on us.

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**Item 3. Quantitative and Qualitative Disclosures about Market Risks.**

We are a smaller reporting company as defined by Rule 12b-2 of the Exchange Act, and are not required to provide the information required under this item.

**Item 4. Controls and Procedures.**

***Evaluation of Disclosure Controls and Procedures***

We maintain disclosure controls and procedures that are designed to ensure that information required to be disclosed in our reports filed pursuant to the Exchange Act is recorded, processed, summarized and reported within the time periods specified in the SEC's rules and forms, and that such information is accumulated and communicated to our management, including our principal executive officer and principal financial and accounting officer, as appropriate, to allow timely decisions regarding required disclosure.

Our management, with the participation and supervision of our Chief Executive Officer and our Chief Financial Officer, evaluated the effectiveness of our disclosure controls and procedures (as defined in Rules 13a-15(e) and 15d-15(e) under the Exchange Act) as of the end of the period covered by this Quarterly Report. Based on that evaluation, our Chief Executive Officer and our Chief Financial Officer have concluded that, as of the end of the period covered by this Quarterly Report, our disclosure controls and procedures were designed and operating effectively at the reasonable assurance level.

***Changes in Internal Control over Financial Reporting***

There were no changes in our internal control over financial reporting that occurred during the quarter ended September 30, 2025 that have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.

***Inherent Limitations on Effectiveness of Controls***

Our management, including our Chief Executive Officer and our Chief Financial Officer, does not expect that our disclosure controls or our internal control over financial reporting will prevent or detect all error and all fraud. A control system, no matter how well designed and operated, can provide only reasonable and not absolute assurance of achieving the desired control objectives. In reaching a reasonable level of assurance, management necessarily was required to apply its judgment in evaluating the benefits of possible controls and procedures relative to their costs. Controls can also be circumvented by the individual acts of some persons, by collusion of two or more people, or by management override of the controls. In addition, the design of any system of controls is based in part upon certain assumptions about the likelihood of future events, and there can be no assurance that any design will succeed in achieving its stated goals under all potential future conditions. Over time, controls may become inadequate because of changes in conditions or deterioration in the degree of compliance with policies or procedures.

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**Part II — Other Information**

**Item 1. Legal Proceedings.**

We are not currently a party to any material legal proceedings. From time to time, we may become involved in legal proceedings arising in the ordinary course of our business. Regardless of outcome, litigation can have an adverse impact on us due to defense and settlement costs, diversion of management resources, negative publicity, reputational harm and other factors, and there can be no assurances that favorable outcomes will be obtained.

**Item 1A. Risk Factors.**

Except for the risk factor set forth below, there have been no material changes to the risk factors set forth in Part I, Item 1A of our 2024 Annual Report and in Part II, Item 1A of our Quarterly Report for the three months ended March 31, 2025.

***Our efforts to evaluate and potentially pursue alternatives for monetizing ozekibart (INBRX-109) may not result in the consummation of any transaction, or achieve the desired objectives of such a transaction. Our efforts may create a distraction for our management team and adversely affect our business operations.***

We are exploring a variety of potential alternatives for monetizing ozekibart (INBRX-109), with a focus on tax efficiency and enhancing stockholder value while minimizing dilution. Our ability to successfully execute a transaction is dependent on a variety of factors, a large number of which are out of our control, and we may not be able to implement a transaction on favorable terms, or within an advantageous timeframe, or recognize significant value for ozekibart (INBRX-109). Additionally, the negotiation and consummation of a transaction may be costly and time-consuming. A transaction may not be as efficient from a tax perspective as we desire, or enhance stockholder value, or result in any other anticipated or intended benefits. We also could incur total costs and expenses that are greater than expected, and our efforts could make it more difficult to attract and retain qualified personnel or disrupt our operations, each of which could have a material adverse effect on our business.

The current market price of our common stock may reflect an assumption that a transaction involving ozekibart (INBRX-109) will occur, and any perceived delay or failure to complete a transaction could result in negative investor perceptions and could cause a decline in the market price of our common stock, which could adversely affect our ability to access the equity and financial markets, as well as our ability to explore and enter into potential transactions. We cannot guarantee that any transaction involving ozekibart (INBRX-109) will be negotiated, signed or completed, be on attractive terms, enhance stockholder value or deliver any anticipated benefits.

**Item 2. Unregistered Sales of Equity Securities and Use of Proceeds.**

None.

**Item 3. Defaults Upon Senior Securities.**

None.

**Item 4. Mine Safety Disclosures.**

Not applicable.

**Item 5. Other Information.**

***Insider Trading Arrangements***

During the three months ended September 30, 2025, none of our directors or officers (as defined in Rule 16a-1(f) under the Exchange Act) adopted or terminated any "Rule 10b5-1 trading arrangement" or "non-Rule 10b5-1 trading arrangement," as those terms are defined in Item 408 of Regulation S-K.

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**Item 6. Exhibits.**

***(a) Exhibits.***

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Exhibit No.** | **Description of Exhibit** | **Filed Herewith** | **Form** | **Incorporated By Reference File No.** | **Date Filed** |
| 2.1^ | <u>[Agreement and Plan of Merger, dated as of January 22, 2024, by and among Inhibrx, Inc., Aventis Inc., and Art Acquisition Sub, Inc.](https://www.sec.gov/Archives/edgar/data/1739614/000110465924005727/tm243849d1_ex2-1.htm)</u> |  | 8-K | 001-39452 | 1/23/2024 |
| 2.2^ | <u>[Separation and Distribution Agreement, dated as of January 22, 2024, by and among Inhibrx, Inc., Ibex SpinCo, Inc., and Aventis Inc.](https://www.sec.gov/Archives/edgar/data/1739614/000110465924005727/tm243849d1_ex2-2.htm)</u> |  | 8-K | 001-39452 | 1/23/2024 |
| 2.3 | <u>[Amendment to Separation and Distribution Agreement, dated as of September 23, 2025, by and among Inhibrx Biosciences, Inc., Sanofi AATD Inc., and Aventis Inc.](amendmenttoseparationanddi.htm)</u> | X |  |  |  |
| 3.1 | <u>[Amended & Restated Certificate of Incorporation of Inhibrx Biosciences, Inc.](https://www.sec.gov/Archives/edgar/data/2007919/000110465924066645/tm243190d19_ex3-1.htm)</u> |  | 8-K | 001-42031 | 5/30/2024 |
| 3.2 | <u>[Amended & Restated Bylaws of Inhibrx Biosciences, Inc.](https://www.sec.gov/Archives/edgar/data/2007919/000110465924066645/tm243190d19_ex3-2.htm)</u> |  | 8-K | 001-42031 | 5/30/2024 |
| 4.1 | <u>[Form of Warrant to Purchase Stock](https://www.sec.gov/Archives/edgar/data/2007919/000110465924051494/tm243190d7_ex4-1.htm)</u> |  | 10 | 001-42031 | 4/25/2024 |
| 4.2 | <u>[Form of Warrant to Purchase Stock by and between Inhibrx Biosciences, Inc. and entities affiliated with Oxford Finance LLC](https://www.sec.gov/Archives/edgar/data/2007919/000200791925000003/exhibit41-formofwarrantoxf.htm)</u> |  | 8-K | 001-42031 | 1/13/2025 |
| 31.1 | <u>[Certification of Principal Executive Officer pursuant to Rule 13a-14(a) of the Securities Exchange Act, as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002](exhibit311q32025.htm)</u> | X |  |  |  |
| 31.2 | <u>[Certification of Principal Financial Officer pursuant to Rule 13a-14(a) of the Securities Exchange Act, as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002](exhibit312q32025.htm)</u> | X |  |  |  |
| 32.1\* | <u>[Certification of Chief Executive Officer pursuant to Section 906 of the Sarbanes-Oxley Act of 2002](exhibit321q32025.htm)</u> | X |  |  |  |
| 32.2\* | <u>[Certification of Chief Financial Officer pursuant to Section 906 of the Sarbanes-Oxley Act of 2002](exhibit322q32025.htm)</u> | X |  |  |  |
| 101.INS | Inline XBRL Instance Document - the instance document does not appear in the Interactive Data File because XBRL tags are embedded within the Inline XBRL document | X |  |  |  |
| 101.SCH | Inline XBRL Taxonomy Extension Schema Document | X |  |  |  |
| 101.CAL | Inline XBRL Taxonomy Extension Calculation Linkbase Document | X |  |  |  |
| 101.DEF | Inline XBRL Taxonomy Extension Definition Linkbase Document | X |  |  |  |
| 101.LAB | Inline XBRL Taxonomy Extension Label Linkbase Document | X |  |  |  |
| 101.PRE | Inline XBRL Taxonomy Extension Presentation Linkbase Document | X |  |  |  |
| 104 | Cover Page Interactive Data File - the cover page XBRL tags are embedded within the Inline XBRL document contained in Exhibit 101 | X |  |  |  |

---

------

^ Certain exhibits and schedules have been omitted pursuant to Item 601(a)(5) of Regulation S-K. The Company agrees to furnish supplementally to the SEC a copy of any omitted exhibits or schedules upon request. Pursuant to Item 601(a)(6) of Regulation S-K, certain information from this exhibit have been redacted as their disclosure would constitute a clearly unwarranted invasion of personal privacy.

\*&nbsp;&nbsp;&nbsp;&nbsp;This certification is deemed not filed for purposes of section 18 of the Exchange Act or otherwise subject to the liability of that section, nor shall it be deemed incorporated by reference into any filing under the Securities Act or the Exchange Act.

------

**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 thereunto duly authorized.

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| | |
|:---|:---|
| | **INHIBRX BIOSCIENCES, INC.** |
| Date: November 14, 2025 | /s/ Mark P. Lappe |
|  | Mark P. Lappe |
|  | Chief Executive Officer and Chairman |
|  | (Principal Executive Officer) |
| Date: November 14, 2025 | /s/ Kelly D. Deck |
|  | Kelly D. Deck, C.P.A. |
|  | Chief Financial Officer |
|  | (Principal Financial and Accounting Officer) |

---

## Exhibit 2.3

**Exhibit 2.3**

September 23, 2025

Re: Amendment of Section 5.8 of the Separation and Distribution Agreement

Ladies and Gentlemen:

Reference is hereby made to that certain Separation and Distribution Agreement, dated as of January

22, 2024 (the "Separation Agreement"), by and among Inhibrx, Inc., a Delaware corporation ("Company"

and now named Sanofi AATD Inc.), Ibex SpinCo, Inc., a Delaware corporation ("SpinCo" and now named Inhibrx Biosciences, Inc.), and Aventis Inc.,<sup>1</sup> a Pennsylvania corporation. Capitalized terms used in this letter agreement and not defined herein shall have the meanings ascribed to such terms in the Merger Agreement.

In accordance with Section 8.3 of the Separation Agreement, the undersigned parties hereby agree to

effect certain changes to Section 5.8 of the Separation Agreement. Notwithstanding anything to the contrary in the Separation Agreement, the Company, SpinCo, and Aventis Inc. have agreed that there will be no Section 336(e) Election filed and, therefore, also no other documents relating to said election.

Except as modified by this letter agreement, the terms and provisions of the Separation Agreement

are and will remain in full force and effect.

[Signature Page Follows]

<sup>1</sup> Solely with respect to Section 2.7(b), Section 2.10, Section 3.3, Section 4.2, Section 4.3, Section 4.7, Section 5.1, Section 6.6(i), Section 8.3, Section 8.6, Section 8.7, and Section 8.8.

------

**Exhibit 2.3**

---

| | |
|:---|:---|
| Very truly yours, | Very truly yours, |
| **SANOFI AATD INC.** | **SANOFI AATD INC.** |
| By: | /s/ Stephen Kalinchak |
| Name: | Stephen Kalinchak |
| Title: | Secretary |
| **INHIBRX BIOSCIENCES, INC.** | **INHIBRX BIOSCIENCES, INC.** |
| By: | /s/ Kelly Deck |
| Name: | Kelly Deck |
| Title: | Chief Financial Officer |
| **AVENTIS INC.** | **AVENTIS INC.** |
| By: | /s/ Jamie Haney |
| Name: | Jamie Haney |
| Title: | Vice President, General Counsel & Secretary |

---

## Exhibit 31.1

**Exhibit 31.1**

**CERTIFICATION OF PRINCIPAL EXECUTIVE OFFICER<br>PURSUANT TO SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002**

I, Mark P. Lappe, certify that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.I have reviewed this Quarterly Report on Form 10-Q of Inhibrx Biosciences, Inc;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a.Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b.Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c.Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d.Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.The registrant's other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a.All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b.Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

---

| | |
|:---|:---|
| Date: November 14, 2025 | /s/ Mark P. Lappe |
| | Mark P. Lappe |
| | Chief Executive Officer and Chairman |
| | (Principal Executive Officer) |

---

## Exhibit 31.2

**Exhibit 31.2**

**CERTIFICATION OF PRINCIPAL FINANCIAL OFFICER<br>PURSUANT TO SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002**

I, Kelly D. Deck, certify that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.I have reviewed this Quarterly Report on Form 10-Q of Inhibrx Biosciences, Inc;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a.Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b.Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c.Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d.Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.The registrant's other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a.All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b.Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

---

| | |
|:---|:---|
| Date: November 14, 2025 | /s/ Kelly D. Deck |
| | Kelly D. Deck, C.P.A. |
| | Chief Financial Officer |
| | (Principal Financial and Accounting Officer) |

---

## Exhibit 32.1

**Exhibit 32.1**

**CERTIFICATION PURSUANT TO 18 U.S.C. SECTION 1350,<br>AS ADOPTED PURSUANT TO<br>SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002**

In connection with the quarterly report of Inhibrx Biosciences, Inc. (the "Company") on Form 10-Q for the quarter ended September 30, 2025, as filed with the Securities and Exchange Commission on the date hereof (the "Report"), I, Mark P. Lappe, Chief Executive Officer and Chairman of the Company, certify, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that, to my knowledge:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.The Report fully complies with the requirements of Section 13(a) or 15(d), as applicable, of the Securities Exchange Act of 1934, as amended; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.

---

| | |
|:---|:---|
| Date: November 14, 2025 | /s/ Mark P. Lappe |
| | Mark P. Lappe |
| | Chief Executive Officer and Chairman |
| | (Principal Executive Officer) |

---

The foregoing certification is being furnished solely pursuant to 18 U.S.C. Section 1350 and is not being filed as part of the Report or as a separate disclosure document.

## Exhibit 32.2

**Exhibit 32.2**

**CERTIFICATION PURSUANT TO 18 U.S.C. SECTION 1350,<br>AS ADOPTED PURSUANT TO<br>SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002**

In connection with the quarterly report of Inhibrx Biosciences, Inc. (the "Company") on Form 10-Q for the quarter ended September 30, 2025, as filed with the Securities and Exchange Commission on the date hereof (the "Report"), I, Kelly D. Deck, Chief Financial Officer of the Company, certify, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that, to my knowledge:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.The Report fully complies with the requirements of Section 13(a) or 15(d), as applicable, of the Securities Exchange Act of 1934, as amended; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.

---

| | |
|:---|:---|
| Date: November 14, 2025 | /s/ Kelly D. Deck |
| | Kelly D. Deck, C.P.A. |
| | Chief Financial Officer |
| | (Principal Financial and Accounting Officer) |

---

The foregoing certification is being furnished solely pursuant to 18 U.S.C. Section 1350 and is not being filed as part of the Report or as a separate disclosure document.

<br>