Overview

• US biopharmaceutical company's Q1 net loss narrowed yr/yr as R&D expenses declined

• Company's Q1 R&D expenses fell, mainly due to lower clinical trial and manufacturing costs

• Cash balance rose after receipt of $75 mln in loan proceeds in March 2026

Outlook

• Company plans to announce PFS data from INBRX-106 Phase 2 trial in Q4 2026

• Company expects to meet with FDA in H2 2026 to discuss registrational trial for ozekibart in CRC

• Company to discuss potential accelerated regulatory pathways for ozekibart in fourth-line CRC and refractory Ewing sarcoma with FDA in H2 2026

Result Drivers

• R&D COSTS - Lower clinical trial and contract manufacturing costs, as well as reduced headcount, drove a decrease in R&D expenses

• INTEREST EXPENSE - Higher interest expense following an additional $75 mln loan drawdown increased other expenses

Company press release: ID:nPn3FKRyHa

Key Details

Metric	Beat/Miss	Actual	Consensus Estimate
Q1 EPS	Miss	-$2.15	-$1.79 (2 Analysts)
Q1 Net Income	Miss	-$33.44 mln	-$28.58 mln (2 Analysts)
Q1 Operating Income	Miss	-$30.93 mln	-$27.84 mln (2 Analysts)
Q1 Operating Expenses		$30.93 mln

Analyst Coverage

• The current average analyst rating on the shares is "buy" and the breakdown of recommendations is 2 "strong buy" or "buy", 1 "hold" and no "sell" or "strong sell"

• Wall Street's median 12-month price target for Inhibrx Biosciences Inc is $265.00, about 124.7% above its May 13 closing price of $117.95

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