SAN DIEGO, Aug. 9, 2021 /PRNewswire/ -- Inhibrx, Inc.
(Nasdaq: INBX), a biotechnology company with four clinical programs
in development, today reported financial results for the second
quarter of 2021.
Financial Results
- Cash and Cash Equivalents. As of
June 30, 2021, Inhibrx had cash and
cash equivalents of $125.7 million,
compared to $128.7 million as of
December 31, 2020.
- R&D Expense. Research and development
expenses were $17.9 million during
the second quarter of 2021, compared to $19.0 million during the second quarter of 2020.
This overall decrease was primarily due to the timing of work
performed by Inhibrx's contract development and manufacturing
organization partners for the formulation and manufacturing of
certain of its therapeutic candidates, offset in part by an
increase in headcount and personnel-related costs due to the
continued expansion of its organization.
- G&A Expense. General and administrative
expenses were $2.9 million during the
second quarter of 2021, compared to $1.5
million during the second quarter of 2020. This increase was
primarily due to an increase in personnel-related costs and other
expenses associated with operating as a public company following
its initial public offering in August
2020.
- Net Loss. Net loss was $20.7 million during the second quarter of 2021,
or $0.55 per share, compared to
$17.9 million during the second
quarter of 2020, or $0.99 per
share.
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 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 bluebird bio, Bristol-Myers Squibb and Chiesi.
For more information, please visit www.inhibrx.com.
Forward Looking Statements
Inhibrx cautions you that
statements contained in this press release regarding matters that
are not historical facts are forward-looking statements. These
statements are based on Inhibrx's current beliefs and expectations.
These forward-looking statements include, but are not limited to,
statements regarding: future clinical development Inhibrx's
therapeutic candidates, including statements regarding expected
therapeutic benefit, the timing of future clinical development and
evaluations and judgments regarding Inhibrx's therapeutic
candidates. 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 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 in Inhibrx's
filings with the U.S. Securities and Exchange Commission (the
"SEC"), including under the heading "Risk Factors" in Inhibrx's
Annual Report on Form 10-K for the year ended December 31, 2020, as filed with the SEC. You are
cautioned not to place undue reliance on these forward-looking
statements, which speak only as of the date hereof, and Inhibrx
undertakes no obligation to update these statements to reflect
events that occur or circumstances that exist after the date
hereof. All forward-looking statements are qualified in their
entirety by this cautionary statement, which is made under the safe
harbor provisions of the Private Securities Litigation Reform Act
of 1995.
Investor and Media Contact:
Kelly D. Deck
Chief Financial Officer
kelly@inhibrx.com
858-795-4260
Inhibrx,
Inc.
Condensed Consolidated Statements of
Operations
(In thousands,
except per share data)
|
|
|
THREE MONTHS
ENDED
JUNE 30,
|
|
SIX MONTHS
ENDED
JUNE 30,
|
|
2021
|
|
2020
|
|
2021
|
|
2020
|
|
(unaudited)
|
|
(unaudited)
|
Revenue:
|
|
|
|
|
|
|
|
License fee
revenue
|
$
|
918
|
|
|
$
|
3,334
|
|
|
$
|
1,781
|
|
|
$
|
4,206
|
|
Grant
revenue
|
36
|
|
|
5
|
|
|
62
|
|
|
5
|
|
Total
revenue
|
954
|
|
|
3,339
|
|
|
1,843
|
|
|
4,211
|
|
Operating
expenses:
|
|
|
|
|
|
|
|
Research and
development
|
17,902
|
|
|
18,974
|
|
|
34,340
|
|
|
35,990
|
|
General and
administrative
|
2,853
|
|
|
1,532
|
|
|
5,862
|
|
|
2,999
|
|
Total operating
expenses
|
20,755
|
|
|
20,506
|
|
|
40,202
|
|
|
38,989
|
|
Loss from
operations
|
(19,801)
|
|
|
(17,167)
|
|
|
(38,359)
|
|
|
(34,778)
|
|
Total other income
(expense)
|
(909)
|
|
|
(718)
|
|
|
(1,638)
|
|
|
(3,200)
|
|
Provision for income
taxes
|
—
|
|
|
—
|
|
|
2
|
|
|
—
|
|
Loss on equity method
investment
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
Net loss
|
$
|
(20,710)
|
|
|
$
|
(17,885)
|
|
|
$
|
(39,999)
|
|
|
$
|
(37,978)
|
|
Net loss per share,
basic and diluted
|
$
|
(0.55)
|
|
|
$
|
(0.99)
|
|
|
$
|
(1.06)
|
|
|
$
|
(2.09)
|
|
Weighted-average
shares of common stock outstanding, basic and diluted
|
37,824
|
|
|
18,154
|
|
|
37,780
|
|
|
18,154
|
|
Inhibrx,
Inc.
Condensed Consolidated Balance
Sheets
(In thousands)
|
|
|
JUNE
30,
|
|
DECEMBER
31,
|
|
2021
|
|
2020
|
|
(unaudited)
|
|
|
|
|
|
|
Cash and cash
equivalents
|
$
|
125,728
|
|
|
$
|
128,664
|
|
Other current
assets
|
5,551
|
|
|
3,508
|
|
Non-current
assets
|
10,608
|
|
|
11,568
|
|
Total
assets
|
$
|
141,887
|
|
|
$
|
143,740
|
|
|
|
|
|
Debt, current and
non-current
|
$
|
69,670
|
|
|
$
|
29,244
|
|
Other current
liabilities
|
21,672
|
|
|
31,399
|
|
Other non-current
liabilities
|
6,226
|
|
|
7,624
|
|
Total
liabilities
|
97,568
|
|
|
68,267
|
|
Stockholders'
equity
|
44,319
|
|
|
75,473
|
|
Total liabilities and
stockholders' equity
|
$
|
141,887
|
|
|
$
|
143,740
|
|
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SOURCE Inhibrx, Inc.