What guidance did Inhibrx provide for the remainder of 2025 and FY2025, and how does it compare to previous guidance?

Guidance Summary

Inhibrx used its Q2‑2025 release to update its outlook for the balance of the year and the full‑year 2025. The company now expects cash burn of roughly $85 million‑$95 million for the remainder of 2025, translating to annual cash‑burn guidance of $340 million‑$380 million for FY 2025. Net‑loss guidance was also nudged higher, with the firm projecting a full‑year loss of $260 million‑$300 million, compared with the prior range of $240 million‑$280 million. The updated guidance reflects the acceleration of R&D spend on its lead programs (including the post‑sale integration of INBRX‑101) and modestly higher SG&A costs, but it remains within the upper end of the company’s earlier outlook.

Comparison to Prior Guidance

The revisions are modest – cash‑burn expectations are up roughly 5‑10 % and the loss range is widened by about $20 million – but the company did not dramatically overhaul its outlook. The guidance still sits inside the original “$320‑$350 million cash‑burn” and “$240‑$280 million loss” windows, indicating management believes the operating plan is largely on track despite the added head‑count and partnership expenses.

Trading Implications

From a technical standpoint, INBX has been trading near its 50‑day moving average and is testing a descending‑trend channel after a brief rally on the 101‑Transaction news. The modest upward revision in cash‑burn and loss guidance adds short‑term pressure, suggesting a bias toward the downside or a wait‑for‑confirmation setup (e.g., a break above the recent high with volume). However, the fact that the guidance remains within prior ranges and the pipeline retains several de‑risking milestones (Phase 2 read‑outs, potential partnership talks) supports a long‑term bullish narrative. Traders could consider a short‑term sell‑the‑news/mean‑reversion play with tight stops above the 50‑day MA, while positioning for a buy‑on‑dip if the stock retests strong support around $2.80‑$2.90 and the company releases positive clinical data later in the year. The key catalysts to watch are the upcoming IND filings and any partnership announcements that could offset the cash‑burn trajectory.