INHIBRX, INC. Management's Discussion and Analysis of Financial Condition and Results of Operations. (form 10-Q) – Marketscreener.com

Overview
INBRX-105 is a conditional 4-1BB agonist that is currently being investigated as a single agent and in combination with Keytruda in patients with locally advanced or metastatic solid tumors. Both of the INBRX-109 and INBRX-106 programs are designed to achieve target agonism through precise control of therapeutic valency.
We anticipate additional data releases from all four of our clinical programs over the next year.
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We have developed a diverse pipeline of therapeutic candidates that are specifically designed to leverage the power of our core sdAb platform and protein engineering expertise, as shown below:
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Liquidity, Capital Resources and Financial Condition
Sources of Liquidity
The sale of equity securities includes proceeds under our initial public offering, or IPO, from which our aggregate net proceeds from the offering were $125.9 million, net of underwriting discounts, commissions and offering costs,
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Future Funding Requirements
Our future liquidity and capital funding requirements will depend on numerous factors, including:
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License and Collaboration Agreements
Celgene Agreement
2seventy bio Agreements
Chiesi
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the definitive parallel EMA-HTA scientific advice meeting conducted following completion of such Phase I Clinical Trial.
Other Collaboration Agreements
Components of Results of Operations
Revenue
Operating Expenses
Research and Development
Research and development expenses consist primarily of:
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Our clinical development costs may vary significantly based on factors such as:
General and Administrative
G&A expenses consist primarily of:
Interest expense. Interest expense consists primarily of our interest on our loans with Oxford, offset in part by our interest income.
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Results of Operations
Comparison of the Three Months Ended March 31, 2022 and March 31, 2021
The following table summarizes our condensed consolidated results of operations for each of the periods indicated (in thousands, except percentages):
Grant Revenue
Grant revenue during the three months ended March 31, 2022 and March 31, 2021 consisted of revenue earned under a grant with the Department of Defense of $14,000 and $26,000, respectively.
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Research and Development Expense
The following table sets forth the primary external and internal research and development expenses (in thousands, except percentages):
70 7 % Total research and development expenses $ 24,895 $ 16,438 $ 8,457 51 %
G&A Expense
Other income (expense)
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Cash Flow Summary
The following table sets forth a summary of the net cash flow activity for each of the periods indicated (in thousands):
Net increase (decrease) in cash and cash equivalents $ 12,166
Investing Activities
Net cash used in investing activities was $0.1 million and $14,000 during the three months ended March 31, 2022 and March 31, 2021, respectively, and was related to capital purchases, including laboratory equipment.
Financing Activities
Net cash provided by financing activities was $1.0 million during the three months ended March 31, 2021 and consisted of approximately $1.0 million of proceeds received upon the exercise of stock options.
Critical Accounting Estimates and Policies
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Recent Accounting Pronouncements
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