Detailed financial statements for Inhibrx Biosciences Inc. (INBX): income statement, balance sheet and cash-flow summary. Track margins, debt, liquidity and profitability trends year over year with up to 20 years of history.
Inhibrx Biosciences, Inc. is a clinical-stage biopharmaceutical company, which includes a pipeline of novel biologic therapeutic candidates, developed using proprietary modular protein engineering platforms. Its clinical pipeline of therapeutic candidates includes INBRX-109 and INBRX-106, both of which utilize multivalent formats where the precise valency can be optimized in a target-centric way to mediate what is believed to be the most appropriate agonist function.
Analysis Summary
Inhibrx Biosciences Inc. reported revenue of $1.3M in the most recent fiscal year, growing at a 5-year CAGR of -36.7%.
Trailing-twelve-month margins: gross margin 0.0%, operating margin 0.0%, net margin 0.0%.
At the current price of $101.77, INBX has negative trailing earnings (P/E not meaningful) and an ROE of 18.94%. Market capitalisation stands at $1.5B.
Balance sheet quality for INBX: current ratio of 3.9, net cash position of $17.2M. A debt-to-equity below 1.0 typically signals conservative capital structure, while a current ratio above 1.5 indicates comfortable short-term liquidity.
Income Statement (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $6.7M | $8.4M | $8.6M | $9.1M | $12.8M | $7.1M | $2.2M | $1.8M | $200000 | $1.3M |
| Cost of Revenue | $17.0M | $25.5M | $33.5M | $47.9M | 0 | $2.7M | $110.2M | $1.2M | $2.3M | $2.5M |
| Gross Profit | -$10.3M | -$17.1M | -$24.9M | -$38.8M | 0 | $4.4M | -$108.0M | $609000 | -$2.1M | -$1.2M |
| Research & Development | $17.0M | $25.5M | $33.5M | $47.9M | $73.5M | $71.4M | $110.2M | $190.6M | $203.7M | $113.0M |
| Selling, General & Admin | $1.6M | $2.6M | $4.7M | $9.0M | $6.8M | $9.7M | $21.1M | $29.4M | $127.9M | $23.3M |
| Operating Expenses | $18.6M | $27.7M | $4.6M | $10.1M | $80.3M | $81.1M | $21.1M | $219.8M | $329.4M | $133.8M |
| Operating Income | -$12.1M | -$19.7M | -$29.5M | -$41.0M | -$67.4M | -$76.7M | -$129.1M | -$219.2M | -$331.4M | -$135.0M |
| EBITDA | -$11.9M | -$19.3M | -$28.8M | -$39.8M | -$66.4M | -$76.5M | -$125.8M | -$206.7M | $1.70B | -$125.4M |
| Interest Expense | 0 | $2.1M | $1.5M | $5.7M | $10.8M | $5.2M | $16.1M | $31.8M | $13.5M | $12.2M |
| Pre-tax Income | -$12.9M | -$21.8M | -$30.9M | -$50.5M | -$75.6M | -$81.8M | -$145.2M | -$239.7M | $1.69B | -$140.1M |
| Income Tax | -$4.6M | $250000 | $96000 | $898000 | $3000 | $2000 | $3000 | $3000 | $2000 | $2000 |
| Net Income | -$8.3M | -$19.4M | -$31.2M | -$51.4M | -$76.1M | -$81.8M | -$145.2M | -$241.4M | $1.69B | -$140.1M |
| EPS | $-0.23 | $-0.68 | $-1.15 | $-1.41 | $0.00 | $-2.15 | $-3.62 | $-5.12 | $116.58 | $-9.04 |
| EPS (Diluted) | $-0.23 | $-0.68 | $-1.15 | $-1.41 | $0.00 | $-2.15 | $-3.62 | $-5.12 | $116.58 | $-9.04 |
| Shares Outstanding (Diluted) | $36.6M | $28.8M | $27.1M | $36.6M | $25.3M | $38.0M | $40.1M | $47.1M | $14.5M | $15.5M |
Income Statement (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|---|---|---|---|
| Revenue | 0 | 0 | 0 | 0 |
| Gross Profit | -$582000 | -$564000 | -$537000 | 0 |
| Operating Income | -$33.8M | -$30.9M | -$30.9M | -$32.1M |
| EBITDA | -$31.5M | -$29.1M | -$29.4M | -$30.5M |
| Net Income | -$35.3M | -$32.8M | -$33.4M | -$36.6M |
| EPS | $-2.28 | $-2.11 | $-2.15 | $-2.34 |
| EPS (Diluted) | $-2.28 | $-2.11 | $-2.15 | $-2.34 |
Balance Sheet (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Equivalents | $20.0M | $13.5M | $2.1M | $11.5M | $128.7M | $131.3M | $273.9M | $277.9M | $152.6M | $124.2M |
| Short-term Investments | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Receivables | 0 | $696000 | $690000 | $438000 | $615000 | $878000 | $257000 | $778000 | $420000 | $177000 |
| Inventory | 0 | $999000 | $2.3M | $3.2M | -$129.3M | -$878000 | 0 | 0 | 0 | 0 |
| Total Current Assets | $20.4M | $15.4M | $5.7M | $15.6M | $132.2M | $139.1M | $280.5M | $295.4M | $160.4M | $132.8M |
| Property, Plant & Equipment | $864000 | $1.8M | $2.6M | $10.7M | $11.3M | $9.5M | $7.2M | $9.4M | $13.5M | $9.3M |
| Goodwill | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Intangible Assets | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total Assets | $21.3M | $17.2M | $10.0M | $26.5M | $143.7M | $150.4M | $290.9M | $307.9M | $180.8M | $146.5M |
| Accounts Payable | $167000 | $775000 | $6.5M | $3.1M | $13.5M | $9.1M | $8.3M | $11.0M | $9.2M | $5.9M |
| Short-term Debt | $4.3M | $5.2M | $5.9M | $4.7M | $1.5M | $1.7M | $1.9M | 0 | $1.6M | $2.3M |
| Total Current Liabilities | $5.3M | $8.9M | $16.2M | $20.6M | $31.4M | $22.5M | $27.6M | $56.3M | $40.7M | $33.8M |
| Long-term Debt | $14.7M | $9.5M | $3.6M | $37.1M | $36.0M | $70.5M | $202.1M | $207.0M | 0 | $100.6M |
| Total Liabilities | $20.0M | $39.7M | $67.6M | $120.1M | $68.3M | $98.1M | $232.8M | $264.4M | $47.2M | $138.5M |
| Retained Earnings | -$9.2M | -$28.8M | -$17.9M | -$69.3M | -$145.4M | -$227.1M | -$372.4M | -$613.7M | -$106.1M | -$246.2M |
| Total Equity | -$9.2M | -$28.8M | -$57.6M | -$93.6M | $75.5M | $52.4M | $58.1M | $43.5M | $133.6M | $8.0M |
| Total Debt | $18.9M | $14.7M | $9.5M | $41.7M | $37.5M | $72.1M | $207.1M | $210.1M | $8.0M | $107.0M |
| Net Debt | -$1.1M | $1.2M | $7.4M | $30.2M | -$91.2M | -$59.2M | -$66.8M | -$67.8M | -$144.5M | -$17.2M |
| Working Capital | $15.1M | $6.5M | -$10.5M | -$5.0M | $100.8M | $116.7M | $252.9M | $239.0M | $119.7M | $99.0M |
Balance Sheet (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|---|---|---|---|
| Cash & Equivalents | $153.1M | $124.2M | $161.7M | $133.3M |
| Total Assets | $177.5M | $146.5M | $184.0M | $154.2M |
| Total Liabilities | $140.6M | $138.5M | $205.0M | $207.2M |
| Total Equity | $36.8M | $8.0M | -$21.0M | -$53.0M |
| Total Debt | $7.0M | $107.0M | $5.9M | $5.3M |
Cash Flow (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Net Income | -$8.3M | -$22.1M | -$31.0M | -$51.4M | -$76.1M | -$81.8M | -$145.2M | -$239.7M | $1.69B | -$140.1M |
| Depreciation & Amortization | $253000 | $399000 | $676000 | $1.2M | $1.0M | $1.2M | $1.2M | $1.2M | $2.3M | $2.5M |
| Stock-based Compensation | $552000 | $1.2M | $2.5M | $4.0M | $5.0M | $15.0M | $20.4M | $24.8M | $58.5M | $11.1M |
| Change in Working Capital | -$6.3M | $999000 | $4.2M | $3.5M | $12.7M | -$17.5M | $3.2M | $15.3M | $52.1M | -$7.6M |
| Operating Cash Flow | -$18.1M | -$18.8M | -$23.1M | -$32.1M | -$48.0M | -$80.3M | -$115.3M | -$193.3M | -$194.4M | -$129.8M |
| Capital Expenditure | -$215000 | -$1.3M | -$1.4M | -$1.8M | -$1.4M | -$864000 | -$686000 | -$4.6M | -$2.6M | -$31000 |
| Acquisitions | 0 | 0 | 0 | 0 | 0 | $55000 | 0 | 0 | 0 | $3000 |
| Stock Repurchased | 0 | 0 | 0 | 0 | 0 | -$340000 | 0 | 0 | 0 | 0 |
| Dividends Paid | 0 | -$1.4M | -$828000 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Free Cash Flow | -$18.3M | -$20.1M | -$24.5M | -$33.9M | -$49.3M | -$81.2M | -$116.0M | -$197.9M | -$197.0M | -$129.8M |
Cash Flow (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|---|---|---|---|
| Operating Cash Flow | -$33.8M | -$30.1M | -$38.0M | -$29.9M |
| Capital Expenditure | -$10000 | 0 | 0 | $27000 |
| Free Cash Flow | -$33.8M | -$30.1M | -$38.0M | -$29.9M |
| Dividends Paid | 0 | 0 | 0 | 0 |
| Stock-based Compensation | $3.2M | $2.7M | $2.7M | $3.1M |
Growth & Margins (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue Growth (YoY) | +25.9% | +2.4% | +5.8% | +40.9% | -44.4% | -69.2% | -17.9% | -88.9% | +550.0% | |
| Net Income Growth (YoY) | -135.1% | -60.3% | -64.9% | -48.1% | -7.4% | -77.6% | -66.2% | +799.2% | -108.3% | |
| EPS Growth (YoY) | -195.7% | -69.1% | -22.6% | +100.0% | -68.4% | -41.4% | +2377.0% | -107.8% | ||
| Shares Change (YoY) | -21.2% | -5.9% | +35.0% | -30.9% | +50.5% | +5.5% | +17.5% | -69.3% | +7.0% | |
| FCF Growth (YoY) | -9.7% | -22.0% | -38.2% | -45.6% | -64.6% | -42.9% | -70.6% | +0.5% | +34.1% | |
| Gross Margin | -154.9% | -204.0% | -289.2% | -426.9% | 0.0% | 62.3% | -4926.7% | 33.8% | -1042.5% | -91.0% |
| Operating Margin | -182.2% | -235.1% | -343.4% | -450.4% | -526.6% | -1076.1% | -5890.4% | -12178.9% | -165724.0% | -10386.5% |
| EBITDA Margin | -178.4% | -230.1% | -334.7% | -437.6% | -518.6% | -1074.4% | -5739.8% | -11482.9% | 851675.0% | -9644.2% |
| Net Margin | -124.0% | -231.7% | -362.6% | -565.3% | -594.3% | -1147.6% | -6625.3% | -13408.9% | 843786.0% | -10773.5% |
| FCF Margin | -274.8% | -239.4% | -285.3% | -372.7% | -385.2% | -1139.5% | -5291.4% | -10994.6% | -98503.0% | -9986.5% |
| Effective Tax Rate | 35.8% | -1.1% | -0.3% | -1.8% | -0.0% | -0.0% | -0.0% | -0.0% | 0.0% | -0.0% |
Per-Share Data (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| FCF Per Share | $-0.50 | $-0.70 | $-0.91 | $-0.93 | $-1.95 | $-2.14 | $-2.89 | $-4.20 | $-13.61 | $-8.38 |
| Dividends Per Share | $0.00 | $0.05 | $0.03 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 |
| Shares Outstanding (Basic) | $36.6M | $28.8M | $27.1M | $36.6M | $25.3M | $38.0M | $40.1M | $47.1M | $14.5M | $15.5M |
What to look at in Biotech
Most small biotechs lose money. Analysing them with P/E makes no sense — look at cash and pipeline.
- Cash Runway — Months of cash at current burn rate. <18 months = urgent dilution risk
- Annual cash burn — Rate at which they burn operating cash. Compare with cash position to project runway
- Total Debt — Biotech with no revenue + debt = recipe for bankruptcy
- R&D / Market cap — How much they invest in pipeline vs the company value — research-intensity indicator
- Market cap / Cash — If it trades near its cash, the market assigns ~0 value to the pipeline — opportunity or trap
Profitability
| Return on Equity | 1893.60% |
| Return on Invested Capital | -99.35% |
| Return on Assets | -89.60% |
| Gross Margin | 0.00% |
| Operating Margin | 0.00% |
| Net Margin | 0.00% |
Financial Health
| Debt / Equity | -0.10 |
| Current Ratio | 5.07 |
Key Ratios (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| P/E | -89.70 | -30.34 | -17.94 | -14.63 | -10.94 | -20.31 | -6.81 | -7.42 | 0.13 | -8.74 |
| P/B | -81.55 | -20.64 | -9.69 | -8.06 | 11.04 | 31.69 | 17.02 | 41.17 | 1.67 | 153.07 |
| P/S | 113.11 | 70.78 | 64.99 | 82.93 | 65.03 | 232.97 | 450.85 | 994.97 | 1114.64 | 941.13 |
| Gross Margin | -154.9% | -204.0% | -289.2% | -426.9% | 0.0% | 62.3% | -4926.7% | 33.8% | -1042.5% | -91.0% |
| Operating Margin | -182.2% | -235.1% | -343.4% | -450.4% | -526.6% | -1076.1% | -5890.4% | -12178.9% | -165724.0% | -10386.5% |
| Net Margin | -124.0% | -231.7% | -362.6% | -565.3% | -594.3% | -1147.6% | -6625.3% | -13408.9% | 843786.0% | -10773.5% |
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