The company exhibits a lack of commercial scale, evidenced by negligible revenue and a 2026Q1 operating loss of $30.9 million driven by intensive R&D spending.
| Sales/Revenue | 1.3M | 1.3M | 200K | 1.8M | 2.19M | 7.13M | 12.81M | 9.09M | 7.5M | 7.95M | 6.67M |
| Revenue Growth % | 550% | 550% | -88.89% | -17.88% | -69.24% | -44.37% | 40.86% | 21.24% | -5.66% | 19.24% | - |
| Cost of Goods Sold | 1.76M | 2.48M | 2.29M | 1.19M | 110.19M | 2.69M | 73.5M | 47.91M | 33.45M | 25.51M | 16.99M |
| COGS % of Revenue | - | 191% | 1142.5% | 66.17% | 5026.73% | 37.73% | 573.82% | 526.86% | 446.05% | 320.88% | 254.87% |
| Gross Profit | -463K | -1.18M | -2.08M | 609K | -107.99M | 4.44M | -60.69M | -38.81M | -25.95M | -17.56M | -10.32M |
| Gross Margin % | -35.62% | -91% | -1042.5% | 33.83% | -4926.73% | 62.27% | -473.82% | -426.86% | -346.05% | -220.88% | -154.87% |
| Gross Profit Growth % | - | 43.26% | -442.36% | 100.56% | -2533.94% | 107.31% | -56.35% | -49.55% | -47.8% | -70.07% | - |
| Operating Expenses | 122.59M | 133.84M | 329.36M | 219.83M | 21.12M | 12.34M | 80.25M | 52.81M | 37.01M | 27.68M | 18.56M |
| OpEx % of Revenue | - | 10295.54% | 164681.5% | 12212.78% | 963.59% | 173.21% | 626.57% | 580.74% | 493.51% | 348.15% | 278.39% |
| Selling, General & Admin | 22.98M | 23.3M | 127.91M | 29.38M | 21.12M | 12.36M | 6.84M | 9.02M | 4.65M | 2.61M | 1.57M |
| SG&A % of Revenue | - | 1792.08% | 63952.5% | 1632.28% | 963.64% | 173.4% | 53.37% | 99.18% | 62.05% | 32.82% | 23.52% |
| Research & Development | 100.84M | 113.03M | 203.74M | 190.65M | 110.19M | 71.44M | 73.5M | 47.91M | 33.45M | 25.51M | 16.99M |
| R&D % of Revenue | - | 8694.46% | 101871.5% | 10591.56% | 5026.73% | 1002.67% | 573.82% | 526.86% | 446.05% | 320.88% | 254.87% |
| Other Operating Expenses | -1.23M | -2.48M | -2.29M | -199K | -110.19M | -71.45M | -80K | -4.12M | 68K | 24K | 0 |
| Operating Income | -123.05M | -135.03M | -331.45M | -219.22M | -129.12M | -76.56M | -67.44M | -43.71M | -29.51M | -19.73M | -12.15M |
| Operating Margin % | -9465.46% | -10386.54% | -165724% | -12178.94% | -5890.37% | -1074.58% | -526.57% | -480.74% | -393.51% | -248.15% | -182.18% |
| Operating Income Growth % | - | 59.26% | -51.19% | -69.78% | -68.64% | -13.52% | -54.28% | -48.12% | -49.6% | -62.42% | - |
| EBITDA | -120.71M | -132.54M | -329.16M | -218.03M | -127.89M | -75.37M | -66.42M | -41.2M | -28.84M | -19.33M | -11.89M |
| EBITDA Margin % | -9285.08% | -10195.54% | -164581.5% | -12112.78% | -5834.49% | -1057.81% | -518.61% | -453.05% | -384.49% | -243.13% | -178.39% |
| EBITDA Growth % | 59.48% | 59.73% | -50.97% | -70.48% | -69.69% | -13.47% | -61.24% | -42.86% | -49.19% | -62.52% | - |
| D&A (Non-Cash Add-back) | 2.35M | 2.48M | 2.29M | 1.19M | 1.23M | 1.2M | 1.02M | 2.52M | 676K | 399K | 253K |
| EBIT | -119.44M | -135.03M | 1.7B | -207.88M | -127.04M | -76.56M | -64.82M | -44.78M | -29.45M | -19.7M | -12.15M |
| Net Interest Income | -6.79M | -4.65M | -2.55M | -19.92M | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Income | 6.23M | 7.55M | 10.94M | 11.92M | 16.11M | 5.22M | 10.82M | 5.72M | 0 | 0 | 759K |
| Interest Expense | 13.02M | 12.2M | 13.49M | 31.84M | 16.11M | 5.22M | 10.82M | 5.72M | 1.48M | 2.13M | 0 |
| Other Income/Expense | -7.13M | -5.03M | 2.02B | -20.5M | -16.11M | -5.2M | -8.19M | -6.79M | -1.41M | -2.1M | -739K |
| Pretax Income | -130.18M | -140.05M | 1.69B | -239.72M | -145.22M | -81.77M | -75.63M | -50.5M | -30.93M | -21.83M | -12.88M |
| Pretax Margin % | -10014.08% | -10773.31% | 843787% | -13318% | -6625.14% | -1147.59% | -590.52% | -555.39% | -412.33% | -274.59% | -193.27% |
| Income Tax | 2K | 2K | 2K | 3K | 3K | 2K | 3K | 898K | 96K | 250K | -4.62M |
| Effective Tax Rate % | -0% | -0% | 0% | -0% | -0% | -0% | -0% | -1.78% | -0.31% | -1.15% | 35.82% |
| Net Income | -130.19M | -140.06M | 1.69B | -241.36M | -145.23M | -81.77M | -75.64M | -51.4M | -31.16M | -19.44M | -8.27M |
| Net Margin % | -10014.23% | -10773.46% | 843786% | -13408.94% | -6625.27% | -1147.62% | -590.54% | -565.27% | -415.51% | -244.55% | -124.03% |
| Net Income Growth % | -107.56% | -108.3% | 799.19% | -66.2% | -77.61% | -8.11% | -47.15% | -64.94% | -60.29% | -135.12% | - |
| Net Income (Continuing) | -130.19M | -140.06M | 1.69B | -239.73M | -145.23M | -81.77M | -75.64M | -51.4M | -31.16M | -19.44M | -8.27M |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 6.35M | 10.49M |
| EPS (Diluted) | -8.35 | -9.04 | 116.58 | -5.12 | -3.62 | -2.15 | -2.99 | -1.41 | -1.15 | -0.68 | -0.23 |
| EPS Growth % | -107.2% | -107.75% | 2376.95% | -41.44% | -68.37% | 28.09% | -112.06% | -22.61% | -69.12% | -195.65% | - |
| EPS (Basic) | - | -9.04 | 116.58 | -5.12 | -3.62 | -2.15 | -2.99 | -1.41 | -1.15 | -0.68 | -0.23 |
| Diluted Shares Outstanding | 15.59M | 15.49M | 14.48M | 47.13M | 40.11M | 38.01M | 25.26M | 36.55M | 27.08M | 28.79M | 36.55M |
| Basic Shares Outstanding | 15.59M | 15.49M | 14.48M | 47.13M | 40.11M | 38.01M | 25.26M | 36.55M | 27.08M | 28.79M | 36.55M |
| Dividend Payout Ratio | - | - | - | - | - | - | - | - | - | - | - |
Clinical trial failure risk
As indicated by recent financial disclosures, Inhibrx Biosciences currently generates negligible revenue, with TTM figures totaling only $1.3 million, confirming the company remains in a pre-commercial, R&D-focused phase where top-line growth is non-existent and entirely dependent on sporadic, non-recurring milestone payments from legacy collaboration agreements.
The lack of consistent revenue streams suggests that the company's valuation is currently untethered from traditional commercial performance metrics. Investors should interpret the reported revenue as transactional noise rather than a signal of market adoption or product-market fit.
Based on reported income statements, the company maintains a high-cost structure dominated by R&D expenditures, which reached $24.7 million in 2026Q1, highlighting the significant capital requirements necessary to sustain clinical trials for its multivalent antibody pipeline in the absence of meaningful commercial revenue.
The concentration of spending on clinical development suggests that management is prioritizing pipeline advancement over near-term expense discipline. This cost profile warrants close monitoring, as the company's ability to sustain these outflows without dilutive financing appears increasingly constrained.
Financial statements reveal that Inhibrx operates with extreme negative margins, as evidenced by the 2026Q1 operating loss of $30.9 million, demonstrating that the company lacks the scale to achieve operating leverage while it continues to fund intensive Phase 2 oncology trial infrastructure.
The absence of a scalable revenue base means that every dollar of R&D investment directly expands the operating deficit. This structure implies that the company is currently in a high-risk phase where operational efficiency is secondary to the binary outcomes of its clinical programs.
According to historical filings, the company's net income has been subject to extreme volatility, including a $1.9 billion gain in 2024Q2, which appears to be a non-recurring accounting artifact of the corporate spin-off rather than a reflection of sustainable operational profitability or core business performance.
Investors should exercise caution when evaluating historical EPS, as these figures are heavily skewed by restructuring events and non-cash items. A focus on cash burn rates is likely more informative than reported net income for assessing the company's true financial health.
As reported in recent filings, the company's high debt-to-equity ratio of 13.39% in a pre-revenue context suggests a precarious financial position, potentially limiting future operational flexibility and increasing the cost of capital as the firm approaches critical clinical data readouts for its lead oncology assets.
Short-term observers may focus on the potential for liquidity constraints if clinical milestones are delayed. The reliance on external capital to fund ongoing R&D suggests that the company's survival is contingent upon maintaining investor confidence through successful trial execution.
Quick answers to the most common questions about buying INBX stock.
For fiscal year 2025, Inhibrx Biosciences, Inc. (INBX) reported total revenue of $1.3M. This represents a 80.5% decline compared to $6.7M in 2016.
Inhibrx Biosciences, Inc. (INBX) reported a net loss of $140.1M for the fiscal year ending 2025.
Inhibrx Biosciences, Inc. (INBX) reported an operating income of $-135.0M, resulting in an operating profit margin of -10386.5%. This margin reflects the operational efficiency of the business before interest and taxes.
Inhibrx Biosciences, Inc. (INBX) generated $-1.2M in gross profit for the year, representing a gross profit margin of -91.0%. This demonstrates the company's core pricing power and production efficiency.