Here are 1-3 brief analogies to describe Inhibrx Biosciences (INBX):

• An earlier-stage Amgen.
• A startup Regeneron, focused on developing novel biologic drugs.

• INBRX-109: A hexavalent agonist of OX40 and antagonist of PD-L1, currently in Phase 1 clinical trials for solid tumors.
• INBRX-105: A multi-specific antibody targeting CDH6 and PD-L1, currently in Phase 1 clinical trials for ovarian and other solid tumors.
• INBRX-106: A multi-specific antibody designed as a PD-L1 checkpoint inhibitor and a TGF-beta trap, in preclinical development for solid tumors.
• INBRX-103: A multi-specific antibody targeting both LAG-3 and PD-L1, currently in preclinical development for solid tumors.
• INBRX-130: A multi-specific antibody designed to target B7-H3 and PD-L1, currently in preclinical development for solid tumors.

Major Customers of Inhibrx Biosciences (INBX)

Inhibrx Biosciences (INBX) is a clinical-stage biotechnology company focused on developing novel therapeutic candidates. As such, it does not currently generate significant revenue from the direct sale of commercialized products to individuals or healthcare providers. Instead, its revenue is primarily derived from collaboration and licensing agreements with other pharmaceutical companies.

Based on its recent financial filings, Inhibrx Biosciences' major customers (partners in collaboration and licensing agreements) include:

• Chiesi Farmaceutici S.p.A. (Private company)
• Sanofi S.A. (NYSE: SNY, Euronext Paris: SAN)

• WuXi Biologics (2269.HK)
• Lonza Group AG (LONN.SW)
• Fujifilm Diosynth Biotechnologies (parent company: Fujifilm Holdings Corporation (FUJIY))

Mark P. Lappe, Founder, Chief Executive Officer, and Chairman

Mr. Lappe co-founded Inhibrx in 2010 and has served as CEO since its inception. He also serves as the Chairman of the Board of Directors. Prior to founding Inhibrx, Mr. Lappe was the founder and Managing Partner of Efficacy Biotech Fund, a fund focused on strategic investment in public biotechnology companies. Under his leadership, Inhibrx secured private financing, completed a successful IPO in 2020, and achieved a landmark $2 billion acquisition by Sanofi of its Alpha-1 Antitrypsin Deficiency (AATD) program in 2024, alongside the concurrent public spin-out of its oncology programs as Inhibrx Bio.

Kelly Deck, C.P.A., EVP, Chief Financial Officer

Ms. Deck leads Inhibrx's accounting, finance, IT, and investor relations functions. She joined Inhibrx in October 2018, bringing decades of experience in the life science industry. Prior to joining Inhibrx, Ms. Deck held various accounting and finance positions of increasing responsibility with Apricus Biosciences Inc., Hologic Inc., Gen-Probe Inc., and Cytori Therapeutics Inc.

David Matly, M.B.A., President

Mr. Matly joined Inhibrx in October 2021 as EVP, Chief Commercial and Business Development Officer and was appointed President in March 2025. In his role as President, he oversees clinical development and operations, R&D, technical operations, regulatory affairs, and all commercial, medical affairs, market access, and business development functions. Notably, Mr. Matly played a key leadership role in Inhibrx, Inc.'s asset sale of INBRX-101 to Sanofi for up to $2.2 billion in 2024. Prior to Inhibrx, Mr. Matly held global leadership positions at Novartis, including Vice President of the MDS/AML franchise and global commercial lead of the sickle cell disease therapeutic area. He also served as VP of Business Development at Chrono Therapeutics, a private venture capital-backed company. Mr. Matly began his career at Eli Lilly.

Carlos Bais, Ph.D., EVP, Chief Scientific Officer

Dr. Bais joined Inhibrx as the Executive Vice President of Translational Sciences in May 2022 and was appointed Chief Scientific Officer in March 2025. He brings extensive scientific, drug-development, and managerial experience, leading large teams across multiple early and late-stage oncology programs. Dr. Bais's career in the biopharmaceutical industry includes roles as a research lab head at Genentech, Senior Director and Principal Scientist in oncology biomarker development at Genentech/Roche, and Director of Translational Medicine for cancer immunotherapy at Medimmune/Astrazeneca.

Ashraf Amanullah, Ph.D., EVP, Chief Technical Operations Officer

Dr. Amanullah is responsible for the late-stage activities required for the commercialization of Inhibrx's programs, bringing over 20 years of experience in process development, technical operations, cGMP clinical manufacturing, commercialization, and life cycle management of various therapeutics. Prior to joining Inhibrx, Dr. Amanullah held executive and senior-level positions with aTyr Pharma, Gilead Sciences, Genentech, and Merck.

The key risks for Inhibrx Biosciences (INBX) are as follows:

1. Clinical Development and Regulatory Approval Risk: Inhibrx Biosciences, as a clinical-stage biopharmaceutical company, faces significant risk due to its high dependency on the successful development and regulatory approval of its pipeline candidates, particularly ozekibart (INBRX-109). The company's future success hinges on the favorable outcomes of clinical trials, effectively managing any safety concerns (such as the early liver risks identified with ozekibart, despite mitigation efforts), and securing regulatory approvals from authorities like the FDA, with a Biologics License Application (BLA) for ozekibart in chondrosarcoma planned for Q2 2026. The termination of another pipeline candidate, INBRX-105, due to disappointing data highlights the inherent uncertainties in drug development.
2. Financial Viability and Capital Requirements: Inhibrx Biosciences has consistently reported net losses and negative free cash flow, indicating ongoing financial challenges. The company had a net loss of $28.7 million in Q2 2025 and $35.3 million in Q3 2025, primarily due to high operating expenses, particularly in research and development. While the company held $153.1 million in cash and equivalents as of September 30, 2025, its cash runway was estimated at 5 to 6 quarters based on Q2 2025 burn rates. This financial situation, coupled with existing long-term debt, suggests that Inhibrx may need to raise additional capital in the future, potentially leading to shareholder dilution if profitability is not achieved.
3. Market Size and Commercialization Challenges: Even if ozekibart receives regulatory approval, its commercial success could be limited by the relatively small market size for its lead indication, chondrosarcoma. This rare form of cancer affects a small patient population, estimated at approximately 510 new metastatic patients per year in the US. Such a niche market could constrain revenue potential and make achieving substantial sales challenging, potentially impacting the overall profitability and return on investment for the company.

The accelerated development and potential market entry of novel, highly effective multi-specific antibodies, antibody-drug conjugates (ADCs), or other advanced therapeutic modalities (e.g., T-cell engagers) from better-resourced competitors that demonstrate superior clinical profiles (efficacy, safety, or both) in the specific oncology and autoimmune indications targeted by Inhibrx's remaining pipeline. This intensified competitive landscape, particularly for the company's earlier-stage assets following the divestiture of its lead program INBRX-101, presents a clear emerging threat to Inhibrx's ability to secure market share, partnerships, and future funding.

Share Issuance

• In May 2024, 92% of the issued and outstanding shares of Inhibrx Biosciences common stock were distributed to the common shareholders of Inhibrx, Inc. (the Former Parent) on a pro rata basis, with one share of Inhibrx Biosciences common stock for every four shares held of the Former Parent.
• In January 2025, Inhibrx Biosciences issued warrants to purchase 140,741 shares of common stock at $14.21 per share as part of a $100 million initial term loan from Oxford Finance.

Inbound Investments

• In January 2025, Inhibrx Biosciences secured a five-year term loan facility of up to $150 million from Oxford Finance LLC, receiving an initial $100 million. An additional $50 million may be made available at the lenders' discretion.
• As part of the May 2024 spin-off from Inhibrx, Inc. and the sale of the INBRX-101 program to Sanofi, Inhibrx Biosciences was funded with $200.0 million in cash.
• In 2023, Inhibrx secured $35 million in additional capital through private placements.

Outbound Investments

• In April 2025, Inhibrx entered into an exclusive license agreement with a newly-formed private biotechnology company established by its former Chief Scientific Officer, Dr. Brendan Eckelman, for certain technologies no longer pursued by Inhibrx. This agreement included an upfront payment upon initial funding of Dr. Eckelman's new company and future development milestones.