inhibrx-20210331


UNITED STATES SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, DC 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, 2021

☐ 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 30, 2021, the registrant had 37,810,751 shares of common stock outstanding.


		PAGE
	Part I. Financial Information
Item 1.	Condensed Consolidated Balance Sheets (unaudited)	4
	Condensed Consolidated Statements of Operations (unaudited)	5
	Condensed Consolidated Statements of Convertible Preferred Stock, and Stockholders’ Equity (Deficit) (unaudited)	6
	Condensed Consolidated Statements of Cash Flows (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	22
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 Disclosure	37
Item 5.	Other Information	38
Item 6.	Exhibits	39

	Signatures	40


	MARCH 31,		DECEMBER 31,
	2021		2020
	(unaudited)
Assets
Current assets:
Cash and cash equivalents	$	107,990	$	128,664
Accounts receivable	36		82
Receivables from related parties	321		533
Prepaid expenses and other current assets	5,055		2,893
Total current assets	113,402		132,172
Property and equipment, net	3,388		3,492
Right-of-use asset	7,469		7,831

Other non-current assets	245		245
Total assets	$	124,504	$	143,740
Liabilities and stockholders’ equity
Current liabilities:
Accounts payable	$	14,291	$	13,458
Accrued expenses	7,940		13,357
Current portion of deferred revenue	4,075		3,081

Current portion of lease liability	1,544		1,503


Total current liabilities	27,850		31,399


Non-current portion of deferred revenue	130		737
Long-term debt, net of current portion and including final payment fee	29,445		29,244

Non-current portion of lease liability	6,306		6,707

Other non-current liabilities	180		180
Total liabilities	63,911		68,267
Commitments and contingencies (Note 9)

Stockholders’ equity
Preferred stock, $0.0001 par value; 15,000,000 shares authorized as of March 31, 2021 and December 31, 2020; no shares issued or outstanding as of March 31, 2021 and December 31, 2020.	—		—
Common stock, $0.0001 par value; 120,000,000 shares authorized as of March 31, 2021 and December 31, 2020; 37,805,097 and 37,712,390 issued and outstanding as of March 31, 2021 and December 31, 2020, respectively.	4		4
Additional paid-in-capital	225,257		220,848
Accumulated deficit	(164,668)		(145,379)
Total stockholders’ equity	60,593		75,473
Total liabilities and stockholders’ equity	$	124,504	$	143,740


	THREE MONTHS ENDED MARCH 31,
	2021		2020

Revenue:
License fee revenue	$	863	$	872
Grant revenue	26		—
Total revenue	889		872
Operating expenses:
Research and development	16,438		17,016
General and administrative	3,009		1,467

Total operating expenses	19,447		18,483
Loss from operations	(18,558)		(17,611)
Other income (expense):
Interest expense, net	(745)		(2,451)
Other income (expense), net	16		10

Change in fair value of derivative liabilities	—		(41)
Total other expense	(729)		(2,482)
Loss before income tax expense	(19,287)		(20,093)
Provision for income taxes	2		—

Net loss	(19,289)		(20,093)
Net loss per share, basic and diluted	$	(0.51)	$	(1.11)
Weighted-average shares of common stock outstanding, basic and diluted	37,736		18,154


	Convertible Preferred Stock (Shares)	Convertible Preferred Stock (Amount)		Common Stock (Shares)	Common Stock (Amount)		Additional Paid-In Capital		Accumulated Deficit		Total Stockholders’ Equity (Deficit)
Balance as of December 31, 2020	—	$	—	37,712	$	4	$	220,848	$	(145,379)	$	75,473
Stock-based compensation expense	—	—		—	—		3,421		—		3,421
Issuance of shares upon exercise of stock options	—	—		93	—		988		—		988
Net loss	—	—		—	—		—		(19,289)		(19,289)
Balance as of March 31, 2021	—	$	—	37,805	$	4	$	225,257	$	(164,668)	$	60,593


	AS OF MARCH 31,
	2021	2020 (1)
Shares issuable upon conversion of convertible preferred stock	—	7,211
Outstanding stock options	4,117	1,871
Convertible notes	—	2,849
Warrants to purchase common stock	7	—
	4,124	11,931


	AS OF		AS OF
	MARCH 31, 2021		DECEMBER 31, 2020

Outside research and development services	$	4,376	$	2,204

Other	679		689
Prepaid expense and other current assets	$	5,055	$	2,893


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



Outstanding as of December 31, 2020	2,525	$	11.80	8.2	$	53,481
Granted	1,761	$	32.95	9.8	$	133
Exercised	(93)	$	10.62	—	$	1,238
Forfeited	(76)	$	18.25
Outstanding as of M


	AS OF		AS OF
	MARCH 31, 2021		DECEMBER 31, 2020

Machinery and equipment	$	5,968	$	5,652
Leasehold improvements	441		441
Furniture and fixtures	507		507
Construction in process	128		257
Total property and equipment	7,044		6,857
Less: accumulated depreciation and amortization	(3,656)		(3,365)
Property and equipment, net	$	3,388	$	3,492

SEC Form 10-Q filed by Inhibrx, Inc.