aibioInhibrx expands Oxford Finance credit facility to up to $500.0 million
Tickers INBX
A second amendment adds a tranche of up to $325.0 million, of which $100.0 million was funded at signing. The lenders received warrants for 21,457 shares at $93.21 per share.
Key facts
- Company
- Inhibrx Biosciences, Inc. (NASDAQ: INBX)
- News type
- Debt Financing
- Primary source
- Inhibrx Biosciences, Inc. 8-K (2026-07-16)
The second amendment
Inhibrx Biosciences, Inc. (Nasdaq: INBX) said on July 16, 2026 that it signed a Second Amendment to its loan and security agreement with Oxford Finance LLC and certain of its affiliates, which the release calls the Lenders. The amendment raises the total principal the Lenders may advance under the Credit Facility to up to $500.0 million.
The new tranche is up to $325.0 million in gross proceeds. Of that, $100.0 million, called the Term C Loan, was funded when the amendment was signed. The remaining $225.0 million, called the Term D Loan, can be drawn in increments of $50.0 million or more, but only when Inhibrx asks and the Lenders agree. The release does not say what would lead the Lenders to agree or when a draw might happen. Before this amendment, Inhibrx had drawn $175.0 million under the facility.
The release gives no interest rate, maturity date or covenant terms for the Term C Loan. It names only Oxford Finance LLC and its affiliates. It names no underwriter, placement agent, financial adviser or legal counsel for either side.
Warrants came with the Term C Loan. Inhibrx issued the Lenders warrants to buy 21,457 shares of common stock at a strike price of $93.21 a share, equal to 2% of the value of the Term C Loan. The warrants are immediately exercisable and run for 10 years from issue. Any exercise would add shares to the count, and the release does not give the number of shares outstanding.
A company built on two clinical programs
Inhibrx Biosciences calls itself a clinical-stage biopharmaceutical company. Its annual report for 2025, filed March 19, 2026, lists two programs: ozekibart (INBRX-109), a tetravalent DR5 agonist, and INBRX-106, a hexavalent OX40 agonist. The filing says both are clinical-stage and that the company is focused on them.
The company is a 2024 spin-off. On May 29, 2024, its former parent, Inhibrx, Inc., distributed 92% of the outstanding shares of Inhibrx Biosciences' common stock to its holders. The next day, a merger moved the business tied to INBRX-101, an alpha-1 antitrypsin therapy in a registrational trial for alpha-1 antitrypsin deficiency, to an Aventis subsidiary owned by Sanofi. Inhibrx Biosciences kept ozekibart, INBRX-106, the discovery pipeline and the close-out obligations of INBRX-105, a program that has been terminated.
What the numbers show
The annual figures summarized from the filing show revenue of $1.3 million in 2025, up from $200,000 in 2024. Research and development expense fell to $113.0 million in 2025 from $203.7 million in 2024. The company reported a net loss of $140.1 million for 2025 and cash used in operations of $129.8 million, against $194.4 million used in 2024. Its 2024 result was net income of $1.69 billion, a figure that falls in the year of the Sanofi transfer and says little about the running cost of the business.
Before this amendment the company had drawn $175.0 million, and it now takes $100.0 million more at signing, with warrants attached. That debt sits on top of a 2025 net loss of $140.1 million. The release does not state how much cash the company held when it signed the amendment.
What the company says comes next
Chief Financial Officer Kelly Deck said the new capital "allows us to maintain full momentum" on both programs "as we await key upcoming data readouts." The release gives no date for those readouts. The annual report says key data or milestone events are expected in 2026 for both programs. The release itself describes no trial endpoints and no results from either program.
Deck also said the expansion reflects Oxford's continued confidence in the clinical pipeline. The annual report says ozekibart is being studied in chondrosarcoma, Ewing sarcoma, colorectal cancer and certain other solid tumor types, and INBRX-106 in non-small cell lung cancer and head and neck squamous cell carcinoma. The company reports positive data from its ozekibart registration-enabling trial in chondrosarcoma in October 2025. The lenders keep discretion over the $225.0 million Term D Loan, and the release does not tie any further draw to a readout.