Recent News
April 21, 2026 — Inhibrx announced an interim clinical update for ozekibart (INBRX-109) in late-line colorectal cancer, citing clinical activity with a data cutoff in early April 2026. April 2026 — the company submitted a Biologics License Application for ozekibart in chondrosarcoma and outlined multiple 2026 clinical catalysts across the INBRX-109 and INBRX-106 programs. The company provided progress updates on INBRX-106 expansion cohorts and enrollment milestones for several combination cohorts during the past quarter.
Technical Analysis
ADX at 42.98 signals a very strong trend, implying persistent directional momentum likely to shape price action over the coming weeks.
DI+ sits at 46.15 and is increasing, while DI- reads 11.00 and is decreasing; that directional split favors the upside and confirms the strength signaled by ADX.
MACD equals 12.69, the MACD line trades above the signal line at 6.78, and the MACD trend is increasing — a bullish momentum confirmation that typically supports further upside continuation.
MRO registers 39.95 and sits positive, indicating the current price sits above the WMDST target and therefore creates potential for mean reversion or downward pressure if fundamentals fail to follow the momentum.
RSI at 59.71 and increasing shows bullish momentum without reaching classical overbought extremes, supporting continued price advance while leaving room before technical exhaustion.
Price at $130.66 remains above the 20-day average ($97.09), 50-day average ($77.82), and 200-day average ($59.98), with the 12-day EMA rising — price staying above these moving averages reinforces the near-term bullish bias.
Bollinger positioning places the close above the 1× upper band ($122.18), suggesting short-term upside extension but also elevated stretch relative to recent volatility; 42-day beta of 4.37 and 52-week beta of 2.26 denote elevated sensitivity to market moves.
Volume today (~379,225) underperforms the 10-day average (~684,645) but exceeds the 200-day average (~262,837), indicating mixed participation: momentum persists without uniformly strong short-term conviction.
Fundamental Analysis
Earnings and cash flow: EPS actual equals -$2.11 versus an estimate of -$2.08, producing an EPS surprise of -1.44%. EBIT stands at -$29,649,000 and EBITDA at -$29,085,000; operating cash flow equals -$33,099,000 while free cash flow equals -$30,122,000, indicating continued cash consumption.
Liquidity and leverage: Cash and short-term investments total $124,220,000 with net working capital at $99,033,000. Current ratio equals 3.93x and cash ratio equals 3.68x. Total debt measures $107,012,000 against total equity of $7,993,000, producing debt-to-equity of 13.39x (≈1,338.8%) and debt-to-assets of 73.06%, reflecting a highly leveraged balance sheet relative to equity.
Growth and margins: Reported revenue growth reads 12.0% (period figure) while YoY revenue growth shows -13.0% year-over-year; earnings growth equals -7.46% with YoY erosion of -184.70% noted in the data. R&D expense totals $25,349,000, maintaining the company’s pipeline investment profile and contributing to operating losses.
Valuation metrics: Price-to-book equals 135.24, well above the industry peer mean of 5.19, industry peer median of 6.16, and the industry peer high of 19.43. PE ratio sits at -35.14 while forward PE measures -99.15. Price-target mean among analysts stands at $244.49 with a high at $327.94 and low at $59.18. The current valuation as determined by WMDST: over-valued.
Capital efficiency and returns: Return on assets equals -20.27% and return on equity equals -410.78%, illustrating negative profitability and high leverage pressure on investor returns. Cash conversion and operating metrics show negative operating cash flow and negative free cash flow, though cash reserves provide runway for ongoing trials into the near term.
Brief valuation note: Clinical progress — including the BLA filing and interim CRC activity — represents primary value drivers. Those catalysts must convert into sustained revenue or partnering milestones to reconcile the current market price with WMDST’s over-valued determination.
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 | — | |