Inhibrx Biosciences, Inc. · NASDAQ:INBX
Inhibrx Biosciences — Investor Presentation (April 2026)
27 slides from Inhibrx Biosciences's investor presentation, Apr 21, 2026
Slide 1: Inhibrx Investor Presentation
INHIBRX Investor Presentation Innovation Driven Outcomes Focused
Slide 2: Presentation disclaimer
2 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 “o
Slide 3: Company overview and key financial highlights
3 $ Biosciences founded 2018 first IND 2020 IPO 2024 INBRX-101 acquisition by Sanofi 2010 >300 ozekibart (INBRX-109) Patients treated to date >175 INBRX-106 Patients treated to date Our mission: To discover & develop effective biologic treatments for people with life-threatening conditions ~110 empl
Slide 4: Maximizing strategic opportunity: INBRX-106 inflection point
4 Maximizing strategic opportunity: INBRX-106 inflection point In the event of an upward valuation shift following the INBRX-106 readout, an ozekibart sale spin-co structure would no longer be a tax efficient strategy. A potential ozekibart transaction is on pause as we await the INBRX-106 Phase 2 p
Slide 5: Near Term Expected Milestones
5 Near Term Expected Milestones 1H 2026 INBRX-106 Interim ORR data for randomized, first line HNSCC (INBRX-106/Pembro vs. Pembro) 2H 2026 INBRX-106 PFS data for randomized, first line HNSCC (INBRX-106/Pembro vs. Pembro) ESMO 2026 Congress Ozekibart (INBRX-109) Potential approval of ozekibart for the
Slide 6: INBRX-106: Boosting PD-1 efficacy through hexavalent OX40 agonism
INBRX-106 Boosting PD-1 efficacy through next-generation hexavalent OX40 agonism
Slide 7: OX40 agonism enhances anti-tumor T cell activity with PD-1 blockade
7 INBRX-106 OX40 agonism enhances anti-tumor T cell activity in combo with PD-1 blockade (1) Croft. Ann Rev Immunol 2010. (2) Salek-Ardakani, Curr Imunol Rev 2006. (3) Weinberg, Immunol Rev 2011. (4) Piconese, J Exp Med 2008 T cell activation restored/enhanced Optimized T cell activation by OX40 ago
Slide 8: Underwhelming activity among 1st generation bivalent OX40 therapeutics
8 INBRX-106 Underwhelming activity among the 1st generation of bivalent OX40 therapeutics Examples of companies that invested in development of first generation OX40 therapeutics Previous attempts Limitations of bivalent attempts Insufficient T-cell activation Suboptimal target engagement Bivalent I
Slide 9: INBRX-106 is a hexavalent agonist maximizing OX40 signaling
9 INBRX-106 INBRX-106 is a hexavalent agonist designed to maximize OX40 signaling to drive antitumor activity IN BR X- 10 6 Bi va le nt AF647 detection OverlayGFP high-order OX40 clustering low-order OX40 clustering *Holay et al. Journal for Immunotherapy of Cancer 2025 Advantages of INBRX-106 forma
Slide 10: Robust single-agent biological activity in patients
10 INBRX-106 Robust single-agent biological activity in patients provides the foundation for combination efficacy evaluation RP2D, recommended phase 2 dose. • INBRX-106 induces potent, dose- dependent expansion of CD4+ and CD8+ memory T cells. • Maximal T cell proliferation achieved at 0.1 mg/kg (RP
Slide 11: Phase data: PD-L1+ CPI-R/R NSCLC with pembrolizumab
11 INBRX-106 Phase 1 data: PD-L1+ CPI-R/R NSCLC INBRX-106 with pembrolizumab 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 19 19 20 21 22 23 24 25 26 PD-L1 TPS 60 20 95 10 80 80 90 2 11 20 3 75 10 10 35 1 50 1 1 10 41 100 50 60 100 90 + The NSCLC patients included were heavily pretreated (prior lines: m
Slide 12: Phase data: PD-L1+ HNSCC with pembrolizumab
12 INBRX-106 Phase 1 data: PD-L1+ CPI-R/R or CPI-naive HNSCC INBRX-106 with pembrolizumab 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 PD-L1 CPS 0 100 0 30 1 10 75 20 100 100 10 5 24 90 25 + The HNSCC patient population included was heterogeneous (1L+) and included CPI-naive patients and those with CPI-R/R d
Slide 13: Randomized registrational study design in 1L HNSCC
13 INBRX-106 Validate clinical activity in combo with CPI in randomized registrational study in 1L HNSCC Phase 2, Open label Phase 3, Double blind INBRX-106 + Pembro INBRX-106 + Pembro Pembro Placebo + Pembro Criteria: cORR + DoR + PFS6m + safety R 1:1 R 1:1 Gating Phase 2/3 Contribution of componen
Slide 14: Broad Expandability: development plan in NSCLC, H&N and beyond
14 INBRX-106 Broad Expandability: development plan to unlock opportunities in NSCLC, H&N and beyond H&N1 NSCLC PD-1 Sensitive Indications Adv/Met Curative 1L Bladder Kidney Breast Liver
Slide 15: Inhibrx Path to Oncology Market Leadership
15 INBRX-106 Inhibrx Path to Oncology Market Leadership 0 10 20 30 40 50 60 70 CPS > 20% TPS > 50% (Chemo Sparing) Peri-Operative All Comers (with Chemo) All PD-1 Markets W W To ta l M ar ke t S ize (U S $b n) 1 Source (1): Evaluate estimates for PD-1s (Keytruda/Qlex, Opdivo, Libtayo) projected to 2
Slide 16: Ozekibart (INBRX-109): tetravalent DR5 agonism
ozekibart (INBRX-109) Selectively inducing apoptosis in tumor cells through tetravalent DR5 agonism
Slide 17: Ozekibart registrational trial results in chondrosarcoma
17 INBRX-109 Ozekibart (INBRX-109) registrational trial results Unprecedented data in chondrosarcoma Primary endpoint met: + HR= 0.479; (95% CI: 0.33, 0.68); P<0.0001 (52% reduction in the risk of disease progression or death) + More than doubling median PFS to 5.52 months compared to 2.66 months fo
Slide 18: Primary endpoint: progression-free survival by CIRR
18 INBRX-109 Primary endpoint: progression-free survival by CIRR Data cutoff date: September 30, 2025. Crosses indicate censored patients. Data from the double-blind period of the study are presented. CIRR, central independent radiology review; HR, hazard ratio; mPFS, median PFS; PFS, progression-fr
Slide 19: Progression-free survival by CIRR: subgroup analyses
19 INBRX-109 IDH mutation status Wild type Mutant Prior treatment Yes No Histologic grade at entry 2 3 Disease status at entry Metastatic Nonmetastatic unresectable Region US Outside of US Age <65 years ≥65 years Sex Male Female Race White Other BMI <30 kg/m2 ≥30 kg/m2 ECOG PS 0 1 Progression-free s
Slide 20: Overall safety
20 INBRX-109 Patients with ≥1 AE (including unrelated AEs), n (%) 129 (94.9) 62 (92.5) Grade ≥3 53 (39.0) 17 (25.4) SAE 38 (27.9) 12 (17.9) HAE 21 (15.4) 9 (13.4) Resulting in death 5 (3.7) 1 (1.5) Patients with ≥1 treatment-related AE, n (%) 77 (56.6) 32 (47.8) Grade ≥3 14 (10.3) 1 (1.5) SAE 8 (5.9
Slide 21: Phase 1/2 colorectal adenocarcinoma with FOLFIRI
21 INBRX-109 Phase 1/2 colorectal adenocarcinoma in combination with FOLFIRI Safety: well-tolerated with the most common treatment-related adverse events to include diarrhea, fatigue, and nausea with the majority being low-grade and consistent with the known safety profile of FOLFIRI. 68% of patient
Slide 22: Individual patient time on treatment
22 INBRX-109 Data cutoff: April 10, 2025. CR, complete response; PD, progressive disease; PR, partial response; SD, stable disease; NA, censored. Individual patient time on treatment shows sustained disease control in heavily pre- treated patients Phase 1/2 colorectal adenocarcinoma in combination w
Slide 23: Colorectal change from baseline and ORR benchmarks
23 INBRX-109 Data cutoff: April 10, 2025. PD, progressive disease; PR, partial response; a Per RECIST v1.1 20% target lesion growth indicates progressive disease. b Per RECIST v1.1 30% shrinkage of target lesions indicates a partial response contingent on the status of the non-target lesions and the
Slide 24: Ongoing phase 1/2 trial in Ewing sarcoma with IRI/TMZ
24 INBRX-109 Ongoing phase 1/2 trial in Ewing sarcoma in combination with IRI/TMZ • LA/M, unresectable, R/R EWS • Aged ≥12 to <85 years • EWSR1-FLI1, -ERG or -FEV rearrangement • 1-2 prior lines of chemotherapy in metastatic setting • Prior IRI + TMZ allowed Key inclusion criteria EWS 2-3L with IRI/
Slide 25: Updated expansion cohort data: Ewing sarcoma
25 INBRX-109 Updated data from expansion cohort: Ewing sarcoma in combination with IRI/TMZ Data cutoff: January 15, 2026, as presented at the ESMO Sarcoma and Rare Cancers Annual Congress. PD, progressive disease; PR, partial response; ORR, objective response rate; DCR, disease control rate Recruitm
Slide 26: Ozekibart anti-tumor activity in GBM models
26 INBRX-109 0 7 14 21 28 35 42 49 0 20 40 60 80 100 0 20 40 60 80 100 0 7 14 21 28 35 42 49 56 63 70 77 84 0 20 40 60 80 100 y 0 2 4 6 8 10 12 7.4 1.1 0 7 14 21 28 35 42 49 56 63 70 77 0 20 40 60 80 100 Vehicle INBRX-1 TMZ INBRX-1 -25 0 25 50 75 100 0 20 40 60 80 [TMZ] (∝M) Ozekibart exhibits anti-
Slide 27: Investor Relations
Investor Relations: KELLY DECK, CPA CFO 11025 N. Torrey Pines Road Suite 140 La Jolla, CA 92037 858.795.4260 ir@inhibrx.com
Inhibrx Biosciences — Investor Presentation (April 2026) on 6ix