Spin-off - Inhibrx Biosciences, Inc.
Form Type: 10-Q
Filing Date: 2025-05-14
Corporate Action: Spin-off
Type: Update
Accession Number: 000200791925000056
Filing Summary: On May 29, 2024, Inhibrx Biosciences, Inc. completed a spin-off approved by its board of directors where 92% of its issued common stock was distributed to the holders of its former parent’s shares. Following this, on May 30, 2024, a merger was completed with Aventis Inc., a subsidiary of Sanofi S.A., where the former parent merged into Aventis Inc. The transaction considered $30 per share in cash plus contingent rights and led to Inhibrx assuming assets and liabilities for ongoing programs and a corporate restructure. The spin-off involved the treatment as a reverse spin-off for financial reporting purposes, impacting the accounting structure of the company.
Additional details:
Asset Liabilities: Total assets as of March 31, 2025 were $242.639 million, liabilities were $148.196 million, and stockholders’ equity was $94.443 million.
Current Cash: Cash and cash equivalents stood at $216.520 million as of March 31, 2025.
Net Loss: The net loss for the quarter ending March 31, 2025, was reported at $43.311 million.
Research Expenses: Research and development expenses for the quarter totaled $36.877 million.
General Admin Expenses: General and administrative expenses were noted at $6.024 million.
Form Type: 10-K
Filing Date: 2025-03-17
Corporate Action: Spin-off
Type: Update
Accession Number: 000200791925000019
Filing Summary: Inhibrx Biosciences, Inc. completed a significant spin-off from its former parent company, Inhibrx, Inc. In January 2024, the former parent announced the creation of Inhibrx as an independent entity focused on its therapeutic pipeline. On May 29, 2024, the former parent executed a distribution that transferred 92% of Inhibrx's shares to its common stockholders. This was succeeded by a merger involving Inhibrx's former parent and a subsidiary of Aventis Inc. on May 30, 2024. Following this merger, Inhibrx inherited specific assets and liabilities related to ongoing projects like INBRX-106 and ozekibart (INBRX-109). As part of the spin-off, stockholders received cash payments and additional rights associated with the new entity. Inhibrx continues to operate autonomously, advancing clinical trials for its therapeutic candidates that target various cancers and aims for future regulatory submissions.
Additional details:
Cik: 0002007919
Name Of Previous Parent: Inhibrx, Inc.
Date Of Distribution: 2024-05-29
Date Of Merger: 2024-05-30
Cash Received Per Share: $30.00
Contingent Value Right: $5.00 upon regulatory milestone
Shares Received: 1 share of Inhibrx for every 4 shares of Former Parent
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