Inhibrx Biosciences, Inc. · NASDAQ:INBX

Inhibrx Biosciences — Investor Presentation (September 2026)

44 slides from Inhibrx Biosciences's investor presentation, Sep 28, 2026

  1. Slide 1: Inhibrx Investor Presentation

    INHIBRX Investor Presentation Innovation Driven Outcomes Focused •

  2. Slide 2: Presentation disclaimer

    Presentation disclaimer This presentation of Inhibrx Biosciences, Inc. (the “Company”) contains forward-looking 10-Q, and supplemented from time to time by our Current Reports on Form 8-K. statements. In some cases, you can identify forward-looking statements by the words “will,” The Company may not

  3. Slide 3: Our mission: To discover & develop effective biologic treatments

    Our mission: To discover & develop effective biologic treatments for people with life-threatening conditions Key financial highlights >300 ozekibart (INBRX-109) (as of 8/6/2026) Patients treated to date $219.5M Biosciences >175 Cash and cash INBRX-106 equivalents Patients treated 2024 to date 14.7M

  4. Slide 4: Near term expected milestones

    Near term expected milestones INBRX-106 Ozekibart Initiation of INBRX-106 (INBRX-109) Phase 3 Data for randomized, Potential approval and first portion of first line HNSCC commercial launch of ozekibart HexAgon (INBRX-106/ Pembro for the treatment of metastatic study vs. Pembro) or unresectable chon

  5. Slide 5: INBRX-106

    INBRX-106 Boosting PD-1 efficacy through next-generation hexavalent OX40 agonism

  6. Slide 6: 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

  7. Slide 7: 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

  8. Slide 8: 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

  9. Slide 9: Initial Study Design of HexAgon: Seamless Phase 2/3 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

  10. Slide 10: 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

  11. Slide 11: 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

  12. Slide 12: Discontinuation due to AE did not compromise antitumor activity

    Discontinuation due to AE did not compromise antitumor activity INBRX-106 in the combination arm At least 9/10 (90%) 0/5 (0%) Remained progression-free after discontinuing for an AE Remained progression-free after discontinuing for an AE (INBRX-106 + pembrolizumab) (Pembrolizumab alone) INBRX-106 +

  13. Slide 13: INBRX-106+pembro drives up to 15-fold change in proliferation

    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

  14. Slide 14: 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 ★ ★

  15. Slide 15: 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

  16. Slide 16: 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

  17. Slide 17: 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

  18. Slide 18: 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

  19. Slide 19: 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

  20. Slide 20: Expansion of Phase 2 HexAgon-HN with potential accelerated path

    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

  21. Slide 21: Rationale for expanding HPV+ enrollment to PD-L1 CPS≥1

    Rationale for expanding HPV+ enrollment to PD-L1 CPS≥1 INBRX-106 All Phase 2a patients both HPV+ and HPV-negative were enrolled at PD-L1 CPS≥20 • PD-L1 expression was therefore held constant across the two subgroups and despite this the increase in response rates with the combination was much greate

  22. Slide 22: 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

  23. Slide 23: 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

  24. Slide 24: Peri-operative NSCLC expansion: pCR as fast 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

  25. Slide 25: HPV+ ORR data and 20+ years of academic research support OX40 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

  26. Slide 26: Combinability with 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

  27. Slide 27: 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

  28. Slide 28: 106 Appendix

    106 Appendix PROPRIETARY AND CONFIDENTIAL; NOT FOR DISTRIBUTION

  29. Slide 29: OX40 agonism enhances vaccine efficacy: 20+ years of literature

    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

  30. Slide 30: Ozekibart (INBRX-109)

    Ozekibart (INBRX-109) Selectively inducing apoptosis in tumor cells through tetravalent DR5 agonism

  31. Slide 31: Ozekibart chondrosarcoma registrational trial results

    INBRX-109 Ozekibart (INBRX-109) chondrosarcoma registrational trial results Unprecedented data in chondrosarcoma 52% reduction in Median PFS more Improved disease Regulatory progression or death than doubled control rate momentum HR 0.479; 5.52 months vs 54% vs 27.5% Orphan designations (FDA & EMA)

  32. Slide 32: Probability of PFS

    INBRX-109 Primary endpoint: progression-free survival by CIRR Ozekibart Placebo 3 months 6 months 12 months N=137 N=69 1.0 Primary Efficacy Endpoint 70.1% Events 94 (68.6) 55 (79.7) / Censored, n (%) / 43 (31.4) / 14 (20.3) 0.8 mPFS, months 5.52 2.66 47.2% Stratified HR 0.479 Probability of PFS 0.6

  33. Slide 33: Progression-free survival by CIRR: subgroup analyses

    Progression-free survival by CIRR: subgroup analyses INBRX-109 0 favors Ozekibart 1 2 3 Ozekibart Placebo Events, n/Na mPFS, mo Events, n/Na mPFS, mo HR (95% CI) IDH mutation Wild type 65/93 5.5 38/47 2.7 0.493 (0.324-0.750) status Mutant 29/44 5.5 17/22 2.3 0.442 (0.224-0.871) Prior Yes 38/58 5.3 2

  34. Slide 34: Overall safety data

    INBRX-109 Overall safety data Double-blind period Ozekibart Placebo N=136 N=67 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 A

  35. Slide 35: Initial data from Phase 1/2 colorectal adenocarcinoma with FOLFIRI

    Initial data from Phase 1/2 colorectal adenocarcinoma in INBRX-109 combination with FOLFIRI Key inclusion criteria CRC 3-4L with FOLFIRI 45 patients evaluable for response • LA/M, unresectable, R/R N=50 ~70% are 4th line & ~30% are 3rd line colorectal adenocarcinoma ~80% have received prior IRI-cont

  36. Slide 36: Phase 1/2 colorectal adenocarcinoma in combination with FOLFIRI

    Phase 1/2 colorectal adenocarcinoma in combination with FOLFIRI INBRX-109 CR PR SD PR SD PR SD SD SD SD PR SD Individual patient time on treatment shows sustained SD SD disease control in heavily SD SD PR SD pre-treated patients SD SD SD SD PR SD Prior Treatment Status: PR SD 2 lines of prior therap

  37. Slide 37: Change from Baseline, %

    Phase 1/2 colorectal adenocarcinoma in combination with FOLFIRI INBRX-109 40 32 Benchmarks ORR (%) 26 25 22 PDa Lonsurf + bev 20 17 (SUNLIGHT, 2023) 6.1 11 regorafenib 5 5 (CORRECT, 2013) 1.0 0 fruquintinib -3 -3 -3 -3 -4 (FRESCO-2, 2023) 1.5 Change from Baseline, % -6 -7 -10 -11 -14 -15 -20 -16 -16

  38. Slide 38: CRC expansion cohorts: open and enrolling

    CRC expansion cohorts: open and enrolling COMBINATION (n=270) Part 3: dose expansion Colorectal adenocarcinoma (LA/M, unresectable, R/R) Ozekibart + chemotherapy ONGOING • Patients with no prior exposure to IRI-based regimen C4e • 1 prior line of systemic therapy CURRENTLY ENROLLING (n≈30) Regimen:

  39. Slide 39: Ongoing phase 1/2 trial in Ewing sarcoma with IRI/TMZ

    Ongoing phase 1/2 trial in Ewing sarcoma in combination INBRX-109 with IRI/TMZ Key inclusion criteria EWS 2-3L with IRI/TMZ • LA/M, unresectable, R/R EWS N=50 • Aged ≥12 to <85 years • EWSR1-FLI1, -ERG or -FEV rearrangement Ozekibart 3 mg/kg + IRI • 1-2 prior lines of chemotherapy in metastatic sett

  40. Slide 40: Updated data from expansion cohort: Ewing sarcoma

    Updated data from expansion cohort: Ewing sarcoma in INBRX-109 combination with IRI/TMZ 100 Prior IRI/TMZ Treatment Recruitment ongoing 80 Yes 39 patients dosed with 31 patients currently evaluable for response: 60 40 (N=31) Change from Baseline, % PD 20 87.1% 0 Disease control rate was 87.1%, or 27

  41. Slide 41: Sarcomas offer a blockbuster $1B+ revenue opportunity; CRC franchise-defining

    Sarcomas offer a blockbuster $1B+ revenue opportunity; INBRX-109 CRC offers a franchise-defining opportunity Sarcomas CRC 1L Conventional 2L+ Ewing 1L 3L US Epidemiology Estimates Chondrosarcoma Sarcoma Unresectable/metastatic 200 – 400 200 – 400 Newly diagnosed Newly diagnosed 75,000 20,000 2,000 –

  42. Slide 42: 109 Appendix

    109 Appendix PROPRIETARY AND CONFIDENTIAL; NOT FOR DISTRIBUTION

  43. Slide 43: Ozekibart exhibits anti-tumor activity in GBM models

    Ozekibart exhibits anti-tumor activity in GBM models INBRX-109 as monotherapy and in combination with TMZ Human GBM cell line models In vitro cytotoxicity In vitro cytotoxicity Intracranial U-87 MG Intracranial U-87 MG U-87 MG GBM cell lines Survival analysis Survival analysis • Combination treatmen

  44. Slide 44: Investor Relations contact

    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 (September 2026) on 6ix