Inhibrx Biosciences 提交了截至 2026 年 3 月 31 日的季度報告（10-Q），重點包括以下事項：

inhibrx-2026033112/31FALSE00020079192026Q1SUBSEQUENT EVENTS The Company evaluated subsequent events to assess the need for potential recognition or disclosure in this report. Based upon this evaluation, it was determined that no additional subsequent events required recognition or disclosure in these consolidated financial statements, other than disclosures related to those outlined below.
[On May [-], 2026, the Company closed an underwritten offering of [-] shares of its common stock and pre-funded warrants to purchase [-] shares of common stock. The shares of common stock were sold at a price of $[-] per share and the pre-funded common stock warrants were sold at a price of $[-] per pre-funded common stock warrant. The gross proceeds to the Company from the offering were $[-].0 million, before deducting underwriting discounts and commissions and estimated offering expenses payable by the Company.]
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UNITED STATES 
SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549 

FORM 10-Q

(Mark One)
☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended March 31, 2026
or
☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from         to      
Commission File Number: 001-42031

INHIBRX BIOSCIENCES, INC. 

(Exact name of registrant as specified in its charter)  

Delaware99-0613523
(State or other jurisdiction of
incorporation or organization)
(I.R.S. Employer
Identification Number)

11025 N. Torrey Pines Road, Suite 140

La Jolla, California
92037

(Address of principal executive offices)(Zip Code)

(858) 795-4220

(Registrant’s telephone number, including area code) 

N/A
(Former name, former address and former fiscal year, if changed since last report)

Securities registered pursuant to Section 12(b) of the Act

Title of each classTrading Symbol(s)Name of each exchange on which registered
Common Stock, par value $0.0001INBXThe Nasdaq Global Market

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.                             Yes  ☒    No ☐
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).                                            Yes  ☒    No ☐
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

Large Accelerated Filer☐Accelerated filer☐
Non-accelerated filer☒Smaller reporting company☒
Emerging growth company☒

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.               ☒

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).      Yes  ☐    No ☒
As of May 8, 2026, the registrant had 14,671,186 shares of common stock outstanding.

SPECIAL NOTE REGARDING FORWARD-LOOKING STATEMENTS
This Quarterly Report on Form 10-Q, or this Quarterly Report, contains express and implied forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, or the Securities Act, and Section 21E of the Securities Exchange Act of 1934, as amended, or the Exchange Act. Except as otherwise indicated by the context, references in this Quarterly Report to “we,” “us” and “our” are to the consolidated business of Inhibrx Biosciences, Inc., or the Company, or Inhibrx. All statements other than statements of historical facts contained in this Quarterly Report are forward-looking statements. In some cases, you can identify forward-looking statements by words such as “anticipate,” “believe,” “contemplate,” “continue,” “could,” “estimate,” “expect,” “intend,” “may,” “plan,” “possible,” “potential,” “predict,” “project,” “design,” “seek,” “should,” “target,” “will,” “would,” or the negative of these words or other comparable terminology. These forward-looking statements include, but are not limited to, statements about: 
•the design, initiation, timing, progress, results and costs of our research and development programs as well as our preclinical studies and clinical trials;
•our ability to advance therapeutic candidates into, and successfully complete, clinical trials;
•our interpretation of initial, interim or preliminary data from our clinical trials, including interpretations regarding disease control and disease response;
•the potential benefits of regulatory designations;
•the timing or likelihood of regulatory filings and approvals;
•the safety and therapeutic benefits of our therapeutic candidates;
•the commercialization of our therapeutic candidates, if approved;
•the pricing, coverage and reimbursement of our therapeutic candidates, if approved;
•our ability to utilize our technology platform to generate and advance additional therapeutic candidates;
•the implementation of our business model and strategic plans for our business and therapeutic candidates;
•our ability to successfully manufacture our therapeutic candidates for clinical trials and commercial use, if approved;
•our ability to contract with third-party suppliers and manufacturers and their ability to perform adequately;
•the scope of protection we are able to establish and maintain for intellectual property rights covering our therapeutic candidates;
•our ability to enter into strategic partnerships and the potential benefits of such partnerships;
•future results of operations and financial position and our estimates regarding expenses, capital requirements and needs for additional financing;
•our ability to raise funds needed to satisfy our capital requirements, which may depend on financial, economic and market conditions and other factors, over which we may have no or limited control;
•our financial performance;
•our and our third-party partners’ and service providers’ ability to continue operations and advance our therapeutic candidates through clinical trials, as well as the ability of our third party manufacturers to provide the required raw materials, antibodies and other biologics for our preclinical research and clinical trials, in light of the current market conditions or any pandemics, regional conflicts, sanctions, labor conditions, geopolitical events, natural disasters or extreme weather events;
•our ability to retain the continued service of our key professionals and to identify, hire and retain additional qualified professionals; and
•developments relating to our competitors and our industry.
These forward-looking statements are subject to a number of risks, uncertainties and assumptions, including those described in Part II, Item 1A, “Risk Factors” of this Quarterly Report. Moreover, we operate in a very competitive and rapidly changing environment, and new risks emerge from time to time. It is not possible for our management to predict all risks, nor can we assess the impact of all factors on our business or the extent to which any factor, or combination of factors, may cause actual results to differ materially from those contained in any forward-looking statements we may make. In light of these risks, uncertainties and assumptions, the forward-looking events and circumstances discussed in this Quarterly Report may not occur and actual results could differ materially and adversely from those anticipated or implied in the forward-looking statements. In addition, statements that “we believe” and similar statements reflect our current beliefs and opinions on the relevant subject. These statements are 
1

based upon information available to us as of the date of this Quarterly Report, and while we believe such information forms a reasonable basis for such statements, such information may be limited or incomplete, and our statements should not be read to indicate that we have conducted an exhaustive inquiry into, or review of, all potentially available relevant information. These statements are inherently uncertain and investors are cautioned not to unduly rely upon these statements. 
You should not rely upon forward-looking statements as predictions of future events. Although we believe that the expectations reflected in the forward-looking statements are reasonable, we cannot guarantee that the future results, levels of activity, performance or events and circumstances reflected in the forward-looking statements will be achieved or occur. We undertake no obligation to update publicly any forward-looking statements for any reason after the date of this Quarterly Report to conform these statements to new information, actual results or to changes in our expectations, except as required by law. 
You should read this Quarterly Report and the documents that we file with the SEC with the understanding that our actual future results, levels of activity, performance and events and circumstances may be materially different from what we expect. All forward-looking statements are qualified in their entirety by this cautionary statement, which is made under the safe harbor provisions of the Private Securities Litigation Reform Act of 1995.
This Quarterly Report includes trademarks, tradenames and service marks that are the property of other organizations. Solely for convenience, trademarks and tradenames referred to in this Quarterly Report appear without the ® and ™ symbols, but those references are not intended to indicate, in any way, that we will not assert, to the fullest extent under applicable law, our rights, or that the applicable owner will not assert its rights, to these trademarks and tradenames.
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TABLE OF CONTENTS

Page
Part I. Financial Information

Item 1. 
Financial Statements (unaudited) 

Condensed Consolidated Balance Sheets as of March 31, 2026 and December 31, 2025
4

Condensed Consolidated Statements of Operations for the three months ended March 31, 2026 and March 31, 2025
5

Condensed Consolidated Statements of Stockholders’ Equity (Deficit) for the three months ended March 31, 2026 and March 31, 2025
6

Condensed Consolidated Statements of Cash Flows for the three months ended March 31, 2026 and March 31, 2025
7

Notes to the Condensed Consolidated Financial Statements 
8

Item 2. 
Management’s Discussion and Analysis of Financial Condition and Results of Operations
19

Item 3. 
Quantitative and Qualitative Disclosures about Market Risk 
30

Item 4. 
Controls and Procedures
30

Part II. Other Information

Item 1. 
Legal Proceedings
31

Item 1A.
Risk Factors
31

Item 2. 
Unregistered Sales of Equity Securities and Use of Proceeds
31

Item 3. 
Defaults Upon Senior Securities
31

Item 4. 
Mine Safety Disclosures
31

Item 5. 
Other Information
31

Item 6. 
Exhibits
32

Signatures
33

3

Part I — Financial Information

Item 1. Financial Statements.

Inhibrx Biosciences, Inc.
Condensed Consolidated Balance Sheets
(In thousands, except share data and par value)
(Unaudited)

MARCH 31,DECEMBER 31,
20262025

Assets
Current assets:
Cash and cash equivalents$161,657 $124,220 

Other receivables
186 177 

Prepaid expenses and other current assets9,498 8,435 
Total current assets171,341 132,832 
Property and equipment, net3,196 3,733 
Operating right-of-use asset
5,052 5,535 

Other non-current assets4,378 4,378 
Total assets$183,967 $146,478 
Liabilities and stockholders’ equity (deficit)
Current liabilities:
Accounts payable$8,762 $5,944 
Accrued expenses15,342 25,529 

Current portion of operating lease liability
2,408 2,326 

Total current liabilities26,512 33,799 

Long-term debt, net
174,994 100,559 
Non-current portion of operating lease liability
3,496 4,127 

Total liabilities205,002 138,485 
Commitments and contingencies (Note 6)

Stockholders’ equity (deficit)
Preferred stock, $0.0001 par value; 15,000,000 shares authorized as of March 31, 2026 and December 31, 2025; no shares issued or outstanding as of March 31, 2026 and December 31, 2025.
— — 
Common stock, $0.0001 par value; 120,000,000 shares authorized as of March 31, 2026 and December 31, 2025; 14,607,286 shares issued and outstanding as of March 31, 2026 and 14,577,609 shares issued and outstanding as of December 31, 2025.
1 1 
Additional paid-in-capital258,592 254,179 
Accumulated deficit(279,628)(246,187)
Total stockholders’ equity (deficit)(21,035)7,993 
Total liabilities and stockholders’ equity (deficit)$183,967 $146,478 

The accompanying notes are an integral part of these condensed consolidated financial statements.
4

Inhibrx Biosciences, Inc.
Condensed Consolidated Statements of Operations
(In thousands, except per share data)
(Unaudited)

THREE MONTHS ENDED
MARCH 31,
20262025

Operating expenses:
Research and development$25,217 $36,877 
General and administrative5,710 6,024 

Total operating expenses30,927 42,901 
Loss from operations(30,927)(42,901)
Other income (expense):

Interest expense(3,509)(2,689)
Interest income1,007 2,329 
Other income (expense), net(12)(50)

Total other expense
(2,514)(410)
Loss before income tax expense(33,441)(43,311)
Provision for income taxes— — 

Net loss$(33,441)$(43,311)

Net loss per share, basic and diluted$(2.15)$(2.80)

Shares used in computing net loss per share, basic and diluted15,585 15,468 

The accompanying notes are an integral part of these condensed consolidated financial statements. 
5

Inhibrx Biosciences, Inc.
Condensed Consolidated Statements of Stockholders’ Equity (Deficit)
(In thousands)
(Unaudited)

Common Stock
(Shares)Common Stock
(Amount)Additional Paid-In CapitalAccumulated DeficitTotal Stockholders’ Equity (Deficit)
Balance as of December 31, 2025
14,578 $1 $254,179 $(246,187)$7,993 
Stock-based compensation expense— — 2,653 — 2,653 
Issuance of shares upon exercise of stock options30 — 471 — 471 
Issuance of warrants in connection with March 2026 Amendment to the 2025 Loan Agreement— — 1,289 — 1,289 
Net loss— — — (33,441)(33,441)
Balance as of March 31, 2026
14,608 $1 $258,592 $(279,628)$(21,035)

Common Stock
(Shares)Common Stock
(Amount)Additional Paid-In CapitalAccumulated DeficitTotal Stockholders’ Equity

Balance as of December 31, 2024
14,476 $1 $239,715 $(106,132)$133,584 
Stock-based compensation expense— — 2,450 — 2,450 
Issuance of warrants in connection with 2025 Loan Agreement— — 1,720 — 1,720 
Net loss— — — (43,311)(43,311)
Balance as of March 31, 2025
14,476 $1 $243,885 $(149,443)$94,443 

The accompanying notes are an integral part of these condensed consolidated financial statements.
6

Inhibrx Biosciences, Inc.
Condensed Consolidated Statements of Cash Flows
(In thousands)
(Unaudited)

THREE MONTHS ENDED
MARCH 31,
20262025
Cash flows from operating activities
Net loss
$(33,441)$(43,311)
Adjustments to reconcile net loss to net cash used in operating activities:

Depreciation and amortization537 675 
Accretion of debt discount and non-cash interest expense732 533 
Stock-based compensation expense2,653 2,450 
Non-cash lease expense483 434 

Changes in operating assets and liabilities:
Accounts receivable— 200 
Other receivables
(9)(17)
Receivables from related parties— 23 
Prepaid expenses and other current assets(1,063)730 

Other non-current assets— 28 
Accounts payable2,818 (353)
Accrued expenses(10,187)2,884 
Operating lease liability(549)(171)

Net cash used in operating activities(38,026)(35,895)
Cash flows from investing activities
Purchase of property and equipment
— (21)

Net cash used in investing activities— (21)
Cash flows from financing activities

Proceeds from the issuance of debt74,992 99,965 
Payment of fees associated with debt— (125)

Proceeds from the exercise of stock options471 — 

Net cash provided by financing activities 75,463 99,840 
Net increase in cash and cash equivalents37,437 63,924 
Cash and cash equivalents at beginning of period124,220 152,596 
Cash and cash equivalents at end of period $161,657 $216,520 

Supplemental disclosure of cash flow information
Cash paid for interest$2,778 $1,299 
Cash paid for income taxes$— $— 
Supplemental schedule of non-cash investing and financing activities
Fair value of warrants issued to lender in conjunction with Amended 2025 Loan Agreement (as defined in Note 3)$1,289 $1,720 

The accompanying notes are an integral part of these condensed consolidated financial statements.
7

Inhibrx Biosciences, Inc.
Notes to Unaudited Condensed Consolidated Financial Statements

1. ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Organization
Inhibrx Biosciences, Inc., or the Company, or Inhibrx, is a clinical-stage biopharmaceutical company focused on developing a broad pipeline of novel biologic therapeutic candidates. The Company combines target biology with protein engineering, technologies, and research and development to design therapeutic candidates. The Company’s current pipeline is focused on oncology.
Basis of Presentation
The accompanying unaudited condensed consolidated financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America, or GAAP, and applicable rules and regulations of the Securities and Exchange Commission, or the SEC, related to an interim report on Form 10-Q. The unaudited condensed consolidated financial statements include the accounts of the Company and its wholly-owned subsidiary. All intercompany accounts and transactions have been eliminated in consolidation.
The unaudited interim condensed consolidated financial statements reflect all adjustments which, in the opinion of management, are necessary for a fair statement of the results for the periods presented. All such adjustments are of a normal and recurring nature. The operating results presented in these unaudited interim condensed consolidated financial statements are not necessarily indicative of the results that may be expected for any future periods. 
Certain information and note disclosures normally included in annual financial statements prepared in accordance with GAAP have been condensed or omitted. Accordingly, the accompanying unaudited interim condensed consolidated financial statements should be read in conjunction with the Company’s audited consolidated financial statements and the related notes thereto for the fiscal year ended December 31, 2025, which are included in the Company’s Annual Report on Form 10-K filed with the SEC on March 19, 2026.
Liquidity
As of March 31, 2026, the Company had an accumulated deficit of $279.6 million and cash and cash equivalents of $161.7 million. From its inception and through March 31, 2026, the Company has devoted substantially all of its efforts to therapeutic drug discovery and development, conducting preclinical studies and clinical trials, enabling manufacturing activities in support of its therapeutic candidates, pre-commercialization activities, organizing and staffing the Company, establishing its intellectual property portfolio and raising capital to support and expand these activities. 
The Company believes that its existing cash and cash equivalents will be sufficient to fund the Company’s operations for at least 12 months from the date these consolidated financial statements are issued. The Company plans to finance its future cash needs through equity offerings, debt financings or other capital sources, including potential collaborations, licenses, strategic transactions and other similar arrangements. 
If the Company does raise additional capital through public or private equity or convertible debt offerings, the ownership interests of its existing stockholders will be diluted, and the terms of those securities may include liquidation or other preferences that adversely affect its stockholders’ rights. If the Company raises capital through additional debt financings, it may be subject to covenants limiting or restricting its ability to take specific actions, such as incurring additional debt or making certain capital expenditures. To the extent that the Company raises additional capital through strategic licensing, collaboration or other similar agreements, it may have to relinquish valuable rights to its therapeutic candidates, future revenue streams or research programs at an earlier stage of development or on less favorable terms than it would otherwise choose, or to grant licenses on terms that may not be favorable to the Company. There can be no assurance as to the availability or terms upon which such financing and capital might be available in the future. If the Company is unable to secure adequate additional funding, it will need to reevaluate its operating plan and may be forced to make reductions in spending, extend payment terms with suppliers, liquidate assets where possible, delay, scale back or eliminate some or all of its development programs, or 
8

relinquish rights to its technology on less favorable terms than it would otherwise choose. These actions could materially impact its business, financial condition, results of operations and prospects.
The rules and regulations of the SEC or any other regulatory agencies may restrict the Company’s ability to conduct certain types of financing activities, or may affect the timing of and amounts it can raise by undertaking such activities.
Use of Estimates 
The preparation of these unaudited condensed consolidated financial statements in conformity with GAAP requires the Company to make estimates and judgments that affect the reported amounts of assets, liabilities, revenue and expense and the disclosure of contingent assets and liabilities in the Company’s financial statements and accompanying notes. The Company’s most significant estimates relate to accounting for development work and preclinical studies and clinical trials, determining the assumptions used in measuring stock-based compensation, the fair value of warrants, and the incremental borrowing rate estimated in relation to the Company’s operating lease. The Company bases its estimates on historical experience, known trends and other market-specific or other relevant factors that it believes to be reasonable under the circumstances. Estimates are periodically reviewed in light of changes in circumstances, facts and experience. Changes in estimates are recorded in the period in which they become known. The Company’s actual results may differ from these estimates under different assumptions or conditions.
Cash and Cash Equivalents
Cash and cash equivalents are comprised of cash held in financial institutions including readily available checking, overnight sweep, and money market accounts.
Concentrations of Credit Risk 
Financial instruments that subject the Company to significant concentrations of credit risk consist primarily of cash and cash equivalents. The Company maintains deposits in federally insured financial institutions in excess of federally insured limits by the Federal Deposit Insurance Corporation, or the FDIC, of up to $250,000. The Company’s cash management and investment policy limits investment instruments to investment-grade securities with the objective to preserve capital and to maintain liquidity until the funds can be used in operations. The Company has not experienced any losses in such accounts and believes it is not exposed to significant risk on its cash balances due to the financial condition of the depository institutions in which those deposits are held.
Fair Value Measurements
The Company determines the fair value measurements of applicable assets and liabilities based on a three-tier fair value hierarchy established by accounting guidance and prioritizes the inputs used in measuring fair value. These tiers include: 
•Level 1 - Quoted prices in active markets for identical assets or liabilities. 
•Level 2 - Inputs other than Level 1 that are observable, either directly or indirectly, such as quoted prices for similar assets or liabilities; quoted prices in markets that are not active; or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities. 
•Level 3 - Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities. 
In certain cases, the inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, the level in the fair value hierarchy within which the fair value measurement in its entirety falls has been determined based on the lowest level input that is significant to the fair value measurement in its entirety. The Company’s assessment of the significance of a particular input to the fair value measurement in its entirety requires judgment and considers factors specific to the asset or liability. 
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Financial assets and liabilities subject to fair value measurements on a recurring basis and the level of inputs used in such measurements by major security type are presented in the following table (in thousands):

Level 1Level 2Level 3Total
March 31, 2026
Money market funds$5,923 $— $— $5,923 
Total assets measured at fair value$5,923 $— $— $5,923 

December 31, 2025
Money market funds$5,870 $— $— $5,870 
Total assets measured at fair value$5,870 $— $— $5,870 

The Company’s long-term outstanding debt is not measured at fair value on a reoccurring basis. As of March 31, 2026 and December 31, 2025, the Company’s long-term outstanding debt approximates fair value using Level 2 inputs.
Accrued Research and Development and Clinical Trial Costs 
Research and development costs are expensed as incurred based on estimates of the period in which services and efforts are expended, and include the cost of compensation and related expenses, as well as expenses for third parties who conduct research and development on the Company’s behalf, pursuant to development and consulting agreements in place. The Company’s preclinical studies and clinical trials are performed internally, by third party contract research organizations, or CROs, and/or clinical investigators. The Company also engages with contract development and manufacturing organizations, or CDMOs, for clinical supplies and manufacturing scale-up activities related to its therapeutic candidates. Invoicing from these third parties may be monthly based upon services performed or based upon milestones achieved. The Company accrues these expenses based upon estimates determined by reviewing cost information provided by CROs and CDMOs, other third-party vendors and internal clinical personnel, and contractual arrangements with CROs and CDMOs and the scope of work to be performed. Costs incurred related to the Company’s purchases of in-process research and development for early-stage products or products that are not commercially viable and ready for use, or have no alternative future use, are charged to expense in the period incurred. Costs incurred related to the licensing of products that have not yet received marketing approval to be marketed, or that are not commercially viable and ready for use, or have no alternative future use, are charged to expense in the period incurred. 
Income Taxes 
Income taxes are accounted for under the asset and liability method. Deferred income taxes are recorded for temporary differences between financial statement carrying amounts and the tax basis of assets and liabilities. Deferred tax assets and liabilities reflect the tax rates expected to be in effect for the years in which the differences are expected to reverse. A valuation allowance is provided if it is more likely than not that some or all of the deferred tax assets will not be realized. 
Net Loss Per Share 
Basic net loss per share is computed by dividing net loss by the weighted average number of common stock outstanding during the same period. Diluted net loss per share is computed by dividing net loss by the weighted average number of common and common stock equivalents outstanding during the same period. The Company excludes common stock equivalents from the calculation of diluted net loss per share when the effect is anti-dilutive.
The weighted average number of shares of common stock used in the basic and diluted net income (loss) per common stock calculations includes the weighted-average pre-funded warrants outstanding during the period as they are exercisable at any time for nominal cash consideration.
In periods in which the Company has a net loss, basic loss per share and diluted loss per share are identical since the effect of potentially dilutive common shares is anti-dilutive and therefore excluded. Accordingly, for the three 
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months ended March 31, 2026 and March 31, 2025, there is no difference in the number of shares used to calculate basic and diluted shares outstanding.
Potentially dilutive securities not included in the calculation of diluted loss per share are as follows (in thousands):

AS OF MARCH 31,
20262025

Outstanding stock options3,428 3,422 

Warrants to purchase common stock162 141 
Total3,590 3,563 

Segment Information 
Operating segments are identified as components of an enterprise about which separate discrete financial information is available for evaluation by the chief operating decision-maker, or CODM, in making decisions regarding resource allocation and assessing performance. The Company views its operations and manages its business as one operating and reportable segment as the Company has devoted substantially all of its resources to drug discovery and development activities through conducting preclinical studies and clinical trials associated with its programs, all of which aim to discover and develop biologic therapeutic candidates.
The CODM assesses performance for the biologic therapeutic segment and decides how to allocate resources based on the consolidated net income (loss) as reported on its consolidated statement of operations. The accounting policies of the reportable segment are the same as those described in the summary of significant accounting policies. The measure of segment assets is reported on the consolidated balance sheet as total consolidated assets. The segment depreciation expense, interest expense, interest income, and segment asset additions are consistent with consolidated amounts reported within the consolidated statement of cash flows given the Company's operations are aggregated within a single reportable segment. 
The Company has incurred operating losses since its inception and expects to continue to incur significant expenses and operating losses for the foreseeable future as it advances its therapeutic candidates through all stages of development and clinical trials and, ultimately, seeks regulatory approval. 
The CODM uses net loss and the components of operating expense to assess the Company’s operating results and performance and make operating decisions regarding the allocation of resources to best support the long-term growth of the Company’s overall business.
The table below summarizes the significant segment expenses which are regularly provided to the CODM for the purposes of making decisions regarding the allocation of resources and are reconciled to consolidated net loss for the three months ended March 31, 2026 and March 31, 2025 (in thousands):
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THREE MONTHS ENDED
MARCH 31,
20262025
Segment net loss

Research and development expense
Clinical trials$(9,180)$(13,265)
Personnel(8,527)(9,326)
Contract manufacturing(2,043)(8,550)
Equipment, depreciation, and facility(2,561)(2,583)
Other research and development(2,906)(3,153)
Total research and development expense
(25,217)(36,877)
General and administrative expense

Personnel(3,646)(3,777)
Other general and administrative(2,064)(2,247)
Total general and administrative expense
(5,710)(6,024)
Other expense
(2,514)(410)

Segment and consolidated net loss$(33,441)$(43,311)

Recent Accounting Pronouncements 
From time to time, new accounting pronouncements are issued by the Financial Accounting Standards Board, or FASB, or other standard setting bodies. The Company believes that the impact of the recently issued accounting pronouncements that are not yet effective will not have a material impact on its condensed consolidated financial condition or results of operations upon adoption.
Recently Issued but Not Yet Adopted Accounting Pronouncements
In November 2024, the FASB issued ASU 2024-03, Income Statement - Reporting Comprehensive Income - Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses, which requires additional disclosure about specific expense categories in the notes to financial statements. The amendments are effective for fiscal years beginning after December 15, 2026, and for interim periods within fiscal years beginning after December 15, 2027. Early adoption is permitted. The amendments should be applied either prospectively to financial statements issued for reporting periods after the effective date of this ASU or retrospectively to any or all prior periods presented in the financial statements. The Company is currently evaluating the impact of this accounting standard update on the Company’s consolidated financial statements and related disclosures.
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2. OTHER FINANCIAL INFORMATION 
Prepaid Expense and Other Current Assets 
Prepaid expense and other current assets were comprised of the following (in thousands): 

AS OFAS OF
MARCH 31, 2026DECEMBER 31, 2025
Clinical trials (1)
$5,789 $4,566 
Clinical drug substance and product manufacturing (2)
1,556 1,880 
Software licenses
1,385 1,303 
Outside research and development services (3)
506 448 

Other262 238 
Prepaid expense and other current assets$9,498 $8,435 

(1) Relates primarily to the Company’s prepayments to third-party CROs for management of clinical trials and prepayments for drug supply to be used in combination with the Company’s therapeutics. See “Accrued Research and Development and Clinical Trial Costs” in Note 1 for further discussion of the components of research and development.
(2) Relates primarily to the Company’s usage of third-party CDMOs for clinical and development efforts. See “Accrued Research and Development and Clinical Trial Costs” in Note 1 for further discussion of the components of research and development.
(3) Relates to the Company’s usage of third-parties for other research and development efforts. See “Accrued Research and Development and Clinical Trial Costs” in Note 1 for further discussion of the components of research and development. 
Property and Equipment, Net 
Property and equipment, net were comprised of the following (in thousands): 

AS OFAS OF
MARCH 31, 2026DECEMBER 31, 2025

Machinery and equipment$9,519 $9,519 
Computer software3,984 3,984 
Leasehold improvements795 795 
Furniture, fixtures, and other556 556 

Total property and equipment14,854 14,854 
Less: accumulated depreciation and amortization(11,658)(11,121)
Property and equipment, net$3,196 $3,733 

Depreciation and amortization expense for the three months ended March 31, 2026 and March 31, 2025 consisted of the following (in thousands):

THREE MONTHS ENDED
MARCH 31,
20262025
Research and development$530 $588 
General and administrative7 87 
Total depreciation and amortization expense$537 $675 

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Accrued Expenses
Accrued expenses were comprised of the following (in thousands): 

AS OFAS OF
MARCH 31, 2026DECEMBER 31, 2025

Clinical trials (1)
$8,582 $10,794 
Compensation-related2,242 7,450 
Clinical drug substance and product manufacturing (2)
2,141 5,542 

Interest expense857 857 
Professional fees591 447 

Other outside research and development (3)
236 111 
Other693 328 
Accrued expenses$15,342 $25,529 

(1) Relates primarily to the Company’s usage of third-party CROs for management of clinical trials. See “Accrued Research and Development and Clinical Trial Costs” in Note 1 for further discussion of the components of research and development. 
(2) Relates primarily to the Company’s usage of third-party CDMOs for clinical and development efforts. See “Accrued Research and Development and Clinical Trial Costs” in Note 1 for further discussion of the components of research and development.
(3) Relates to the Company’s usage of third-parties for other research and development efforts. See “Accrued Research and Development and Clinical Trial Costs” in Note 1 for further discussion of the components of research and development. 

3. DEBT
2025 Loan Agreement
On January 13, 2025, the Company entered into a Loan and Security Agreement, or the 2025 Loan Agreement, with Oxford Finance LLC, or Oxford, pursuant to which it received $100.0 million in gross proceeds. The 2025 Loan Agreement provided for an additional tranche of $50.0 million to be funded upon the Company's request and at Oxford’s sole discretion. On March 18, 2026, the Company entered into the First Amendment to Loan and Security Agreement with Oxford, or the March 2026 Amendment, or collectively with the 2025 Loan Agreement, the Amended 2025 Loan Agreement. The March 2026 Amendment provided for an additional tranche, or the Term B Loans, in an aggregate principal amount of $75.0 million, upsized from $50.0 million originally available under the 2025 Loan Agreement. Upon closing of the March 2026 Amendment, the Term B Loans were funded and the Company received gross proceeds of $75.0 million.
The Company determined the March 2026 Amendment should be treated as a modification of the original 2025 Loan Agreement since the terms and resulting cash flows were not substantially changed upon the amendment.
The outstanding term loans will mature on January 1, 2030, or the Maturity Date, and bear interest at (1) 5.61% plus (2) the greater of (i) the 1-Month Term Secured Overnight Financing Rate as published by the CME Group or (ii) 4.34%. The repayment schedule provides for interest-only payments through February 1, 2028, with principal payments beginning on March 1, 2028. The interest-only period is followed by 23 months of equal payments of principal plus interest. Upon the earliest to occur of (i) the Maturity Date, (ii) the acceleration of any term loan under the Term Loan Facility, or (iii) prepayment of any term loan under the Term Loan Facility, the Company will be required to make a final payment of 9.0% of the total principal amount. This final payment of $15.75 million will be accreted over the life of the Amended 2025 Loan Agreement using the effective interest method. The Company has the option to prepay the outstanding balance of the term loan in full prior to the Maturity Date, subject to a prepayment fee ranging from 2.0% to 5.0%, depending on the timing of the prepayment. 

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As of March 31, 2026, the Company’s outstanding debt balance under the Amended 2025 Loan Agreement consisted of the following (in thousands):

AS OF
MARCH 31, 2026
Term A$109,000 
Term B81,750 
Less: debt discount(15,756)
Long-term debt, including debt discount and final payment fee$174,994 

The Company’s interest-only period will continue through February 2028, with principal payments beginning in March 2028. Future principal payments and final fee payments will be made as follows (in thousands):

AS OF
MARCH 31, 2026
2028 (10 months)$76,087 
202991,304 
203023,359 
Total future minimum payments190,750 
Less: unamortized debt discount(15,756)
Total debt$174,994 

All obligations under the Amended 2025 Loan Agreement and the other loan documents are secured by a first priority perfected lien on, and security interest in, substantially all present and future assets of the Company, subject to certain exceptions. The Amended 2025 Loan Agreement includes customary events of default, including instances of a material adverse change in the Company’s operations, that may require prepayment of the outstanding term loans. The March 2026 Amendment updated the minimum liquidity threshold covenant, tested at all times, to $40.0 million, not subject to future increases. All other terms of the 2025 Loan Agreement remain outstanding following the March 2026 Amendment. As of March 31, 2026, the Company is in compliance with all covenants under the 2025 Loan Agreement and has not received any notification or indication from Oxford of an intent to declare the loan due prior to maturity.
Concurrently with the debt issuance in January 2025, the Company issued to Oxford warrants to purchase 140,741 shares of common stock at an exercise price of $14.21 per share. Concurrently with the March 2026 Amendment, the Company issued to Oxford warrants to purchase 21,518 shares of common stock at an exercise price of $69.71 per share. Both the 2025 Oxford Warrants and 2026 Oxford Warrants are immediately exercisable, and the exercise period will expire 10 years from the date of issuance. Upon issuance, both the 2025 Oxford Warrants and 2026 Oxford Warrants were classified as equity and recorded at their fair value of $1.7 million and $1.3 million, respectively, as additional paid-in-capital and as a debt discount which will be accreted over the life of the Amended 2025 Loan Agreement using the effective interest method. 
See Note 4 for further discussion of these warrants.
Interest Expense
Interest expense on the Amended 2025 Loan is calculated using the effective interest method and is inclusive of non-cash amortization of the debt discount and accretion of the final payment at an effective interest rate of 17.5%. During the three months ended March 31, 2026, interest expense was $3.5 million, $0.7 million of which related to non-cash amortization of the debt discount and accretion of the final payment. During the three months ended March 31, 2025, interest expense was $2.7 million, $0.5 million of which related to non-cash amortization of the debt discount and accretion of the final payment. 
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4. STOCKHOLDERS’ EQUITY (DEFICIT)
Pre-funded Warrants
Pre-funded warrants to purchase 991,849 shares of the Company’s common stock are outstanding at an exercise price of $0.0001 per share. The pre-funded warrants are exercisable upon issuance pursuant to certain beneficial ownership limitations as defined in the Securities Purchase Agreement, as amended, which was entered into with certain institutional and other accredited investors, and will expire when exercised in full. 
Oxford Warrants
In connection with the 2025 Loan Agreement, the Company issued warrants to Oxford, or the 2025 Oxford Warrants. The Company issued warrants to purchase 140,741 shares of the Company’s common stock at an exercise price of $14.21 per share. The 2025 Oxford Warrants are exercisable upon issuance and will expire on January 13, 2035. The 2025 Oxford Warrants are equity-classified and carried at the instruments’ fair value upon classification into equity, with no subsequent remeasurements.
In connection with the March 2026 Amendment, the Company issued warrants to Oxford, or the 2026 Oxford Warrants. The Company issued warrants to purchase 21,518 shares of the Company’s common stock at an exercise price of $69.71 per share. The 2026 Oxford Warrants are exercisable upon issuance and will expire on March 18, 2036