San Diego-based Inhibrx Biosciences (Nasdaq: INBX) entered into an amended loan agreement with Oxford Finance LLC, expanding its credit facility to a total of USD 500 million as the company advances two oncology programs toward key data readouts. The expansion gives Inhibrx additional non-dilutive capital to fund clinical development while it awaits results that could shape near-term commercial and regulatory milestones for its lead assets.
The Second Amendment adds up to USD 325 million in new capacity to the existing facility, which had USD 175 million already drawn. Of that, USD 100 million was funded immediately as a Term C Loan, while an additional USD 225 million Term D Loan is available in increments of at least USD 50 million, subject to Oxford's discretion. The expansion follows an original USD 150 million term loan facility signed with Oxford in January 2025 and a USD 75 million draw completed in March 2026, reflecting a steady deepening of the lending relationship as the company's pipeline matures.
The financing supports two clinical-stage programs. Ozekibart (INBRX-109), a DR5 agonist antibody, has a BLA under FDA review for chondrosarcoma after meeting its primary endpoint in the registrational ChonDRAgon trial, and is also in a Phase I/II expansion cohort for colorectal cancer, where updated April 2026 data showed a 20% objective response rate and 5.5-month median progression-free survival in a heavily pretreated population. INBRX-106, a hexavalent OX40 agonist combined with pembrolizumab, is in a randomized Phase II/III trial in first-line head and neck squamous cell carcinoma; interim data reported in May 2026 showed a 44% confirmed response rate versus 21.4% for pembrolizumab alone, with Phase III data expected in the second half of 2026.
Inhibrx's cash position stood at USD 161.7 million as of March 31, 2026, up from USD 124.2 million at year-end 2025, aided by the USD 75 million March 2026 draw. Net loss for the first quarter was USD 33.4 million, and long-term debt stood at USD 175 million before this latest amendment. The company has separately built a modest revenue stream through out-licensing, including a March 2025 agreement with Scithera, Inc. that carries milestone payments of up to USD 41.25 million per target plus royalties.