1. Amgen for novel cancer biologics.
2. A startup Regeneron focused on advanced cancer therapies.
3. Like an early-stage Genentech, developing unique biologic treatments for cancer.

• INBRX-109: A tetravalent therapeutic candidate in Phase 2 clinical trial for the treatment of unresectable or metastatic conventional chondrosarcoma.
• INBRX-106: A hexavalent sdAb-based therapeutic candidate in Phase 2 clinical trial for the treatment of various metastatic solid tumors, including non-small cell lung cancer, melanoma, and gastric cancer.

Inhibrx Biosciences, Inc. (symbol: INBX) is a clinical-stage biopharmaceutical company. Its therapeutic candidates, such as INBRX-109 and INBRX-106, are currently in Phase 2 clinical trials and have not yet received regulatory approval for commercial sale. As such, Inhibrx Biosciences does not currently have major customers, as it is not selling any approved products to other companies or to individuals.

Mark P. Lappe, Chief Executive Officer

Mr. Lappe co-founded Inhibrx in 2010 and has served as Chief Executive Officer since its inception, also acting as the Chairman of the Board of Directors. With over thirty years of experience, he possesses extensive expertise in executive management, investment management, and executive recruiting, having established executive teams for more than forty start-up biotechnology and medical device companies. Before co-founding Inhibrx, Mr. Lappe was the founder and Managing Partner of Efficacy Biotech Fund, which focused on strategic investments in public biotechnology companies. He was appointed CEO of Inhibrx Biosciences in May 2024.

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

Ms. Deck has served as Chief Financial Officer of Inhibrx Biosciences since May 2024, overseeing accounting, finance, information technology, and investor relations. She joined Inhibrx in October 2018, bringing decades of experience in the life science industry. Prior to her tenure at Inhibrx, Ms. Deck held progressively responsible accounting and finance roles at Apricus Biosciences, Inc., Hologic, Inc., Gen-Probe, Inc., and Cytori Therapeutics, Inc.. She holds B.S. and M.S. degrees in Accounting and is a licensed CPA in California. Ms. Deck is also a member of the board of trustees for the Fleet Science Center.

David Matly, M.B.A., President

Mr. Matly joined Inhibrx in October 2021 as Executive Vice President, Chief Commercial and Business Development Officer, and was appointed President in March 2025. In his role, he is responsible for the oversight of clinical development and operations, R&D, technical operations, regulatory affairs, as well as all commercial, medical affairs, market access, and business development functions at Inhibrx. He has extensive experience in commercial launches and business development from his work across both biotech and large pharmaceutical companies.

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. He brings over 20 years of experience in process development, technical operations, cGMP clinical manufacturing, commercialization, and life cycle management of various therapeutics, including antibody therapeutics, vaccines, gene therapy, cell-based therapeutics, and recombinant proteins. Before joining Inhibrx, Dr. Amanullah held executive and senior-level positions at aTyr Pharma, Gilead Sciences, Genentech, and Merck.

Josep Garcia, Ph.D., EVP, Chief Clinical Development Officer

Dr. Garcia joined Inhibrx in April 2023. He possesses extensive clinical development experience, having led complex programs and global teams across multiple oncology indications. Dr. Garcia has broad drug development knowledge and has contributed to numerous scientific publications. Prior to Inhibrx, he worked at Roche, where he served as the global development leader for large programs such as Avastin and oversaw the clinical development to regulatory approval cycle.

The key risks to Inhibrx Biosciences (NASDAQ: INBX) are primarily associated with the inherent uncertainties of a clinical-stage biopharmaceutical company focused on developing novel therapeutic candidates.

1. Clinical Trial Failure and Regulatory Approval Risk: Inhibrx's success is heavily dependent on the positive outcomes of its ongoing clinical trials for therapeutic candidates such as INBRX-109 (ozekibart) and INBRX-106, and subsequently, obtaining regulatory approvals. The high failure rate for drug candidates in clinical development, particularly in oncology, means there is significant risk at each stage of trials. Negative or inconclusive results from current or future clinical trials, or an inability to secure necessary regulatory approvals (e.g., from the FDA), would severely impact the company's prospects and valuation. For instance, the lead asset, ozekibart, targets DR5, a historically challenging area in oncology with a high failure rate in previous therapies.
2. Product Pipeline Concentration Risk: Inhibrx Biosciences primarily focuses on two lead therapeutic candidates, INBRX-109 and INBRX-106, in its clinical pipeline after the sale of its INBRX-101 program. While INBRX-109 has shown positive topline results in chondrosarcoma, its overall success hinges on further data maturity and subsequent regulatory submissions and approvals. A limited pipeline means that the failure of one or both of these key candidates to achieve clinical success or regulatory approval would have a substantial adverse effect on the company's business and future growth.
3. Funding and Commercialization Risk: As a clinical-stage company, Inhibrx Biosciences operates at a net loss and requires substantial capital to fund its extensive research and development activities, including advancing its drug candidates through costly later-stage clinical trials. While the company has strengthened its cash position with a loan, it is anticipated that Inhibrx will likely need to raise additional equity or secure further funding after upcoming data readouts to continue development and prepare for potential commercialization. Even if a product gains regulatory approval, there is a risk that it may not achieve commercial success due to market competition, pricing pressures, limited market adoption, or challenges in obtaining adequate reimbursement.

Inhibrx Biosciences' main products address the following markets:

• INBRX-109 for unresectable or metastatic conventional chondrosarcoma: The global conventional chondrosarcoma market was approximately USD 0.78 billion in 2024. The global chondrosarcoma drug market is projected to reach USD 1.4 billion by 2030.

• INBRX-106 for various metastatic solid tumors:

  • Non-small cell lung cancer: The global non-small cell lung cancer market was estimated at USD 20.2 billion in 2024 and is projected to reach USD 53.9 billion in 2034.

  • Melanoma: The global melanoma therapeutics market size was valued at USD 4.62 billion in 2024 and is projected to reach USD 17.30 billion by 2033.

  • Head and neck cancer: The global Head and Neck Cancer Therapeutics Market is estimated to be valued at USD 2.0 billion in 2025 and is projected to reach USD 6.2 billion by 2035.

  • Gastric (GIST) and gastroesophageal adenocarcinoma (GEA) cancer: The global stomach cancer treatment market size was estimated at USD 5,369.6 million in 2024 and is projected to reach USD 11,194.9 million by 2030. The global gastroesophageal junction adenocarcinoma therapeutics market was valued at USD 5.75 billion in 2024 and is expected to reach USD 20.99 billion by 2032.

  • Renal cell carcinoma: The global Advanced Renal Cell Carcinoma Market is projected to grow from USD 9.6 billion in 2024 to USD 15.1 billion by 2030.

  • Urothelial (transitional) cell carcinoma: The global urothelial carcinoma treatment market size was valued at over USD 3.52 billion in 2025 and is expected to surpass USD 24.68 billion by 2035.

Inhibrx Biosciences (INBX), a clinical-stage biopharmaceutical company, is poised for significant future revenue growth over the next 2-3 years, driven primarily by its late-stage clinical programs and potential commercialization efforts.

Here are the key expected drivers of future revenue growth:

1. Regulatory Approval and Commercialization of Ozekibart (INBRX-109) in Chondrosarcoma: The most immediate and substantial driver is the anticipated regulatory approval and subsequent commercial launch of ozekibart (INBRX-109) for unresectable or metastatic conventional chondrosarcoma. Inhibrx Biosciences plans to submit a Biologics License Application (BLA) for ozekibart in this indication in the second quarter of 2026, following positive Phase 2 and registrational trial results. Successful approval and market entry would mark the company's first commercial product, significantly contributing to revenue, with analysts forecasting substantial revenue increases for 2028 and 2029.
2. Advancement and Potential Commercialization of INBRX-106: The progression of INBRX-106, a therapeutic candidate targeting OX40 for various metastatic solid tumors, through advanced clinical trials and towards potential regulatory submission, represents another crucial revenue driver. Updates on the INBRX-106 program and its combination trials with Keytruda highlight ongoing development. Positive outcomes in these trials could lead to subsequent regulatory filings and eventual commercialization across a broad range of oncology indications, driving substantial revenue growth.
3. Strategic Partnerships and Licensing Deals: Inhibrx Biosciences has demonstrated a strategy to monetize its assets through partnerships. The company reported revenue from a new license agreement for the nine months ended September 30, 2025. Furthermore, there are "ongoing efforts to monetize ozekibart (INBRX-109)", suggesting potential future collaborations or out-licensing agreements for its pipeline candidates. Such deals could generate upfront payments, milestone payments, and future royalties, providing significant non-product revenue.
4. Label Expansion for Ozekibart (INBRX-109): Beyond chondrosarcoma, INBRX-109 has also been studied in other solid tumor indications, including colorectal cancer and Ewing sarcoma. Achieving positive clinical results and subsequent regulatory approvals for these additional indications would expand the potential patient population and market size for ozekibart, leading to increased sales and sustained revenue growth.

Share Issuance

• In May 2024, Inhibrx, Inc. completed a spin-off, distributing 92% of the issued and outstanding shares of its subsidiary, Inhibrx Biosciences, Inc., to its common shareholders. This distribution occurred at a ratio of one share of Inhibrx Biosciences for every four shares of Inhibrx, Inc. held.
• Inhibrx Biosciences Inc. reported approximately 15 million shares outstanding in Q3 2025, which was a 0.4% increase from the prior quarter.

Inbound Investments

• Inhibrx Biosciences, Inc. was incorporated in January 2024 as a direct, wholly-owned subsidiary of Inhibrx, Inc.
• Prior to its spin-off in May 2024, Inhibrx Biosciences acquired corporate infrastructure and other assets and liabilities from its former parent, Inhibrx, Inc., through internal restructuring transactions.
• As of Q3 2025, Inhibrx Biosciences Inc held $153.1 million in cash and equivalents.

Capital Expenditures

• Inhibrx Biosciences Inc incurred capital expenditures of approximately $3 million for the annual period ending December 31, 2024.
• The company invested $10,000 in capital expenditures in Q3 2025.