# Inhibrx Biosciences (INBX.US)

Canonical: https://gigainvestors.com/s/INBX

Analysis as of: 2026-10-16T07:29:19.521Z. Financial observations: FY2016–FY2026.

Listing currency: USD. Reporting currency: USD.

## Verdict

Not a wonderful business

Quality tests for Buy: not passed (profit record: fail; earnings resilience is evidence only). Published buy qualification: no.

Share price: $90.50 per share; close as of 2026-10-15.

## Checklist

### understandable: fail

- 5 revenue declines in the last 10 years (informational)

- more than 2 net loss years

- negative average operating margin

- operating margin variation exceeds 0.35

- Financial history: 10 years

- Years with declining revenue: 5

- Years with a net loss: 9

- Operating margin variation: 2.33×

Chart: Operating margin; fiscal year observations.

- FY2017: -2.35×

- FY2018: -3.43×

- FY2019: -4.50×

- FY2020: -5.27×

- FY2021: -10.76×

- FY2022: -58.90×

- FY2023: -121.79×

- FY2024: -1,657.24×

- FY2025: -103.87×

### moat: fail

- Years with nonpositive invested capital use equity plus debt and leases; positive earnings with no positive capital are shown above 100%.

- ROIC median below threshold

- ROIC worst years below threshold (more than 1 bad year allowed)

- ROIC, median of available years: -47.9%

- ROIC, second-lowest year: -99.2%

- Typical minus recent gross margin: -155.6 pp

- Typical gross margin (annual median): -246.6%

- Recent gross margin (lower of latest and 3-year median): -91.0%

- Years with nonpositive capital: 10

- Capital spending / revenue: 16.3%

Chart: ROIC excluding acquisitions; fiscal year observations.

- FY2016: -99.2%

- FY2017: 0.0%

- FY2018: 0.0%

- FY2019: 0.0%

- FY2020: -47.2%

- FY2021: -48.6%

- FY2022: -38.5%

- FY2023: -68.3%

- FY2024: -234.0%

- FY2025: -92.8%

### economics: fail

- incremental invested capital return below threshold

- Owner earnings / net income, 5-yr: 1.00×

- Cash conversion uses consolidated totals: No

- Owner earnings, five-year total: $1.1B

- Net income, five-year total: $1.1B

- Return on incremental invested capital: 0.0%

- Working capital / revenue, annual change: -228.3 pp

- Working capital / revenue, change between three-year averages: -1793.9 pp

- Working capital / revenue, final three-year average: -1807.1%

Chart: Annual owner cash / profit; fiscal year observations.

- FY2021: 1.00×

- FY2022: 1.00×

- FY2023: 1.01×

- FY2024: 1.00×

- FY2025: 0.98×

### management: fail

- potential debt-funded buybacks (informational)

- buybacks unrelated to price (informational)

- ROIC first 3 years vs last 3 years: 0.0% vs -92.8%

- Per-share earnings: -1.07 to -4.47 (three-year endpoint medians)

- per-share value declined or ends nonpositive

- Management verdict uses per-share economic progress: Yes

- Ordinary dilution, 5-year annual growth: -16.3%

- Diluted shares, 5-year annual growth: -16.3%

- Per-share value change: -$3.40

- Per-share value, starting three-year median: -$1.07

- Per-share value, ending three-year median: -$4.47

- Buyback history: 0 years

- Debt-funded buybacks: Yes

- Cumulative net income, 10 years: $893M

- ROIC, first three-year median: 0.0%

- ROIC, last three-year median: -92.8%

Chart: Earnings per share; fiscal year observations.

- FY2016: -$0.23

- FY2017: -$1.07

- FY2018: -$1.12

- FY2019: -$1.79

- FY2020: -$2.02

- FY2021: -$2.12

- FY2022: -$3.36

- FY2023: -$4.47

- FY2024: $112.62

- FY2025: -$9.04

### accounting: pass

- Sloan accruals: -7.0%

- Receivables to sales index (DSRI): 0.06×

- Restructuring years, last five: 0

- Earnings backed by cash: Yes

- Accounting red flags: 0

- Goodwill and intangibles / equity: 0.00×

Chart: Sloan accruals; fiscal year observations.

- FY2016: 46.3%

- FY2017: -4.0%

- FY2018: -80.8%

- FY2019: -72.9%

- FY2020: -19.6%

- FY2021: -1.0%

- FY2022: -10.3%

- FY2023: -15.6%

- FY2024: 1041.1%

- FY2025: -7.0%

## Holders

- [Andreas Halvorsen](https://gigainvestors.com/vg): tracked 13F investor; follow the investor page for holding quarter and amounts.

## Price story

Down 30% since Apr 2026 · sales -100%

Story as of 2026-10-16T09:58:56.854Z; price observation 2026-10-15.

### Sales · FY2025–2026

sales -100%; source https://www.sec.gov/Archives/edgar/data/2007919/000200791926000006/inbx-20251231.htm; observed 2026-03-19.

- FY2017: $8.4M 

- FY2018: $8.6M 

- FY2019: $9.1M 

- FY2020: $13M 

- FY2021: $7.1M 

- FY2022: $2.2M 

- FY2023: $1.8M 

- FY2024: $200K 

- FY2025: $1.3M 

- FY2026: $0 

### Gross margin · FY2023

gross margin 33.8%; source https://www.sec.gov/Archives/edgar/data/2007919/000200791926000006/inbx-20251231.htm; observed 2026-03-19.

- FY2021: 62.3% 

- FY2023: 33.8% 

## Owner memo

Memo as of 2026-10-16T08:06:05.509Z.

### How it makes money

Operates in biotechnology; annual sales are USD 1.3 million.

- Source: https://www.sec.gov/Archives/edgar/data/2007919/000200791926000006/inbx-20251231.htm (filed 2026-03-19); FY2025: revenue 1300000; grossProfit -1183000; margin = grossProfit / revenue.

### Why customers stay

It lost 47.9% on its capital.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-19); FY2023: grossProfit / revenue = 33.8%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-19); FY2024: grossProfit / revenue = -1042.5%.

- Source: https://www.sec.gov/Archives/edgar/data/2007919/000200791926000006/inbx-20251231.htm (filed 2026-03-19); FY2025: grossProfit / revenue = -91%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-19); 10-year return on capital observations [[2016,-0.992176610484955],[2017,0],[2018,0],[2019,0],[2020,-0.4718089562283599],[2021,-0.4863949183711163],[2022,-0.38468401977681316],[2023,-0.6827860702401791],[2024,-2.340202829798112],[2025,-0.9275227164036346]]; median -0.4791019372997381. ROIC follows the displayed moat series; financial companies use return on tangible equity.

### Where the cash goes

Paid dividends in 2 of 10 years.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-19); FY2024: growth capex 0; upkeep 2597000; owner earnings 1687260000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-19); Dividend observations: [[2016,0],[2017,1375000],[2018,828000],[2019,0],[2020,0],[2021,0],[2022,0],[2023,0],[2024,0],[2025,0]]. Zero only counted when supported by a complete cash-flow statement.

### Are managers owners

Insiders own 23.1% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-15); INBX.US SharesStats.PercentInsiders = 23.084 percentage points; cache date 2026-10-15.

### What the price says

The price is 1078.1 times annual sales; cash earnings are negative.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-19); Closing price 90.5 USD; reporting-to-trading FX 1; FY2025 annual sales per share 0.0839413701814425; price multiple 1078.1334615384615. FY2025 cash earnings/share -8.885064893136178. Closing-price date 2026-10-15.

## Monthly share-price history (USD per share)

- 2024-05: $16.25 per share

- 2024-06: $14.17 per share

- 2024-07: $14.51 per share

- 2024-08: $14.56 per share

- 2024-09: $15.66 per share

- 2024-10: $16.03 per share

- 2024-11: $15.26 per share

- 2024-12: $15.40 per share

- 2025-01: $13.58 per share

- 2025-02: $13.25 per share

- 2025-03: $13.99 per share

- 2025-04: $12.33 per share

- 2025-05: $13.47 per share

- 2025-06: $14.27 per share

- 2025-07: $21.92 per share

- 2025-08: $28.20 per share

- 2025-09: $33.68 per share

- 2025-10: $81.66 per share

- 2025-11: $84.12 per share

- 2025-12: $79.00 per share

- 2026-01: $76.27 per share

- 2026-02: $74.13 per share

- 2026-03: $67.23 per share

- 2026-04: $129.21 per share

- 2026-05: $104.01 per share

- 2026-06: $94.75 per share

- 2026-07: $82.05 per share

- 2026-08: $126.70 per share

- 2026-09: $100.08 per share

- 2026-10: $90.50 per share

## Annual estimated value (USD per share)

Historical values use today's bond yield for every fiscal year

Historical values use today's FX rate into trading currency for every fiscal year

Historical values use current restated fundamentals and current commodity classification; they are not point-in-time estimates

## Sources

[Original 10-K filing](https://www.sec.gov/Archives/edgar/data/2007919/000200791926000006/inbx-20251231.htm); period 2025-12-31, filed 2026-03-19.

Estimates depend on assumptions and are not guarantees or investment advice. Underlying data remains subject to its source licenses; public reading does not grant bulk redistribution rights.

## Reported holder observations

- [Andreas Halvorsen](https://gigainvestors.com/vg): 1,123,929 INBX shares; USD 106,492,000 reported position value; 0.3% of portfolio; reduce; quarter 2026 Q2.

# INBX — Inhibrx

Held by 1 investor · USD 106,492,000 total · 2026 Q2 · reported price USD 94.75 (split-adjusted).
Page: https://gigainvestors.com/s/INBX

## Holders (2026 Q2)

| Investor | Value | % of their portfolio | This quarter |
|---|---:|---:|---|
| Andreas Halvorsen (https://gigainvestors.com/vg) | USD 106,492,000 | 0.3% | reduce -21.82% |

## Total held by quarter

- 2020 Q3: USD 95,505,588 · 1 holder · USD 18.00
- 2020 Q4: USD 174,934,402 · 1 holder · USD 32.97
- 2021 Q1: USD 106,488,731 · 1 holder · USD 20.07
- 2021 Q2: USD 146,017,432 · 1 holder · USD 27.52
- 2021 Q3: USD 176,738,396 · 1 holder · USD 33.31
- 2021 Q4: USD 231,707,168 · 1 holder · USD 43.67
- 2022 Q1: USD 118,214,694 · 1 holder · USD 22.28
- 2022 Q2: USD 60,221,579 · 1 holder · USD 11.35
- 2022 Q3: USD 95,240,295 · 1 holder · USD 17.95
- 2022 Q4: USD 163,589,863 · 1 holder · USD 24.64
- 2023 Q1: USD 125,281,685 · 1 holder · USD 18.87
- 2023 Q2: USD 172,353,606 · 1 holder · USD 25.96
- 2023 Q3: USD 131,217,657 · 1 holder · USD 18.35
- 2023 Q4: USD 271,731,388 · 1 holder · USD 38.00
- 2024 Q1: USD 249,992,877 · 1 holder · USD 34.96
- 2024 Q2: USD 25,331,780 · 1 holder · USD 14.17
- 2024 Q3: USD 27,995,460 · 1 holder · USD 15.66
- 2024 Q4: USD 27,530,657 · 1 holder · USD 15.40
- 2025 Q1: USD 25,009,993 · 1 holder · USD 13.99
- 2025 Q2: USD 25,510,550 · 1 holder · USD 14.27
- 2025 Q3: USD 60,209,904 · 1 holder · USD 33.68
- 2025 Q4: USD 113,578,695 · 1 holder · USD 79.00
- 2026 Q1: USD 96,656,907 · 1 holder · USD 67.23
- 2026 Q2: USD 106,492,000 · 1 holder · USD 94.75