INBXInhibrx Biosciences, Inc.

Biological Products, (no Diagnostic Substances)

Revenue: $1M; 550% YoY
Operating margin: -10386.5%; 94% YoY
EBITDA: −$133M; 60% YoY
Market cap: $1.1B
Employees: 110; $12K revenue each
Net debt / EBITDA: —; $43M net debt
AI in 10-K: 0.5; mentions per 10K words

Takeover score 4 of 13

Fixable underperformance 1 of 7

TSR below peersNo
—
3+ of last 5 years
High CEO pay despite TSRNo
—
Median CEO pay ≥ $15M while TSR trails
Earnings not backed by cashNo
—
Cash flow under 80% of net income
Dilutive SBCYes
857% of revenue
Over 10% of revenue
Payouts exceed cash flowNo
0% of cash flow
Buybacks + dividends over cash flow
Goodwill-heavyNo
—
Over 40% of assets
Shareholder dissentNo
84% lowest support
Any vote under 80% support

Buyer economics 3 of 4

Low revenue per employeeYes
$12K · 24th pct
Bottom quartile of its SIC industry
Quiet on AIYes
0.5 per 10K words · 21st pct
Bottom quartile of AI mentions in 10-Ks
Net cashNo
—
More cash than debt, positive EBITDA
Buyout-sizedYes
$1.1B market cap
Market cap $500M–$5B

Catalysts 0 of 2

Active 13DNo
0 filings
Active-intent 13D in 18 months
Net insider sellingNo
$6M net
Net sales over $10M in 12 months

Financials

Metric	FY2023	FY2024	FY2025	YoY	Trend
Revenue	$2M	$200K	$1M	550%
Operating income	−$219M	−$331M	−$135M	59%
Net income	−$241M	$1.7B	−$140M	108%
Operating cash flow	−$193M	−$194M	−$130M	33%
Capex	$5M	$3M	$31K	99%
Stock-based comp	$25M	$59M	$11M	81%

Deal filings

None.

13D filers

Filed	Filer	Form	Stake	Intent
Feb 26, 2025	Kayyem Jon Faiz	SCHEDULE 13D/A	11.4%	Active
Feb 26, 2025	Lappe Mark	SCHEDULE 13D/A	6.4%	Passive
Jun 3, 2024	Lappe Mark	SC 13D	5.3%	Passive
Jun 3, 2024	Kayyem Jon Faiz	SC 13D	11.1%	Passive

Insider trading

Open-market buys, 12 mo: $6M · 20
Open-market sells, 12 mo: $279K · 5
Net: $6M

Pay vs performance

No pay-versus-performance disclosure yet.