INBX

MKT CAP:$2B

Inhibrx Biosciences, Inc.

Market Cap

$2B

Healthcare·Biotechnology·🇺🇸 United States·NASDAQ

Healthcare·Biotechnology·🇺🇸·NASDAQ

Stock Price

$111.82+$36.78 (+49.01%)

Apr 22, 2026

Company Details

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...

CEO

Mark Paul Lappe

IPO Date

Jun 4, 2024

Website

inhibrx.com

Key Metrics TTM

Revenue

$1M

-25.0% YoY

Net Income

-$140M

EPS (Diluted)

-$9.04

Free Cash Flow

-$130M

Revenue / Share

$0.08

Gross Margin

-91.0%

Operating Margin

-10386.5%

Net Margin

-10773.5%

FCF Margin

-9986.5%

P/S

1433.5x

P/E

—

Earnings Reports

Q1 2026

May 13, 2026

PENDING

FY 2025

Mar 19, 2026

$1M+550.0%EPS -$9.04

Q4 2025

Mar 19, 2026

$0-100.0%EPS -$2.11

Q3 2025

Nov 13, 2025

$0EPS -$2.28

Q2 2025

Aug 13, 2025

$1MEPS -$1.85

Revenue & Profitability

Quarter	Revenue	Gross Profit	Operating Income
Q2 21	$918.0K	$918.0K	-$20M
Q3 21	$3M	$3M	-$19M
Q4 21	$3M	$3M	-$19M
Q2 22	$711.0K	-$29M	-$35M
Q4 22	$274.0K	-$446.0K	-$36M
Q1 23	$17.0K	-$705.0K	-$44M
Q2 23	$30.0K	-$265.0K	-$41M
Q3 23	$119.0K	$119.0K	-$46M
Q4 23	$2M	$1M	-$88M
Q1 24	$0	-$360.0K	-$74M
Q3 24	$0	-$760.0K	-$47M
Q4 24	$100.0K	-$589.0K	-$50M
Q1 25	$0	-$675.0K	-$43M
Q2 25	$1M	$638.0K	-$27M
Q3 25	$0	-$582.0K	-$34M
Q4 25	$0	-$564.0K	-$31M

Valuation

Quarter	P/S	P/E
Q2 21	94.9x	—
Q3 21	194.5x	—
Q4 21	236.5x	—
Q2 22	67.4x	—
Q4 22	158.6x	—
Q1 23	213.4x	—
Q2 23	1202.1x	—
Q3 23	2144.2x	—
Q4 23	1101.7x	—
Q1 24	283.1x	—
Q3 24	132.2x	—
Q4 24	129.2x	—
Q1 25	2070.8x	—
Q2 25	157.7x	—
Q3 25	357.0x	—
Q4 25	943.8x	—

Operating Cash Flow

Quarter	Operating CF	Free CF
Q2 21	-$22M	-$23M
Q3 21	-$14M	-$14M
Q4 21	-$23M	-$23M
Q2 22	-$27M	-$27M
Q4 22	-$31M	-$31M
Q1 23	-$40M	-$40M
Q2 23	-$42M	-$43M
Q3 23	-$54M	-$55M
Q4 23	-$57M	-$60M
Q1 24	-$63M	-$64M
Q3 24	-$30M	-$31M
Q4 24	-$44M	-$44M
Q1 25	-$36M	-$36M
Q2 25	-$30M	-$30M
Q3 25	-$34M	-$34M
Q4 25	-$30M	-$30M

Capital Expenditures

Quarter	CapEx
Q2 21	$414.0K
Q3 21	$169.0K
Q4 21	$267.0K
Q2 22	$322.0K
Q4 22	$267.0K
Q1 23	$23.0K
Q2 23	$317.0K
Q3 23	$811.0K
Q4 23	$3M
Q1 24	$1M
Q3 24	$247.0K
Q4 24	$16.0K
Q1 25	$21.0K
Q2 25	$0
Q3 25	$10.0K
Q4 25	$0

CapEx

OpEx vs Revenue Growth (YoY)

Quarter	Revenue Growth	OpEx Growth
Q2 21	-72.5%	+1.1%
Q3 21	-57.0%	-0.4%
Q4 21	+2.2%	+11.9%
Q2 22	-17.6%	+81.8%
Q4 22	-70.2%	+72.7%
Q1 23	-99.3%	+105.5%
Q2 23	-98.9%	+86.0%
Q3 23	-83.3%	+30.1%
Q4 23	+496.4%	+151.4%
Q1 24	-100.0%	+68.6%
Q3 24	-100.0%	+13.1%
Q4 24	-16.0%	+8.9%
Q1 25	-100.0%	-52.3%
Q2 25	—	-61.1%
Q3 25	—	-27.7%
Q4 25	-100.0%	-38.2%

Stock-Based Compensation

Quarter	SBC ($)	% of Revenue
Q2 21	$4M	430.4%
Q3 21	$3M	139.3%
Q4 21	$4M	147.5%
Q2 22	$5M	744.9%
Q4 22	$5M	1954.4%
Q1 23	$0	0.0%
Q2 23	$0	0.0%
Q3 23	$7M	5487.4%
Q4 23	$6M	393.3%
Q1 24	$6M	—
Q3 24	$3M	—
Q4 24	$3M	2982.0%
Q1 25	$2M	—
Q2 25	$3M	213.1%
Q3 25	$3M	—
Q4 25	$3M	—

OpEx Breakdown

Quarter	R&D	G&A	SG&A
Q2 21	$18M	$3M	—
Q3 21	$18M	$3M	—
Q4 21	$19M	$4M	—
Q2 22	$30M	$5M	—
Q4 22	$30M	$5M	—
Q1 23	$37M	$6M	—
Q2 23	$34M	—	$7M
Q3 23	$38M	$8M	—
Q4 23	$82M	$8M	—
Q1 24	$64M	$10M	—
Q3 24	$38M	—	$8M
Q4 24	$33M	$17M	—
Q1 25	$37M	$6M	—
Q2 25	$22M	$6M	—
Q3 25	$28M	—	$5M
Q4 25	$25M	$6M	—

Revenue Segments

Quarter	Grant	License, Non-Affiliate	License
Q2 21	$36.0K	$918.0K	—
Q3 21	$24.0K	$3M	—
Q4 21	$20.0K	—	$3M
Q2 22	—	$711.0K	—
Q4 22	—	—	$274.0K
Q1 23	—	$17.0K	—
Q2 23	—	$30.0K	—
Q3 23	—	$119.0K	—
Q4 24	—	$100.0K	—
Q2 25	—	$1M	—
Q3 25	—	$1M	—

War Chest

Quarter	Cash	Short-term Investments	Total
Q1 22	$143M	$0	$143M
Q2 22	$176M	$0	$176M
Q3 22	$146M	$0	$146M
Q4 22	$274M	$0	$274M
Q1 23	$234M	$0	$234M
Q2 23	$192M	$0	$192M
Q3 23	$337M	$0	$337M
Q4 23	$278M	$0	$278M
Q1 24	$252M	$0	$252M
Q2 24	$227M	$0	$227M
Q3 24	$196M	$0	$196M
Q4 24	$153M	$0	$153M
Q1 25	$217M	$0	$217M
Q2 25	$187M	$0	$187M
Q3 25	$153M	$0	$153M
Q4 25	$124M	$0	$124M

Shares Outstanding

Quarter	Shares (Diluted)	QoQ Change	YoY Change
Q2 21	38M	+0.2%	+6.1%
Q3 21	38M	+0.2%	+41.7%
Q4 21	39M	+1.8%	+2.3%
Q2 22	39M	+1.2%	+3.5%
Q4 22	43M	+10.8%	+14.4%
Q1 23	44M	+0.7%	+15.0%
Q2 23	44M	+0.2%	+13.1%
Q3 23	47M	+8.0%	+20.8%
Q4 23	54M	+14.6%	+24.9%
Q1 24	55M	+1.0%	+25.2%
Q3 24	15M	-71.6%	-64.6%
Q4 24	14M	-6.4%	-69.3%
Q1 25	15M	+6.9%	-71.4%
Q2 25	15M	0.0%	-71.6%
Q3 25	15M	+0.1%	+0.1%
Q4 25	15M	+0.1%	+7.0%

Shares Outstanding

Revenue Per Employee

Period	Revenue/Employee	Employees
Q2 21	—	—
Q3 21	—	—
Q4 21	—	—
Q2 22	—	—
Q4 22	—	—
Q1 23	—	—
Q2 23	—	—
Q3 23	—	—
Q4 23	—	—
Q1 24	—	—
Q3 24	—	—
Q4 24	$0	1.0M
Q1 25	$0	1.0M
Q2 25	$1	1.0M
Q3 25	$0	1.0M
Q4 25	$0	1.0M

Revenue / Employee