Inhibrx Reports First Quarter 2026 Financial Results and Highlights Clinical Pipeline Progress

SAN DIEGO, May 14, 2026 — Inhibrx Biosciences, Inc. reported its financial results for the first quarter of 2026, while also outlining important updates across its clinical-stage oncology pipeline.

The company said it ended the quarter with $161.7 million in cash and cash equivalents as of March 31, 2026, compared with $124.2 million at the end of 2025. The increase was mainly linked to $75 million in gross proceeds received through an amended loan and security agreement with Oxford Finance LLC.

Clinical Programs Remain the Main Focus

Inhibrx currently has two major clinical programs in development: INBRX-106 and ozekibart, also known as INBRX-109. Both programs are designed using the company’s protein engineering platforms, which aim to create biologic therapies for difficult diseases, including several forms of cancer.

INBRX-106 Advances in Head and Neck Cancer Study

In May 2026, Inhibrx announced updated interim data from the randomized Phase 2 portion of the HexAgon study. This trial is evaluating INBRX-106, a hexavalent OX40 agonist, in combination with pembrolizumab compared with pembrolizumab alone.

The study focuses on first-line patients with treatment-naïve, PD-L1 positive metastatic or unresectable recurrent head and neck squamous cell carcinoma. Inhibrx said it plans to announce progression-free survival data from this Phase 2 trial in the fourth quarter of 2026.

Ozekibart Development Expands Across Multiple Cancer Types

In April 2026, Inhibrx also reported updated interim data from a Phase 1/2 study of ozekibart in combination with FOLFIRI for patients with locally advanced or metastatic unresectable colorectal cancer.

The company also submitted a Biologics License Application to the U.S. Food and Drug Administration for ozekibart in conventional chondrosarcoma. This marks an important regulatory step for the therapy as Inhibrx looks to move the program closer to potential approval.

Inhibrx plans to meet with the FDA in the second half of 2026 to discuss a possible first-line registrational trial in colorectal cancer. The company also expects to discuss possible accelerated regulatory pathways for ozekibart in fourth-line colorectal cancer and refractory Ewing sarcoma.

Financial Results Show Lower Quarterly Loss

For the first quarter of 2026, Inhibrx reported a net loss of $33.4 million, or $2.15 per share, basic and diluted. This compares with a net loss of $43.3 million, or $2.80 per share, basic and diluted, for the first quarter of 2025.

Research and development expenses were $25.2 million for the quarter, down from $36.9 million in the same period last year. The company said the decrease was mainly due to lower clinical trial costs for ozekibart in conventional chondrosarcoma as enrollment neared completion. Contract manufacturing expenses also declined because of the timing and completion of certain manufacturing activities.

General and administrative expenses were $5.7 million, compared with $6.0 million in the first quarter of 2025. Inhibrx said this slight decrease was mainly tied to reduced personnel-related costs.

Other expense, net, rose to $2.5 million from $0.4 million in the prior-year period. The increase was largely due to higher interest expense after the company increased its outstanding loan balance from $100 million to $175 million during the quarter.

Cash Position Strengthens After Financing

The company’s stronger cash position may help support continued clinical development work. As of March 31, 2026, Inhibrx had $161.7 million in cash and cash equivalents, giving it additional flexibility as it works toward upcoming trial readouts and FDA discussions.

The March 2026 financing amendment with Oxford Finance provided $75 million in gross proceeds. While this strengthened the company’s balance sheet, it also increased interest expense because the company’s debt balance rose during the quarter.

Company Background

Inhibrx Biosciences is a clinical-stage biopharmaceutical company focused on developing novel biologic therapeutic candidates. Its work uses protein engineering to address complex disease biology and create targeted treatment candidates.

The company’s current clinical pipeline includes ozekibart and INBRX-106. Both candidates use multivalent formats, allowing Inhibrx to design therapies that may better match the biology of specific targets.

Outlook for 2026

Looking ahead, Inhibrx is expected to focus on several key milestones. These include the planned release of progression-free survival data for INBRX-106 in head and neck cancer during the fourth quarter of 2026, continued regulatory discussions for ozekibart, and potential planning for new registrational studies.

The company’s first-quarter update shows a business focused on advancing its oncology pipeline while managing expenses. Although Inhibrx continues to report losses, its reduced net loss and improved cash position may provide support as it moves through important clinical and regulatory stages.

Source: PRNewswire / Inhibrx Biosciences, Inc.

#Inhibrx #BiotechNews #CancerResearch #FinancialResults #SlimScan #GrowthStocks #CANSLIM