Inhibrx Biosciences Inc (INBX) AI Stock Analysis

• Market Cap: $1.08B
• Dividend Yield: N/A
• Average Volume (3M): 180.67K
• Price to Earnings (P/E): ―
• Beta (1Y): 0.83
• Revenue Growth: N/A
• EPS Growth: N/A
• Country: US
• Employees: 156
• Sector: Healthcare
• Sector Strength: 45
• Industry: Biotechnology
• EPS (TTM): -2.28
• Shares Outstanding: 14,543,738
• 10 Day Avg. Volume: 149,857
• 30 Day Avg. Volume: 180,668
• PEG Ratio: >-0.01
• Price to Book (P/B): 1.67
• Price to Sales (P/S): 1114.64
• P/FCF Ratio: -1.13
• Enterprise Value/Market Cap: 0.86
• Enterprise Value/Revenue: 665.73
• Enterprise Value/Gross Profit: -771.55
• Enterprise Value/Ebitda: -6.50
• 1Y Price Target: N/A
• Price Target Upside: N/A
• Rating Consensus: N/A
• Number of Analyst Covering: 0
• EPS Forecast (FY): -4.76
• Revenue Forecast (FY): N/A

• Rating: 49 Neutral
• Price Target: $85.00 ▼(-0.38% Downside)
• Action: Reiterated Date: 01/14/26
• Date: Action: Reiterated 01/14/26

The score is held down primarily by weak financial performance (minimal revenue, large losses, and substantial negative operating/free cash flow). Technicals are mixed with soft near-term momentum, and valuation is constrained by negative earnings and no dividend. Offsetting these risks, corporate updates are constructive with positive study results and a clear regulatory/timeline catalyst path into 2026.

Positive Factors

Regulatory catalyst: BLA filing & positive topline

Positive topline ChonDRAgon results plus a planned BLA filing in Q2 2026 create a clear regulatory pathway and potential accelerated approval in 2026. This is a durable structural catalyst: approvals materially change revenue prospects, partnership value, and capital access over the medium term.

Improved balance sheet and low leverage

Low absolute debt and a debt-to-equity around 0.19 reduce bankruptcy and refinancing risk, giving the company structural flexibility to fund near-term trials and regulatory work without immediate insolvency pressure. The improved balance-sheet position supports execution through 2026 milestones.

Broad clinical pipeline and key combination study

Multiple assets across indications and a Keytruda combination diversify clinical risk and expand potential commercial pathways. Staggered trial maturations through 2026 create several independent value drivers, lowering reliance on a single outcome and improving prospects for licensing or partnership deals.

Negative Factors

High and persistent cash burn

Operating cash flow around -$143M TTM indicates structural cash burn that will necessitate repeated external financing absent major revenue or spending changes. That ongoing need increases dilution risk, constrains strategic choices, and places execution risk on successful trial outcomes over the next 2-6 months.

Minimal and shrinking revenue base

Very low and declining revenues mean operations are not self-sustaining; the business depends on future approvals to generate meaningful sales. This structural lack of operating revenue elevates financing dependency and makes long-term viability contingent on trial success rather than current cash generation.

Underlying unprofitable operations

Negative gross profit and a sizable net loss indicate core operations are unprofitable; a one-time reported profit in 2024 appears driven by non-operating items and isn’t a durable earnings base. Sustained profitability requires successful commercialization, making near-term margins and earnings uncertain.

Inhibrx Biosciences Inc Business Overview & Revenue Model

Company Description

Inhibrx Biosciences, Inc., a clinical-stage biopharmaceutical company, engages in the development of biologic therapeutics for people with life-threatening conditions. Its therapeutic candidates includes INBRX-109, a tetravalent therapeutic candidate targeting death-receptor 5 that is in phase 2 clinical trial for the treatment of unresectable or metastatic conventional chondrosarcoma; and INBRX-106, a hexavalent sdAb-based therapeutic candidate targeting OX4 that is in phase 2 clinical trial for the treatment of metastatic solid tumor, non-small cell lung cancer, melanoma, head and neck cancer, gastric (GIST) and gastroesophageal adenocarcinoma (GEA) cancer, renal cell carcinoma, and urothelial (transitional) cell carcinoma. The company was incorporated in 2024 and is based in La Jolla, California.

How the Company Makes Money

Inhibrx Biosciences generates revenue primarily through partnerships and collaborations with larger pharmaceutical companies, where it licenses its drug candidates in exchange for upfront payments, milestone payments, and royalties on future sales. These collaborations often provide the necessary funding for further development of its therapeutic candidates. Additionally, Inhibrx may receive grant funding or other financial support from governmental agencies or non-profit organizations aimed at advancing clinical research. As the company progresses its candidates through clinical trials and potentially toward commercialization, successful outcomes can lead to significant financial returns from both licensing agreements and eventual product sales.

Inhibrx Biosciences Inc Financial Statement Overview

Summary

Financial profile is weak: very small TTM revenue ($1.4M), large TTM net loss (~$155M), negative gross profit, and heavy cash burn (TTM operating cash flow ~-$143M). Balance sheet leverage is currently modest (debt-to-equity ~0.19) and improved versus 2022–2023, but underlying profitability and self-funding capacity remain poor.

Income Statement

Income statement quality is weak. TTM (Trailing-Twelve-Months) revenue is very small ($1.4M) and profitability is deeply negative (net loss of ~$155M), with negative gross profit indicating costs running ahead of revenue. The multi-year trend also shows revenue shrinking sharply from 2020 to 2024, and while 2024 shows a large reported profit, it is not supported by operating performance given continued heavy operating losses and negative operating cash flow, suggesting the profit was likely driven by non-operating items and is not a durable earnings base.

Balance Sheet

Balance sheet is mixed but improved versus earlier years. Leverage in TTM (Trailing-Twelve-Months) looks manageable (debt-to-equity ~0.19) and total debt is low (~$7.0M) relative to assets (~$177M). However, profitability on equity is very weak (TTM return on equity around -1.86), and the company previously carried much higher leverage in 2022–2023 (debt-to-equity above 3x, peaking near 4.8x), which highlights balance-sheet volatility and reliance on financing over time.

Cash Flow

Cash flow profile is pressured. TTM (Trailing-Twelve-Months) operating cash flow is deeply negative (~-$143M) and free cash flow is similarly negative, consistent with a high cash burn business model. While free cash flow shows an improvement versus the prior period (positive growth rate), cash generation remains firmly negative and not self-funding; the company will likely continue to depend on external capital unless spending moderates materially or revenues scale.

Breakdown	TTM	Dec 2024	Dec 2023	Dec 2022	Dec 2021	Dec 2020
Income Statement
Total Revenue	1.40M	200.00K	1.80M	2.19M	7.13M	12.81M
Gross Profit	-1.21M	-2.08M	609.00K	-107.99M	4.44M	-60.69M
EBITDA	-143.47M	1.70B	-206.69M	-125.82M	-75.37M	-63.80M
Net Income	-155.09M	1.69B	-241.36M	-145.23M	-81.77M	-75.64M
Balance Sheet
Total Assets	177.47M	180.77M	307.89M	290.88M	150.45M	143.74M
Cash, Cash Equivalents and Short-Term Investments	153.09M	152.60M	277.92M	273.87M	131.30M	128.66M
Total Debt	6.99M	8.05M	210.14M	207.10M	72.14M	37.45M
Total Liabilities	140.64M	47.18M	264.39M	232.82M	98.07M	68.27M
Stockholders Equity	36.83M	133.58M	43.50M	58.06M	52.38M	75.47M
Cash Flow
Free Cash Flow	-143.44M	-197.01M	-197.90M	-115.99M	-81.19M	-49.33M
Operating Cash Flow	-143.39M	-194.41M	-193.31M	-115.30M	-80.32M	-47.97M
Investing Cash Flow	-44.00K	-2.60M	-4.59M	-686.00K	-809.00K	-1.36M
Financing Cash Flow	100.19M	71.68M	201.96M	258.55M	83.77M	166.46M

Inhibrx Biosciences Inc Technical Analysis

• Technical Analysis Sentiment: Neutral
• Last Price: 85.32
• 50DMA: Negative
• 100DMA: Positive
• 200DMA: Positive
• MACD: Positive
• RSI: Neutral
• STOCH: Neutral

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For INBX, the sentiment is Neutral. The current price of 85.32 is above the 20-day moving average (MA) of 80.45, above the 50-day MA of 78.46, and above the 200-day MA of 47.06, indicating a neutral trend. The MACD of -0.23 indicates Positive momentum. The RSI at 42.74 is Neutral, neither overbought nor oversold. The STOCH value of 29.41 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Neutral sentiment for INBX.

Inhibrx Biosciences Inc Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
GLUE	75 Outperform	$1.35B	58.12	9.28%	―	1112.27%	―
CTMX	62 Neutral	$909.87M	12.84	66.76%	―	-10.26%	144.62%
CADL	56 Neutral	$288.22M	-9.39	-70.17%	―	―	68.53%
Sector *	51 Neutral	$7.86B	-0.30	-43.30%	2.27%	22.53%	-2.21%
PRTA	51 Neutral	$466.71M	-1.91	-67.63%	―	-91.16%	-112.24%
INBX	49 Neutral	$1.08B	-7.24	-144.07%	―	―	―
HUMA	45 Neutral	$215.19M	―	―	―	―	82.23%

Inhibrx Biosciences Inc Corporate Events

Inhibrx Biosciences Updates on Clinical Trials Progress

Inhibrx Biosciences announced updates on its clinical trials for INBRX-106 and ozekibart. The INBRX-106 Phase 2/3 trial, in combination with Keytruda, is progressing with 46 out of 60 patients enrolled for treating head and neck squamous cell carcinoma, with data expected to mature by the second half of 2026. The ozekibart trials have completed enrollment for colorectal cancer and are progressing for Ewing sarcoma, with potential discussions for accelerated FDA approval in 2026.

The most recent analyst rating on (INBX) stock is a Hold with a $100.00 price target. To see the full list of analyst forecasts on Inhibrx Biosciences Inc stock, see the INBX Stock Forecast page.