Inhibrx Reports FY2025 Net Loss, $124M Cash and $75M Loan, Plans 2026 BLA
Inhibrx ended FY2025 with $124.2M cash and secured a $75M loan amendment, while posting a $140.1M net loss ($9.04/share) versus $1.7B net income in FY2024. R&D and G&A expenses fell to $113.0M and $23.3M as ozekibart enrollment concluded and INBRX-106 trials advance with BLA submission and data due in 2026.
1. Q4 and Full-Year Results
Inhibrx posted a Q4 net loss of $32.8M ($2.11/share) and a FY2025 net loss of $140.1M ($9.04/share), compared with net income of $1.7B ($114.01/share) in FY2024. Other expense totaled $1.9M in Q4 and $5.0M for the year, driven by interest on a $100M debt balance.
2. Cash Position and Financing
As of December 31, 2025, the company held $124.2M in cash and cash equivalents. On March 18, 2026, Inhibrx amended its loan agreement with Oxford Finance, securing $75.0M in gross proceeds under its $100M debt facility.
3. Expense Reductions
R&D expenses decreased to $25.3M in Q4 and $113.0M for FY2025 from $33.4M and $203.7M, respectively, reflecting lower clinical trial and manufacturing costs as ozekibart enrollment concluded. G&A expenses fell to $5.6M in Q4 and $23.3M for the year, after one-time transaction and legal costs in 2024.
4. Upcoming Pipeline Milestones
Inhibrx expects to submit a BLA for ozekibart in early Q2 2026 and report PFS data for its colorectal expansion that quarter. Interim ORR results for INBRX-106 in head and neck cancer are due in Q2 2026, with PFS data slated for Q4 2026.