SAN DIEGO, Nov. 9, 2021 /PRNewswire/ -- Inhibrx, Inc.
(Nasdaq: INBX), a biotechnology company with four clinical programs
in development and a strong emerging pipeline, today reported
financial results for the third quarter of 2021 and provided an
update on recent corporate highlights.
Recent Corporate Highlights
- On October 12, 2021, Inhibrx
announced interim results from a Phase 1 clinical trial evaluating
the safety and pharmacokinetics of INBRX-101, an optimized
recombinant human AAT-Fc fusion protein, in patients with alpha-1
antitrypsin deficiency, or AATD. The data from the single ascending
dose cohorts revealed the potential to achieve normal AAT levels
with monthly dosing and also showed a favorable safety and
tolerability profile with no drug-related severe or serious adverse
events at doses up to and including 120 mg/kg single dose and 80
mg/kg multi-dose administered intravenously.
- On October 28, 2021, Inhibrx
announced the appointment of three executives: David Matly, M.B.A., as Chief Commercial
Officer; David Kao, PharmD, M.B.A.,
RPh, as Vice President of Regulatory Affairs; and Jack Tsai, M.D., M.B.A., as Vice President of
Business Development. Additionally, the Company announced the
appointment of Kristiina Vuori,
M.D., Ph.D. to its Board of Directors.
- On November 1, 2021, Inhibrx
announced it will be presenting at the Connective Tissue Oncology
Society (CTOS) 2021 Virtual Annual Meeting taking place
November 10-13, 2021. This
presentation will provide an update on the Phase 1 expansion cohort
for INBRX-109 in patients with conventional chondrosarcoma. Inhibrx
will also present a poster on preclinical data that will guide the
planned Phase 1 expansion cohort for INBRX-109 in Ewing
Sarcoma.
- On November 3, 2021, Inhibrx
announced that three abstracts had been accepted for presentation
at the Society for Immunotherapy of Cancer (SITC) 36th Annual
Meeting, taking place November 10-14,
2021, in Washington D.C.
and virtually. The three abstracts will highlight preclinical data
from two of its clinical programs, INBRX-105 and INBRX-106, as well
as introduce the first emerging pipeline candidate from its
targeted cytokine platform, INBRX-121.
Financial Results
- Cash and Cash Equivalents. As of
September 30, 2021, Inhibrx had cash
and cash equivalents of $112.7
million, compared to $128.7
million as of December 31,
2020. As of November 9, 2021,
Inhibrx had cash and cash equivalents of $141.1 million.
- R&D Expense. Research and development
expenses were $18.5 million during
the third quarter of 2021, compared to $19.8
million during the third quarter of 2020. This overall
decrease was primarily due to the timing of work performed during
2020 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 clinical trial expenses based on the initiation of a
Phase 2 trial in conventional chondrosarcoma and the progression of
ongoing Phase 1 trials during 2021. Additionally, personnel-related
costs increased during the third quarter of 2021 as compared to the
same period in the prior year as a result of the continued
expansion of its organization.
- G&A Expense. General and administrative
expenses were $2.8 million during the
third quarter of 2021, compared to $1.6
million during the third quarter of 2020. This was primarily
driven by increases in personnel-related costs, as well as
increases in professional service fees related to Inhibrx's
expanding intellectual property portfolio and other expenses
associated with operating as a public company following its initial
public offering in August 2020.
- Net Loss. Net loss was $20.6 million during the third quarter of 2021,
or $0.54 per share, compared to
$20.5 million during the third
quarter of 2020, or $0.77 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 2seventy bio (formerly 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: Inhibrx's and its investigators' judgments
and belies regarding the strength of Inhibrx's pipeline and the
observed safety and efficacy to date of its therapeutic candidate,
INBRX-101, application and dosage of INBRX-101 and the presumption
of positive results from Phase 1 clinical trials, 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 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 with the U.S. Securities and Exchange
Commission, including those described in its Annual Report on Form
10-K as well as its Quarterly Reports on Form 10-Q, and
supplemented from time to time by its Current Reports on Form 8-K.
You are cautioned not to place undue reliance on these
forward-looking statements, which speak only as of the date hereof,
and Inhibrx undertakes no obligation to update these statements to
reflect events that occur or circumstances that exist after the
date hereof. All forward-looking statements are qualified in their
entirety by this cautionary statement, which is made under the safe
harbor provisions of the Private Securities Litigation Reform Act
of 1995.
Investor and Media Contact:
Kelly D. Deck
Chief Financial Officer
kelly@inhibrx.com
858-795-4260
Inhibrx,
Inc.
Condensed Consolidated Statements of
Operations
(In thousands, except
per share data)
(unaudited)
|
|
THREE MONTHS
ENDED
SEPTEMBER 30,
|
|
NINE MONTHS
ENDED
SEPTEMBER 30,
|
|
2021
|
|
2020
|
|
2021
|
|
2020
|
Revenue:
|
|
|
|
|
|
|
|
License fee
revenue
|
$
|
2,508
|
|
|
$
|
5,826
|
|
|
$
|
4,289
|
|
|
$
|
10,032
|
|
Grant
revenue
|
24
|
|
|
75
|
|
|
86
|
|
|
80
|
|
Total
revenue
|
2,532
|
|
|
5,901
|
|
|
4,375
|
|
|
10,112
|
|
Operating
expenses:
|
|
|
|
|
|
|
|
Research and
development
|
18,485
|
|
|
19,837
|
|
|
52,825
|
|
|
55,827
|
|
General and
administrative
|
2,848
|
|
|
1,622
|
|
|
8,710
|
|
|
4,621
|
|
Total operating
expenses
|
21,333
|
|
|
21,459
|
|
|
61,535
|
|
|
60,448
|
|
Loss from
operations
|
(18,801)
|
|
|
(15,558)
|
|
|
(57,160)
|
|
|
(50,336)
|
|
Total other income
(expense)
|
(1,779)
|
|
|
(4,452)
|
|
|
(3,417)
|
|
|
(7,652)
|
|
Provision for income
taxes
|
—
|
|
|
—
|
|
|
2
|
|
|
—
|
|
Loss on equity method
investment
|
—
|
|
|
487
|
|
|
—
|
|
|
487
|
|
Net loss
|
$
|
(20,580)
|
|
|
$
|
(20,497)
|
|
|
$
|
(60,579)
|
|
|
$
|
(58,475)
|
|
Net loss per share,
basic and diluted
|
$
|
(0.54)
|
|
|
$
|
(0.77)
|
|
|
$
|
(1.60)
|
|
|
$
|
(2.78)
|
|
Weighted-average
shares of common stock outstanding, basic and diluted
|
37,893
|
|
|
26,750
|
|
|
37,818
|
|
|
21,019
|
|
Inhibrx,
Inc.
Condensed Consolidated Balance
Sheets
(In thousands)
|
|
SEPTEMBER
30,
|
|
DECEMBER
31,
|
|
2021
|
|
2020
|
|
(unaudited)
|
|
|
|
|
|
|
Cash and cash
equivalents
|
$
|
112,704
|
|
|
$
|
128,664
|
|
Other current
assets
|
6,328
|
|
|
3,508
|
|
Non-current
assets
|
10,146
|
|
|
11,568
|
|
Total
assets
|
$
|
129,178
|
|
|
$
|
143,740
|
|
|
|
|
|
Debt, current and
non-current
|
$
|
70,069
|
|
|
$
|
29,244
|
|
Other current
liabilities
|
25,150
|
|
|
31,399
|
|
Other non-current
liabilities
|
5,759
|
|
|
7,624
|
|
Total
liabilities
|
100,978
|
|
|
68,267
|
|
Stockholders'
equity
|
28,200
|
|
|
75,473
|
|
Total liabilities and
stockholders' equity
|
$
|
129,178
|
|
|
$
|
143,740
|
|
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SOURCE Inhibrx Inc.