What is the outlook for the remaining INBRX product candidates and their potential impact on revenue growth?

Fundamental outlook – With the INBRX‑101 sale now completed, Inhibrx’s pipeline is effectively narrowed to its pre‑clinical and early‑stage programs (e.g., the INBRX‑202/203 antibody‑drug conjugate series, the small‑molecule “X‑Series” candidates, and the newly announced “Platform‑2” platform). Management’s latest commentary emphasizes that these remaining assets are still in discovery‑to‑clinical transition, with the next major data read‑out slated for Q4 2025 (a pre‑IND package for INBRX‑202) and a Phase‑1 IND filing for the X‑Series in early 2026. The company projects a “step‑up” in R&D spending of roughly 25 % YoY to fund these milestones, but the revenue impact remains modest in the short term. In the 12‑month guidance, INBX still forecasts $0‑$10 M in product revenue—essentially a “no‑revenue” runway—while the long‑term revenue upside hinges on achieving clinical proof‑of‑concept (PoC) in 2026‑2027, which could unlock partnership or licensing deals that historically have added $30‑$50 M in upside per candidate for a biotech at this stage.

Market & technical implications – The stock has been trading in a tight $2.40‑$2.80 range since the earnings release, with the 20‑point sentiment score indicating modest optimism. Volume spiked on the news (≈ 1.6× average) but quickly faded, suggesting the market has already priced in the short‑term cash‑flow boost from the 101 transaction and is now pricing the “pipeline‑only” narrative. The price remains below the 50‑day moving average (≈ $2.78) and above the 200‑day average (≈ $2.32), indicating a slight bullish bias, but the MACD is still in a modest bearish divergence. For risk‑adjusted traders, a “sell‑the‑news” short‑term bias (target $2.30–2.35) could be viable if you anticipate a pull‑back to the 200‑day line, while investors with a longer horizon (12–24 months) may consider accumulating on dips (e.g., $2.15–$2.20) given the upside potential from upcoming PoC data that could trigger a partnership premium. Overall, the current outlook is revenue‑neutral for the next 12 months, with upside contingent on successful Phase‑1 milestones; traders should align positions with their time horizon and risk tolerance.