Inhibrx Biosciences, Inc., a clinical-stage biopharmaceutical company focused on oncology, reported significant financial changes in its recent 10-Q filing for the quarter ending September 30, 2024. The company experienced a total revenue of $0 for the three months ended September 30, 2024, a stark decline from $119.1 million in the same period of 2023. For the nine months ended September 30, 2024, total revenue was $100.2 million, a slight decrease of $66,000 (0.1%) compared to $100.3 million in the prior year.

Operating expenses for the third quarter of 2024 were $46.8 million, slightly up from $45.9 million in 2023. The loss from operations increased to $(46.8 million) from $(45.8 million) year-over-year. However, the net loss for the third quarter improved to $(43.9 million) from $(51.8 million) in 2023. For the nine-month period, the company reported a net income of $1.7 billion, a significant turnaround from a net loss of $(147.8 million) in the same period of 2023, largely due to a gain of $2.0 billion from a merger transaction.

The company’s total assets decreased to $222.6 million as of September 30, 2024, down from $307.9 million at the end of 2023. Cash and cash equivalents also fell to $196.3 million from $277.9 million during the same timeframe. Despite these declines, total stockholders’ equity rose to $178.5 million, compared to $43.5 million at the end of 2023, reflecting the impact of the merger and related transactions.

Strategically, Inhibrx completed a significant merger with Aventis Inc. on May 30, 2024, which involved the transfer of assets related to INBRX-101 to Sanofi. This merger resulted in a gain of $2.0 billion, which was recorded in the financial statements for the nine months ended September 30, 2024. The company also announced a spin-off of INBRX-101 in January 2024, distributing 92% of its shares to former parent stockholders.

Research and development expenses increased significantly, totaling $170.4 million for the nine months ended September 30, 2024, compared to $109.5 million in 2023, driven by ongoing clinical trials and personnel costs. General and administrative expenses also surged to $111.2 million from $21.5 million, primarily due to merger-related costs and increased personnel expenses.

Inhibrx's future funding strategy will focus on equity offerings, debt financing, and collaborations, as the company anticipates significant pre-commercialization expenses in preparation for potential product launches.