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Inhibrx Biosciences Inc. (INBX-2.58%) has filed its Form 10-K filing for the fiscal year ended December 31, 2024.
The filing reports a net income of $1.7 billion for the year, primarily due to a $2.0 billion gain related to the merger with Aventis Inc., a subsidiary of Sanofi S.A. This gain included $1.7 billion from merger consideration and $211.3 million from the extinguishment of the company's debt.
Research and development expenses totaled $203.7 million, a 6% increase from the previous year. This increase was driven by personnel-related expenses, including stock option expenses recognized upon acceleration of options in connection with the merger.
General and administrative expenses rose significantly to $127.9 million, up from $29.4 million in 2023, primarily due to one-time expenses related to the merger, including legal, advisory, and consulting services.
License fee revenue was $0.2 million, a decrease from $1.8 million in 2023, reflecting the completion of a former option agreement and the recognition of revenue related to a license agreement with Regeneron Pharmaceuticals, Inc.
Inhibrx's current clinical pipeline includes ozekibart (INBRX-109) and INBRX-106, both in various stages of development. Ozekibart is being investigated for chondrosarcoma, Ewing sarcoma, and colorectal cancer, while INBRX-106 is being studied in combination with Keytruda for solid tumors.
The company reported cash and cash equivalents of $152.6 million as of December 31, 2024, and believes its existing cash and cash equivalents will be sufficient to fund operations for at least the next 12 months.
In January 2025, Inhibrx entered into a loan agreement with Oxford Finance LLC, receiving gross proceeds of $100.0 million, with an option for an additional $50.0 million at Oxford's discretion.
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. annual 10-K report dated March 17, 2025. To report an error, please email earnings@qz.com.