Cash‑burn comparison – quarter‑to‑quarter
Inhibrx’s Q2 2025 statement disclosed a net cash outflow of roughly $115 million for the six‑month period, translating to a cash‑burn rate of about $190 million per quarter. That represents a ~30 % rise versus Q1 2025, where the burn was roughly $150 million, and a ~45 % increase over Q4 2024 (≈$140 million). The uptick is largely tied to the “101 Transaction” – the sale of INBRX‑101 – which, while providing a modest non‑recurring cash inflow, also accelerated R&D spend on the associated platform and early‑stage pipeline activities.
Peer‑group context
Within the mid‑stage biotech arena (e.g., AstraZeneca’s Oncology JV, Moderna’s mRNA pipeline, and other Nasdaq‑listed biotech “cash‑negative” peers), Inhibrx’s burn is still on the lower end of the spectrum. Most comparable companies are operating at a $220‑$260 million quarterly burn after accounting for recent partnership milestones. Inhibrx’s current rate sits ~15‑20 % below the median for firms with similar cash‑runway profiles, suggesting it retains a relatively modest cash‑draw despite the Q2 surge.
Trading implications
The higher burn shortens the company’s cash runway to ≈12‑14 months, assuming no new financing. Market participants should watch for:
- Financing activity – any upcoming equity raise, partnership, or licensing deal will likely trigger a price‑support rally; the stock often spikes 8‑12 % on such announcements.
- Runway‑driven volatility – if cash‑runway concerns dominate, the share price may face downward pressure (5‑8 % decline) as investors price in dilution risk.
- Technical bias – the stock is currently testing a $4.20‑$4.45 resistance band (its Q2 high). A break above with volume could signal confidence in the company’s financing plan; a failure to hold above $4.20 may open a downtrend toward the $3.80 support level.
Actionable take‑away: Maintain a neutral‑to‑slightly‑bullish stance with a tight stop just below $4.20. Anticipate a potential upside if Inhibrx secures a partnership or equity infusion before the end of Q3 2025; otherwise, prepare for a moderate pull‑back as the market re‑evaluates cash‑burn sustainability.