Form 8-K Inhibrx, Inc. For: Aug 08

August 8, 2022 4:19 PM EDT

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Washington, D.C. 20549
Pursuant to Section 13 or 15(d)
of the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): August 8, 2022
(Exact name of registrant as specified in its charter)  
(State or other jurisdiction
of incorporation)
File Number)
(IRS Employer
Identification No.)
11025 N. Torrey Pines Road, Suite 200
La Jolla, CA 92037
(Address of Principal Executive Offices and Zip Code)
Registrant’s telephone number, including area code: (858) 795-4220
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
    Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
    Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
    Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
    Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
Securities registered pursuant to Section 12(b) of the Act:
Title of each classTrading Symbol(s)Name of each exchange on which registered
Common Stock, par value $0.0001 per shareINBXThe Nasdaq Global Market
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging growth company  
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.  

Item 2.02    Results of Operations and Financial Condition
On August 8, 2022, Inhibrx, Inc. (the “Company”) issued a press release announcing its financial results for the three and six months ended June 30, 2022. A copy of the press release is furnished as Exhibit 99.1 to this report.

The information in Item 2.02 of this Current Report on Form 8-K, including Exhibit 99.1 attached hereto, is intended to be furnished and shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liabilities of that section, nor shall it be deemed incorporated by reference in any filing under the Securities Act of 1933, as amended, or the Exchange Act, except as expressly set forth by specific reference in such filing.
Item 9.01.    Financial Statements and Exhibits.
(d) Exhibits.

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
Date: August 8, 2022
By:/s/ Kelly Deck
Name:Kelly Deck
Title:Chief Financial Officer

Exhibit 99.1
Inhibrx Reports Second Quarter 2022 Financial Results
and Recent Corporate Highlights

San Diego, CA, August 8, 2022 – Inhibrx, Inc. (Nasdaq: INBX), a biotechnology company with four clinical programs in development and a strong emerging pipeline, today reported financial results for the second quarter of 2022 and provided an update on recent corporate highlights.

Recent Corporate Highlights
On May 16, 2022, Inhibrx announced topline results from its Phase 1 clinical trial in INBRX-101 showing a favorable safety profile in patients with alpha-1 antitrypsin deficiency, or AATD, and demonstrating the potential to achieve normal functional alpha-1 antritrypsin levels with monthly dosing. The data shows the treatment was well tolerated with no severe or serious adverse events related to the study drug.
On June 30, 2022, Inhibrx announced completion of its Phase 1 dose escalation of INBRX-105 in combination with Keytruda® and the initiation of Part 4 of the Phase 1 clinical trial.
On June 30, 2022, Inhibrx announced the receipt of $60.0 million in gross proceeds under its Loan and Security Agreement with Oxford Finance LLC.

Financial Results
Cash and Cash Equivalents. As of June 30, 2022, Inhibrx had cash and cash equivalents of $176.4 million, compared to $131.3 million as of December 31, 2021.
R&D Expense. Research and development expenses were $29.9 million during the second quarter of 2022, compared to $17.9 million during the second quarter of 2021. During the period, Inhibrx’s clinical trial expenses increased, both for its Phase 1 trials as they continue to progress, including the purchase of Keytruda as used in combination studies in its INBRX-105 trial, as well as its continued expenses related to the INBRX-109 potentially registration-enabling Phase 2 trial which was initiated during the second quarter of 2021. The organization also incurred increased contract manufacturing expenses due to greater production run costs at its contract development and manufacturing organization partners, including drug substance batch manufacturing in preparation for a Phase 2 trial supply and pilot batch production for one of its preclinical candidates. Personnel-related costs also increased during the period, which is attributable to an increase in headcount as Inhibrx continues to expand its clinical operations and technical operations teams.
G&A Expense. General and administrative expenses were $5.4 million during the second quarter of 2022, compared to $2.9 million during the second quarter of 2021. This overall increase was primarily driven by an increase in additional personnel-related costs due to an increase in headcount as the organization builds out its commercial strategy team. In addition, Inhibrx incurred market research expenses related to its continued pre-commercialization efforts for INBRX-101 and INBRX-109.
Net Loss. Net loss was $37.7 million during the second quarter of 2022, or $0.97 per share, compared to $20.7 million during the second quarter of 2021, or $0.55 per share.

Exhibit 99.1
About the Inhibrx sdAb Platform
Inhibrx utilizes diverse methods of protein engineering in the construction of therapeutic candidates that can address the specific requirements of complex target and disease biology. A key tool for this effort is the Inhibrx proprietary single-domain antibody, or sdAb, platform, which enables the development of therapeutic candidates with attributes superior to other monoclonal antibody and fusion protein approaches. This platform allows the combination of multiple binding units in a single molecule, enabling the creation of therapeutic candidates with defined valency or multiple specificities that can achieve enhanced cell signaling or conditional activation. An additional benefit of this platform is that these optimized, multi-functional entities can be manufactured using the established processes that are commonly used to produce therapeutic proteins.

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

Forward Looking Statements
Inhibrx cautions you that statements contained in this press release regarding matters that are not historical facts are forward-looking statements. These statements are based on Inhibrx’s current beliefs and expectations. These forward-looking statements include, but are not limited to, statements regarding: Inhibrx’s and its investigators’ judgments and beliefs regarding the strength of Inhibrx’s pipeline and the observed safety and efficacy to date of its therapeutic candidates; future clinical development of Inhibrx’s therapeutic candidates; evaluations and judgments regarding Inhibrx’s cash position; and statements and judgments regarding its partnership and relationship with Oxford. Actual results may differ from those set forth in this press release due to the risks and uncertainties inherent in Inhibrx’s business, including, without limitation, risks and uncertainties regarding: the initiation, timing, progress and results of its preclinical studies and clinical trials, and its research and development programs; its ability to advance therapeutic candidates into, and successfully complete, clinical trials; its interpretation of preclinical data and initial, interim or preliminary data from its clinical trials, including interpretations regarding disease control and disease response; the timing or likelihood of regulatory filings and approvals; the successful commercialization of its therapeutic candidates, if approved; the pricing, coverage and reimbursement of its therapeutic candidates, if approved; its ability to utilize its technology platform to generate and advance additional therapeutic candidates; the implementation of its business model and strategic plans for its business and therapeutic candidates; its ability to successfully manufacture therapeutic candidates for clinical trials and commercial use, if approved; its ability to contract with third-party suppliers and manufacturers and their ability to perform adequately; the scope of protection it is able to establish and maintain for intellectual property rights covering its therapeutic candidates; its ability to enter into strategic partnerships and the potential benefits of these partnerships; its estimates regarding expenses, capital requirements and needs for additional financing and financial performance; its expectations regarding the impact of the COVID-19 pandemic on its business; and other risks described from time to time in the “Risk Factors” section of its filings

Exhibit 99.1
with the U.S. Securities and Exchange Commission, including those described in its Annual Report on Form 10-K as well as its Quarterly Reports on Form 10-Q, and supplemented from time to time by its Current Reports on Form 8-K. You are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date hereof, and Inhibrx undertakes no obligation to update these statements to reflect events that occur or circumstances that exist after the date hereof. All forward-looking statements are qualified in their entirety by this cautionary statement, which is made under the safe harbor provisions of the Private Securities Litigation Reform Act of 1995.

Investor and Media Contact:
Kelly D. Deck
Chief Financial Officer

Exhibit 99.1
Inhibrx, Inc.
Condensed Consolidated Statements of Operations
(In thousands, except per share data)

JUNE 30,
License fee revenue$711 $918 $1,626 $1,781 
Grant revenue— 36 14 62 
Total revenue711 954 1,640 1,843 
Operating expenses:
Research and development29,906 17,902 54,801 34,340 
General and administrative5,402 2,853 10,453 5,862 
Total operating expenses35,308 20,755 65,254 40,202 
Loss from operations(34,597)(19,801)(63,614)(38,359)
Total other income (expense)(3,131)(909)(5,368)(1,638)
Provision for income taxes— 
Net loss$(37,732)$(20,710)$(68,986)$(39,999)
Net loss per share, basic and diluted$(0.97)$(0.55)$(1.77)$(1.06)
Weighted-average shares of common stock outstanding, basic and diluted39,040 37,824 39,029 37,780 

Exhibit 99.1
Inhibrx, Inc.
Condensed Consolidated Balance Sheets
(In thousands) 

Cash and cash equivalents$176,385 $131,301 
Other current assets5,238 7,811 
Non-current assets11,587 11,338 
Total assets$193,210 $150,450 
Debt, current and non-current$169,800 $70,470 
Other current liabilities24,201 22,454 
Other non-current liabilities4,131 5,143 
Total liabilities198,132 98,067 
Stockholders’ equity(4,922)52,383 
Total liabilities and stockholders’ equity$193,210 $150,450 

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