Inhibrx Biosciences, Inc.

Previous wording

We plan to meet with the FDA in the second half of 2026 to discuss the potential for an accelerated regulatory pathway for ozekibart in fourth-line colorectal cancer and to discuss plans to initiate a first-line registrational trial in CRC.

Current wording

During the second quarter of 2026, we initiated two additional Phase 1 cohorts in CRC: (1) a second line study investigating ozekibart in combination with Folfiri and Avastin, and (2) a third/fourth line study investigating ozekibart in combination with Lonsurf and Avastin. We expect to announce interim results from these cohorts during the first quarter of 2027. We plan to meet with the FDA in the fourth quarter of 2026 to discuss our plans to initiate a first-line registrational trial in CRC, as well as the potential for an accelerated regulatory pathway for ozekibart in fourth-line CRC.

Previous wording

We expect to complete enrollment in the Phase 1/2 trial of ozekibart in combination with IRI/TMZ for advanced or metastatic, unresectable, relapsed, or refractory Ewing sarcoma in the second half of 2026. If the current response and duration trends observed continue, we plan to meet with the FDA in the second half of 2026 to discuss the potential for an accelerated regulatory pathway for this indication.

Current wording

We expect to complete enrollment in the Phase 1/2 trial of ozekibart in combination with IRI/TMZ for advanced or metastatic, unresectable, relapsed, or refractory Ewing sarcoma in 2027. We are evaluating the submission of clinical data to the National Comprehensive Cancer Network® (NCCN®) to consider ozekibart for potential inclusion in the NCCN Guidelines® as a treatment option for Ewing sarcoma.

Previous wording

In June 2021, we initiated a randomized, blinded, placebo-controlled, registrational trial in patients with metastatic, unresectable conventional chondrosarcoma, which enrolled over 200 patients in total at 68 different sites worldwide and for which the United States Food and Drug Administration, or FDA, and the European Medicines Agency, or EMA, granted orphan drug designation for the treatment of chondrosarcoma in November 2021 and August 2022, respectively. The primary endpoint for this trial is PFS.

Current wording

In June 2021, we initiated a randomized, blinded, placebo-controlled, registrational trial in patients with metastatic, unresectable conventional chondrosarcoma, which enrolled over 200 patients in total at 68 different sites worldwide and for which the United States Food and Drug Administration, or FDA, and the European Medicines Agency, or EMA, granted orphan drug designation for the treatment of chondrosarcoma in November 2021 and August 2022, respectively. The primary endpoint for this trial was PFS.

Previous wording

In October 2025, we announced this trial met its primary endpoint of a statistically significant and clinically meaningful median PFS for patients with advanced or metastatic chondrosarcoma treated with ozekibart compared to placebo. Ozekibart achieved a 52% reduction in the risk of disease progression or death compared to placebo (stratified Hazard Ratio 0.479; 95% CI: 0.33, 0.68); P<0.0001), more than doubling median PFS to 5.52 months versus 2.66 months for placebo. Importantly, ozekibart is the first investigational therapy to demonstrate a significant PFS benefit in a randomized trial for chondrosarcoma, a disease with no approved systemic options.

Current wording

(stratified Hazard Ratio 0.479; 95% CI: 0.33, 0.68); P<0.0001), more than doubling median PFS to 5.52 months versus 2.66 months for placebo. Importantly, ozekibart is the first investigational therapy to demonstrate a significant PFS benefit in a randomized trial for chondrosarcoma, a disease with no approved systemic options.

Previous wording

We submitted a biologics license application to the FDA in April 2026 for the potential approval of ozekibart in conventional chondrosarcoma.

Current wording

In June 2026, the FDA accepted for filing our biologics license application for the potential approval of ozekibart in conventional chondrosarcoma.

Previous wording

In May 2026, we announced positive interim results from the randomized, first-line Phase 2 portion of the HexAgon study. The trial evaluated the safety and efficacy of INBRX-106 in combination with pembrolizumab (the combination arm) versus pembrolizumab monotherapy (the control arm) in first-line patients with treatment-naïve, PD-L1 positive (CPS ≥ 20) metastatic or unresectable recurrent HNSCC. The Phase 2 portion of the HexAgon study enrolled 68 patients: 33 randomized to the combination arm and 35 to the control arm. In the evaluable population, 11 out of 25 patients (44.0%) in the INBRX-106 combination arm achieved a confirmed objective response, compared with 6 out of 28 patients (21.4%) in the control arm. This represents a 22.6% absolute increase in confirmed responses. Three complete responses were observed in the INBRX-106 combination arm, reflecting tumor clearance, while no complete responses were observed with pembrolizumab alone. Complete responses in first-line HNSCC remain uncommon and are generally associated with more durable outcomes. The combination of INBRX-106 and pembrolizumab was generally manageable, with a safety profile consistent with the addition of an active immunostimulatory agent to checkpoint blockade. The most common treatment-related adverse events were rash, diarrhea, fatigue, and infusion-related reactions, which were predominantly low-grade. No treatment-related deaths were reported in either arm.

Current wording

In May 2026, we announced positive interim results from the randomized, first-line Phase 2 portion of the HexAgon study. The trial evaluated the safety and efficacy of INBRX-106 in combination with pembrolizumab (the combination arm) versus pembrolizumab monotherapy (the control arm) in first-line patients with treatment-naïve, PD-L1 positive (CPS ≥ 20) metastatic or unresectable recurrent HNSCC. The Phase 2 portion of the HexAgon study enrolled 68 patients: 33 randomized to the combination arm and 35 to the control arm. In the evaluable population, 11 out of 25 patients (44.0%) in the INBRX-106 combination arm achieved a confirmed objective response, compared with 6 out of 28 patients (21.4%) in the control arm. This represented a 22.6% absolute increase in confirmed responses. Three complete responses were observed in the INBRX-106 combination arm, reflecting tumor clearance, while no complete responses were observed with pembrolizumab alone. Complete responses in first-line HNSCC remain uncommon and are generally associated with more durable outcomes. The combination of INBRX-106 and pembrolizumab was generally manageable, with a safety profile consistent with the addition of an active immunostimulatory agent to checkpoint blockade. The most common treatment-related adverse events were rash, diarrhea, fatigue, and infusion-related reactions, which were predominantly low-grade. No treatment-related deaths were reported in either arm.

Previous wording

The progression-free survival data from the Phase 2 portion of the HexAgon study are expected to become available in the fourth quarter of 2026. We plan to begin the Phase 3 portion of the HexAgon study during the third quarter of 2026.

Current wording

The progression-free survival data from the Phase 2 portion of the HexAgon study are expected to become available in the third quarter of 2026. We plan to begin the Phase 3 portion of the HexAgon study during the third quarter of 2026.

Previous wording

Based on these promising early results, we aim to evaluate INBRX-106 across broader indications to potentially improve the efficacy of checkpoint inhibitors. This strategy includes initiating a study in the perioperative setting in NSCLC later this quarter. We believe OX40 agonism has the greatest potential to drive cure in earlier-stage disease settings, where patients typically retain a more active and responsive immune system. Outside of combination with checkpoint inhibitors, we plan to explore combinations with agents that could benefit from T-cell costimulation, such as vaccines, T-cell engagers, and CAR-Ts.

Current wording

Based on these promising early results, we aim to evaluate INBRX-106 across broader indications to potentially improve the efficacy of checkpoint inhibitors. This strategy includes initiating a study in the perioperative setting in NSCLC. We believe OX40 agonism has the greatest potential to drive cure in earlier-stage disease settings, where patients typically retain a more active and responsive immune system. Outside of combination with checkpoint inhibitors, we plan to explore combinations with agents that could benefit from T-cell costimulation, such as vaccines, T-cell engagers, and CAR-Ts.

Previous wording

Interest expense. Interest expense consists of interest on our Amended 2025 Loan Agreement with Oxford Finance LLC and other lenders, or collectively, Oxford.

Current wording

Interest expense. Interest expense consists of interest on our 2025 Loan Agreement, as amended, with Oxford Finance LLC and other lenders, or collectively, Oxford.

Previous wording

•personnel-related expense decreased by $0.8 million, which was primarily related to a decrease in headcount.

Current wording

•personnel-related expense decreased by $0.6 million, which was primarily related to a decrease in headcount; and

Previous wording

Interest expense. Interest expense was $3.5 million and $2.7 million during the three months ended March 31, 2026 and March 31, 2025, respectively, all of which related to interest incurred and the amortization of debt discounts related to the 2025 Loan Agreement, as amended. $100.0 million was outstanding in principal during each period through the date of the March 2026 Amendment, upon which we received an additional $75.0 million in principal.

Current wording

Interest expense. Interest expense was $5.7 million and $3.1 million during the three months ended June 30, 2026 and June 30, 2025, respectively, all of which related to interest incurred and the amortization of debt discounts related to the 2025 Loan Agreement, as amended. We incurred increased interest expense on the $175.0 million in principal outstanding during the three months ended June 30, 2026 following the March 2026 Amendment, upon which we received an additional $75.0 million in gross proceeds, as compared to the $100.0 million in principal outstanding during the three months ended June 30, 2025.

Previous wording

Interest income. During the three months ended March 31, 2026 and March 31, 2025, we earned $1.0 million and $2.3 million, respectively, of interest income related to interest earned on our sweep and money market account balances.

Current wording

Interest income. During the three months ended June 30, 2026 and June 30, 2025, we earned $1.3 million and $2.1 million, respectively, of interest income related to interest earned on our sweep and money market account balances. The decrease in interest income is due to lower average cash balances and decreased interest rates.

Previous wording

Research and development expenses decreased by $11.7 million from $36.9 million during the three months ended March 31, 2025 to $25.2 million during the three months ended March 31, 2026. The overall decrease was primarily due to the following factors:

Current wording

Research and development expenses decreased by $10.0 million from $59.1 million during the six months ended June 30, 2025 to $49.1 million during the six months ended June 30, 2026. The overall decrease was primarily due to the following factors:

Previous wording

•clinical trial expense decreased by $4.1 million, primarily due to decreases in expenses associated with ozekibart (INBRX-109) for the treatment of unresectable or metastatic conventional chondrosarcoma as the trial approached completion of enrollment;

Current wording

•clinical trial expense decreased by $2.9 million, primarily due to a decrease in expense associated with the ozekibart (INBRX-109) trial for the treatment of unresectable or metastatic conventional chondrosarcoma as the trial approached completion of enrollment;

Previous wording

•contract manufacturing expense decreased by $6.5 million, primarily due to the timing and completion of certain manufacturing activities required to support our clinical trials for ozekibart (INBRX-109) and INBRX-106; and

Current wording

•contract manufacturing expense decreased by $4.9 million primarily due to the timing and completion of certain manufacturing activities required to support our clinical trials for ozekibart (INBRX-109) and INBRX-106, offset in part by the initiation of certain activities associated with our filing of the BLA for potential approval of ozekibart (INBRX-109) in conventional chondrosarcoma;

Previous wording

In January 2025, we entered into the 2025 Loan Agreement with Oxford Finance LLC, or Oxford, upon which we received gross proceeds of $100.0 million. On March 18, 2026, we entered into the First Amendment to Loan and Security Agreement with Oxford, or the March 2026 Amendment, or collectively with the 2025 Loan Agreement, the Amended 2025 Loan Agreement. The March 2026 Amendment provided 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. Upon closing of the March 2026 Amendment, the Term B Loans were funded and we received gross proceeds of $75.0 million.

Current wording

In January 2025, we entered into the 2025 Loan Agreement with Oxford Finance LLC, or Oxford, upon which we received gross proceeds of $100.0 million, or the Term A Loan. On March 18, 2026, we entered into the First Amendment to Loan and Security Agreement with Oxford, or the March 2026 Amendment. The March 2026 Amendment provided for an additional tranche, or the Term B Loan, in an aggregate principal amount of $75.0 million, upsized from $50.0 million originally available under the 2025 Loan Agreement. Upon closing of the March 2026 Amendment, the Term B Loan was funded and we received gross proceeds of $75.0 million. On July 15, 2026, we entered into the Second Amendment to Loan and Security Agreement with Oxford, or the July 2026 Amendment, or collectively with the 2025 Loan Agreement and the March 2026 Amendment, the Amended 2025

Previous wording

Since our inception, we have devoted substantially all of our efforts to therapeutic drug discovery and development, conducting preclinical studies and clinical trials, enabling manufacturing activities in support of our therapeutic candidates, pre-commercialization activities, organizing and staffing the Company, establishing our intellectual property portfolio, and raising capital to support and expand these activities. Cash used to fund operating expenses is impacted by the timing of when we pay these expenses, as reflected in the change in our outstanding accounts payable and accrued expenses. Our net income or losses may fluctuate significantly from quarter-to-quarter and year-to-year, depending on the timing of our clinical trials and our expenditures on other research and development activities, as well as the timing of other corporate transactions. During the three months ended March 31, 2026 our net loss was $33.4 million. As of March 31, 2026, we had an accumulated deficit of $279.6 million and cash and cash equivalents of $161.7 million.

Current wording

Since our inception, we have devoted substantially all of our efforts to therapeutic drug discovery and development, conducting preclinical studies and clinical trials, enabling manufacturing activities in support of our therapeutic candidates, pre-commercialization activities, organizing and staffing the Company, establishing our intellectual property portfolio, and raising capital to support and expand these activities. Cash used to fund operating expenses is impacted by the timing of when we pay these expenses, as reflected in the change in our outstanding accounts payable and accrued expenses. Our net income or losses may fluctuate significantly from quarter-to-quarter and year-to-year, depending on the timing of our clinical trials and our expenditures on other research and development activities, as well as the timing of other corporate transactions. During the six months ended June 30, 2026 our net loss was $70.1 million. As of June 30, 2026, we had an accumulated deficit of $316.3 million and cash and cash equivalents of $133.3 million.

Previous wording

Our lease for our laboratory and office space expires in 2028, with an option to extend for an additional three years. As of March 31, 2026, we had future minimum rental payments under these leases of $6.6 million, of which $2.9 million and $3.7 million are current and non-current, respectively. For more information regarding these lease agreements, refer to Note 6 to the unaudited condensed consolidated financial statements.

Current wording

Our lease for our laboratory and office space expires in 2028, with an option to extend for an additional three years. As of June 30, 2026, we had future minimum rental payments under these leases of $5.9 million, of which $2.9 million and $3.0 million are current and non-current, respectively. For more information regarding these lease agreements, refer to Note 7 to the unaudited condensed consolidated financial statements.

Previous wording

Under the 2025 Loan Agreement, as amended, we are required to make interest only payments through February 2028, with all principal payments and final fee payments beginning in March 2028 and continuing through the maturity date of January 2030. As of March 31, 2026, we have a minimum obligation of $241.7 million of long-term debt, including minimum interest and final fee payments, of which $17.0 million and $224.7 million are current and non-current, respectively. For more information regarding the Amended 2025 Loan Agreement, refer to Note 3 to the condensed consolidated financial statements.

Current wording

Under the 2025 Loan Agreement, as amended, we are required to make interest only payments through February 2028, with all principal payments and final fee payments beginning in March 2028 and continuing through the maturity date of January 2030. As of June 30, 2026, we have a minimum obligation of $237.9 million of long-term debt, including minimum interest and final fee payments, of which $17.7 million and $220.2 million are current and non-current, respectively. For more information regarding the Amended 2025 Loan Agreement, refer to Note 3 to the condensed consolidated financial statements.

Previous wording

We enter into contracts in the normal course of business with CROs related to our ongoing preclinical studies and clinical trials and with CDMOs for clinical supplies and manufacturing scale-up activities. These contracts are generally cancellable, with notice, at our option. We have recorded accrued expenses of approximately $11.0 million in our condensed consolidated balance sheets for expenditures incurred by CROs and CDMOs as of March 31, 2026.

Current wording

We enter into contracts in the normal course of business with CROs related to our ongoing preclinical studies and clinical trials and with CDMOs for clinical supplies and manufacturing scale-up activities. These contracts are generally cancellable, with notice, at our option. We have recorded accrued expenses of approximately $6.6 million in our condensed consolidated balance sheets for expenditures incurred by CROs and CDMOs as of June 30, 2026.

Previous wording

While these contracts are generally cancellable, some may contain specific activities that involve one or more noncancellable commitments. Depending on the timing and reasoning of the exit, certain termination penalties may apply and can range from the cost of work performed to date up to twelve months of future committed manufacturing costs. As of March 31, 2026, the noncancellable portion of these contracts totaled in aggregate, excluding amounts recorded in accounts payable and accrued expenses as of this date, approximately $15.8 million. The noncancellable purchase commitments relate to future contract manufacturing of drug supply for one of our therapeutic candidates.

Current wording

While these contracts are generally cancellable, some may contain specific activities that involve one or more noncancellable commitments. Depending on the timing and reasoning of the exit, certain termination penalties may apply and can range from the cost of work performed to date up to twelve months of future committed manufacturing costs. As of June 30, 2026, the noncancellable portion of these contracts totaled in aggregate, excluding amounts recorded in accounts payable and accrued expenses as of this date, approximately $15.9 million. The noncancellable purchase commitments relate to future contract manufacturing of drug supply for one of our therapeutic candidates.

Previous wording

Net cash used in operating activities was $38.0 million during the three months ended March 31, 2026 and consisted primarily of a net loss of $33.4 million, adjusted for non-cash items, including accretion on our debt discount and the non-cash portion of interest expense related to our debt of $0.7 million, stock-based compensation expense of $2.7 million, depreciation and amortization of $0.5 million and non-cash lease expense of $0.5 million. Changes in operating assets and liabilities also contributed to the cash used in operating activities, including the decrease in operating lease liability of $0.5 million as a result of lease payments made throughout the period, and an increase in prepaid expenses and other current assets of $1.1 million and a decrease in accrued expenses of $10.2 million due to the timing of payments to our CRO and CDMO partners during the period. These uses of cash were offset in part by an increase in accounts payables of $2.8 million during the period.

Current wording

Net cash used in operating activities was $67.9 million during the six months ended June 30, 2026 and consisted primarily of a net loss of $70.1 million, adjusted for non-cash items, including accretion on our debt discount and the non-cash portion of interest expense related to our debt of $2.0 million, stock-based compensation expense of $5.8 million, depreciation and amortization of $1.1 million and non-cash lease expense of $1.0 million. Changes in operating assets and liabilities also contributed to the cash used in operating activities, including the decrease in operating lease liability of $1.1 million as a result of lease payments made throughout the period, and an increase in prepaid expenses and other current assets of $0.7 million and a decrease in accrued expenses of $9.8 million due to the timing of payments to our CRO and CDMO partners during the period. These uses of cash were offset in part by an increase in accounts payable of $3.8 million during the period.

Previous wording

Net cash used in operating activities was $35.9 million during the three months ended March 31, 2025 and consisted primarily of a net loss of $43.3 million, adjusted for non-cash items, including accretion on our debt discount and the non-cash portion of interest expense related to our debt of $0.5 million, stock-based compensation expense of $2.5 million, depreciation and amortization of $0.7 million and non-cash lease expense of $0.4 million. Changes in operating assets and liabilities also contributed to the cash used in operating activities, including the decrease in operating lease liability of $0.2 million as a result of lease payments made throughout the period and the decrease in accounts payable of $0.4 million. These uses of cash were offset by a decrease in accounts receivable of $0.2 million upon the collection of balances during the period, a decrease in prepaid expenses and other current assets of $0.7 million and an increase in accrued expenses of $2.9 million due to the timing of payments to our CRO and CDMO partners during the period.

Current wording

Net cash used in operating activities was $65.8 million during the six months ended June 30, 2025 and consisted primarily of a net loss of $72.0 million, adjusted for non-cash items, including accretion on our debt discount and the non-cash portion of interest expense related to our debt of $1.2 million, stock-based compensation expense of $5.2 million, depreciation and amortization of $1.3 million and non-cash lease expense of $0.9 million. Changes in operating assets and liabilities also contributed to the cash used in operating activities, including the decrease in operating lease liability of $0.5 million as a result of lease payments made throughout the period, an increase in accounts receivables and other receivables of $0.6 million, and decreases in accounts payable of $1.0 million and accrued expenses of $1.4 million due to the timing of payments to our CRO and CDMO partners during the period. These uses of cash were offset in part by a decrease in prepaid expenses and other current assets of $1.0 million.

Previous wording

Net cash used in investing activities was approximately $21,000 during the three months ended March 31, 2025, and was related to capital purchases of software and laboratory equipment. We did not use any cash in investing activities during the three months ended March 31, 2026.

Current wording

Net cash used in investing activities was approximately $21,000 during the six months ended June 30, 2025, and was related to capital purchases of laboratory equipment. We did not use any cash in investing activities during the six months ended June 30, 2026.

Previous wording

Net cash provided by financing activities was $75.5 million during the three months ended March 31, 2026, which consisted primarily of net proceeds from the March 2026 Amendment from which we received $75.0 million in gross proceeds during March 2026, and $0.5 million in proceeds from the exercise of stock options. Net cash provided by financing activities was $99.8 million during the three months ended March 31, 2025, which consisted of net proceeds from the 2025 Loan Agreement which we entered into in January 2025.

Current wording

Net cash provided by financing activities was $77.1 million during the six months ended June 30, 2026, which consisted of $75.0 million in net proceeds from the March 2026 Amendment and $2.1 million in proceeds from the exercise of stock options. Net cash provided by financing activities was $99.8 million during the six months ended June 30, 2025, which consisted of net proceeds from the 2025 Loan Agreement which we entered into in January 2025.