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Inhibrx Biosciences, Inc. has submitted its 10-Q filing for the quarterly period ended September 30, 2024.
The filing includes financial statements for the quarter, showing no revenue for the three months ended September 30, 2024, compared to $119,000 in the same quarter of the previous year.
Research and development expenses increased to $38.9 million from $38.1 million in the same quarter of the previous year. This increase is attributed to the expansion of clinical trials and related activities.
General and administrative expenses remained constant at $7.9 million for the quarter, with changes in personnel-related expenses offset by increased legal and professional fees.
Interest expense for the quarter was $0, down from $8.1 million in the previous year, due to the assumption of outstanding debt by the Acquirer in connection with the Merger.
Interest income increased to $2.9 million from $2.3 million in the previous year, attributed to higher cash balances and rising interest rates.
The company reported a net loss of $43.9 million for the quarter, compared to a net loss of $51.8 million in the previous year.
Cash used in operating activities was $150.7 million for the nine months ended September 30, 2024, compared to $136.5 million in the previous year, primarily due to increased research and development expenses.
Inhibrx had cash and cash equivalents of $196.3 million as of September 30, 2024, down from $337.3 million in the previous year.
The filing also details a legal victory in the trade secrets case against I-Mab Biopharma (IMAB-2.83%), with the jury finding in favor of Inhibrx.
The company continues to focus on developing its therapeutic candidates, ozekibart (INBRX-109) and INBRX-106, with ongoing clinical trials in various cancer indications.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Inhibrx Biosciences Inc. quarterly 10-Q report dated November 14, 2024. To report an error, please email earnings@qz.com.