inhibrx-20220331


UNITED STATES SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549

			FORM 10-Q

(Mark one)

☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended March 31, 2022

☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15 (d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from to

Commission File Number: 001-39452



INHIBRX, INC.

(Exact name of registrant as specified in its charter)

Delaware		82-4257312
(State or other jurisdiction of incorporation or organization)		(I.R.S. Employer Identification Number)

11025 N. Torrey Pines Road, Suite 200
La Jolla, California		92037
(Address of principal executive offices)		(Zip Code)

	(858) 795-4220
(Registrant’s telephone number, including area code)

Securities registered pursuant to Section 12(b) of the Act

Title of each class

Trading symbol(s)

Name of each exchange on which registered

Common Stock, par value $0.0001

INBX

The Nasdaq Global Market

Indicate by check mark whether the registrant: (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☒ No ☐

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☒ No ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

Large Accelerated Filer

☒

Accelerated filer

☐

Non-accelerated filer

☐

Smaller reporting company

☐

Emerging growth company

☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 7(a)(2)(B) of the Securities Act. ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No ☒

As of April 29, 2022, the registrant had 39,037,343 shares of common stock outstanding.


		Page
	Part I. Financial Information
Item 1.	Condensed Consolidated Balance Sheets as of March 31, 2022 (unaudited) and December 31, 2 021	4
	Condensed Consolidated Statements of Operations for the three months ended March 31, 2022 and March 31, 2021 (unaudited)	5
	Condensed Consolidated Statements of Stockholders’ Equity for the three months ended March 31, 2022 and March 31, 202 1 (unaudited)	6
	Condensed Consolidated Statements of Cash Flows for the three months ended March 31, 2022 and March 31, 2021 (unaudited)	7
	Notes to the Condensed Consolidated Financial Statements (unaudited)	8
Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	21
Item 3.	Quantitative and Qualitative Disclosures about Market Risk	32
Item 4.	Controls and Procedures	33

	Part II. Other Information	34
Item 1.	Legal Proceedings	34
Item 1A.	Risk Factors	34
Item 2.	Unregistered Sales of Securities and Use of Proceeds	35
Item 3.	Defaults Upon Senior Securities	36
Item 4.	Mine Safety Disclosures	37
Item 5.	Other Information	38
Item 6.	Exhibits	39

	Signatures	40


	MARCH 31,		DECEMBER 31,
	2022		2021

Assets
Current assets:
Cash and cash equivalents	$	143,467	$	131,301
Accounts receivable	377		373
Receivables from related parties	56		505
Prepaid expenses and other current assets	6,502		6,933
Total current assets	150,402		139,112
Property and equipment, net	2,988		3,153
Right-of-use asset	5,946		6,338

Other non-current assets	1,847		1,847
Total assets	$	161,183	$	150,450
Liabilities and stockholders’ equity
Current liabilities:
Accounts payable	$	7,893	$	9,125
Accrued expenses	9,265		9,621
Current portion of deferred revenue	1,228		2,034

Current portion of lease liability	1,719		1,674


Total current liabilities	20,105		22,454


Long-term debt, net of current portion and including final payment fee	109,141		70,470

Non-current portion of lease liability	4,587		5,033
Non-current portion of deferred revenue	—		110


Total liabilities	133,833		98,067
Commitments and contingencies (Note 8)

Stockholders’ equity
Preferred stock, $0.0001 par value; 15,000,000 shares authorized as of March 31, 2022 and December 31, 2021; no shares issued or outstanding as of March 31, 2022 and December 31, 2021.	—		—
Common stock, $0.0001 par value; 120,000,000 shares authorized as of March 31, 2022 and December 31, 2021; 39,026,469 and 38,991,307 issued and outstanding as of March 31, 2022 and December 31, 2021, respectively.	4		4
Additional paid-in-capital	285,747		279,526
Accumulated deficit	(258,401)		(227,147)
Total stockholders’ equity	27,350		52,383
Total liabilities and stockholders’ equity	$	161,183	$	150,450


	THREE MONTHS ENDED MARCH 31,
	2022		2021

Revenue:
License fee revenue	$	915	$	863
Grant revenue	14		26
Total revenue	929		889
Operating expenses:
Research and development	24,895		16,438
General and administrative	5,051		3,009

Total operating expenses	29,946		19,447
Loss from operations	(29,017)		(18,558)
Other income (expense):
Interest expense, net	(2,274)		(745)
Other income, net	37		16


Total other income (expense)	(2,237)		(729)
Loss before income tax expense	(31,254)		(19,287)
Provision for income taxes	—		2

Net loss	(31,254)		(19,289)
Net loss per share, basic and diluted	$	(0.80)	$	(0.51)
Weighted-average shares of common stock outstanding, basic and diluted	39,017		37,736


	Common Stock (Shares)	Common Stock (Amount)		Additional Paid-In Capital		Accumulated Deficit		Total Stockholders’ Equity
Balance as of December 31, 2021	38,991	$	4	$	279,526	$	(227,147)	$	52,383
Stock-based compensation expense	—	—		5,108		—		5,108
Issuance of shares upon exercise of stock options	35	—		401		—		401
Issuance of warrants	—	—		712		—		712
Net loss	—	—		—		(31,254)		(31,254)
Balance as of March 31, 2022	39,026	$	4	$	285,747	$	(258,401)	$	27,350


	AS OF MARCH 31,
	2022	2021

Outstanding stock options	4,626	4,117

Warrants to purchase common stock	47	7
	4,673	4,124


	AS OF		AS OF
	MARCH 31, 2022		DECEMBER 31, 2021

Outside research and development services	$	5,902	$	6,343


Other	600		590
Prepaid expense and other current assets	$	6,502	$	6,933


	THREE MONTHS ENDED MARCH 31,
	2022		2021
Research and development	$	258	$	245
General and administrative	49		46
Total depreciation and amortization expense	$	307	$	291


	AS OF
	MARCH 31, 2022
2025	$	47,826
2026	57,391
2027	14,683
Total future minimum payments	119,900
Less: unamortized debt discount	(10,759)
Total debt	$	109,141


	Number of Shares	Weighted Average Exercise Price		Weighted Average Remaining Contractual Term (In Years)	Aggregate Intrinsic Value



Outstanding as of December 31, 2021	4,064	$	22.19
Granted	794	$	33.21
Exercised	(35)	$	11.41
Forfeited	(197)	$	28.69
Outstanding as of March 31, 2022	4,626	$	23.89	8.2	$	20,034
Vested and exercisable as of March 31, 2022	1,778	$	16.77	6.9	$	14,661


	AS OF		AS OF
	MARCH 31, 2022		DECEMBER 31, 2021

Machinery and equipment	$	6,456	$	6,286
Leasehold improvements	441		441
Computer software	42		42
Furniture and fixtures	514		514
Construction in process	253		281
Total property and equipment	7,706		7,564
Less: accumulated depreciation and amortization	(4,718)		(4,411)
Property and equipment, net	$	2,988	$	3,153


	THREE MONTHS ENDED MARCH 31,
	2022		2021

Risk-free interest rate	1.58	%	0.62	%
Expected volatility	84.96	%	93.64	%
Expected dividend yield	—	%	—

SEC Form 10-Q filed by Inhibrx Inc.