Inhibrx Raises Cash to $161.7M, Narrows Loss and Reveals Phase II Data
Inhibrx ended Q1 2026 with $161.7M in cash after a $75M loan amendment and cut its net loss to $33.4M ($2.15/share) from $43.3M. The firm announced updated interim Phase II data for INBRX-106, filed a BLA for ozekibart in chondrosarcoma and plans a registrational CRC trial.
1. Financial Results
In the first quarter of 2026, the company closed with $161.7 million in cash and cash equivalents, up from $124.2 million at the end of 2025 following a $75.0 million loan amendment. Net loss narrowed to $33.4 million ($2.15 per share) versus $43.3 million ($2.80 per share) a year earlier, supported by a 32% reduction in R&D spending to $25.2 million and a slight decline in G&A costs to $5.7 million.
2. Pipeline Updates
In May, the company released updated interim results from the randomized Phase II HexAgon study evaluating INBRX-106 plus pembrolizumab against pembrolizumab monotherapy in first-line, treatment-naïve, PD-L1 CPS ≥ 20 metastatic or unresectable recurrent HNSCC. In April, interim data were reported from the Phase I/II trial of ozekibart with FOLFIRI in advanced colorectal cancer, and a Biologics License Application was submitted for ozekibart in conventional chondrosarcoma.
3. Upcoming Milestones
The company plans to announce progression-free survival data from the INBRX-106 Phase II trial in the fourth quarter of 2026. A meeting with the FDA is scheduled for the second half of 2026 to discuss initiation of a first-line registrational colorectal cancer trial and potential accelerated pathways for ozekibart in fourth-line CRC and refractory Ewing sarcoma.