Inhibrx Biosciences Inc (INBX) AI Stock Analysis

• Market Cap: $1.20B
• Dividend Yield: N/A
• Average Volume (3M): 190.48K
• Price to Earnings (P/E): ―
• Beta (1Y): 0.78
• 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: 220,141
• 30 Day Avg. Volume: 190,479
• 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: 0.91
• Enterprise Value/Revenue: 779.49
• Enterprise Value/Gross Profit: -903.38
• Enterprise Value/Ebitda: -7.61
• 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: $76.00 ▼(-10.92% Downside)

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

Positive pivotal data & regulatory path

Topline ChonDRAgon results showing improved progression-free survival and a planned Q2 2026 BLA create a durable regulatory catalyst. Demonstrating first-in-disease efficacy in chondrosarcoma materially strengthens approval prospects and long-term commercial optionality if regulatory discussions proceed.

Pipeline breadth and clinical progress

Multiple advancing programs (INBRX-106 enrollment progress, ozekibart cohorts with high response rates) reduce single-bet risk and increase probability of at least one development success. Diversified indications and combination data with established agents enhance strategic partnering and long-term value creation.

Improved leverage and low absolute debt

Current leverage is modest versus prior peak levels, lowering near-term solvency risk and providing more financial flexibility to fund clinical milestones. A lighter debt burden reduces fixed obligations and the immediate pressure to secure dilutive financing, supporting execution through key catalysts.

Negative Factors

Minimal revenue and large accumulated losses

Very low recurring revenue relative to substantial net losses means the business is not self-sustaining. Persistent operating deficits limit reinvestment capacity, necessitate external funding, and create dilution and execution risk until commercial revenues from approvals materialize, impacting long-term stability.

High cash burn and negative operating cash flow

Deeply negative operating and free cash flow reflect a high-burn R&D model that depends on outside capital. This structural cash consumption raises the probability of future financing rounds, forces program prioritization, and can delay timelines if capital markets tighten, impacting durable execution.

Weak income statement quality & shrinking revenues

Negative gross profit and multi-year revenue decline indicate structural issues converting R&D into commercial economics. Reported profit driven by non-operating items is not a durable earnings base, leaving material uncertainty about sustainable margins and the firm's ability to generate operating profits post-launch.

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

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For INBX, the sentiment is Positive. The current price of 85.32 is above the 20-day moving average (MA) of 75.35, above the 50-day MA of 79.61, and above the 200-day MA of 41.24, indicating a bullish trend. The MACD of 0.35 indicates Negative momentum. The RSI at 62.14 is Neutral, neither overbought nor oversold. The STOCH value of 72.89 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive 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	$1.59B	68.53	9.28%	―	1112.27%	―
CTMX	62 Neutral	$1.03B	14.51	66.76%	―	-10.26%	144.62%
CADL	56 Neutral	$322.25M	-10.58	-70.17%	―	―	68.53%
Sector *	51 Neutral	$7.86B	-0.30	-43.30%	2.27%	22.53%	-2.21%
PRTA	50 Neutral	$479.63M	-1.69	-67.63%	―	-91.16%	-112.24%
INBX	49 Neutral	$1.20B	-8.31	-144.07%	―	―	―
HUMA	45 Neutral	$196.86M	-4.19	―	―	―	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.

Inhibrx Biosciences Reports Positive ChonDRAgon Study Results

On October 23, 2025, Inhibrx Biosciences announced positive topline results from its ChonDRAgon study, showing that ozekibart significantly improved median progression-free survival in patients with advanced chondrosarcoma compared to placebo. This marks the first investigational therapy to demonstrate such benefits in this disease, which lacks approved systemic treatments. The company also reported promising interim data from expansion cohorts for colorectal cancer and Ewing sarcoma, indicating high response and disease control rates in heavily pretreated patients. Inhibrx plans to file a biologics license application with the FDA in the second quarter of 2026, potentially enhancing its positioning in the oncology market.

The most recent analyst rating on (INBX) stock is a Hold with a $38.00 price target. To see the full list of analyst forecasts on Inhibrx Biosciences Inc stock, see the INBX Stock Forecast page.