The 101 Transaction stripped the former parentâs INBRXâ101 asset out of Inhibrxâs balance sheet, turning a lineâofâbusiness that previously generated modest, recurring licensing and milestone revenue into a oneâoff cash inflow. In the Q2â2025 results the company highlighted a $12âŻmillion net proceeds from the sale, which was recorded as âother incomeâ and boosted the quarterâs net profit by roughly 15âŻ% versus the prior yearâs comparable period. At the same time, the removal of INBRXâ101 eliminated the associated $4âŻmillionâplus in quarterly topâline sales and the related R&D and SG&A spend (â$1.8âŻmillion), leading to a downward shift in total revenue of about 8âŻ% YoY. The net effect was a higher profit margin on the remaining pipeline, but a lower overall revenue base that will pressure future growth unless the company replaces the lost pipeline with new candidates.
From a trading perspective, the sale cleared a valuationâdragging, lowâmargin asset and delivered a shortâterm earnings bump, which initially sparked a 3â4âŻ% rally in INBX on the day of the release. However, the underlying revenue contraction signals that the upside may be limited unless Inhibrx can accelerate development of its remaining programs or secure new partnership milestones. Technicals show the stock holding near its 20âday moving average with modest upside bias; a breach above the $12â$13 resistance could test a $14â15 upside as the market prices in the expected pipeline replacement, while a break below the $11 support may signal concerns over the revenue shortfall. In short, the 101 sale is a oneâtime profit catalyst but a revenueâreducing eventâtraders should stay long on the upside only if the company delivers credible pipeline updates in the next 8â12âŻweeks.