Inhibrx Biosciences Inc (NASDAQ: INBX) is a clinical-stage biopharmaceutical company focused on developing therapeutic candidates. The company has no approved products and generates no commercial revenue, funding operations entirely through financing activities. It spent $113.0 million on research and development in FY2025, down 45% from $203.7 million in FY2024, with the decline driven by reduced clinical trial costs ($35.3 million in FY2025 vs. $47.7 million in FY2024), lower contract manufacturing spend ($19.6 million vs. $55.6 million), and reduced personnel expenses ($35.4 million vs. $72.8 million). Net cash used in operating activities was $129.8 million in FY2025, reflecting a net loss of $140.1 million. The company relies on external contract research organizations and contract development and manufacturing organizations to conduct trials and produce drug supply. As of the 10-K filed March 19, 2026, no products had received FDA approval.

Revenue model

No product revenue as of the 10-K filed March 19, 2026. Operations are funded through financing activities, which provided $101.4 million in net cash during FY2025. The company carries debt with a non-cash discount accretion and interest expense component of $2.4 million recognized in FY2025.

Products and services

Pre-commercial therapeutic candidates in clinical development. Specific named programs are not detailed in the available filing excerpts. Drug development relies on external CRO and CDMO partners for clinical trials and contract manufacturing.

Customers and end markets

No commercial customers as of the 10-K filed March 19, 2026. End market is pharmaceutical and biotechnology drug development targeting patient populations served by any approved therapeutic candidates, none of which have yet received regulatory approval.

Value-chain role

Drug developer operating upstream of commercialization. Outsources clinical trial execution to CROs and drug supply to CDMOs. Has not yet reached the manufacturing or distribution stage of the pharmaceutical value chain.

Geographic exposure

Headquartered in the United States. Conducts clinical trials in the United States and abroad, with data privacy obligations noted under U.S. federal and state law, EU GDPR, UK GDPR, and Chinese regulations, indicating international trial activity.

Source: SEC 10-K, filed 2026-03-19

Industry: Biological Products, (No Diagnostic Substances) Peers: Acumen Pharmaceuticals Inc Candel Therapeutics Inc Caribou Biosciences Inc Generation Bio Co. Greenwich Lifesciences Inc Puma Biotechnology Inc TriSalus Life Sciences Inc Mersana Therapeutics, Inc. Outlook Therapeutics Inc