Recent News
On April 21, 2026 the company issued a clinical update for ozekibart (INBRX-109) reporting data from late-line colorectal cancer cohorts. On February 23, 2026 Inhibrx posted an updated corporate investor presentation outlining 2026 milestones and a strategic pause on a potential ozekibart transaction pending INBRX-106 data. On March 2, 2026 the company announced participation and a presentation at the ESMO Sarcoma and Rare Cancers Congress.
Technical Analysis
ADX / DI+ / DI-: ADX reads 53.66, indicating a very strong trend strength; DI+ at 43.07 has printed a peak-and-reversal, which signals a bearish directional shift even as DI- at 7.97 trends lower (bullish on the decline). The directional structure suggests a strong but contested trend where prior upside momentum may have begun to moderate.
MACD: MACD sits at 14.94 and trends increasing, with the MACD line above its signal at 12.03 — a bullish momentum confirmation that aligns with the recent price advance and supports continued upside pressure in the near term.
MRO (Momentum/Regression Oscillator): MRO equals 42.41 (positive), which signals the price sits above the model target and carries mean-reversion pressure; the reported dip-and-reversal in the oscillator shows the recent pullback reversed and the oscillator has rebounded, reducing immediate downside risk while still flagging a stretched position versus target.
RSI: RSI at 62.71 and increasing indicates ongoing bullish momentum without yet reaching classic overbought territory, reinforcing the case for continuation while cautioning that room to run remains limited.
Price Relative To Moving Averages & Volatility: Last close $141.84 sits well above the 200-day average $63.18 and above short-term averages (20-day $118.69, 50-day $83.91); the 12-day EMA ($121.96) trends higher. Bollinger 1× and 2× upper bands lie near $140.27 and $161.86, respectively, placing current price at the upper 1× band and suggesting elevated short-term volatility. SuperTrend lower support near $112.13 provides an identifiable reference for short-term support.
Fundamental Analysis
Profitability & Cash Flow: Net loss totaled $32.83M for the period and operating cash flow came in negative at $33.10M, with free cash flow negative $30.12M. Research and development expense reached $25.35M, reflecting continued pipeline investment. Cash and short-term investments of $124.22M and a cash conversion from beginning to end that left ending cash at $124.22M indicate a material liquidity buffer against near-term operating burn.
Balance Sheet Leverage: Total debt equals $107.01M while total equity rests at $7.99M, producing a debt-to-equity of 13.39 and debt-to-assets of 0.73; the cash ratio of 3.68 and current ratio of 3.93 show liquid coverage of current obligations despite elevated leverage metrics on an equity basis.
Revenue and Earnings Growth: Year-over-year revenue growth measures -13.00% while quarter-over-quarter revenue change is 0.0%; earnings growth YoY sits at -184.698% (listed as -1.84698) and QoQ at -132.078% (listed as -1.32078). EPS came in at -$2.11 versus an estimate of -$2.08, producing an EPS surprise of -1.44% (EPS surprise ratio -0.01442).
Valuation Multiples: Price-to-book stands at 135.24, markedly above the industry peer mean of 5.22 and industry peer median of 6.16 (industry peer range low -10.51 to high 19.43). Forward PE reads -99.15 and trailing PE at -35.14 (negative earnings base). Enterprise multiple at -36.57 reflects the negative earnings profile and net cash/debt interplay. WMDST values the stock as over-valued based on these fundamentals and the current loss profile relative to market pricing.
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: 12.384 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: 0.934 INBX: 0.731 mean: 0.116 median: 0.005 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: 1.492 mean: 0.142 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: 5.224 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: 75.085 mean: -0.862 median: -16.894 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: 3.743 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: 40.342 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: 352.447 % mean: 12.243 % median: 3.463 % 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: -16.942 % low: -247.059 % |
|
| 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: -32.87 % 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 | — | |