Form 8-K - Current report

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 OR 15(d) of The Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): August 13, 2024

INHIBRX BIOSCIENCES, INC.

(Exact name of registrant as specified in its charter)

Delaware

001-42031

99-0613523

(State or other jurisdiction
of incorporation)

(Commission
File Number)

(IRS Employer
Identification No.)

11025 N. Torrey Pines Road, Suite 140

La Jolla, CA 92037

(Address of Principal Executive Offices and Zip Code)

Registrant’s telephone number, including area code: (858) 795-4220

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:


Title of each class	Trading Symbol(s)	Name of each exchange on which registered
Common Stock, par value $0.0001 per share	INBX	The Nasdaq Global Market

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company ☒

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☒

Item 2.02 Results of Operations and Financial Condition

On August 13, 2024, Inhibrx Biosciences, Inc. (the “Company”) issued a press release announcing its financial results for the three and six months ended June 30, 2024. A copy of the press release is furnished as Exhibit 99.1 to this report.

Item 7.01 Regulation FD Disclosure.

On August 13, 2024, the Company posted an updated copy of its corporate presentation to the “Investors” tab of its website at www.inhibrx.com. The presentation is attached to this Current Report on Form 8-K as Exhibit 99.2. The Company from time to time presents and/or distributes the presentation to the investment community during conferences and meetings to provide updates and summaries of its business. The Company undertakes no obligation to update, supplement, or amend the materials attached hereto as Exhibit 99.1.

The information in Items 2.02 and 7.01 of this Current Report on Form 8-K, including Exhibits 99.1 and 99.2 attached hereto, is intended to be furnished and shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liabilities of that section, nor shall it be deemed incorporated by reference in any filing under the Securities Act of 1933, as amended, or the Exchange Act, except as expressly set forth by specific reference in such filing.

Item 9.01. Financial Statements and Exhibits.

(d) Exhibits.


Exhibit No.						Description
99.1						Press Release issued by Inhibrx Biosciences, Inc. on August 13, 2024
99.2						Corporate Presentation
104						Cover Page Interactive Data File (embedded within the Inline XBRL document)

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.


Date: August 13, 2024
	INHIBRX BIOSCIENCES, INC.

	By:	/s/ Kelly Deck
	Name:	Kelly Deck
	Title:	Chief Financial Officer

Exhibit 99.1

Inhibrx Biosciences Reports Second Quarter 2024 Financial Results

and Recent Corporate Highlights

San Diego, CA, August 13, 2024 – Inhibrx Biosciences, Inc. (Nasdaq: INBX) (“Inhibrx Biosciences” or the “Company”), a biopharmaceutical company with two programs in ongoing clinical trials and a strong emerging pipeline, today reported financial results for the second quarter of 2024 and provided an update on recent corporate highlights.

Separation from the Former Parent

•In January 2024, Inhibrx, Inc. (the “Former Parent”) announced its intent, as approved by its board of directors, to effect the spin-off of INBRX-101, an optimized, recombinant alpha-1 antitrypsin (“AAT”), augmentation therapy currently in a registrational trial for the treatment of patients with alpha-1 antitrypsin deficiency.

•On May 30, 2024, the Former Parent completed the transaction, pursuant to which (i) all assets and liabilities primarily related to INBRX-101 (the “101 Business”), were transferred to Aventis Inc. (the “Acquirer”), a wholly-owned subsidiary of Sanofi S.A. (“Sanofi”); and (ii) by way of a pre-closing reorganization (the “Separation”), the Company acquired the assets and liabilities and corporate infrastructure associated with its ongoing programs, INBRX-106 and ozekibart (INBRX-109), and its discovery pipeline, as well as the remaining close-out obligations related to its previously terminated program, INBRX-105.

•Upon the closing, each Former Parent stockholder received: (i) $30.00 per share in cash, (ii) one contingent value right per share, representing the right to receive a contingent payment of $5.00 in cash upon the achievement of a regulatory milestone, and (iii) one SEC-registered, publicly listed, share of Inhibrx Biosciences for every four shares of the Former Parent’s common stock held. The Former Parent retained an equity interest in Inhibrx Biosciences of 8% upon the distribution of shares to the Former Parent stockholders (the “Distribution”).

•In connection with the Separation, the Acquirer paid transaction consideration totaling approximately $2.2 billion in aggregate value, including the $35.00 per share consideration and the assumption of the third-party debt obligations of the Former Parent. In addition, the Acquirer assumed all assets and liabilities under contracts primarily related to INBRX-101 upon close of the transaction. The Acquirer also reimbursed the Company or paid on behalf of the Company $68.0 million in transaction costs.

•From and after the closing, Inhibrx Biosciences continues to operate as a stand-alone, publicly traded company focused on its two clinical programs, ozekibart (INBRX-109) and INBRX-106. Inhibrx Biosciences continues to trade as INBX on the Nasdaq Global Market. We do not expect the results of operations directly arising from and related to the Separation and Distribution to occur in future periods.

Financial Results

•Cash and Cash Equivalents. As of June 30, 2024, Inhibrx Biosciences had cash and cash equivalents of $226.9 million, compared to $255.4 million as of May 30, 2024 following the Separation from the Former Parent. The Company’s cash outflows during this period relate primarily to the distribution of consideration totaling $17.7 million, which was paid out to the Former Parent’s optionholders and remitted by the Company within ten business days of the close of the transaction in accordance with the terms of the Separation and Distribution. Other cash outflows during the period relate to the Company’s ongoing operations.

•R&D Expense. Research and development expenses were $67.6 million during the second quarter of 2024, compared to $34.1 million during the second quarter of 2023. The increase in research and development expenses was primarily due to the following factors:

◦stock option expense recognized upon the acceleration of outstanding stock options in connection with the Separation and Distribution;

◦an increase in CMC expenses due to the nature of the development and manufacturing activities performed at its CDMO and CRO partners supporting the Company’s clinical and preclinical therapeutic candidates, which reflect the stage-specific needs of its programs during each period, including early and late-stage drug substance clinical manufacturing, analytical development, quality control, testing and stability studies, drug product development, scale-up, robustness studies, and selected biologics license applications-enabling activities; and

◦offset in part by a decrease in clinical trial expenses following the termination of the Company’s INBRX-105 program and the removal of the INBRX-101 program following the Separation.

•G&A Expense. General and administrative expenses were $93.4 million during the second quarter of 2024, compared to $7.3 million during the second quarter of 2023. The increase in general and administrative expenses was primarily due to the following factors:

◦an increase in legal, advisory, and consulting fees incurred in connection with the Separation and Distribution;

◦stock option expense recognized upon the acceleration of outstanding stock options in connection with the Separation and Distribution;

◦an increase in pre-commercialization expenses, which was primarily related to increases in consulting services to support the Company’s commercial operations business intelligence strategies and market research expenses related to ozekibart (INBRX-109) and INBRX-101 prior to the transaction;

◦an increase in professional service expenses related to legal services which support the Company in its general corporate and intellectual property matters, and legal proceedings.

•Other Income (Expense). Other income was $2.0 billion during the second quarter of 2024, compared to other expense of $5.7 million during the second quarter of 2023. Other income during the second quarter of 2024 consists of gains recorded in connection with the completion of the Separation and Distribution, related to (i) the consideration paid by the Acquirer for all outstanding common stock, warrants, and stock options, (ii) the extinguishment of the Company’s outstanding debt which was assumed by the Acquirer, (iii) assets and liabilities related to the 101 Business, which were assumed by the Acquirer, and (iv) transaction costs paid for by the Acquirer.

•Net Income (Loss). Net income was $1.9 billion during the second quarter of 2024, or earnings per share of $127.10, basic, and $125.48, diluted, compared to a net loss of $47.1 million during the second quarter of 2023, or $4.31 per share, basic and diluted.

About Inhibrx Biosciences, Inc.

Inhibrx Biosciences is a clinical-stage biopharmaceutical company focused on developing a broad pipeline of novel biologic therapeutic candidates in oncology. Inhibrx Biosciences utilizes diverse methods of protein engineering to address the specific requirements of complex target and disease biology, including its proprietary protein engineering platforms. For more information, please visit www.inhibrx.com.

Forward Looking Statements

Inhibrx Biosciences cautions you that statements contained in this press release regarding matters that are not historical facts are forward-looking statements. These statements are based on Inhibrx Biosciences’ current beliefs and expectations. These forward-looking statements include, but are not limited to, statements regarding: Inhibrx Biosciences’ and its investigators’ judgments and beliefs regarding the strength of Inhibrx Biosciences’ pipeline and the observed safety and efficacy to date of its therapeutic candidates; whether a trial is registration-enabling; future clinical development of Inhibrx Biosciences’ therapeutic candidates, including any potential for approval or accelerated approval or implication that the results of earlier clinical trials or studies will be representative of later clinical trials. Actual results may differ from those set forth in this press release due to the risks and uncertainties inherent in Inhibrx Biosciences’ business, including, without limitation, risks and uncertainties regarding: the initiation, timing, progress and results of its preclinical studies and clinical trials, and its research and development programs; its ability to advance therapeutic candidates into, and successfully complete, clinical trials; its interpretation of preclinical data and initial, interim or preliminary data from its clinical trials, including interpretations regarding disease control and disease response; the timing or likelihood of regulatory filings and approvals, including whether any product candidate receives approval from the United States Food and Drug Administration, or similar regulatory authority, for an accelerated approval process; the commercialization of the Company’s therapeutic candidates, if approved; the pricing, coverage and reimbursement of the Company’s therapeutic candidates, if approved; the Company’s ability to utilize the Company’s technology platform to generate and advance additional therapeutic candidates; the implementation of the Company’s business model and strategic plans for the Company’s business and therapeutic candidates; the Company’s ability to successfully manufacture the Company’s therapeutic candidates for clinical trials and commercial use, if approved; the Company’s ability to contract with third-party

suppliers and manufacturers and their ability to perform adequately; the scope of protection the Company is able to establish and maintain for intellectual property rights covering the Company’s therapeutic candidates; the Company’s ability to enter into strategic partnerships and the potential benefits of such partnerships; the Company’s estimates regarding expenses, capital requirements and needs for additional financing; the ability to raise funds needed to satisfy the Company’s capital requirements, which may depend on financial, economic and market conditions and other factors, over which the Company may have no or limited control; the Company’s financial performance; the Company’s and the Company’s third party partners’ and service providers’ ability to continue operations and advance the Company’s therapeutic candidates through clinical trials and the ability of the Company’s third party manufacturers to provide the required raw materials, antibodies and other biologics for the Company’s preclinical research and clinical trials in light of current market conditions or any pandemics, regional conflicts, sanctions, labor conditions, geopolitical events, natural disasters or extreme weather events; the ability to retain the continued service of the Company’s key professionals and to identify, hire and retain additional qualified professionals; and developments relating to the Company’s competitors and the Company’s industry; and other risks described from time to time in the “Risk Factors” section of its filings with the U.S. Securities and Exchange Commission, including those described in its Registration Statement on Form 10, as amended (File No. 001-42031) as well as its Quarterly Reports on Form 10-Q, and supplemented from time to time by its Current Reports on Form 8-K as filed from time to time. You are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date hereof, and Inhibrx Biosciences undertakes no obligation to update these statements to reflect events that occur or circumstances that exist after the date hereof. All forward-looking statements are qualified in their entirety by this cautionary statement, which is made under the safe harbor provisions of the Private Securities Litigation Reform Act of 1995.

Investor and Media Contact:

Kelly D. Deck

Chief Financial Officer

ir@inhibrx.com

858-795-4260

Inhibrx Biosciences, Inc.
Condensed Consolidated Statements of Operations
(In thousands, except per share data)

(Unaudited)


	THREE MONTHS ENDED JUNE 30,				SIX MONTHS ENDED JUNE 30,
	2024		2023		2024		2023

Revenue:
License fee revenue	$	100	$	30	$	100	$	47

Total revenue	100		30		100		47
Operating expenses:
Research and development	67,632		34,106		131,483		71,492
General and administrative	93,366		7,263		103,340		13,660

Total operating expenses	160,998		41,369		234,823		85,152
Loss from operations	(160,898)		(41,339)		(234,723)		(85,105)
Total other income (expense)	2,018,911		(5,708)		2,014,026		(10,858)
Provision for income taxes	2		5		2		5

Net income (loss)	$	1,858,011	$	(47,052)	$	1,779,301	$	(95,968)
Earnings (loss) per share
Basic	$	127.10	$	(4.31)	$	125.93	$	(8.80)
Diluted	$	125.48	$	(4.31)	$	122.75	$	(8.80)
Shares used in computing earnings (loss) per share
Basic	14,619		10,911		14,129		10,902
Diluted	14,807		10,911		14,495		10,902

Inhibrx Biosciences, Inc.
Condensed Consolidated Balance Sheets

(In thousands)

(Unaudited)


	JUNE 30,		DECEMBER 31,
	2024		2023


Cash and cash equivalents	$	226,860	$	277,924
Other current assets	15,197		17,434
Non-current assets	16,361		12,535
Total assets	$	258,418	$	307,893

Debt, current and non-current	$	—	$	206,968
Other current liabilities	39,052		56,312
Other non-current liabilities	—		1,110
Total liabilities	39,052		264,390
Stockholders’ equity	219,366		43,503
Total liabilities and stockholders’ equity	$	258,418	$	307,893

INHIBRX Investor Presentation Innovation Driven Outcomes Focused

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 “ongoing,” or the negative of these terms, or other comparable terminology intended to identify statements about the future. These statements are based on management’s current beliefs and expectations. These statements include but are not limited to statements regarding the Company’s business strategy, the Company’s plans to develop and commercialize its product candidates, the safety and efficacy of the Company’s product candidates, the Company’s plans and expected timing with respect to clinical trials and regulatory filings and approvals, manufacturing matters, strength of intellectual property protection, and the size and growth potential of the markets for the Company’s product candidates, and any implication that pre- clinical data or preliminary or topline results will be representative of the results of later trials. This presentation also contains certain projections and estimates regarding the Company’s future financial performance, namely potential future revenue for certain of the Company’s product candidates. This information also constitutes forward-looking information and is for illustrative purposes only and should not be relied upon as necessarily being indicative of any future results. The assumptions and estimates underlying this estimated financial information are inherently uncertain and subject to a wide variety of significant business, economic competitive and other risks and uncertainties that could cause actual results to differ materially from those contained in the prospective financial information. These potential financial information and other forward- looking statements involve substantial known and unknown risks, uncertainties and other factors that may cause the Company’s actual results, levels of activity, performance or achievements to be materially different from the information expressed or implied by these forward-looking statements. Additional information regarding the Company’s risks and uncertainties are described from time to time in the “Risk Factors” section of our Securities and Exchange Commission filings, including those described in our Annual Report on Form 10-K as well as our Quarterly Reports on Form 10-Q, and supplemented from time to time by our Current Reports on Form 8-K. The Company may not actually achieve the plans, intentions or expectations disclosed in its forward-looking statements, and you should not place undue reliance on the Company’s forward-looking statements. Actual results or events could differ materially from the plans, intentions and expectations disclosed in the forward-looking statements the Company makes. The forward- looking statements in this presentation represent the Company’s views as of the date of this presentation. The Company anticipates that subsequent events and developments will cause its views to change. However, while the Company may elect to update these forward-looking statements at some point in the future, the Company has no current intention of doing so except to the extent required by applicable law. You should, therefore, not rely on these forward-looking statements as representing the Company’s views as of any date subsequent to the date of this presentation. The investigational product candidates discussed in this presentation have not been approved or licensed by the U.S. Food and Drug Administration or by any other regulatory authority, and they are not commercially available in any market. This presentation also contains estimates and other statistical data made by independent parties and by the Company relating to market size and growth and other data about its industry. This data involves a number of assumptions and limitations, and you are cautioned not to give undue weight to such estimates. In addition, projections, assumptions, and estimates of the Company’s future performance and the future performance of the markets in which it operates are necessarily subject to a high degree of uncertainty and risk. The Inhibrx logo is a registered trademark of Inhibrx Biosciences, Inc. All third-party trademarks used herein are registered trademarks of their respective owners. This presentation shall not constitute an offer to sell or the solicitation of an offer to buy securities.

3 Our company To discover & develop effective biologic treatments for people with life-threatening conditions We aim to evolve into a commercial-stage biopharmaceutical company with a differentiated and sustainable product portfolio by focusing on the following: Rapidly advance and optimize clinical development. Key financial highlights: (as of 6/30/2024) Create differentiated, next-generation therapeutics in focused disease areas. Maintain our culture of innovation, execution and efficiency. Maximize the potential of our therapeutic pipeline. $226.9M Cash and cash equivalents 14.5M Common stock outstanding 19.1M* Fully diluted outstanding * Includes 3.6M options granted to employees and board of directors at a strike price of $15.86 per share and approximately 1M pre-funded warrants outstanding

4 Our company In-house expertise: 160+ employees with an experienced leadership team >300 ozekibart (INBRX-109) Patients treated to date Discovery Protein engineering Cell biology Translational research Chemistry Manufacturing and controls Clinical development and operations Company snapshot: founded Biosciences 2018 first IND 2020 IPO 2024 INBRX-101 acquisition by Sanofi $ 2010 >175 INBRX-106 Patients treated to date Commercial

5 Inhibrx’s innovative approach to therapeutic discovery Our core belief: Our technology and protein engineering expertise enables us to efficiently identify optimal therapeutic formats bespoke to the target biology. Therapeutics tailored to disease biologyRapid and iterative optimization processModular protein engineering platforms Single domain antibodies Recombinant proteins Engineered cytokines Multi-specific molecules Molecule binds to multiple targets allowing cross linking – a novel way of delivering the drug closer to where its needed Multi-valent molecules Molecule delivers higher clustering correlating with greater activity and more robust signal Engineered Fc Domains Fc-Fusion Proteins Endow proteins with antibody-like PK properties Affinity Biophysical properties Biological function Pharmacokinetic profile Developability / Manufacturability Therapeutic Format

6 Clinical Pipeline ozekibart (INBRX-109) tetravalent DR5 agonist INBRX-106 hexavalent OX40 agonist + Precisely engineered valency to mediate optimal balance of efficacy and safety. + Registration-enabling study in chondrosarcoma underway. + Expansion of Ewing cohort following preliminary efficacy data as shown at CTOS. Phase 1 Phase 2 Phase 3 + Robust OX40 agonist superior to bivalent antibodies. + Promising clinical activity in ongoing phase 1/2. + Cohort in NSCLC- SA and in combo with IO and chemotherapy. Milestones Mid 2025 Registration- enabling Phase 2 Chondragon chondrosarcoma data + Q3 2025 Phase 1 CPI r/r NSCLC data + 2H 2025 Phase 2 randomized HNSSC initial data

ozekibart (INBRX-109) tetravalent DR5 agonist Previous generation Goal: To develop a more precise DR5 agonist able to selectively induce apoptosis in tumor cells Empirically selected tetravalent DR5 agonist that restricts unwanted secondary clustering DR5 agonists with limited on target effect or unwanted off tumor toxicity Inhibrx solution

8 INBRX-109 ozekibart (INBRX-109): a next generation DR5 agonist with an optimized balance of efficacy and safety Death Receptor 5 (DR5 / TRAIL-R2) is highly expressed on tumorigenic, transformed or damaged cells but not normal cells, making DR5 a promising therapeutic target in oncology1-4 ozekibart (INBRX-109) characteristics: Prevents cross-linking and higher order clustering IgG Fc Fc engineered to minimize effector function Four DR5 sdAbs Empirically selected and engineered to avoid ADAs Tumor Cell Apoptosis Caspase C Programmed Cell Death C Tetravalent Empirically designed to simultaneously engage four DR5 molecules Immunogenic Epitopes removed Prevents unwanted higher order clustering via anti-drug antibodies Prevents higher order clustering and allows for antibody-like PK Effector Disabled Fc sdAb backbone limits molecule size (106 kDa) which may allow for better tumor penetration Smaller Size 1. Mol Cancer Ther. 2012;11(11):2541-2546. 2. Cancer Cell. 2014;26(2):177-189. 3. Haematologica. 2005;90(5):612-624. 4. Cell Res. 2005;15(6):430-438

9 INBRX-109 ozekibart (INBRX-109): Phase 1 trial design N=20 N=116 Dose expansion with chemotherapy N=130 Part 3 Completed Completed Part 2 ozekibart (INBRX-109) single-agent dose expansion ozekibart (INBRX-109) single-agent dose escalation Part 1 Study of ozekibart (INBRX-109) in patients with locally advanced or metastatic solid tumors, including sarcomas (NCT03715933) Mesothelioma Pancreatic adenocarcinoma Colorectal adenocarcinoma Ongoing Ewing sarcoma RP2D: INBRX-109 3mg/kg + IRI 50 mg/m2/day + TMZ 100 mg/m2/day N=50 RP2D: INBRX-109 3mg/kg + TMZ 100 mg/m2/day Safety lead-in SDH-def solid N=20 Primary endpoint all: safety (AEs and DLTs). Secondary endpoints all: pharmacokinetics and immunogenicity (ADAs). Exploratory endpoints all: clinical response, predictive diagnostic biomarkers. Primary endpoints Ewing: Clinical response, including ORR and DOR per RECIST 1.1. Secondary endpoints Ewing: PFS.

10 INBRX-109 Encouraging mPFS and clinical responses observed in Chondrosarcoma patients treated with ozekibart (INBRX-109) Impact of valency on DR5-mediated cell death IDHmt, isocitrate dehydrogenase 1/2 mutant; PFS, progression-free survival. a Includes 1 patient from dose-escalation cohort A4 (INBRX-109 10 mg/kg) and 22 patients from dose-expansion cohort B4 (INBRX-109 3 mg/kg); b Two patients were excluded due to taking prohibited medication (n=1) or having dedifferentiated chondrosarcoma (n=1). Among evaluable chondrosarcoma patients (n=31), the disease control rate (DCR) was 87.1% (27/31) + 2 patients achieved PR (objective response rate, 6.5%), and 25 patients SD (80.6%) + Of those who experienced SD, 13 (52.0%) had decreases from baseline in tumor size + 29-year-old white male, histologic Grade 3 + 61% decrease in target lesions (RECISTv1.1) + Patient was on study for 45 weeks + 55-year-old white male, histologic Grade 3 + 24% decrease in target lesions (RECISTv1.1) + Patient was on study for 77 weeks Selected case reports Partial response: March 4, 2020 (baseline) April 29, 2020 September 3, 2020 (-61%) September 4, 2020 (-20%) Stable disease: Overall median PFS: 7.6 months (range, 0.03-17.8 mo) vs. <4 months historically1-3 1. van Maldegem A, et al. Oncologist 2019;24(1):110–6. 2. Livingston JA, et al. Oncotarget 2016;7(39):64421–30. 3. Duffaud F, et al. Eur J Cancer 2021;150:108–18. 4. NCCN. Bone cancer version 2.2022. 5. Tap WD, et al. J Clin Oncol. 2020;38(15):1693-1701. 6. Chow W, et al. Cancer. 2020;126(1):105-111. Although no approved agents, current guideline recommended treatment options4 have demonstrated modest activity as measured by RECIST criteria + ivosidenib resulted in no CR or PR, an SD rate of 52% in patients with advanced chondrosarcoma (n=21)5 + pazopanib in patients with unresectable or metastatic conventional chondrosarcoma (N=47) reported a DCR of 43% at week 166 PFS by Kaplan-Meier analysis

11 INBRX-109 ozekibart (INBRX-109) Phase 2 registration enabling study in chondrosarcoma + FDA fast track designation and orphan-drug designation + EMA orphan-drug designation Patients: R 2:1 Conventional chondrosarcoma, Grades 2 and 3, unresectable or metastatic. ozekibart (INBRX-109) Placebo 3 mg/kg every three weeks 3 mg/kg every three weeks N=134 N=67 Ongoing Ongoing Randomization stratified by line of therapy, Grade and IDH1/2 mutation status Data readout expected mid-2025 Primary endpoint: Progression free survival. Secondary endpoints: Overall survival, quality of life, overall response rate, duration of response, disease control rate, safety, etc. DSMB reviewed interim analyses in April 2024 and made the recommendation for trial continuation

12 INBRX-109 ozekibart (INBRX-109) in combo with IRI/TMZ in metastatic, unresectable Ewing sarcoma Efficacy Disease control rate was 76.9%, or 10 out of 13 patients as measured by RECISTv1.1. + Most common adverse events (diarrhea, nausea, and fatigue) were consistent with the known safety profile of IRI/TMZ + One patient had increased alanine aminotransferase (grade 1); no other liver-related AEs were reported Safety 20 0 -20 -40 -60 -80 Ch an ge fr om b as e lin e, % Progressive disease Partial response Best change from baseline in tumor size Classical EWS Other RCS ozekibart (INBRX-109) (n=13)b Best overall response, n (%) PR 7 (53.8) SD 3 (23.1) ORR, n (%) 7 (53.8) DCR, n (%) 10 (76.9) Best tumor response Months 0 6 12 a PR PR SD PR PR PR PR SD PD PR PD SD PD Classical EWS Other RCS Durable clinical benefitc Response start Response end PD Patient censored Ongoing progression- free patient Data cutoff: September 8, 2023. CR, complete response; DCR, disease control rate; EWS, Ewing sarcoma; ORR, objective response rate; PD, progressive disease; PR, partial response; RCS, round cell sarcoma; SD, stable disease; AE, adverse event. a Patient discontinued treatment to undergo tumor resection surgery. b One patient had not reached the first set of restaging scans and was considered nonevaluable. c Durable clinical benefit was defined as having SD, PR, or CR for >6 months. Best response prior to progression is displayed; however, if a patient’s first scan result was progressive disease, then that result is displayed. EWS, Ewing sarcoma; RCS, round cell sarcoma. 7 patients who achieved partial responses (53.8%), 5 of which were observed in classical EWS patients (71.4%) and 2 of which were observed in RCS patients (33.3%) 76.9% 53.8%

INBRX-106 hexavalent OX40 agonist Hexavalent OX40 agonist with enhanced clustering/signaling Bivalent OX40 agonists elicit weak downstream signals with limited clinical activity Previous generation Goal: To develop a potent OX40 agonist able to induce robust signal activation weak strong Inhibrx solution

14 INBRX-106 INBRX-106: generating robust OX40 signaling to drive anti-tumor activity INBRX-106 is designed to boost anti-tumor T-cell activity by potently activating the OX40 co-stimulatory pathway Six OX40 sdAbs IgG Fc Hexavalent Simultaneously engage multiple OX40 to drive enhanced clustering/signaling Effector enabled Fc facilitates higher order clustering and greater downstream OX40 pathway signaling Non-Competitive Binding Complements natural ligand (OX40L) activity Facilitates higher order clusteringEffector Enabled Designed to agonize OX40 while allowing endogenous OX40L binding sdAb backbone limits molecule size (129 kDa) which may allow for better tumor penetration Smaller Size T cell Stimulation T cells NK cells Dendritic cellMonocytes T NK INBRX-106 characteristics:

15 INBRX-106 INBRX-106 study design ClinicalTrials.gov identifier, NCT04198766. Protocol version 7.0; March 5, 2024. a Chemo will be administered during the first 4 cycles. Pemetrexed can be continued after 4 cycles until progression or up to 35 cycles. Chemo, chemotherapy; CPI, checkpoint inhibitor; CPS, combined positive score; HNSCC, head and neck squamous cell carcinoma; M/R, metastatic/recurrent; NPC, nasopharyngeal carcinoma; NSCLC, non-small cell lung cancer; PD-L1, programmed cell death 1 ligand 1; pembro, pembrolizumab; q3w, every 3 weeks; R, randomization; R/R, relapsed/refractory; TMB, tumor mutational burden; TPS, tumor proportion score. Dose escalation with pembrolizumab INBRX-106 single-agent dose expansion INBRX-106 dose expansion with pembro ± chemo N=20 N=up to 70 N=up to 200 Part 1 Part 2 Part 4 Completed Completed Ongoing Ongoing NSCLC, PD-L1+ (TPS ≥50%) or TMB ≥10 mutations/Mb N=3-36 N=60 N=40 N=60 Key inclusion criteria: M/R NSCLC. <3 prior lines of therapy. PD-L1 TPS ≥50% or TMB ≥10 mutations/Mb. Alternating treatment INBRX-106 alternating Q3W with pembro Nonsquamous NSCLC INBRX-106 + pembro + pemetrexed + carboplatina Non-NPC and other Priming INBRX-106 loading dose → INBRX-106 + pembro Nonsquamous NSCLC INBRX-106 + pembro + pemetrexed + cisplatina NPC Concurrent INBRX-106 + pembro Squamous NSCLC INBRX-106 + pembro + (nab-)paclitaxel + carboplatina N=21 Part 3 Key inclusion criteria M/R HNSCC (non-NPC) or NPC. ≤1 prior line of chemotherapy in metastatic setting. PD-L1 CPS ≥1. Key inclusion criteria: M/R NSCLC Any prior line of therapy PD-L1 TPS ≥0% R 1:1:1 INBRX-106 single-agent dose escalation CPI R/R CPI naive CPI R/R or naive Phase 1/2 study of INBRX-106 ± pembrolizumab in adults with locally advanced or metastatic solid tumors—cohorts now enrolling

16 INBRX-106 INBRX-106 + pembro demonstrated clinical activity in patients with PD-L1+ CPI-R/R or CPI-naive HNSCC 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 -60 20 -100 -80 -40 -20 0 40 Be st c ha ng e fr om b as el in e, % Cohort CPI-naïve (F4) CPI-R/R (F1) PR PD + The HNSCC patient population included was heterogeneous (1L+) and included CPI-naive patients and those with CPI-R/R disease + More than half of patients experienced a reduction in target lesions, including two patients who achieved durable complete responses Data cutoff: August 1, 2024. Preliminary data from an ongoing database (not fully validated and might slightly evolve with time). *NPC = nasopharyngeal carcinoma 60 NPC* patient (D2)

17 INBRX-106 INBRX-106 + pembro demonstrated clinical activity in patients with PD-L1+ CPI-R/R NSCLC 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 Data cutoff: August 1, 2024. Preliminary data from an ongoing database (not fully validated and might slightly evolve with time). + The NSCLC patients included were heavily pretreated (prior lines: median, 3.5; range, 1-11) and all had received prior CPI (some patients received several lines of CPI treatment) + Most patients experienced a reduction in or stabilization of target lesions. Three of the patients have had ongoing responses for more than a year. Ch an ge fr om b as el in e, % 0 -100 -80 -60 -40 -20 20 60 40 PR PD Cohort F2

18 INBRX-106 Seamless Phase 2/3 study of the hexavalent OX40 agonist INBRX-106 with pembrolizumab in 1L R/M HNSCC with PD-L1 CPS ≥20 ClinicalTrials.gov identifier, NCT06295731. Protocol version 1.0; January 31, 2024. INBRX-106 to be administered every 3 weeks. Pembro 200 mg to be administered every 3 weeks. 1L, first line; CBR, clinical benefit rate; cORR, confirmed objective response rate; CPS, combined positive score; DOR, duration of response; ECOG PS, Eastern Cooperative Oncology Group performance status; HNSCC, head and neck squamous cell carcinoma; HPV, human papillomavirus; OS, overall survival; PD-L1, programmed cell death 1 ligand 1; pembro, pembrolizumab; PFS, progression-free survival; PFS6mo, progression-free survival rate at 6 months; PRO, patient-reported outcome; R, randomization; R/M, recurrent/metastatic; TTCx, time to chemotherapy; Tx, treatment. Phase 2, Open label Phase 3, Double blind Survival Follow-up Ongoing Ongoing INBRX-106 + Pembro INBRX-106 + Pembro Pembro Pembro Randomization will be stratified by: + Disease status (locoregional advanced vs metastatic). + HPV status (positive vs negative). + ECOG PS (0 vs 1). Co-primary endpoint: PFS and OS. Secondary endpoints: cORR, DOR, CBR, TTCx, safety, PROs. Gating Phase 2/3 Criteria: + cORR + DOR + CBR + PFS6m + safetyR 1:1 R 1:1 Key inclusion criteria: R/M HNSCC PD-L1 CPS ≥20 HPV status confirmed No prior systemic Tx for R/M HNSCC

Investor Relations: KELLY DECK, CPA CFO 11025 N. Torrey Pines Road Suite 140 La Jolla, CA 92037 858.795.4260 ir@inhibrx.com

20 Appendix

21 INBRX-109 ozekibart (INBRX-109) is a potent inducer of extrinsic cell death via the DR5 pathway Ozekibart (INBRX-109), a tetravalent DR5 agonist, is designed to simultaneously engage four DR5 molecules to drive enhanced clustering/signaling in tumor cells while minimizing off-target effects Apoptosis Tumor cell DR5 TRAIL FADD Caspase activation moderate strong Apoptosis Tumor cell ozekibart (INBRX-109) DR5 FADD Caspase activation DR5 (TRAIL-R2) is a pro-apoptotic receptor for TRAIL that is widely expressed on the surface of damaged, transformed or tumor cells, but rarely and at low levels on normal cells.1-4 TRAIL selectively induces programmed cell death via activation of the FADD and downstream caspase pathway, therefore playing an important role in tumor and viral immune surveillance5 Apoptosis Tumor cell DR5 FADD Caspase activation While the DR5 trimer is the minimal functional unit for TRAIL activity, clustering of multiple receptors at the cell-cell interface results can generate more potent apoptotic activity6-8 1. Mol Cancer Ther. 2012;11(11):2541-2546. 2. Cancer Cell. 2014;26(2):177-189. 3. Haematologica. 2005;90(5):612-624. 4. Cell Res. 2005;15(6):430-438. 5. Antibodies (Basel). 2017;6(4) 6. J Biol Chem. 2012;287(25):21265-21278. 7. Cell. 2019;176(6):1477-1489.e1414. 8. Proc Natl Acad Sci U S A. 2015;112(18):5679-5684.

22 INBRX-109 ozekibart (INBRX-109) is precision-engineered for optimal potency and safety Ab (nM) 100 InSphero 3D inSightTM human liver microtissue model: 75 50 25 1 10 100 Impact of valency on cell death: Impact of valency on DR5-mediated cell death ozekibart (INBRX-109) tetravalent Hexavalent DR5 hexavalent Impact of valency on hepatotoxicity 10-110-210-310-410-510-6 0 He pa to cy te v ia bi lit y (% ) Impact of valency on cell death: 125 Valency EC 50 (p M ) 4 62 3 1000 100 10 1 0.1 5.78x 6.35x 94.2x 10000 ozekibart (INBRX-109) tetravalent TRAIL trivalent Hexavalent DR5 hexavalent anti DR5 mAb bivalent 0.1 1 10 100 75 50 25 0 100 10000.010.0010.0001 % C el l d ea th Test article (nM) Valency drives both DR5-induced tumor cell death and hepatocyte destruction

23 INBRX-106 INBRX-106: mechanism of action The T-Cell Receptor (TCR) recognizes a tumor-associated antigen presented via MHC. In response, OX40 is upregulated on tumor reactive TILs facilitating an immune response directed towards the tumor. Effective OX40 agonism potentiates the body’s immune response towards a tumor Due to its six OX40 sdAb domains, binding of hexavalent INBRX-106 facilitates higher order clustering versus bivalent and tri-valent endogenous OX40L amplifying the downstream costimulatory signal. Costimulatory signaling via OX40 and the TCR-MHC receptors induce survival and proliferation of activated antigen-specific CD4 T cells, increases memory T cell generation, CD8+ effector T cells, and suppress the inhibitory capacity of regulatory T cells. T cells NK cells Monocytes Dendritic cell Tumor T NK T cells NK cells Monocytes T cell TCR MHC antigen Tumor cell ↑OX40 TCR MHC antigen Tumor cell OX40 INBRX-106 ↑ T cell

24 INBRX-106 Higher OX40 valency drives superior T cell activation and reduces Treg suppression Hexavalent INBRX-106 engagement drives superior co-stimulation of both CD4 and CD8 T-cells versus bi-valent OX40 mAbs INBRX-106, but a not bivalent OX40 mAb, reduces regulatory T-cell (Treg) mediated suppression of effector T-cells (Teff) ~2-fold increase vs bi-valent and untreated Reversal of Treg Suppression2 CD8 T Cell Co-Stimulation1 CD4 T Cell Co-Stimulation1 1. T-cell activation monitored by assessing CD71 expression following suboptimal anti-CD3-mediated stimulation 2. Reversal of Treg suppression assessed by CD25 upregulation following anti-CD3 stimulation

25 INBRX-106 Valency drives OX40 agonism in CPI-resistant tumor models Syngeneic B16F10 Mouse Tumor Model OX40 agonism upregulates PD-L1 expression on CD4 and CD8 T-cells supporting rationale of combination with anti-PD1 agents Hexavalent INBRX-106-a* demonstrated single-agent, single-dose activity in checkpoint- inhibitor responsive and resistant syngeneic tumor models INBRX-106-a* induced more robust anti-tumor activity as single agent and in combination with anti-PD1 0/10 CRs 1/10 CRs0/10 CRs 0/10 CRs 6/10 CRs 3/10 CRs Vehicle Bivalent OX40 mAb Hexavalent INBRX-106-a* Anti-PD1 Alone Anti-PD1 + Bivalent OX40 mAb Anti-PD1 + Hexavalent INBRX-106-a* *INBRX-106 mouse surrogate

Cover	Aug. 13, 2024
Cover [Abstract]
Document Type	8-K
Document Period End Date	Aug. 13, 2024
Entity Registrant Name	INHIBRX BIOSCIENCES, INC.
Entity Incorporation, State or Country Code	DE
Entity File Number	001-42031
Entity Tax Identification Number	99-0613523
Entity Address, Address Line One	11025 N. Torrey Pines Road
Entity Address, Address Line Two	Suite 140
Entity Address, City or Town	La Jolla
Entity Address, State or Province	CA
Entity Address, Postal Zip Code	92037
City Area Code	858
Local Phone Number	795-4220
Written Communications	false
Soliciting Material	false
Pre-commencement Tender Offer	false
Pre-commencement Issuer Tender Offer	false
Title of 12(b) Security	Common Stock, par value $0.0001 per share
Trading Symbol	INBX
Security Exchange Name	NASDAQ
Entity Emerging Growth Company	true
Amendment Flag	false
Entity Central Index Key	0002007919
Entity Ex Transition Period	true