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Inhibrx Reports Fourth Quarter and Fiscal Year 2024 Financial Results
Inhibrx Biosciences, Inc. (Nasdaq: INBX) ("Inhibrx" or the "Company") today reported financial results for the fourth quarter and fiscal year 2024. Following the completion of the sale of INBRX-101 by Inhibrx, Inc. (the "Former Parent") to Sanofi S.A. (the "Acquirer") and the Former Parent's concurrent spin-off of the Inhibrx business in May 2024, the biopharmaceutical company now has two programs in ongoing clinical trials, with data readouts for each expected within the next 12 months. Because
About this update from Inhibrx Biosciences, Inc.
[{"type":"text","content":"SAN DIEGO, March 17, 2025 /PRNewswire/ -- Inhibrx Biosciences, Inc. (Nasdaq: INBX) ("Inhibrx" or the "Company") today reported financial results for the fourth quarter and fiscal year 2024. Following the completion of the sale of INBRX-101 by Inhibrx, Inc. (the "Former Parent") to Sanofi S.A. (the "Acquirer") and the Former Parent's concurrent spin-off of the Inhibrx business in May 2024, the biopharmaceutical company now has two programs in ongoing clinical trials, with data readouts for each expected within the next 12 months. Because the spin-off was accounted for as a reverse spin-off, for periods prior to the spin-off, the Company's financial statements are the historical financial statements of the Former Parent.","length":776,"tagName":"p"},{"type":"image","alt":"Inhibrx, Inc. logo (PRNewsfoto/Inhibrx, Inc.)","displaySize":"","headline":null,"caption":"Inhibrx, Inc. logo (PRNewsfoto/Inhibrx, Inc.)","className":"","disableSlideshowImg":false,"size":{"original":{"width":400,"height":133,"url":"https://media.zenfs.com/en/prnewswire.com/fae7441a9e255131c816a20f83e3312b"},"resized":{"url":"https://s.yimg.com/ny/api/res/1.2/cbFWCtOSsA45e9XaqevcGQ--/YXBwaWQ9aGlnaGxhbmRlcjt3PTcwNTtoPTIzNDtjZj13ZWJw/https://media.zenfs.com/en/prnewswire.com/fae7441a9e255131c816a20f83e3312b","width":400,"height":133}},"href":"https://mma.prnewswire.com/media/1063194/inhibrx_Logo.html","hrefExternal":true,"rel":"nofollow"},{"type":"text","content":"Key Highlights","length":14,"tagName":"p"},{"type":"list","items":[{"val":[{"type":"text","content":"On January 13, 2025, the Company entered into a loan and security agreement (the "Oxford Loan Agreement"), with Oxford Finance LLC ("Oxford"), and received $100.0 million in gross proceeds upon closing. The Oxford Loan Agreement provides for an additional $50.0 million to be funded upon the Company's request and at the lenders' sole discretion. The loan bears interest at (1) 5.61% plus (2) the greater of (i) the 1-Month Term Secured Overnight Financing Right (SOFR), as published by the CME Group or (ii) 4.34%. The Company will make payments of interest on the loan through February 1, 2028, with principal payments beginning on March 1, 2028 through the maturity date of January 1, 2030. Upon the maturity date, the Company will make a...