Inhibrx falls on wider-than-expected quarterly loss
INBX•Shares fall after Q2 loss misses estimates
Shares of drug developer Inhibrx Biosciences fell 8.2% to $89.09 after the company reported a second-quarter net loss of $36.7 million, compared with analysts' average estimate of a $29.6 million loss, according to LSEG data.
The stock was still up 12.8% year to date, including the session's move.
Higher expenses tied to launch preparations
General and administrative expenses rose to $8.3 million in the quarter from $6.4 million a year ago.
The company said the increase was primarily driven by pre-commercialization costs for the potential launch of its experimental drug, ozekibart. The drug is being developed to treat conventional chondrosarcoma, a rare cancer that starts in bone cartilage.
