Inhibrx Biosciences, Inc.

During the fiscal quarter ended December 31, 2025, none of our directors or officers (as defined in Rule 16a-1(f) under the Exchange Act)adopted orterminated any “Rule 10b5-1 trading arrangement” or any “non-Rule 10b5-1 trading arrangement,” as those terms are defined in Item 408 of Regulation S-K.

Amendment to Loan Agreement

On March 18, 2026, we entered into the First Amendment to Loan and Service Agreement with Oxford Finance, LLC, or the March 2026 Amendment. The March 2026 Amendment provides for an additional tranche, or the Term B Loans, in an aggregate principal amount of $75.0 million, upsized from $50.0 million originally available under the 2025 Loan Agreement prior to the March 2026 Amendment, $75.0 million of which was funded on the date of the March 2026 Amendment.

All obligations under the 2025 Loan Agreement, as amended, and the other loan documents are secured by a first priority perfected lien on, and security interest in, substantially all of our present and future assets, subject to certain exceptions. The 2025 Loan Agreement, as amended, includes customary events of default, including instances of a material adverse change in our operations, that may require prepayment of the outstanding term loans. The March 2026 Amendment updated the minimum liquidity threshold covenant, tested at all times, to $40.0 million, not subject to future increases. All other terms of the 2025 Loan Agreement remain outstanding.

In connection with the $75.0 million in funding on the date of the March 2026 Amendment, we issued to Oxford Finance LLC warrants, or the Term B Warrants, to purchase 21,518 shares of Common Stock, at an exercise price of $69.71 per share. The Term B Warrants are immediately exercisable, and the exercise period will expire 10 years from the date of issuance.

The exercise price and the number of shares of Common Stock issuable upon exercise of the Term B Warrants will be subject to appropriate adjustment in the event of certain stock dividends and distributions, stock splits, stock combinations, reclassifications or similar events affecting the Common Stock. The issuance of the Term B Warrants is exempt from the registration requirements of the Securities Act, pursuant to the exemption for transactions by an issuer not involving any public offering under Section 4(a)(2) of the Securities Act and/or Rule 506 of Regulation D of the Securities Act and in reliance on similar exemptions under applicable state laws. Each lender represented that it is an accredited investor, and that it was acquiring the securities for investment for its own account, not as nominee or agent, and not with a view to the public resale or distribution within the meaning of the Securities Act.

The foregoing description of the March 2026 Amendment and the Term B Warrants contained herein does not purport to be complete and is qualified in its entirety by reference to the March 2026 Amendment and the form of Term B Warrant, which is filed as Exhibit 10.12 and Exhibit 4.2, respectively, to this Annual Report and is incorporated herein by reference.