What Inhibrx Biosciences, Inc. told the SEC could break it.

Pre-product Inhibrx has $175.0M outstanding under its 2025 Loan Agreement (secured by substantially all assets, with covenants and a material-adverse-change event of default that can require prepayment), making it dependent on continued clinical progress and financing.

“In March 2026, we amended the 2025 Loan Agreement and borrowed an additional $75.0 million, for a total of $175.0 million. Our obligations under the 2025 Loan Agreement, as amended, are secured by substantially all of our assets.”

Inhibrx uses China partnerships to access clinical-trial patient populations, but there is no assurance the FDA/EMA will accept foreign clinical data for marketing approval, and its China operations expose it to Chinese data-security/PIPL laws.

“While we have previously formed partnerships in China designed to provide access to patient populations outside of the United States and in the future may conduct clinical trials in other foreign jurisdictions, there can be no assurance these data will be accepted by the FDA or EMA or other comparable foreign regulatory authorities as a basis for a product's marketing approval.”

Inhibrx owns no manufacturing facilities and relies on a limited number of third-party contract manufacturers for all of its raw materials, antibodies and other biologics for research, clinical trials and any future commercial supply.

“We currently rely on a limited number of third-party contract manufacturers for all of our required raw materials, antibodies and other biologics for our preclinical research, clinical trials, and if and when applicable, commercial product”