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Sep 30, 2024
Inhibrx Biosciences Inc Q3 2024 Earnings Report
Inhibrx Biosciences reported financial results for the third quarter of 2024, with two programs in ongoing clinical trials and data readouts expected within the next 12 months.
Key Takeaways
Inhibrx Biosciences reported a net loss of $43.9 million for Q3 2024, compared to a net loss of $51.8 million for Q3 2023. As of September 30, 2024, the company had cash and cash equivalents of $196.3 million.
Cash and cash equivalents totaled $196.3 million as of September 30, 2024.
Research and development expenses were $38.9 million during the third quarter of 2024.
General and administrative expenses were $7.9 million during the third quarter of 2024.
Net loss was $43.9 million during the third quarter of 2024, or $2.84 per share.
Inhibrx Biosciences Inc
Inhibrx Biosciences Inc
Forward Guidance
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.
Positive Outlook
- Expected data readouts and the timing thereof.
- The Company’s ability to develop therapeutic candidates.
- 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.
- The Company’s ability to utilize the Company’s technology platform to generate and advance additional therapeutic candidates.
Challenges Ahead
- Risks and uncertainties regarding the initiation, timing, progress and results of its preclinical studies and clinical trials, and its research and development programs.
- Risks related to its ability to advance therapeutic candidates into, and successfully complete, clinical trials.
- Risks associated with the Company’s ability to utilize the Company’s technology platform to generate and advance additional therapeutic candidates.
- The scope of protection the Company is able to establish and maintain for intellectual property rights covering the Company’s therapeutic candidates.
- 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.