Inhibrx Biosciences (INBX) is back in focus after reporting second quarter 2026 results, with a quarterly net loss of US$36.65 million and a six month net loss of US$70.09 million.

Despite the wider loss this quarter, Inhibrx Biosciences shares have climbed strongly over 2026, with a year to date share price return of 32.13% and a very large 1 year total shareholder return of 296.60%. Recent trading has been choppy, with the share price down 2.30% over the last day but up 12.20% over the past week, suggesting sentiment is still sensitive to new information such as these earnings.

If the recent swing in Inhibrx Biosciences has you looking across the sector, this is a good moment to scan other healthcare focused AI opportunities through the 40 healthcare AI stocks.

The recent surge in Inhibrx Biosciences, despite ongoing losses, puts you at a fork in the road. Is it better to wait for a pullback or accept today’s price and what it implies about valuation next?

Preferred Multiple of Price to Book: Is it justified?

With Inhibrx Biosciences last closing price at $99.15 and the company carrying negative shareholders equity, the usual price to book shortcut does not give a clean signal. Instead, the headline metric investors see is a P/B ratio of around -27.5x, which already indicates this is not a typical valuation case.

P/B usually compares a company’s market value to the net value of its assets. For Inhibrx Biosciences, liabilities exceed assets, so the book value is negative. That makes the ratio itself less informative and shifts the focus to what the market expects from future drug development rather than what is on the balance sheet today.

Compared with both the US Biotechs industry average P/B of 2.5x and a peer average of 3.7x, the negative P/B for Inhibrx Biosciences reflects its current capital structure and loss making status rather than a straightforward bargain or premium label. In practical terms, any comparison to those positive multiples is distorted, since the underlying equity base is below zero and the market is effectively pricing in future progress rather than current net assets.

Result: Price-to-book of -27.5x (ABOUT RIGHT)

However, the Inhibrx Biosciences story could be knocked off course by clinical trial setbacks or fresh equity raises that further dilute existing shareholders.

Next Steps

With sentiment on Inhibrx Biosciences clearly split between concern over risks and interest in potential rewards, this is a moment to move quickly and test the numbers yourself. To weigh both sides with more context, start with the 2 key rewards and 3 important warning signs.

Looking for more investment ideas beyond Inhibrx Biosciences?

If Inhibrx Biosciences has your attention, do not stop there. Use the Simply Wall St screener to spot other stocks that fit your risk and return preferences.

• Target potential mispricings by scanning companies that look attractively valued using the 50 high quality undervalued stocks.
• Prioritise resilience by reviewing companies that appear financially robust with the solid balance sheet and fundamentals stocks screener (50 results).
• Hunt for overlooked opportunities by checking the screener containing 18 high quality undiscovered gems before they are widely recognised.

This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned.