Recent News
On March 12, the company presented an INBRX-109 data update at the ESMO Sarcoma and Rare Cancers Congress that highlighted antitumor activity in relapsed/refractory Ewing sarcoma. On March 2, Inhibrx announced participation in upcoming scientific conferences. An updated corporate investor presentation posted February 23 framed program milestones and upcoming catalysts across INBRX-106 and ozekibart development; separate releases and coverage also noted ongoing enrollment progress in INBRX-106 Phase 2 studies.
Technical Analysis
Directional indicators show an emerging trend: ADX at 22.65 signals an emerging trend, while DI+ at 26.42 (increasing) and DI− at 23.94 (peak & reversal) both imply a bullish near-term directional bias for price action.
MACD sits positive at 0.65 with an increasing trend and currently trades above its signal line (signal −1.48); that cross above the signal line confirms bullish momentum and supports further near-term upside potential.
MRO reads 19.79 and shows a dip & reversal. Because the MRO sits positive, the metric indicates price currently sits above the model target, implying elevated potential for corrective pressure despite the recent rebound.
RSI holds near neutral at 50.94 and displays a dip & reversal, signaling renewed upward momentum without overbought stress; this supports a constructive short-term bias while leaving room for continuation or consolidation.
Price sits above major averages: close at $83.19 exceeds the 20‑day average $68.09, the 50‑day average $73.37 and the 200‑day average $55.63, and trades above Ichimoku Senkou A ($78.64) and Senkou B ($82.02). Bollinger bands show the close near the upper 2× band, indicating the move carries elevated amplitude and short-term volatility. High short-term beta (42‑day beta 3.37) and recent volume slightly below 10‑day average argue for choppy, high‑volatility trading despite positive momentum; the super trend lower support sits at $67.52, a visible structural reference on intraday pullbacks.
Fundamental Analysis
Profitability and cash-flow: net loss totaled $32,834,000 and operating cash flow registered negative $33,099,000; EPS actual for the reported period equaled −$2.11 versus an estimate of −$2.08, producing an EPS surprise of −1.44%. Research and development expense reached $25,349,000, consistent with active clinical development spend. EBITDA and EBIT remain negative at −$29,085,000 and −$29,649,000 respectively, reflecting ongoing R&D investment rather than commercial profitability.
Liquidity and capital structure: cash and short‑term investments total $124,220,000 and the cash ratio equals 3.68, while the current ratio stands at 3.93, indicating ample near‑term liquidity. Total debt registers $107,012,000 against equity of $7,993,000; debt‑to‑equity at 13.39 far exceeds the industry peer mean of 0.13636 and the industry peer median of 0.00535, and lies above the industry peer high of 1.52401, reflecting a highly leveraged equity base relative to peers.
Valuation multiples and growth: price‑to‑book stands at 135.24, substantially above the industry peer mean (~5.22), median (~6.16) and high (~19.43). Trailing PE reads −35.14 and forward PE near −99.15 given negative earnings consensus; PEG sits at 4.71 with QoQ and YoY movements showing mixed directional change. Revenue growth shows +12.0% on the latest metric while revenue growth year‑over‑year measures −13.0%; where QoQ and YoY changes exist they appear mixed, and operating losses continue while pipeline activities drive spend.
Earnings and corporate updates reported March 19 reiterate development progress across ozekibart (INBRX‑109) and INBRX‑106 and summarize financial results and near‑term milestones; the company affirmed anticipated regulatory and clinical milestones in public filings and investor materials.
Valuation posture: the current valuation as determined by WMDST reads over‑valued. That view reflects an extreme price‑to‑book premium, negative profitability metrics, and a capital structure showing high leverage relative to industry peer mean and median, partially offset by a cash runway that supports ongoing clinical programs.
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: 46.684 mean: 12.15 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: 0.121 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: 5.215 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: 3.912 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: 40.54 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: 13.024 % median: 3.233 % low: -242.388 % |
|
| Earnings Growth | -7.456 % | |
| Earnings Growth QoQ | -132.078 % | |
| Earnings Growth YoY | -184.698 % | |
| Earnings Growth IPRWA | high: 208.389 % INBX: -7.456 % median: -14.286 % mean: -16.935 % 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: 0.159 % 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: -32.892 % 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: -2.703 % 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 | — | |