Inhibrx Biosciences reshuffles leadership, appoints new CSO and President

SAN DIEGO - Inhibrx Biosciences, Inc. (NASDAQ:INBX), a clinical-stage biopharmaceutical company with a market capitalization of $202.5 million, announced significant changes in its executive team this week. According to InvestingPro analysis, the company maintains a strong liquidity position with a current ratio of 3.94, though it faces challenges with cash burn rates. Dr. Brendan Eckelman, a co-founder and the Chief Scientific Officer (CSO), will depart from the company to lead a new private biotech venture. Concurrently, Dr. Carlos Bais steps up as the new CSO, and David Matly has been promoted to President.

Dr. Eckelman’s departure is accompanied by an exclusive license agreement between Inhibrx and his new company for certain technologies that Inhibrx will no longer pursue. The agreement stipulates an upfront payment upon the initial funding of Dr. Eckelman’s new venture, along with future development milestones. This strategic move comes as the company operates with moderate debt levels and reported revenues of just $0.2 million in the last twelve months.

Mark Lappe, CEO of Inhibrx, expressed gratitude for Dr. Eckelman’s "extraordinary contributions" over the past 15 years and anticipates his continued success. Dr. Eckelman, reflecting on his time at Inhibrx, expressed confidence in the team he leaves behind and looks forward to supporting Inhibrx as a shareholder.

Dr. Bais, previously Executive Vice President of Translational Sciences at Inhibrx, brings a robust scientific background to his new role as CSO. His career includes significant roles at Genentech and Medimmune/Astrazeneca, contributing to the development and approval of several high-profile cancer drugs.

David Matly, assuming the role of President, has been with Inhibrx since October 2021. His prior experience includes leadership positions at Novartis and Eli Lilly, where he was instrumental in launching key oncology drugs. In his new role, Matly will oversee clinical development and operations, R&D, technical operations, and regulatory affairs.

The leadership changes come at a critical time for Inhibrx, as the company continues to advance its clinical programs, including ozekibart (INBRX-109) and INBRX-106. Both programs are anticipated to provide key data readouts in 2025. With the next earnings report expected on May 28, 2025, investors seeking deeper insights into INBX’s financial health and growth prospects can access additional analysis through InvestingPro, which offers exclusive financial metrics and 10 key investment tips for this stock.

Inhibrx Biosciences focuses on developing a broad pipeline of novel biologic therapeutic candidates, leveraging proprietary protein engineering platforms to address complex target and disease biology. The company was incorporated in January 2024 as a wholly-owned subsidiary of Inhibrx, Inc., following a restructuring that preceded the sale of the INBRX-101 program to Sanofi S.A. in 2024.

This news is based on a press release statement from Inhibrx Biosciences.

In other recent news, Inhibrx Biosciences announced its fourth-quarter earnings, revealing a strong cash position of $152.6 million, which is expected to support the development of its drug candidates. The company is progressing with its drugs ozekibart and INBRX-106, with significant data readouts anticipated in the third and fourth quarters of 2025. JMP Securities maintained its Market Perform rating on Inhibrx, considering the company’s financial stability and projected cash position. In addition, Inhibrx reported promising preliminary results from a Phase 1 trial of ozekibart for advanced colorectal adenocarcinoma, showing encouraging efficacy and safety outcomes. The trial results included one complete response and three partial responses among patients. Furthermore, Inhibrx secured a $150 million credit facility with Oxford Finance LLC to provide financial flexibility for its ongoing clinical programs. The initial $100 million term loan includes an interest-only payment period until March 2028, with an option for an additional $50 million. This financial arrangement is expected to support anticipated data readouts for INBRX-109 and INBRX-106 later this year.

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