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SAN DIEGO - Inhibrx Biosciences, Inc. (NASDAQ: INBX), a clinical-stage biopharmaceutical company valued at $195 million, announced preliminary results from a Phase 1 trial of its drug ozekibart in combination with FOLFIRI for advanced colorectal adenocarcinoma (CRC). According to InvestingPro analysis, the company appears undervalued based on its Fair Value assessment, despite maintaining profitability over the last twelve months. Data presented at the American Society of Clinical Oncology Gastrointestinal Cancers Symposium showed encouraging efficacy and safety outcomes.
The trial assessed efficacy in 10 patients using RECIST v1.1 criteria, resulting in one complete response (CR), three partial responses (PR), and six instances of stable disease (SD). Notably, 46.2% of patients experienced durable disease control for at least 180 days, with a median progression-free survival (PFS) of 7.85 months. All participants had undergone at least one prior systemic therapy, and the patient achieving CR had three prior lines of treatment.
Treatment-emergent adverse events (TEAEs) related to ozekibart were reported in 84.6% of patients, primarily grade 1 or 2 in severity. Grade 3 or higher TEAEs occurred in 30.8% of patients, with the most common being nausea, increased alanine aminotransferase, diarrhea, and fatigue. From a financial perspective, InvestingPro data shows the company maintains a strong liquidity position with a current ratio of 4.7, while operating with moderate debt levels, providing stability for continued clinical development.
In response to these findings, Inhibrx has launched an expansion cohort to further investigate ozekibart in a more uniform patient population, with results expected in Q3 2025. Josep Garcia, Chief Clinical Development Officer at Inhibrx, expressed optimism about ozekibart's potential, especially for patients with heavily treated advanced solid tumors.
Colorectal adenocarcinoma represents a significant health burden globally, being the third most common cancer and the second leading cause of cancer-related deaths. Current treatments for metastatic CRC are limited, emphasizing the importance of developing new therapeutic options.
Ozekibart, a precision-engineered antibody, activates death receptor 5 (DR5) to induce tumor-biased cell death. The FDA has recognized its potential by granting Fast Track and orphan drug designations for different indications.
Inhibrx's broader pipeline includes ozekibart and INBRX-106, with key data readouts anticipated in 2025. These developments are based on a press release statement and reflect Inhibrx's commitment to addressing complex diseases through innovative therapies. Investors anticipating the company's next earnings release should mark February 26, 2025, on their calendars. For deeper insights into Inhibrx's financial health, growth prospects, and detailed analysis, access the comprehensive Pro Research Report available exclusively on InvestingPro, which covers this and 1,400+ other US equities.
In other recent news, Inhibrx Biosciences has secured a loan and security agreement with Oxford Finance LLC, establishing a credit facility of up to $150 million. This development is expected to provide financial stability for the company's ongoing clinical programs. The initial terms of the agreement provide Inhibrx with a $100 million term loan, with an option to request an additional $50 million at the lenders' discretion. As part of the deal, Inhibrx has issued warrants for the purchase of 140,741 shares of its common stock to the lenders.
The company's Chief Financial Officer, Kelly Deck, has commented on the strategic benefits of the agreement, stating it allows for flexibility following anticipated data readouts later this year for their INBRX-109 and INBRX-106 programs. Christopher Herr, Senior Managing Director at Oxford, has expressed confidence in the clinical promise of these programs and Oxford's commitment to support Inhibrx's pipeline development.
These are recent developments that highlight the company's efforts to secure its financial future and continue its clinical programs. The details of this financial move come from a press release issued by Inhibrx Biosciences. For investors seeking deeper insights, InvestingPro offers a detailed analysis of Inhibrx's financial health and growth prospects.
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