SAN
DIEGO, Aug. 8, 2022 /PRNewswire/ -- Inhibrx, Inc.
(Nasdaq: INBX), a biotechnology company with four clinical programs
in development and a strong emerging pipeline, today reported
financial results for the second quarter of 2022 and provided
an update on recent corporate highlights.
Recent Corporate Highlights
- On May 16, 2022, Inhibrx
announced topline results from its Phase 1 clinical trial in
INBRX-101 showing a favorable safety profile in patients with
alpha-1 antitrypsin deficiency, or AATD, and demonstrating the
potential to achieve normal functional alpha-1 antritrypsin levels
with monthly dosing. The data shows the treatment was well
tolerated with no severe or serious adverse events related to the
study drug.
- On June 30, 2022, Inhibrx
announced completion of its Phase 1 dose escalation of INBRX-105 in
combination with Keytruda® and the initiation of Part 4 of the
Phase 1 clinical trial.
- On June 30, 2022, Inhibrx
announced the receipt of $60.0
million in gross proceeds under its Loan and Security
Agreement with Oxford Finance LLC.
Financial Results
- Cash and Cash Equivalents. As of
June 30, 2022, Inhibrx had cash and
cash equivalents of $176.4 million,
compared to $131.3 million as of
December 31, 2021.
- R&D Expense. Research and development
expenses were $29.9 million during
the second quarter of 2022, compared to $17.9 million during the second quarter of 2021.
During the period, Inhibrx's clinical trial expenses increased,
both for its Phase 1 trials as they continue to progress, including
the purchase of Keytruda as used in combination studies in its
INBRX-105 trial, as well as its continued expenses related to the
INBRX-109 potentially registration-enabling Phase 2 trial which was
initiated during the second quarter of 2021. The organization also
incurred increased contract manufacturing expenses due to greater
production run costs at its contract development and manufacturing
organization partners, including drug substance batch manufacturing
in preparation for a Phase 2 trial supply and pilot batch
production for one of its preclinical candidates. Personnel-related
costs also increased during the period, which is attributable to an
increase in headcount as Inhibrx continues to expand its clinical
operations and technical operations teams.
- G&A Expense. General and administrative
expenses were $5.4 million during the
second quarter of 2022, compared to $2.9
million during the second quarter of 2021. This overall
increase was primarily driven by an increase in additional
personnel-related costs due to an increase in headcount as the
organization builds out its commercial strategy team. In addition,
Inhibrx incurred market research expenses related to its continued
pre-commercialization efforts for INBRX-101 and INBRX-109.
- Net Loss. Net loss was $37.7 million during the second quarter of 2022,
or $0.97 per share, compared to
$20.7 million during the second
quarter of 2021, or $0.55 per
share.
About the Inhibrx sdAb Platform
Inhibrx utilizes
diverse methods of protein engineering in the construction of
therapeutic candidates that can address the specific requirements
of complex target and disease biology. A key tool for this effort
is the Inhibrx proprietary single-domain antibody, or sdAb,
platform, which enables the development of therapeutic candidates
with attributes superior to other monoclonal antibody and fusion
protein approaches. This platform allows the combination of
multiple binding units in a single molecule, enabling the creation
of therapeutic candidates with defined valency or multiple
specificities that can achieve enhanced cell signaling or
conditional activation. An additional benefit of this platform is
that these optimized, multi-functional entities can be manufactured
using the established processes that are commonly used to produce
therapeutic proteins.
About Inhibrx, Inc.
Inhibrx is a clinical-stage
biotechnology company focused on developing a broad pipeline of
novel biologic therapeutic candidates in oncology and orphan
diseases. Inhibrx utilizes diverse methods of protein engineering
to address the specific requirements of complex target and disease
biology, including its proprietary sdAb platform. Inhibrx has
collaborations with 2seventy bio (formerly bluebird bio),
Bristol-Myers Squibb and Chiesi Farmaceutici S.p.A. For more
information, please visit www.inhibrx.com.
Forward Looking Statements
Inhibrx cautions you that
statements contained in this press release regarding matters that
are not historical facts are forward-looking statements. These
statements are based on Inhibrx's current beliefs and expectations.
These forward-looking statements include, but are not limited to,
statements regarding: Inhibrx's and its investigators' judgments
and beliefs regarding the strength of Inhibrx's pipeline and the
observed safety and efficacy to date of its therapeutic candidates;
future clinical development of Inhibrx's therapeutic candidates;
evaluations and judgments regarding Inhibrx's cash position; and
statements and judgments regarding its partnership and relationship
with Oxford. Actual results may differ from those set forth in this
press release due to the risks and uncertainties inherent in
Inhibrx's business, including, without limitation, risks and
uncertainties regarding: the initiation, timing, progress and
results of its preclinical studies and clinical trials, and its
research and development programs; its ability to advance
therapeutic candidates into, and successfully complete, clinical
trials; its interpretation of preclinical data and initial, interim
or preliminary data from its clinical trials, including
interpretations regarding disease control and disease response; the
timing or likelihood of regulatory filings and approvals; the
successful commercialization of its therapeutic candidates, if
approved; the pricing, coverage and reimbursement of its
therapeutic candidates, if approved; its ability to utilize its
technology platform to generate and advance additional therapeutic
candidates; the implementation of its business model and strategic
plans for its business and therapeutic candidates; its ability to
successfully manufacture therapeutic candidates for clinical trials
and commercial use, if approved; its ability to contract with
third-party suppliers and manufacturers and their ability to
perform adequately; the scope of protection it is able to establish
and maintain for intellectual property rights covering its
therapeutic candidates; its ability to enter into strategic
partnerships and the potential benefits of these partnerships; its
estimates regarding expenses, capital requirements and needs for
additional financing and financial performance; its expectations
regarding the impact of the COVID-19 pandemic on its business; and
other risks described from time to time in the "Risk Factors"
section of its filings with the U.S. Securities and Exchange
Commission, including those described in its Annual Report on Form
10-K as well as its Quarterly Reports on Form 10-Q, and
supplemented from time to time by its Current Reports on Form 8-K.
You are cautioned not to place undue reliance on these
forward-looking statements, which speak only as of the date hereof,
and Inhibrx undertakes no obligation to update these statements to
reflect events that occur or circumstances that exist after the
date hereof. All forward-looking statements are qualified in their
entirety by this cautionary statement, which is made under the safe
harbor provisions of the Private Securities Litigation Reform Act
of 1995.
Investor and Media Contact:
Kelly D. Deck
Chief Financial Officer
kelly@inhibrx.com
858-795-4260
Inhibrx, Inc.
Condensed Consolidated Statements of Operations
(In thousands, except per share data)
(unaudited)
|
|
|
THREE MONTHS
ENDED
JUNE
30,
|
|
SIX MONTHS ENDED
JUNE 30,
|
|
2022
|
|
2021
|
|
2021
|
|
2020
|
Revenue:
|
|
|
|
|
|
|
|
License fee
revenue
|
$
711
|
|
$
918
|
|
$
1,626
|
|
$
1,781
|
Grant
revenue
|
—
|
|
36
|
|
14
|
|
62
|
Total
revenue
|
711
|
|
954
|
|
1,640
|
|
1,843
|
Operating
expenses:
|
|
|
|
|
|
|
|
Research and
development
|
29,906
|
|
17,902
|
|
54,801
|
|
34,340
|
General and
administrative
|
5,402
|
|
2,853
|
|
10,453
|
|
5,862
|
Total operating
expenses
|
35,308
|
|
20,755
|
|
65,254
|
|
40,202
|
Loss from
operations
|
(34,597)
|
|
(19,801)
|
|
(63,614)
|
|
(38,359)
|
Total other income
(expense)
|
(3,131)
|
|
(909)
|
|
(5,368)
|
|
(1,638)
|
Provision for income
taxes
|
4
|
|
—
|
|
4
|
|
2
|
Net loss
|
$
(37,732)
|
|
$
(20,710)
|
|
$
(68,986)
|
|
$
(39,999)
|
Net loss per share,
basic and diluted
|
$
(0.97)
|
|
$
(0.55)
|
|
$
(1.77)
|
|
$
(1.06)
|
Weighted-average shares
of common stock
outstanding, basic and diluted
|
39,040
|
|
37,824
|
|
39,029
|
|
37,780
|
Inhibrx, Inc.
Condensed Consolidated Balance Sheets
(In
thousands)
|
|
|
JUNE
30,
|
|
DECEMBER
31,
|
|
2022
|
|
2021
|
|
(unaudited)
|
|
|
|
|
|
|
Cash and cash
equivalents
|
$
176,385
|
|
$
131,301
|
Other current
assets
|
5,238
|
|
7,811
|
Non-current
assets
|
11,587
|
|
11,338
|
Total
assets
|
$
193,210
|
|
$
150,450
|
|
|
|
|
Debt, current and
non-current
|
$
169,800
|
|
$
70,470
|
Other current
liabilities
|
24,201
|
|
22,454
|
Other non-current
liabilities
|
4,131
|
|
5,143
|
Total
liabilities
|
198,132
|
|
98,067
|
Stockholders'
equity
|
(4,922)
|
|
52,383
|
Total liabilities and
stockholders' equity
|
$
193,210
|
|
$
150,450
|
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SOURCE Inhibrx Inc.