Recent News
On April 21, 2026 the company issued an interim clinical update for ozekibart (INBRX-109) in late-line colorectal cancer, reporting expanded Phase 1/2 data and plans to discuss a first-line registrational path with the FDA in H2 2026. On February 23, 2026 Inhibrx updated its investor presentation outlining 2026 catalysts, program status and financial position.
Technical Analysis
ADX at 26.83 indicates a strong directional trend; DI+ stands at 31.41 and is increasing while DI‑ sits at 18.92 and is decreasing, which aligns with bullish directional strength and favors continuation of upward price pressure versus volatile pullbacks.
MACD at 3.25 is increasing and sits above its signal line of 1.14, which represents a bullish momentum crossover and supports near-term positive price bias tied to clinical catalysts.
MRO at 26.85 is positive and increasing; because MRO > 0, price currently sits above the oscillator’s target and faces a greater likelihood of mean reversion, creating a cautionary cap on sustained upside despite bullish momentum.
RSI at 52.52 and increasing shows neutral-to-firm buying interest without overbought readings, leaving room for further upside while avoiding immediate momentum exhaustion.
Price trades well above key averages: close $84.08 versus the 200-day average $57.35 and the 50-day average $73.49, and the 12-day EMA $78.74 is increasing. These relationships indicate trend-following strength that can amplify any positive clinical headlines tied to valuation rerating.
Ichimoku components (Tenkan $75.11, Kijun $73.65, Senkou A $76.41, Senkou B $80.86) leave price above the cloud, supporting bullish price structure; Bollinger bands place the close below the 1x upper band ($85.63), showing momentum without extreme breakout. Volume today (693,674) exceeds recent averages, confirming higher market participation around the clinical update.
Fundamental Analysis
Earnings: GAAP EPS came in at $-2.11 versus an estimate of $-2.08, an EPS shortfall of $0.03 or roughly -1.44% relative to estimate. Operating and net losses persist: operating income $-30,923,000 and net income $-32,834,000 for the period ending 2025-12-31; R&D expense totaled $25,349,000, reflecting continued clinical investment.
Cash and liquidity: end-period cash and short-term investments $124,220,000 against operating cash outflow $-33,099,000 implies cash covers the most recent annual operating outflow by roughly 3.8x at the current run-rate, supporting ongoing trials and regulatory activities into multiple 2026 milestones.
Cash flow: free cash flow $-30,122,000 with free cash flow yield -2.787% and free cash flow down QoQ and YoY, while cashFlowToEarnings at 1.008 indicates cash losses track reported net losses closely.
Leverage and solvency: total debt $107,012,000 versus total equity $7,993,000 produces a debt-to-equity of 13.39x (≈1,339%), and debt-to-assets 73.06%, indicating heavy leverage relative to book equity even as current assets ($132,832,000) produce a current ratio 3.93 and a cash ratio 3.68, leaving short-term coverage strong but capital structure highly indebted relative to equity.
Profitability and growth: return on assets -20.27% and return on equity -410.78% underscore ongoing negative profitability; revenue growth shows 0.0% QoQ and -13.0% YoY. Earnings growth reads -7.456% overall with QoQ and YoY declines, consistent with an R&D-driven loss profile.
Valuation signals: price-to-book stands at 135.24 compared with an industry peer mean of 5.19 and industry peer median of 6.16, placing the multiple far above peer central tendencies. PEG and PE ratios remain negative or atypical (PE -35.14, forward PE -99.15, forward EPS -$0.6975), reflecting loss-based multiples; P/B rose QoQ ~6.34% and YoY ~90.06% while PEG fell QoQ ~6.34% and YoY ~10.36%.
WMDST valuation: WMDST values the stock as over‑valued. Fundamental strengths—notably $124.2M cash and a current ratio near 3.9—support clinical execution into planned 2026 catalysts, but extreme P/B relative to the industry peer mean/median, negative profitability, and heavy debt-to-equity leverage constrain valuation re-rating absent sustained commercial or regulatory validation.
MOST-RECENT QUARTERLY REPORT
| REPORT PERIOD ENDING: | 2025-12-31 |
| REPORT DATE: | 2026-03-19 |
| NEXT REPORT DATE: | 2026-06-18 |
| CASH FLOW | Begin Period Cash Flow | $ 153.1 M |
| Operating Cash Flow | $ -33.10 M | |
| Capital Expenditures | — | |
| Change In Working Capital | $ -1.72 M | |
| Dividends Paid | — | |
| Cash Flow Delta | $ -28.87 M | |
| End Period Cash Flow | $ 124.2 M | |
| INCOME STATEMENT | REVENUE | |
| Total Revenue | — | |
| Forward Revenue | — | |
| COSTS | ||
| Cost Of Revenue | — | |
| Depreciation | $ 564.0 K | |
| Depreciation and Amortization | $ 564.0 K | |
| Research and Development | $ 25.3 M | |
| Total Operating Expenses | $ 30.9 M | |
| PROFITABILITY | ||
| Gross Profit | — | |
| EBITDA | $ -29.09 M | |
| EBIT | $ -29.65 M | |
| Operating Income | $ -30.92 M | |
| Interest Income | $ 1.3 M | |
| Interest Expense | $ 3.2 M | |
| Net Interest Income | $ -1.87 M | |
| Income Before Tax | $ -32.83 M | |
| Tax Provision | — | |
| Tax Rate | — | |
| Net Income | $ -32.83 M | |
| Net Income From Continuing Operations | $ -32.83 M | |
| EARNINGS | ||
| EPS Estimate | $ -2.08 | |
| EPS Actual | $ -2.11 | |
| EPS Difference | $ -0.03 | |
| EPS Surprise | -1.442 % | |
| Forward EPS | $ -0.70 | |
| BALANCE SHEET | ASSETS | |
| Total Assets | $ 146.5 M | |
| Intangible Assets | — | |
| Net Tangible Assets | $ 8.0 M | |
| Total Current Assets | $ 132.8 M | |
| Cash and Short-Term Investments | $ 124.2 M | |
| Cash | $ 124.2 M | |
| Net Receivables | — | |
| Inventory | — | |
| Long-Term Investments | $ 4.4 M | |
| LIABILITIES | ||
| Accounts Payable | $ 5.9 M | |
| Short-Term Debt | — | |
| Total Current Liabilities | $ 33.8 M | |
| Net Debt | — | |
| Total Debt | $ 107.0 M | |
| Total Liabilities | $ 138.5 M | |
| EQUITY | ||
| Total Equity | $ 8.0 M | |
| Retained Earnings | $ -246.19 M | |
| VALUATION & PER-SHARE METRICS | EQUITY & PER-SHARE METRICS | |
| Book Value Per-Share | $ 0.55 | |
| Shares Outstanding | 14.578 M | |
| Revenue Per-Share | — | |
| VALUATION | Market Capitalization | $ 1.1 B |
| Enterprise Value | $ 1.1 B | |
| Enterprise Multiple | -36.574 | |
| Enterprise Multiple QoQ | 82.186 % | |
| Enterprise Multiple YoY | 3104.744 % | |
| Enterprise Multiple IPRWA | high: 67.346 median: 44.116 mean: 12.383 INBX: -36.574 low: -114.076 |
|
| EV/R | — | |
| CAPITAL STRUCTURE | ||
| Asset To Equity | 18.326 | |
| Asset To Liability | 1.058 | |
| Debt To Capital | 0.93 | |
| Debt To Assets | 0.731 | |
| Debt To Assets QoQ | 21.281 % | |
| Debt To Assets YoY | 1540.993 % | |
| Debt To Assets IPRWA | high: 1.032 INBX: 0.731 mean: 0.122 median: 0.003 low: 0.0 |
|
| Debt To Equity | 13.388 | |
| Debt To Equity QoQ | 361.239 % | |
| Debt To Equity YoY | 22121.095 % | |
| Debt To Equity IPRWA | INBX: 13.388 high: 1.524 mean: 0.136 median: 0.005 low: -0.893 |
|
| PRICE-BASED VALUATION | ||
| Price To Book (P/B) | 135.238 | |
| Price To Book QoQ | 634.211 % | |
| Price To Book YoY | 9006.286 % | |
| Price To Book IPRWA | INBX: 135.238 high: 19.432 median: 6.164 mean: 5.188 low: -10.511 |
|
| Price To Earnings (P/E) | -35.143 | |
| Price To Earnings QoQ | 71.242 % | |
| Price To Earnings YoY | 692.38 % | |
| Price To Earnings IPRWA | high: 74.171 mean: -0.893 median: -16.622 INBX: -35.143 low: -119.903 |
|
| PE/G Ratio | 4.713 | |
| Price To Sales (P/S) | — | |
| Price To Sales QoQ | — | |
| Price To Sales YoY | — | |
| Price To Sales IPRWA | — | |
| FORWARD MULTIPLES | ||
| Forward P/E | -99.15 | |
| Forward PE/G | 13.298 | |
| Forward P/S | — | |
| EFFICIENCY | OPERATIONAL | |
| Operating Leverage | — | |
| ASSET & SALES | ||
| Asset Turnover Ratio | — | |
| Asset Turnover Ratio QoQ | — | |
| Asset Turnover Ratio YoY | — | |
| Asset Turnover Ratio IPRWA | — | |
| Receivables Turnover | — | |
| Receivables Turnover Ratio QoQ | — | |
| Receivables Turnover Ratio YoY | — | |
| Receivables Turnover Ratio IPRWA | — | |
| Inventory Turnover | — | |
| Inventory Turnover Ratio QoQ | — | |
| Inventory Turnover Ratio YoY | — | |
| Inventory Turnover Ratio IPRWA | — | |
| Days Sales Outstanding (DSO) | — | |
| CASH CYCLE | ||
| Cash Conversion Cycle Days (CCC) | — | |
| Cash Conversion Cycle Days QoQ | — | |
| Cash Conversion Cycle Days YoY | — | |
| Cash Conversion Cycle Days IPRWA | high: 937.301 mean: 200.611 median: 180.97 INBX: 0 low: -928.365 |
|
| CAPITAL DEPLOYMENT | ||
| Cash Conversion Ratio | — | |
| CapEx To Revenue | — | |
| CapEx To Depreciation | — | |
| CAPITAL, LIQUIDITY & COVERAGE | CAPITAL STRUCTURE | |
| Total Capital | $ 108.6 M | |
| Net Invested Capital | $ 108.6 M | |
| Invested Capital | $ 108.6 M | |
| Net Tangible Assets | $ 8.0 M | |
| Net Working Capital | $ 99.0 M | |
| LIQUIDITY | ||
| Cash Ratio | 3.675 | |
| Current Ratio | 3.93 | |
| Current Ratio QoQ | -12.395 % | |
| Current Ratio YoY | -0.204 % | |
| Current Ratio IPRWA | high: 27.397 INBX: 3.93 mean: 3.909 median: 2.827 low: 0.027 |
|
| Quick Ratio | — | |
| Quick Ratio QoQ | — | |
| Quick Ratio YoY | — | |
| Quick Ratio IPRWA | — | |
| COVERAGE & LEVERAGE | ||
| Debt To EBITDA | -3.679 | |
| Cost Of Debt | 2.352 % | |
| Interest Coverage Ratio | -9.309 | |
| Interest Coverage Ratio QoQ | -7.68 % | |
| Interest Coverage Ratio YoY | 4.263 % | |
| Interest Coverage Ratio IPRWA | high: 671.002 mean: 40.349 median: 3.11 INBX: -9.309 low: -1571.333 |
|
| Operating Cash Flow Ratio | -0.979 | |
| TIMING / LIQUIDITY | ||
| Days Payables Outstanding (DPO) | — | |
| DIVIDENDS | ||
| Dividend Coverage Ratio | — | |
| Dividend Payout Ratio | — | |
| Dividend Rate | — | |
| Dividend Yield | — | |
| PERFORMANCE | GROWTH | |
| Asset Growth Rate | -17.464 % | |
| Revenue Growth | 1200.0 % | |
| Revenue Growth QoQ | 0.0 % | |
| Revenue Growth YoY | -1300.0 % | |
| Revenue Growth IPRWA | INBX: 1200.0 % high: 420.0 % mean: 12.979 % median: 3.233 % low: -242.388 % |
|
| Earnings Growth | -7.456 % | |
| Earnings Growth QoQ | -132.078 % | |
| Earnings Growth YoY | -184.698 % | |
| Earnings Growth IPRWA | high: 204.0 % INBX: -7.456 % median: -14.286 % mean: -16.936 % low: -237.5 % |
|
| MARGINS | ||
| Gross Margin | — | |
| Gross Margin QoQ | — | |
| Gross Margin YoY | — | |
| Gross Margin IPRWA | — | |
| EBIT Margin | — | |
| EBIT Margin QoQ | — | |
| EBIT Margin YoY | — | |
| EBIT Margin IPRWA | — | |
| Return On Sales (ROS) | — | |
| Return On Sales QoQ | — | |
| Return On Sales YoY | — | |
| Return On Sales IPRWA | — | |
| CASH FLOW | ||
| Free Cash Flow (FCF) | $ -30.12 M | |
| Free Cash Flow Yield | -2.787 % | |
| Free Cash Flow Yield QoQ | -44.115 % | |
| Free Cash Flow Yield YoY | -87.358 % | |
| Free Cash Flow Yield IPRWA | high: 21.452 % median: 0.303 % mean: 0.179 % INBX: -2.787 % low: -51.848 % |
|
| Free Cash Growth | -10.971 % | |
| Free Cash Growth QoQ | -184.672 % | |
| Free Cash Growth YoY | -125.358 % | |
| Free Cash Growth IPRWA | high: 177.21 % INBX: -10.971 % median: -24.526 % mean: -32.894 % low: -201.25 % |
|
| Free Cash To Net Income | 0.917 | |
| Cash Flow Margin | — | |
| Cash Flow To Earnings | 1.008 | |
| VALUE & RETURNS | ||
| Economic Value Added | — | |
| Return On Assets (ROA) | -20.271 % | |
| Return On Assets QoQ | 12.001 % | |
| Return On Assets YoY | -14.594 % | |
| Return On Assets IPRWA | high: 33.814 % median: 1.099 % mean: -2.688 % INBX: -20.271 % low: -65.985 % |
|
| Return On Capital Employed (ROCE) | -26.313 % | |
| Return On Equity (ROE) | -4.108 | |
| Return On Equity QoQ | 329.125 % | |
| Return On Equity YoY | 1046.449 % | |
| Return On Equity IPRWA | high: 0.809 median: 0.036 mean: 0.001 low: -1.16 INBX: -4.108 |
|
| DuPont ROE | — | |
| Return On Invested Capital (ROIC) | — | |
| Return On Invested Capital QoQ | — | |
| Return On Invested Capital YoY | — | |
| Return On Invested Capital IPRWA | — | |