Inhibrx Reports Third Quarter 2020 Financial Results, Announces Amended Loan Agreement with Oxford

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SAN DIEGO, November 13, 2020 / PRNewswire / – Inhibrx, Inc. (Nasdaq: INBX), a biotechnology company with four clinical programs in development, today announced financial results for the three and nine months ended September 30, 2020 and announced an amended loan agreement with Oxford Finance LLC.

Marc Lappe, the CEO of Inhibrx commented: “Over the next two years, we plan to read multiple data from our four clinical programs in the area of ​​oncology and orphan diseases and to launch new clinical programs. This additional line of debt from Oxford extends our IPO process and gives us greater option and the ability to take those expected clinical milestones with an appropriate track cushion. We appreciate the strong support and our long-standing partnership with Oxford.

Third Quarter 2020 and Recent Company Highlights

  • Presentation of provisional data on INBRX-109, a tetravalent DR5 agonist, for the chondrosarcoma cohort on November 11, 2020. These data will also be presented during the virtual annual meeting of CTOS 2020 on November 20, 2020 at 9:00 a.m. PST.
  • Initial public offering completed: on August 21, 2020, Inhibrx completed an initial public offering by selling 8,050,000 common shares, which included the full exercise by the underwriters of their option to purchase additional shares, to $ 17.00 per share, and the net proceeds of $ 126 million. The gross proceeds of the IPO, excluding discounts and subscription fees and other estimated offering costs, were $ 136.9 million.

Financial results

  • Cash and cash equivalents. Total cash and cash equivalents $ 127.7 million from September 30, 2020, compared to $ 11.5 million from December 31, 2019.
  • R&D costs. Research and development costs were $ 19.8 million during the third quarter of 2020, compared to $ 12.8 million during the third quarter of 2019. This increase is primarily due to an increase in contract manufacturing spending for scale-up activities performed by Inhibrx’s CDMO partners for its INBRX-109 and INBRX-101 programs. Additionally, CRO’s costs have increased due to the progress of its Phase 1 trials.
  • General and administrative costs. General and administrative expenses, or G&A, remained constant at $ 1.6 million during the third quarter of 2020 compared to $ 1.5 million during the third quarter of 2019.
  • Net loss. The net loss was $ 20.5 million during the third quarter of 2020, a net loss per share of $ 0.77, compared to a net loss of $ 20.2 million during the third quarter of 2019, a net loss per share of $ 1.11.

About the Inhibrx sdAb platform
Inhibrx uses a variety of protein engineering methods in constructing therapeutic candidates that can meet the specific requirements of a complex target and disease biology. A key tool for this effort is Inhibrx’s proprietary 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, allowing the creation of therapeutic candidates with defined valence or multiple specificities that can achieve enhanced cell signaling or conditional activation. An additional benefit of this platform is that these optimized multifunctional entities can be made using established processes that are commonly used to produce therapeutic proteins.

About Inhibrx, Inc.
Inhibrx is a clinical-stage biotechnology company focused on the development of a broad portfolio of novel biological therapeutic candidates in oncology and orphan diseases. Inhibrx uses a variety of protein engineering methods to meet the specific requirements of complex target and disease biology, including its proprietary sdAb platform. Inhibrx has collaborations with bluebird bio, Bristol-Myers Squibb and Chiesi. For more information, please visit www.inhibrx.com.

Forward-looking statements
Inhibrx cautions you that statements 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: the future clinical development of Inhibrx therapeutic candidates, including statements regarding the timing of future data readings and the commencement of registration enabling studies, assessments and judgments relating to Inhibrx’s cash position, and representations and judgments relating to its partnership and relationship with Oxford. Actual results may differ from those presented in this press release due to the risks and uncertainties inherent in Inhibrx’s business, including, without limitation, risks and uncertainties regarding: the launch, timing, progress and the results of its preclinical studies and clinical trials, and its research and development programs; its ability to advance and complete therapeutic candidates in clinical trials; its interpretation of 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 use its technological platform to generate and advance additional therapeutic candidates; the implementation of its business model and its 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 enter into contracts with third party suppliers and manufacturers and their ability to function adequately; the extent of the 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 such partnerships; its estimates of expenditures, capital requirements, and additional funding and financial performance requirements; its expectations regarding the impact of the COVID-19 pandemic on its business; and other risks described in documents filed by Inhibrx with the United States Securities and Exchange Commission (the “SEC”), including under the heading “Risk Factors” in Inhibrx’s Quarterly Report on Form 10 -Q for the period ended September 30, 2020, as filed with the SEC. You are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date hereof, and Inhibrx makes no commitment to update such statements to reflect events that occur or circumstances that occur. 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:
Amy conrad
Juniper hint
[email protected]
858-366-3243

Inhibrx, Inc.

Condensed consolidated income statements

(In thousands, except data per share)

(Unaudited)



THREE MONTHS ENDED
SEPTEMBER 30,


NINE MONTHS ENDED
SEPTEMBER 30,


2020


2019


2020


2019

Income:








License fee income

$

5,826



$

794



$

10,032



$

8,826


Grant income

75



425



80



4,122


Total income

5,901



1 219



10.112



12 948


Operating costs :








Research and development

19 837



12 785



55,827



35,624


general and administrative

1,622



1,481



4,621



4,584


Total operating expenses

21,459



14 266



60,448



40 208


Operating loss

(15,558)



(13,047)



(50 336)



(27,260)


Total other income (expenses):

(4,452)



(6,216)



(7 652)



(6 937)


Provision for income taxes



900





898


Loss on equity-accounted investment

487





487




Net loss

(20,497)



(20,163)



(58,475)



(35,095)


Net loss per share, basic and diluted

$

(0.77)



$

(1.11)



$

(2.78)



$

(1.93)


Weighted average shares of ordinary shares
exceptional, basic and diluted

26,750



18 154



21,019



18 154


Inhibrx, Inc.

Condensed consolidated balance sheets

(In thousands)



SEPTEMBER 30,


THE 31ST OF DECEMBER,


2020


2019


(unaudited)







Cash and cash equivalents

$

127 669



$

11,540


Other current assets

4,181



4,021


Non-current assets

11,704



10 928


Total assets

$

143,554



26,489






Paycheque Protection Program Loan

$

1,875



$


Debt, current and non-current

9 821



3563


Other current liabilities

32,862



17,007


Convertible Notes



30 367


Other non-current liabilities

7,267



9,614


Total responsibilities

51 825



60,551


Convertible preferred shares



59,507


Equity (deficit)

91 729



(93,569)


Total liabilities, convertible preferred shares and equity (deficit)

$

143,554



$

26,489


SOURCE Inhibrx, Inc.


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