Inhibrx Biosciences, Inc. · NASDAQ:INBX

Inhibrx Biosciences — Investor Presentation (September 2026)

24 slides from Inhibrx Biosciences's investor presentation, September 2026

  1. Slide 1: INBRX-106 Investor Overview

    INBRX-106 Investor Overview September 2026 PROPRIETARY AND CONFIDENTIAL; NOT FOR DISTRIBUTION

  2. Slide 2: Presentation disclaimer

    Presentation disclaimer This presentation of Inhibrx Biosciences, Inc. (the “Company”) contains forward-looking statements. In some cases, you can identify forward-looking statements by the words “will,” “expect,” “intend,” “plan,” “objective,” “believe,” “estimate,” “potential,” “continue” and “ong

  3. Slide 3: INBRX-106 executive summary

    INBRX-106 executive summary INBRX-106 INBRX-106 is the first clinically active OX40 agonist and T-cell costimulatory therapy Combination with pembro Potentially practice-changing Large expansion opportunity in Potential for new paradigm of demonstrates superiority efficacy profile in HPV+ patients h

  4. Slide 4: OX40 agonism enhances anti-tumor T cell activity in combo with PD-1 blockade

    OX40 agonism enhances anti-tumor T cell activity in combo with INBRX-106 PD-1 blockade Optimized T cell activation by T-cell activation critical steps: OX40 agonism and PD-1 blockade The ignition The accelerator The brake Signal 1: TCR tumor Signal 2: OX40 T-cell Check point antigen recognition co-s

  5. Slide 5: Underwhelming activity among 1st generation bivalent OX40 therapeutics leads to INBRX-106

    Underwhelming activity among the 1st generation of INBRX-106 bivalent OX40 therapeutics leads to INBRX-106 hexavalent OX40 Bivalent OX40 Agonists Hexavalent OX40 Agonist Advantages of INBRX-106 format Hexavalent Simultaneously engages multiple OX40s to drive more potent clustering/signaling Hyper- R

  6. Slide 6: Initial Study Design of HexAgon: Seamless Phase 2/3 study in 1L R/M HNSCC

    Initial Study Design of HexAgon: Seamless Phase 2/3 study in 1L INBRX-106 R/M HNSCC with PD-L1 CPS ≥20 Head-to-head study serves as proof of concept, validating INBRX-106 Survival Phase 2, Open label Phase 3, Follow-up Primary Double blind Co-primary INBRX-106 Criteria: INBRX-106 + Pembro + Pembro e

  7. Slide 7: Baseline characteristics

    Baseline characteristics INBRX-106 Baseline characteristics 106 + Pembro Pembro Total (randomized population)* N=33 N=35 N=68 Median age, y (min, max) 62.0 (35, 80) 66.0 (44, 89) 64.5 (35, 89) Age ≥65y, n (%) 13 (39.4) 21 (60.0) 34 (50.0) Male, n (%) 30 (90.9) 28 (80.0) 58 (85.3) ECOG PS 1, n (%) 17

  8. Slide 8: Safety & tolerability

    Safety & tolerability INBRX-106 Overall safety — HexAgon-HN vs published KEYNOTE-048 pembrolizumab-monotherapy arm** INBRX-106 + Pembro Pembro (HexAgon) KN-048 Pembro mono Patients with ≥1, n (%) (safety population)* N=31 N=34 N=300 TEAE, any grade 31 (100) 29 (85.3) 290 (96.7) SAE, any grade 12 (38

  9. Slide 9: INBRX-106+pembro drives up to 15-fold change in proliferation and 4-fold in activation

    INBRX-106+pembro drives up to 15-fold change in proliferation and INBRX-106 up to 4-fold change in activation of T-cells vs. pembro mono HexAgon Phase 2 – 1L HNSCC Proliferation Activation 25 5 • INBRX-106 is the key driver Baseline – % of Activated Baseline – % of Activated of T-cell activity in th

  10. Slide 10: Primary endpoint: Addition of INBRX-106 to pembro improves cORR

    Primary endpoint: Addition of INBRX-106 to pembro improves cORR INBRX-106 48.3% 26.5% Δ +21.8 points cORR — INBRX-106 + Pembro (n=29*) cORR — Pembro (n=34*) Difference in cORR 95% CI 29.4–67.5 95% CI 12.9–44.4 favoring INBRX-106 + Pembro INBRX-106 + Pembrolizumab Pembrolizumab 40 40 20 20 ★ 0 0 ★ ★

  11. Slide 11: INBRX-106 improves overall durability & PFS across all patients

    INBRX-106 improves overall durability & PFS across all patients INBRX-106 72.4% 42.8% PFS at 6 months — INBRX-106 + Pembro PFS at 6 months — Pembrolizumab INBRX-106 + Pembrolizumab Pembrolizumab 0 2 4 6 8 10 12 14 16 18 20 0 2 4 6 8 10 12 14 16 18 20 ★ ★ ★ ★ ★ ★ ★ ★ ★ ★ ★ ★ ★ ★ ★ ★ ★ ★ ★ ★ ★ ★ ★ 9.6

  12. Slide 12: Improved response & duration observed in HPV-negative patients

    Improved response & duration observed in HPV-negative patients INBRX-106 63.2% PFS at 6 months, HPV-negative 46.8% PFS at 6 months, HPV-negative 31.6% cORR, HPV-negative (n=19) 24.0% cORR, HPV-negative (n=25) INBRX-106 + Pembrolizumab, HPV-negative Pembrolizumab, HPV-negative 0 2 4 6 8 10 12 14 16 1

  13. Slide 13: Increased benefit was observed in HPV+ patients

    Increased benefit was observed in HPV+ patients INBRX-106 80.0% 33.3% Δ +46.7 points cORR, HPV+ cORR, HPV+ Difference in cORR, HPV+ INBRX-106 + pembro (n=10) Pembrolizumab (n=9) INBRX-106+pembro vs. pembro mono 95% CI 44.4–97.5 95% CI 7.5–70.1 95% CI –2.7, 80.3 INBRX-106 + Pembrolizumab, HPV+ Pembro

  14. Slide 14: Enhanced durability & PFS observed in HPV+ patients

    Enhanced durability & PFS observed in HPV+ patients INBRX-106 90% 33% PFS at 6 months, HPV+ PFS at 6 months, HPV+ INBRX-106 + Pembro Pembrolizumab INBRX-106 + Pembrolizumab Pembrolizumab 0 2 4 6 8 10 12 14 16 18 20 0 2 4 6 8 10 12 14 16 18 20 ★ ★ ★ ★ ★ ★ ★ ★ ★ ★ ★ Not reached* 4.6 mo Median PFS Medi

  15. Slide 15: The HPV+ signal is what the INBRX-106 mechanism predicts

    The HPV+ signal is what the INBRX-106 mechanism predicts INBRX-106 Compelling Clinical Activity • HPV-driven tumors express viral E6/E7 neoantigens; 80% vs 33% 90% vs 33% these are foreign, high-quality targets that OX40 co- cORR, HPV+ PFS6, HPV+ stimulation (INBRX-106's MoA) amplifies. (106+Pembro

  16. Slide 16: Expansion of Phase 2 HexAgon-HN with potential for an accelerated path to market in HPV+

    Expansion of Phase 2 HexAgon-HN with potential for an accelerated path to market in HPV+ INBRX-106 The new study amendment adds an additional 50 HPV+ patients to the existing HexAgon design Phase 2 (additional 50 HPV+) Phase 3 (n=TBD) Open label Double blind, seamless Key inclusion criteria: INBRX-1

  17. Slide 17: Set to pursue a breakthrough pathway in 1L R/M HPV+ CPS ≥1 HNSCC

    Set to pursue a breakthrough pathway in 1L R/M HPV+ CPS ≥1 HNSCC INBRX-106 ~$4B+ U.S. market opportunity including stage I-III setting ~30,000 2029 US Incidence (De Novo Stage I-IV + Recurrent) HPV+ HNSCC Patients in the US Rapidly Growing Market US Epidemiology Estimates ~16,000 ~8,000 Stage I-III

  18. Slide 18: INBRX-106: multiple attractive expansion opportunities

    INBRX-106: multiple attractive expansion opportunities INBRX-106 Increased opportunity for OX40 agonism due to increased ongoing antigen-driven T-Cell stimulation Individualized Highly Immunogenic Tumors Virally Antigen-Driven Neoantigen Cancer Vaccines • NSCLC • Bladder • HPV+ H&N Major Ph 2/3 prog

  19. Slide 19: Highly immunogenic tumors, peri-operative NSCLC expansion: pCR is a fast, validated readout

    Highly immunogenic tumors, peri-operative NSCLC expansion: pCR is a fast, validated readout of long-term benefit INBRX-106 • Pathologic complete response (pCR) at surgery: KEYNOTE-671 • Available in months, not years 0.58 • Highly correlated with improved survival and can generate a second, Event-fr

  20. Slide 20: INBRX-106 HPV+ ORR data and 20+ years of academic research support synergy

    INBRX-106 HPV+ ORR data and 20+ years of academic research1 support synergy of OX40 agonism and potential vaccine effectiveness INBRX-106 Stronger CD4 Th1 / effector-memory responses Signal 1 Signal 2 Enhanced OX40 + Stronger CD8 T-cell effector-memory anti- Vaccines provide Anti-Tumor tumor-driven

  21. Slide 21: Combinability may enable INBRX-106 to capitalize on individualized neoantigen cancer vaccines

    Combinability may enable INBRX-106 to capitalize on recent breakthrough of individualized neoantigen cancer vaccines INBRX-106 IPV* Clinical validation INBRX-106 POC validation Moderna's V940 (intismeran autogene) + pembrolizumab In-patient T-cell Co-stim: CD8+ prolif. (fold ↑) has established clini

  22. Slide 22: INBRX-106 conclusion

    INBRX-106 conclusion INBRX-106 INBRX-106 is the first clinically active OX40 agonist and T-cell costimulatory therapy Combination with pembro Potentially practice-changing Large expansion opportunity in Potential for new paradigm of demonstrates superiority efficacy profile in HPV+ patients highly i

  23. Slide 23: Appendix

    Appendix PROPRIETARY AND CONFIDENTIAL; NOT FOR DISTRIBUTION

  24. Slide 24: OX40 agonism enhances vaccine efficacy: broadly supported in scientific literature for 20+ years

    OX40 agonism enhances vaccine efficacy: broadly supported in scientific literature for 20+ years INBRX-106 18 selected preclinical studies spanning protein, DNA/viral-vector, whole-cell and RNA vaccine platforms, plus first-in-human proof of biology Foundational mechanism & platforms Therapeutic can

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