inhibrx-20260715FALSE000200791900020079192026-07-152026-07-15
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d)
of the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): July 15, 2026
INHIBRX BIOSCIENCES, INC.
(Exact name of registrant as specified in its charter)
| | | | | | | | | | | | | | |
| Delaware | | 001-42031 | | 99-0613523 |
(State or other jurisdiction
of incorporation) | | (Commission
File Number) | | (IRS Employer
Identification No.) |
11025 N. Torrey Pines Road, Suite 140
La Jolla, CA 92037
(Address of Principal Executive Offices and Zip Code)
Registrant’s telephone number, including area code: (858) 795-4220
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
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 per share | INBX | The Nasdaq Global Market |
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
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 13(a) of the Exchange Act. ☒
Item 1.01 Entry Into a Material Definitive Agreement
On July 15, 2026, Inhibrx Biosciences, Inc. (the “Company”), Oxford Finance LLC as collateral agent (“Collateral Agent”), and the other lenders party thereto (the “Lenders”), entered into a second amendment (the “Second Amendment”) to the Loan and Security Agreement dated as of January 13, 2025, as amended by the First Amendment dated March 18, 2026 (collectively, the “Oxford Loan Agreement”), pursuant to which the Lenders expanded the facility to an aggregate principal amount of up to $500.0 million (the “Credit Facility”).
The Second Amendment provides for an additional tranche, in an aggregate principal amount of $325.0 million in gross proceeds, (i) $100.0 million of which was funded upon execution of the Second Amendment (the “Term C Loan”) and (ii) up to an additional $225.0 million which may be funded in increments of $50.0 million or more upon the Company’s request and at the Lenders’ sole discretion (the “Term D Loan”).
In connection with the funding of the Term C Loan, the Company issued to the Lenders warrants (the “Term C Warrants”) to purchase 21,457 shares of the Company’s common stock, par value $0.0001 per share (“Common Stock”), at an exercise price of $93.21 per share. Upon the funding of the Term D Loan, the Company is required to issue to the Lenders additional warrants (the “Term D Warrants” and together with the Term C Warrants, the “Warrants”) to purchase such number of shares of the Common Stock to be equal to 2.0% of such additional funding divided by a price per share, which shall be the exercise price, equal to the lower of (i) the average closing price of the Common Stock on The Nasdaq Stock Market LLC (“Nasdaq”) for the ten consecutive trading days ending the day prior to such additional funding, and (ii) the closing price of the Common Stock on Nasdaq on the trading day immediately preceding such funding. The Warrants are immediately exercisable, and the exercise period will expire 10 years from the date of issuance.
The exercise price and the number of shares of Common Stock issuable upon exercise of the Warrants will be subject to appropriate adjustment in the event of certain stock dividends and distributions, stock splits, stock combinations, reclassifications or similar events affecting the Common Stock.
Contemporaneously with the execution of the Second Amendment, the Company entered into a pledge agreement with the Collateral Agent, pledging any and all equity securities that the Company has in Poplar Therapeutics, Inc.
Except as noted above, the material terms of the Oxford Loan Agreement remain substantially unchanged.
The foregoing description of the Second Amendment and the Warrants contained herein does not purport to be complete and is qualified in its entirety by reference to the Second Amendment, which is filed as Exhibit 10.1 to this Current Report on Form 8-K, and the Form of Warrant to Purchase Stock, which was previously filed as Exhibit 4.2 to the Company’s Quarterly Report on Form 10-Q (File No. 001-42031), filed with the U.S. Securities and Exchange Commission on May 14, 2026, respectively, and in each case is incorporated herein by reference.
Item 2.03 Creation of a Direct Financial Obligation or an Obligation Under an Off-Balance Sheet Arrangement of a Registrant
The information set forth in Item 1.01 of this Current Report on Form 8-K regarding the Second Amendment and the Oxford Loan Agreement is incorporated by reference herein.
Item 3.02 Unregistered Sales of Equity Securities.
The information set forth in Item 1.01 of this Current Report on Form 8-K regarding the Warrants is incorporated by reference herein. The Warrants were issued to the Lenders as partial consideration for the availability and funding of the Term C Loan. The issuance of the Warrants is exempt from the registration requirements of the Securities Act of 1933, as amended (the “Securities Act”), pursuant to the exemption for transactions by an issuer not involving any public offering under Section 4(a)(2) of the Securities Act and/or Rule 506 of Regulation D of the Securities Act and in reliance on similar exemptions under applicable state laws. Each Lender represented that it is an accredited investor, and that it was acquiring the securities for investment for its own account, not as nominee or agent, and not with a view to the public resale or distribution within the meaning of the Securities Act.
Item 7.01 Regulation FD Disclosure.
On July 15, 2026, the Company issued a press release announcing its entry into the Second Amendment and issuance of the Term C Warrants. A copy of the press release is furnished as Exhibit 99.1 to this Current Report on Form 8-K.
The information in Item 7.01 of this Current Report on Form 8-K, including Exhibit 99.1 attached hereto, is intended to be furnished and shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liabilities of that section, nor shall it be deemed incorporated by reference in any filing under the Securities Act or the Exchange Act, except as expressly set forth by specific reference in such filing.
Forward-Looking Statements
The Company cautions you that statements contained in this Current Report on Form 8-K regarding matters that are not historical facts are forward-looking statements. These statements are based on the Company’s current beliefs and expectations. These forward-looking statements include, but are not limited to, statements regarding: the financial capacity available under the Credit Facility, including the potential for the Company to draw down an additional $225.0 million, future clinical development of the Company’s therapeutic candidates, including statements regarding the timing of future data readouts, and evaluations and judgments regarding the Company’s strategic flexibility, cash position and balance sheet. Actual results may differ from those set forth in this Current Report on Form 8-K due to the risks and uncertainties inherent in the Company’s business, including, without limitation, risks and uncertainties regarding: the initiation, timing, progress and results of its preclinical studies and clinical trials, and its research and development programs; its ability to advance therapeutic candidates into, and successfully complete, clinical trials; its interpretation of initial, interim or preliminary data from its clinical trials, including interpretations regarding disease control and disease response; the timing or likelihood of regulatory filings and approvals; the successful commercialization of its therapeutic candidates, if approved; the pricing, coverage and reimbursement of its therapeutic candidates, if approved; its ability to utilize its technology platform to generate and advance additional therapeutic candidates; the implementation of its business model and strategic plans for its business and therapeutic candidates; its ability to successfully manufacture therapeutic candidates for clinical trials and commercial use, if approved; its ability to contract with third-party suppliers and manufacturers and their ability to perform adequately; the scope of protection it is able to establish and maintain for intellectual property rights covering its therapeutic candidates; its ability to enter into strategic partnerships and the potential benefits of these partnerships; its estimates regarding expenses, capital requirements and needs for additional financing and financial performance; its ability to raise funds needed to satisfy its capital requirements, which may depend on financial, economic and market conditions and other factors, over which it may have no or limited control; developments relating to its competitors and industry; and other risks described from time to time in the “Risk Factors” section of its filings with the U.S. Securities and Exchange Commission, including those described in its Annual Report on Form 10-K, its Quarterly Reports on Form 10-Q, and supplemented from time to time by its Current Reports on Form 8-K as filed from time to time. You are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date hereof, and the Company undertakes no obligation to update these statements to reflect events that occur or circumstances that exist after the date hereof. All forward-looking statements are qualified in their entirety by this cautionary statement, which is made under the safe harbor provisions of the Private Securities Litigation Reform Act of 1995.
Item 9.01. Financial Statements and Exhibits.
(d) Exhibits.
| | | | | | | | |
| Exhibit No. | | Description |
| 10.1 | | |
| 99.1 | | |
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
| | | | | | | | |
| Date: July 16, 2026 | | |
| INHIBRX BIOSCIENCES, INC. |
| | |
| By: | /s/ Kelly Deck |
| Name: | Kelly Deck |
| Title: | Chief Financial Officer |
SECOND AMENDMENT TO LOAN AND SECURITY AGREEMENT
THIS SECOND AMENDMENT to Loan and Security Agreement (this “Amendment”) is entered into as of July 15, 2026, by and among OXFORD FINANCE LLC, a Delaware limited liability company with an office located at 115 South Union Street, Suite 300, Alexandria, VA 22314 (“Oxford”), as collateral agent (in such capacity, “Collateral Agent”), the Lenders listed on Schedule 1.1 of the Loan Agreement (as defined herein) or otherwise a party to the Loan Agreement from time to time, including Oxford in its capacity as a Lender, OXFORD FINANCE CREDIT FUND II LP, by its manager Oxford Finance Advisors, LLC, with an office located at 115 South Union Street, Suite 300, Alexandria, VA 22314 and OXFORD FINANCE CREDIT FUND III LP, by its manager Oxford Finance Advisors, LLC, with an office located at 115 South Union Street, Suite 300, Alexandria, VA 22314 (each a “Lender” and collectively, the “Lenders”), and INHIBRX BIOSCIENCES, INC., a Delaware corporation with an office located at 11025 North Torrey Pines Road, Suite 140, La Jolla, CA 92037 (“Borrower”).
WHEREAS, Collateral Agent, Borrower and Lenders have entered into that certain Loan and Security Agreement, dated as of January 13, 2025 (as amended, supplemented or otherwise modified from time to time, the “Loan Agreement”) pursuant to which Lenders have provided to Borrower certain loans in accordance with the terms and conditions thereof; and
WHEREAS, Borrower, Lenders and Collateral Agent desire to amend certain provisions of the Loan Agreement entered into pursuant to the Loan Agreement as provided herein and subject to the terms and conditions set forth herein;
NOW, THEREFORE, in consideration of the promises, covenants and agreements contained herein, and other good and valuable consideration, the receipt and adequacy of which are hereby acknowledged, Borrower, Lenders and Collateral Agent hereby agree as follows:
1.Capitalized terms used herein but not otherwise defined shall have the respective meanings given to them in the Loan Agreement.
2.Section 2.2(a) of the Loan Agreement is hereby amended and restated in its entirety as follows:
(a)Availability.
(i)Subject to the terms and conditions of this Agreement, the Lenders agree, severally and not jointly, to make term loans to Borrower on the Effective Date in an aggregate amount of One Hundred Million Dollars ($100,000,000.00) according to each Lender’s Term A Loan Commitment as set forth on Schedule 1.1 hereto (such term loans are hereinafter referred to singly as a “Term A Loan”, and collectively as the “Term A Loans”). After repayment, no Term A Loan may be re-borrowed. The parties hereby agree and acknowledge that the Term A Loans have been made in full by Lenders.
(ii)Subject to the terms and conditions of this Agreement, the Lenders agree, severally and not jointly, to make term loans to Borrower on the First Amendment Date in an aggregate amount of Seventy Five Million Dollars ($75,000,000.00) according to each Lender’s Term B Loan Commitment as set forth on Schedule 1.1 hereto (such term loans are hereinafter referred to singly as a “Term B Loan”, and collectively as the “Term B Loans”). After repayment, no Term B Loan may be re-borrowed. The parties hereby agree and acknowledge that the Term B Loans have been made in full by Lenders prior to the date hereof.
(iii)Subject to the terms and conditions of this Agreement, the Lenders agree, severally and not jointly, to make term loans to Borrower on the Second Amendment Date in an aggregate amount of One Hundred Million Dollars ($100,000,000.00) according to each Lender’s Term C Loan Commitment as set forth on Schedule 1.1 hereto (such term loans are hereinafter referred to singly as a “Term C Loan”, and collectively as the “Term C Loans”). After repayment, no Term C Loan may be re-borrowed.
(iv)Subject to the terms and conditions of this Agreement, the Lenders may in their sole discretion, upon Borrower’s request, agree to make term loans to Borrower in an aggregate amount equal to
Two Hundred Twenty Five Million Dollars ($225,000,000.00) in a single advance or multiple advances that are each in the amount of Fifty Million Dollars ($50,000,000.00) or more, and, if made, according to a commitment schedule to be provided by the Lenders prior to the Funding Date of such term loans (such term loans are hereinafter referred to singly as a “Term D Loan”, and collectively as the “Term D Loans”; each Term A Loan, Term B Loan, Term C Loan and Term D Loan is hereinafter referred to singly as a “Term Loan”, and the Term A Loans, the Term B Loans, the Term C Loans and the Term D Loans are hereinafter referred to collectively as the “Term Loans”). After repayment, no Term D Loan may be re-borrowed.
3.Section 13.1 of the Loan Agreement is hereby amended by adding the following definitions thereto in alphabetical order:
“Second Amendment Date” is July 15, 2026.
“Term B Loan” is defined in Section 2.2(a)(ii) of this Agreement.
“Term C Loan” is defined in Section 2.2(a)(iii) of this Agreement.
“Term D Loan” is defined in Section 2.2(a)(iv) of this Agreement.
4.Section 13.1 of the Loan Agreement is hereby amended by amending and restating the following definition therein as follows:
“Term Loan” is defined in Section 2.2(a)(iv) of this Agreement.
5.Schedule 1.1 to the Loan Agreement is hereby amended and restated as set forth on Schedule 1.1 attached hereto.
6.Contemporaneously with the execution hereof, Borrower shall enter into a pledge agreement with Collateral Agent, pledging any and all equity securities that Borrower has in Poplar Therapeutics.
7.Limitation of Amendment.
a.The amendments set forth above are effective for the purposes set forth herein and shall be limited precisely as written and shall not be deemed to (a) be a consent to any amendment, waiver or modification of any other term or condition of any Loan Document, or (b) otherwise prejudice any right, remedy or obligation which Lenders or Borrower may now have or may have in the future under or in connection with any Loan Document, as amended hereby.
b.This Amendment shall be construed in connection with and as part of the Loan Documents and all terms, conditions, representations, warranties, covenants and agreements set forth in the Loan Documents, are hereby ratified and confirmed and shall remain in full force and effect.
8.To induce Collateral Agent and Lenders to enter into this Amendment, Borrower hereby represents and warrants to Collateral Agent and Lenders as follows:
a.Immediately after giving effect to this Amendment (a) the representations and warranties contained in the Loan Documents are true, accurate and complete in all material respects as of the date hereof (except to the extent such representations and warranties relate to an earlier date, in which case they are true and correct as of such date), and (b) no Event of Default has occurred and is continuing;
b.The execution, delivery and performance by Borrower of this Amendment and the Loan Agreement as amended by this Amendment have been duly authorized;
c.The organizational documents of Borrower delivered to Collateral Agent on the Effective Date, and updated pursuant to subsequent deliveries by or on behalf of the Borrower to the Collateral Agent, remain true, accurate and complete and have not been amended, supplemented or restated and are and continue to be in full force and effect;
d.The execution, delivery and performance by Borrower of this Amendment have been duly authorized, and do not (i) conflict with any of Borrower’s organizational documents, including its respective Operating Documents, (ii) contravene, conflict with, constitute a default under or violate any material Requirement of Law applicable thereto, (iii) contravene, conflict or violate any applicable order, writ, judgment, injunction, decree, determination or award of any Governmental Authority by which Borrower, or any of its property or assets may be bound or affected; or (iv) constitute an event of default under any material agreement by which Borrower or any of its property, is bound;
e.The execution and delivery by Borrower of this Amendment and the performance by Borrower of its obligations under the Loan Agreement, as amended by this Amendment, do not require any action by, filing, registration, or qualification with, or Governmental Approval from, any Governmental Authority (except such Governmental Approvals which have already been obtained and are in full force and effect) or are being obtained pursuant to Section 6.1(b) of the Loan Agreement; and
f.This Amendment has been duly executed and delivered by Borrower and is the binding obligation of Borrower, enforceable against Borrower in accordance with its terms, except as such enforceability may be limited by bankruptcy, insolvency, reorganization, liquidation, moratorium or other similar laws of general application and equitable principles relating to or affecting creditors’ rights.
9.Except as expressly set forth herein, the Loan Agreement shall continue in full force and effect without alteration or amendment. This Amendment and the Loan Documents represent the entire agreement about this subject matter and supersede prior negotiations or agreements.
10.The Borrower hereby remises, releases, acquits, satisfies and forever discharges the Lenders and Collateral Agent, their agents, employees, officers, directors, predecessors, attorneys and all others acting or purporting to act on behalf of or at the direction of the Lenders and Collateral Agent (“Releasees”), of and from any and all manner of actions, causes of action, suit, debts, accounts, covenants, contracts, controversies, agreements, variances, damages, judgments, claims and demands whatsoever, in law or in equity (other than claims relating to fraud), which any of such parties ever had, now has or, to the extent arising from or in connection with any act, omission or state of facts taken or existing on or prior to the date hereof, may have after the date hereof against the Releasees, for, upon or by reason of any matter, cause or thing whatsoever relating to or arising out of the Loan Agreement or the other Loan Documents on or prior to the date hereof and through the date hereof. Without limiting the generality of the foregoing, the Borrower waives and affirmatively agrees not to allege or otherwise pursue any defenses, affirmative defenses, counterclaims, claims, causes of action, setoffs or other rights they do, shall or may have as of the date hereof, including the rights to contest: (a) the right of Collateral Agent and each Lender to exercise its rights and remedies described in the Loan Documents; (b) any provision of this Amendment or the Loan Documents; or (c) any conduct of the Lenders or other Releasees relating to or arising out of the Loan Agreement or the other Loan Documents on or prior to the date hereof.
11.This Amendment shall be deemed effective as of the Second Amendment Date upon (a) the due execution and delivery to Collateral Agent of this Amendment by each party hereto and (b) Borrower’s payment of all Lenders’ Expenses incurred by the Borrower and owing on the date hereof but not otherwise paid or satisfied, which may be debited (or ACH’d) from any of Borrower’s accounts.
12.This Amendment may be executed in any number of counterparts, each of which shall be deemed an original, and all of which, taken together, shall constitute one and the same instrument.
13.This Amendment and the rights and obligations of the parties hereto shall be governed by and construed in accordance with the laws of the State of New York.
[Balance of Page Intentionally Left Blank]
IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be executed as of the Effective Date.
BORROWER:
INHIBRX BIOSCIENCES, INC.
| | | | | |
| By: | /s/ Kelly Deck |
| Name: | Kelly Deck |
| Title: | CFO |
[Signature Page to 2nd Amendment to Loan and Security Agreement]
IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be executed as of the Effective Date.
| | | | | | | | | | | | | | |
| COLLATERAL AGENT AND LENDERS: | | OXFORD FINANCE CREDIT FUND FUNDING TRUST II, as Lender |
| OXFORD FINANCE LLC, as Agent | | By: Oxford Finance Credit Fund II LP, as servicer |
| By: | /s/ Colette Featherly | | By: Oxford Finance Advisors, LLC, as manager |
| Name: | Colette H. Featherly | | By: | /s/ Colette Featherly |
| Its: | Executive Vice President | | Name: | Colette H. Featherly |
| | | Its: | Executive Vice President |
| OXFORD FINANCE LLC, as Lender | | | |
| By: | /s/ Colette Featherly | | OXFORD FINANCE CREDIT FUND II LP, as Lender |
| Name: | Colette H. Featherly | | By: Oxford Finance Advisors, LLC, as manager |
| Its: | Executive Vice President | | By: | /s/ Colette Featherly |
| | | Name: | Colette H. Featherly |
| OXFORD FINANCE FUNDING I, LLC | | Its: | Executive Vice President |
| OXFORD FINANCE FUNDING III, LLC | | | |
| OXFORD FINANCE FUNDING IX, LLC | | OXFORD FINANCE CREDIT FUND FUNDING III LP, as Lender |
| OXFORD FINANCE FUNDING XII, LLC | | By: Oxford Finance Credit Fund III LP, as collateral manager |
| OXFORD FINANCE FUNDING XIII, LLC | | By: Oxford Finance Advisors, LLC, as manager |
| OXFORD FINANCE FUNDING TRUST 2023-1 | | By: | /s/ Colette Featherly |
| OXFORD FINANCE FUNDING TRUST 2025-1, as Lender | | Name: | Colette H. Featherly |
| By: Oxford Finance LLC, as servicer | | Its: | Executive Vice President |
| By: | /s/ Colette Featherly | | |
| Name: | Colette H. Featherly | | OXFORD FINANCE CREDIT FUND III 2024-A, LP, as Lender |
| Its: | Executive Vice President | | By: Oxford Finance Advisors, LLC, as servicer |
| | | By: | /s/ Colette Featherly |
| OXFORD FINANCE FUNDING TRUST 2026-1 | | Name: | Colette H. Featherly |
| By: Oxford Finance Advisors LLC, as Administrator and Servicer | | Its: | Executive Vice President |
| By: | /s/ Colette Featherly | | | |
| Name: | Colette H. Featherly | | OXFORD FINANCE CREDIT FUND III 2025-A, LP, as Lender |
| Its: | Executive Vice President | | By: Oxford Finance Advisors, LLC, as servicer |
| | | By: | /s/ Colette Featherly |
| OXFORD FINANCE CREDIT FUND III LP, as Lender | | Name: | Colette H. Featherly |
| By: Oxford Finance Advisors, LLC, as manager | | Its: | Executive Vice President |
| By: | /s/ Colette Featherly | | | |
| Name: | Colette H. Featherly | | OXFORD FINANCE CREDIT FUND IV LP, |
| Its: | Executive Vice President | | By: Oxford Finance Advisors, LLC, as manager |
| | | By: | /s/ Colette Featherly |
| | | Name: | Colette H. Featherly |
| | | Its: | Executive Vice President |
[Signature Page to 2nd Amendment to Loan and Security Agreement]
SCHEDULE 1.1
Lenders and Commitments
Term A Loans
| | | | | | | | |
Lender | Term Loan Commitment | Commitment Percentage |
OXFORD FINANCE LLC | $62,500,000.00 | 62.50% |
OXFORD FINANCE CREDIT FUND II LP | $12,500,000.00 | 12.50% |
OXFORD FINANCE CREDIT FUND III LP | $25,000,000.00 | 25.00% |
TOTAL | $100,000,000.00 | 100.00% |
Term B Loans
| | | | | | | | |
Lender | Term Loan Commitment | Commitment Percentage |
OXFORD FINANCE LLC | $48,750,000.00 | 65.00% |
OXFORD FINANCE CREDIT FUND III LP | $26,250,000.00 | 35.00% |
TOTAL | $75,000,000.00 | 100.00% |
Term C Loans
| | | | | | | | |
Lender | Term Loan Commitment | Commitment Percentage |
OXFORD FINANCE LLC | $89,363,757.00 | 89.36% |
OXFORD FINANCE CREDIT FUND II LP | $9,916,460.00 | 9.92% |
OXFORD FINANCE CREDIT FUND III LP | $719,783.00 | 0.72% |
TOTAL | $100,000,000.00 | 100.00% |
Aggregate (all Term Loans)
| | | | | | | | |
Lender | Term Loan Commitment | Commitment Percentage |
OXFORD FINANCE LLC | $200,613,757.00 | 72.95% |
OXFORD FINANCE CREDIT FUND II LP | $22,416,460.00 | 8.15% |
OXFORD FINANCE CREDIT FUND III LP | $51,969,783.00 | 18.90% |
TOTAL | $275,000,000.00 | 100.00% |
Inhibrx Announces Amended Loan Agreement with Oxford Finance, Expanding Total Facility to $500.0 Million
San Diego, CA, July 16, 2026 /PRNewswire/ -- Inhibrx Biosciences, Inc. (“Inhibrx” or the “Company”) (Nasdaq: INBX), a clinical-stage biopharmaceutical company focused on developing novel biologic therapeutic candidates, today announced it entered into the Second Amendment (the “Second Amendment”) to the Loan and Security Agreement, as amended (the “Amended LSA”) with Oxford Finance LLC (“Oxford,” together with certain of its affiliates party thereto, the “Lenders”), pursuant to which the Lenders expanded the facility to an aggregate principal amount of up to $500.0 million (the “Credit Facility”).
The Second Amendment provides for an additional tranche, in an aggregate principal amount of up to $325.0 million in gross proceeds, (i) $100.0 million of which was funded upon execution of the Second Amendment (the “Term C Loan”) and (ii) up to an additional $225.0 million of which may be funded in increments of $50.0 million or more upon the Company’s request and at the Lenders’ sole discretion (the “Term D Loan”). Prior to the Second Amendment, the Company had drawn $175.0 million under the Credit Facility.
In connection with the funding of the Term C Loan, the Company issued to the Lenders warrants to purchase 21,457 shares of the Company’s common stock (the “Term C Warrants”) at a strike price of $93.21 per share, equal to 2% of the value of the Term C Loan. The Term C Warrants are immediately exercisable, and the exercise period will expire 10 years from the date of issuance.
“We are pleased to expand our partnership with Oxford, which reflects their continued confidence in our clinical pipeline,” said Kelly Deck, Chief Financial Officer of Inhibrx. “We are very excited about the trajectory of ozekibart (INBRX-109) and INBRX-106 and this capital infusion allows us to maintain full momentum on the advancement of both programs as we await key upcoming data readouts.”
About Inhibrx Biosciences, Inc.
Inhibrx Biosciences is a clinical-stage biopharmaceutical company focused on developing a broad pipeline of novel biologic therapeutic candidates. Inhibrx Biosciences utilizes diverse methods of protein engineering to address the specific requirements of complex target and disease biology, including its proprietary protein engineering platforms. Inhibrx Biosciences was incorporated in January 2024 as a direct, wholly-owned subsidiary of Inhibrx, Inc. Prior to the sale of Inhibrx, Inc. and the INBRX-101 program to Sanofi S.A., Inhibrx Biosciences acquired certain corporate infrastructure and other assets and liabilities through a series of internal restructuring transactions effected by Inhibrx, Inc. Inhibrx, Inc. also completed a distribution to holders of its shares of common stock of 92% of the issued and outstanding shares of Inhibrx Biosciences. Following such transactions, Inhibrx Biosciences’ current clinical pipeline of therapeutic candidates includes ozekibart (INBRX-109) and INBRX-106, both of which utilize multivalent formats where the precise valency can be optimized in a target-centric way to mediate what we believe to be the most appropriate agonist function. For more information, please visit www.inhibrx.com.
Forward-Looking Statements
Inhibrx cautions you that statements contained in this press release regarding matters that are not historical facts are forward-looking statements. These statements are based on Inhibrx's current beliefs and expectations. These forward-looking statements include, but are not limited to, statements regarding: the financial capacity available under the Credit Facility, including the potential for Inhibrx to draw down an additional $225.0 million, future clinical development of Inhibrx’s therapeutic candidates, including statements regarding the timing of future data readouts, and evaluations and judgments regarding Inhibrx’s strategic flexibility, cash position and balance sheet. Actual results may differ from those set forth in this press release due to the risks and uncertainties inherent in Inhibrx's business, including, without limitation, risks and uncertainties regarding: the initiation, timing, progress and results of its preclinical studies and clinical trials, and its research and development programs; its ability to advance therapeutic candidates into, and successfully complete, clinical trials; its interpretation of initial, interim or preliminary data from its clinical trials, including interpretations regarding disease control and disease response; the timing or likelihood of regulatory filings and approvals; the successful commercialization of its therapeutic candidates, if approved; the pricing, coverage and reimbursement of its therapeutic candidates, if approved; its ability to utilize its technology platform to generate and advance additional therapeutic candidates; the implementation of its business model and strategic plans for its business and therapeutic candidates; its ability to successfully manufacture therapeutic candidates for clinical trials and commercial use, if approved; its ability to contract with third-party suppliers and manufacturers and their ability to perform adequately; the scope of protection it is able to establish and maintain for intellectual property rights covering its therapeutic candidates; its ability to enter into strategic partnerships and the potential benefits of these partnerships; its estimates regarding expenses, capital requirements and needs for additional financing and financial performance; its ability to raise funds needed to satisfy its capital requirements, which may depend on financial, economic and market conditions and other factors, over which it may have no or limited control; developments relating to its competitors and industry; and other risks described from time to time in the “Risk Factors” section of its filings with the U.S. Securities and Exchange Commission, including those described in its Annual Report on Form 10-K, its Quarterly Reports on Form 10-Q, and supplemented from time to time by its Current Reports on Form 8-K as filed from time to time. You are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date hereof, and Inhibrx undertakes no obligation to update these statements to reflect events that occur or circumstances that exist after the date hereof. All forward-looking statements are qualified in their entirety by this cautionary statement, which is made under the safe harbor provisions of the Private Securities Litigation Reform Act of 1995.
Investor and Media Contact:
Kelly Deck, CFO
858-795-4260
