Liquidity is under pressure from consistent free cash flow erosion, with quarterly outflows exceeding $30 million as the firm prioritizes clinical development over near-term financial sustainability.
| Cash from Operations | -131.93M | -129.79M | -194.41M | -193.31M | -115.3M | -80.32M | -47.97M | -32.08M | -23.09M | -18.75M | -18.11M |
| Operating CF Margin % | - | -9984.15% | -97204.5% | -10739.39% | -5260.08% | -1127.34% | -374.52% | -352.79% | -307.89% | -235.87% | -271.61% |
| Operating CF Growth % | 61.24% | 33.24% | -0.57% | -67.66% | -43.55% | -67.45% | -49.53% | -38.92% | -23.14% | -3.56% | - |
| Net Income | -130.19M | -140.06M | 1.69B | -239.73M | -145.23M | -81.77M | -76.12M | -51.4M | -31.02M | -22.08M | -8.27M |
| Depreciation & Amortization | 2.35M | 2.48M | 2.29M | 1.19M | 1.23M | 1.2M | 1.02M | 1.16M | 676K | 399K | 253K |
| Stock-Based Compensation | 8.69M | 11.14M | 58.52M | 24.85M | 20.45M | 15.05M | 5.02M | 3.97M | 2.48M | 1.18M | 552K |
| Deferred Taxes | 0 | 0 | 0 | 0 | 0 | -9K | -2.14M | 1.08M | 0 | 0 | 0 |
| Other Non-Cash Items | 7.16M | 4.25M | -1.99B | 5.03M | 5.09M | 2.73M | 11.56M | 9.61M | 522K | 746K | -3.37M |
| Working Capital Changes | -19.93M | -7.61M | 52.05M | 15.35M | 3.16M | -17.52M | 12.69M | 3.48M | 4.25M | 999K | -6.28M |
| Change in Receivables | 28K | 243K | 381K | -521K | 130K | -167K | 117K | 491K | -550K | -140K | 0 |
| Change in Inventory | 0 | 0 | 0 | 0 | 0 | -11.03M | 7.76M | -2.47M | -672K | 1.09M | 0 |
| Change in Payables | -130K | -3.3M | 17.9M | 2.11M | -705K | -4.64M | 10.43M | -3.47M | 4.91M | 608K | 68K |
| Cash from Investing | -7K | -28K | -2.6M | -4.59M | -686K | -809K | -1.36M | -1.81M | -1.43M | -1.34M | -215K |
| Capital Expenditures | -10K | -31K | -2.6M | -4.59M | -686K | -864K | -1.36M | -1.81M | -1.43M | -1.34M | -215K |
| CapEx % of Revenue | 0.77% | 2.38% | 1298.5% | 255.17% | 31.3% | 12.13% | 10.65% | 19.91% | 19.05% | 16.86% | 3.22% |
| Acquisitions | 0 | 3K | 0 | 0 | 0 | 55K | 0 | 0 | 0 | 0 | 0 |
| Investments | - | - | - | - | - | - | - | - | - | - | - |
| Other Investing | 3K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Cash from Financing | 77.07M | 101.45M | 71.68M | 201.96M | 258.55M | 83.77M | 166.46M | 43.33M | 13.15M | 13.54M | 28.77M |
| Debt Issued (Net) | 74.99M | 99.84M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Equity Issued (Net) | 1.73M | 1.61M | 71.68M | 201.96M | 129.74M | 0 | 0 | 0 | 0 | 0 | 0 |
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -828K | -1.38M | 0 |
| Share Repurchases | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Financing | 352K | 0 | 0 | 0 | 128.81M | 83.77M | 166.46M | 43.33M | 13.98M | 14.91M | 28.77M |
| Net Change in Cash | -54.86M | -28.38M | -125.33M | 4.06M | 142.56M | 2.64M | 117.12M | 9.44M | -11.37M | -6.55M | 10.45M |
| Free Cash Flow | -131.94M | -129.82M | -197.01M | -197.9M | -115.99M | -81.19M | -49.33M | -33.89M | -24.52M | -20.09M | -18.32M |
| FCF Margin % | -10148.85% | -9986.54% | -98503% | -10994.56% | -5291.38% | -1139.47% | -385.17% | -372.69% | -326.95% | -252.73% | -274.83% |
| FCF Growth % | 21.82% | 34.1% | 0.45% | -70.62% | -42.86% | -64.57% | -45.57% | -38.2% | -22.04% | -9.65% | - |
| FCF per Share | -8.47 | -8.38 | -13.61 | -4.20 | -2.89 | -2.14 | -1.95 | -0.93 | -0.91 | -0.70 | -0.50 |
| FCF Conversion (FCF/Net Income) | 1.01x | 0.93x | -0.12x | 0.80x | 0.79x | 0.98x | 0.63x | 0.62x | 0.74x | 0.96x | 2.19x |
| Interest Paid | 5.09M | 0 | 11.51M | 26.72M | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Taxes Paid | 2K | 0 | 2K | 3K | 4K | 0 | 0 | 0 | 0 | 0 | 0 |
Clinical trial execution risk
As reported in financial statements, Inhibrx consistently records operating cash outflows that closely track net losses, with the 2026Q1 OCF/NI ratio of 1.14 indicating that the company's cash burn is driven primarily by core R&D activities rather than non-cash accounting adjustments or significant working capital swings.
The tight correlation between net income and operating cash flow suggests that the company's reported losses are a direct reflection of actual cash depletion. Investors should note that the absence of meaningful non-cash add-backs implies that the current burn rate is highly sensitive to clinical trial expenditures.
Based on recent SEC filings, the company's free cash flow remains deeply negative, with quarterly outflows consistently exceeding $30 million, reflecting a structural inability to generate internal funding while the firm continues to prioritize aggressive clinical development of its multivalent antibody pipeline over near-term financial sustainability.
The consistent negative FCF trajectory underscores the company's reliance on external capital to fund its oncology programs. This trend suggests that without a major partnership or milestone event, the current cash runway will continue to compress as clinical trial enrollment costs scale.
According to historical cash flow data, working capital changes have been highly erratic, swinging from a $35.5 million inflow in 2024Q2 to a $9.0 million outflow in 2026Q1, which complicates the assessment of the company's underlying operational efficiency and true cash burn rate.
These fluctuations appear to be tied to the timing of milestone payments and the settlement of liabilities related to the corporate spin-off. Analysts should monitor these shifts closely, as they may temporarily obscure the true underlying cash requirements of the ongoing clinical research programs.
As disclosed in recent financial statements, the company has utilized stock-based compensation to manage cash outflows, with a notable $47.5 million adjustment in 2024Q2, which effectively masks the true economic cost of talent retention during the company's critical transition into a standalone oncology-focused entity.
While SBC provides a temporary buffer for cash reserves, it represents a significant dilution risk for shareholders that is not fully captured in the headline cash flow figures. Investors should evaluate the total cost of operations including this non-cash expense to understand the true burn rate.
Quick answers to the most common questions about buying INBX stock.
Inhibrx Biosciences, Inc. (INBX) generated $-129.8M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
Inhibrx Biosciences, Inc. (INBX) reported negative free cash flow of $129.8M in 2025, indicating capital requirements exceeded cash from operations.
Inhibrx Biosciences, Inc. (INBX) spent $0.0M on capital expenditures in 2025. CapEx represents the cash invested in physical assets like property, plant, and equipment to maintain or grow the business.