Inhibrx Biosciences Reports Positive Interim Results for INBRX-106 Phase 2
Written by Emily J. Thompson, Senior Investment Analyst
Updated: May 11 2026
0mins
Inhibrx Biosciences announced positive interim results from the randomized, first-line Phase 2 portion of the HexAgon study. The trial evaluated the safety and efficacy of INBRX-106, a hexavalent OX40 agonist, in combination with pembrolizumab - the combination arm - versus pembrolizumab monotherapy - the control arm - in first-line patients with treatment-naive, PD-L1 positive metastatic or unresectable recurrent Head and Neck Squamous Cell Carcinoma, or HNSCC. 11 out of 25 patients in the INBRX-106 combination arm achieved a confirmed objective response, compared with 6 out of 28 patients in the control arm. This represents a 22.6% absolute increase in confirmed responses. Three complete responses were observed in the INBRX-106 combination arm. These clinical findings were supported by pharmacodynamic data, which showed up to a 15-fold increase in peripheral CD8+ and CD4+ T-cell proliferation and up to a four-fold increase in activation in INBRX-106 combination-treated patients compared with up to 2.5-fold and 1.5-fold increases, respectively, in those receiving pembrolizumab alone. The combination of INBRX-106 and pembrolizumab was generally manageable, with a safety profile consistent with the addition of an active immunostimulatory agent to checkpoint blockade. The progression-free survival data from the Phase 2 portion of the HexAgon study are expected to become available in Q4. The company plans to begin the Phase 3 portion of the HexAgon study during Q3. In addition, the company is beginning to plan for expansion into the front-line metastatic NSCLC setting, with studies expected to begin in 2027.
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About INBX
Inhibrx Biosciences, Inc. is a clinical-stage biopharmaceutical company focused on developing a broad pipeline of novel biologic therapeutic candidates. The Company utilizes diverse methods of protein engineering to address the specific requirements of complex target and disease biology, including its proprietary protein engineering platforms. Its clinical pipeline of therapeutic candidates includes ozekibart (INBRX-109) and INBRX-106. INBRX-109 is an engineered tetravalent single domain antibody (sdAb)-based therapeutic candidate that agonizes DR5 to induce tumor selective programmed cell death. INBRX-106 is a hexavalent sdAb-based therapeutic candidate targeting OX40 that provides co-stimulation that promotes T-cell expansion, enhanced effector function and memory cell formation, and prevents activation-induced cell death. INBRX-106 in Combination with Pembrolizumab in Patients with Locally Advanced or Metastatic Solid Tumors.
About the author
Emily J. Thompson
Emily J. Thompson, a Chartered Financial Analyst (CFA) with 12 years in investment research, graduated with honors from the Wharton School. Specializing in industrial and technology stocks, she provides in-depth analysis for Intellectia’s earnings and market brief reports.
Inhibrx Biosciences Reports Q1 Financial Results
- Financial Performance: Inhibrx Biosciences reported a Q1 GAAP EPS of -$2.15, indicating challenges in profitability, although market sentiment remains optimistic about the company's future potential.
- Cash Position: As of March 31, 2026, the company had cash and cash equivalents of $161.7 million, an increase from $124.2 million as of December 31, 2025, reflecting improved cash management practices.
- Funding Progress: The increase in cash balance is primarily due to gross proceeds of $75 million received in March 2026 from the First Amendment to the Loan and Security Agreement with Oxford Finance LLC, providing essential funding for future R&D initiatives.
- Market Reaction: Despite the reported losses, Inhibrx's stock surged due to anticipation of upcoming interim mid-stage data for its head and neck cancer asset, demonstrating investor confidence in the company's strategic direction.
See More
Inhibrx Biosciences Shares Rise 4% After Phase 2 Trial Announcement
- Clinical Trial Progress: Inhibrx Biosciences announced it will release interim results on May 11 from a phase 2 trial of INBRX-106 for first-line head and neck squamous cell carcinoma, which is expected to positively impact the company's stock price.
- Combination Therapy Study: The data will compare the efficacy of INBRX-106 in combination with Merck's Keytruda (pembrolizumab) versus Keytruda alone, and positive results could enhance the market competitiveness of INHBRX-106.
- Innovative Drug Mechanism: INBRX-106 is a hexavalent agonist designed to achieve high-order receptor clustering for effective T-cell activation and survival, potentially overcoming the limitations of traditional bivalent antibody approaches.
- Increased Market Attention: As the release of clinical data approaches, Inhibrx's stock is gaining market attention, with analysts maintaining an optimistic outlook, which may attract more investor interest.
See More
Inhibrx Biosciences' Promising Drug Pipeline Attracts Major Interest
- Clinical Trial Progress: Inhibrx Biosciences reported promising interim data from its Phase 1/2 trial for advanced colorectal cancer, achieving a 20% response rate among 45 patients, significantly higher than the typical 1%-6% seen with standard therapies, indicating strong market competitiveness for the drug.
- Market Valuation Expectations: If clinical trial results confirm the potential of INBRX-106 to enhance treatment response rates, the therapy could be valued at over $8 billion, and if spun off with another experimental cancer drug, the combined entity could exceed $9 billion, highlighting substantial market opportunities.
- Positive Stock Market Reaction: Following reports of potential deal interest, Inhibrx Biosciences' shares surged over 40% on Wednesday to an all-time high, reflecting strong investor confidence and market enthusiasm for its cancer drug pipeline.
- FDA Meeting Plans: Inhibrx plans to meet with the U.S. Food and Drug Administration (FDA) later this year to discuss advancing its new therapy into late-stage trials, which will lay the groundwork for future drug development and market introduction.
See More
Inhibrx Biosciences Reports Promising Interim Results for Ozekibart in Colorectal Cancer
- Clinical Trial Results: Inhibrx's Phase 1/2 study of Ozekibart (INBRX-109) combined with FOLFIRI shows a 20% objective response rate among 45 evaluable patients, significantly higher than the 1-6% seen with current standard therapies, indicating the drug's potential in late-stage colorectal cancer.
- Disease Control Rate: The overall disease control rate reached 87%, with nearly half of the responses lasting over six months, underscoring Ozekibart's effectiveness in stabilizing tumor growth, particularly in patients with limited treatment options.
- Safety Profile: The safety findings indicate a manageable side effect profile, with common adverse effects such as diarrhea, fatigue, and nausea generally mild to moderate, and importantly, no significant liver toxicity was observed despite most patients having liver metastases at baseline.
- Future Plans: Inhibrx plans to meet with the U.S. FDA later this year to discuss advancing Ozekibart into a first-line registrational trial for colorectal cancer, while also exploring accelerated pathways for fourth-line CRC and refractory Ewing sarcoma.
See More
Global Drugmakers Pursue $8B Cancer Drug Deal with Inhibrx
- Potential Deal Value: Global pharmaceutical companies, including Merck (MRK) and Japan's Ono Pharmaceutical (OPHLF), are negotiating with Inhibrx Biosciences (INBX) for a cancer drug agreement potentially valued at over $8 billion, indicating strong market interest in new therapies.
- Joint Spin-off Plans: Inhibrx is considering a joint spin-off of its antibody therapy INBRX-106 along with a second experimental cancer therapy, with the total transaction value potentially exceeding $9 billion, reflecting the company's confidence in upcoming clinical trial results.
- Clinical Trial Progress: INBRX-106 is currently undergoing studies both as a monotherapy and in combination with Merck's blockbuster Keytruda, with Inhibrx believing that the drug can enhance the efficacy of Keytruda, thereby improving its competitive position in the market.
- Analyst Outlook: Stifel analyst Dara Azar initiated coverage on Inhibrx with a Buy rating and a $150 per share target, suggesting that INBRX-106 could enhance the cure-like efficacy of Keytruda by targeting a narrow responder base, highlighting the investment potential of the drug.
See More
EXCLUSIVE: SOURCES REVEAL MERCK AND COMPETITORS SHOWING INTEREST IN INHIBRX'S EXPERIMENTAL CANCER TREATMENT LINKED TO KEYTRUDA
Interest in InhibRx: Merck and other rivals are showing interest in InhibRx, a company involved in experimental cancer drug development.
Key Drug Tied to Trudeau: The experimental cancer drug being discussed is reportedly linked to key figures, including Canadian Prime Minister Justin Trudeau.
See More
Inhibrx Biosciences Reports Q1 Financial Results
- Financial Performance: Inhibrx Biosciences reported a Q1 GAAP EPS of -$2.15, indicating challenges in profitability, although market sentiment remains optimistic about the company's future potential.
- Cash Position: As of March 31, 2026, the company had cash and cash equivalents of $161.7 million, an increase from $124.2 million as of December 31, 2025, reflecting improved cash management practices.
- Funding Progress: The increase in cash balance is primarily due to gross proceeds of $75 million received in March 2026 from the First Amendment to the Loan and Security Agreement with Oxford Finance LLC, providing essential funding for future R&D initiatives.
- Market Reaction: Despite the reported losses, Inhibrx's stock surged due to anticipation of upcoming interim mid-stage data for its head and neck cancer asset, demonstrating investor confidence in the company's strategic direction.
See More
Inhibrx Biosciences Shares Rise 4% After Phase 2 Trial Announcement
- Clinical Trial Progress: Inhibrx Biosciences announced it will release interim results on May 11 from a phase 2 trial of INBRX-106 for first-line head and neck squamous cell carcinoma, which is expected to positively impact the company's stock price.
- Combination Therapy Study: The data will compare the efficacy of INBRX-106 in combination with Merck's Keytruda (pembrolizumab) versus Keytruda alone, and positive results could enhance the market competitiveness of INHBRX-106.
- Innovative Drug Mechanism: INBRX-106 is a hexavalent agonist designed to achieve high-order receptor clustering for effective T-cell activation and survival, potentially overcoming the limitations of traditional bivalent antibody approaches.
- Increased Market Attention: As the release of clinical data approaches, Inhibrx's stock is gaining market attention, with analysts maintaining an optimistic outlook, which may attract more investor interest.
See More
Inhibrx Biosciences' Promising Drug Pipeline Attracts Major Interest
- Clinical Trial Progress: Inhibrx Biosciences reported promising interim data from its Phase 1/2 trial for advanced colorectal cancer, achieving a 20% response rate among 45 patients, significantly higher than the typical 1%-6% seen with standard therapies, indicating strong market competitiveness for the drug.
- Market Valuation Expectations: If clinical trial results confirm the potential of INBRX-106 to enhance treatment response rates, the therapy could be valued at over $8 billion, and if spun off with another experimental cancer drug, the combined entity could exceed $9 billion, highlighting substantial market opportunities.
- Positive Stock Market Reaction: Following reports of potential deal interest, Inhibrx Biosciences' shares surged over 40% on Wednesday to an all-time high, reflecting strong investor confidence and market enthusiasm for its cancer drug pipeline.
- FDA Meeting Plans: Inhibrx plans to meet with the U.S. Food and Drug Administration (FDA) later this year to discuss advancing its new therapy into late-stage trials, which will lay the groundwork for future drug development and market introduction.
See More
Inhibrx Biosciences Reports Promising Interim Results for Ozekibart in Colorectal Cancer
- Clinical Trial Results: Inhibrx's Phase 1/2 study of Ozekibart (INBRX-109) combined with FOLFIRI shows a 20% objective response rate among 45 evaluable patients, significantly higher than the 1-6% seen with current standard therapies, indicating the drug's potential in late-stage colorectal cancer.
- Disease Control Rate: The overall disease control rate reached 87%, with nearly half of the responses lasting over six months, underscoring Ozekibart's effectiveness in stabilizing tumor growth, particularly in patients with limited treatment options.
- Safety Profile: The safety findings indicate a manageable side effect profile, with common adverse effects such as diarrhea, fatigue, and nausea generally mild to moderate, and importantly, no significant liver toxicity was observed despite most patients having liver metastases at baseline.
- Future Plans: Inhibrx plans to meet with the U.S. FDA later this year to discuss advancing Ozekibart into a first-line registrational trial for colorectal cancer, while also exploring accelerated pathways for fourth-line CRC and refractory Ewing sarcoma.
See More
Global Drugmakers Pursue $8B Cancer Drug Deal with Inhibrx
- Potential Deal Value: Global pharmaceutical companies, including Merck (MRK) and Japan's Ono Pharmaceutical (OPHLF), are negotiating with Inhibrx Biosciences (INBX) for a cancer drug agreement potentially valued at over $8 billion, indicating strong market interest in new therapies.
- Joint Spin-off Plans: Inhibrx is considering a joint spin-off of its antibody therapy INBRX-106 along with a second experimental cancer therapy, with the total transaction value potentially exceeding $9 billion, reflecting the company's confidence in upcoming clinical trial results.
- Clinical Trial Progress: INBRX-106 is currently undergoing studies both as a monotherapy and in combination with Merck's blockbuster Keytruda, with Inhibrx believing that the drug can enhance the efficacy of Keytruda, thereby improving its competitive position in the market.
- Analyst Outlook: Stifel analyst Dara Azar initiated coverage on Inhibrx with a Buy rating and a $150 per share target, suggesting that INBRX-106 could enhance the cure-like efficacy of Keytruda by targeting a narrow responder base, highlighting the investment potential of the drug.
See More
EXCLUSIVE: SOURCES REVEAL MERCK AND COMPETITORS SHOWING INTEREST IN INHIBRX'S EXPERIMENTAL CANCER TREATMENT LINKED TO KEYTRUDA
Interest in InhibRx: Merck and other rivals are showing interest in InhibRx, a company involved in experimental cancer drug development.
Key Drug Tied to Trudeau: The experimental cancer drug being discussed is reportedly linked to key figures, including Canadian Prime Minister Justin Trudeau.
See More
