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A Sneak Peak Into Inhibrx

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Shares of Inhibrx Inc. (INBX) have lost more than 40% of their value from their all-time high of $50.97, recorded last December, and trade around $29.

This clinical-stage biotechnology company, focused on developing novel biologic therapeutic candidates in oncology and orphan diseases, made its debut on the Nasdaq Global Select Market on August 19, 2020, by setting a public offering at $17.00 per share.

Inhibrx has four clinical drug candidates - INBRX-101, INBRX-109, INBRX-106, and INBRX-105.

-- INBRX-101 is a recombinant alpha-1 antitrypsin immunoglobulin G fusion protein, being developed for the treatment of Alpha-1 Antitrypsin Deficiency in adults.

Alpha-1 Antitrypsin Deficiency (AATD) is an orphan respiratory inherited disease that increases risk of developing pulmonary disease, resulting in progressive loss of lung function and decreased life expectancy. A small percentage of patients also develop liver disease.

The current standard of care for AATD is augmentation therapy, which refers to the use of alpha-1 antitrypsin protein (AAT) from the plasma of healthy human donors. Some of the FDA-approved augmentation therapies are Grifols' Prolastin-C and Prolastin-C Liquid, Takeda's Aralast NP, CSL Behring's Zemaira, and Kamada Ltd's Glassia.

INBRX-101 is under a phase I trial in adults with Alpha-1 Antitrypsin Deficiency. This study includes two parts - Part 1 consists of single ascending dose administration of INBRX-101 and Part 2 consists of multiple ascending dose (MAD) administrations of INBRX-101.

The initial data from the phase I trial of INBRX-101 is expected late this year.

-- INBRX-109 is a precision-engineered, tetravalent death receptor 5 (DR5) agonist antibody designed to exploit the tumor-biased cell death induced by DR5 activation.

A potential registration-enabling phase II study of INBRX-109 in conventional chondrosarcoma was initiated as recently as June of this year. Data from this trial is anticipated in the second half of 2023.

A phase I clinical trial evaluating the efficacy and safety of INBRX-109 in patients with conventional chondrosarcoma is ongoing. According to the preliminary results already reported from this trial, disease control was observed in 14 of 16 patients (87.5%). Two patients (12.5%) achieved partial responses and 12 of 16 patients (75%) had stable disease. Additional data from this phase I trial are scheduled to be presented at the Annual Connective Tissue Oncology Society (CTOS) Conference in November.

Chondrosarcoma is an orphan bone cancer with approximately 2,800 new patients diagnosed annually in the United States and the European Union. There are currently no approved therapeutics for the treatment of chondrosarcoma.

-- INBRX-106 is a novel hexavalent OX40 agonist, in development for the treatment of solid tumors. This compound is under a 4-part phase I trial to determine the safety profile and identify the maximum tolerated dose (MTD) and/or recommended phase II dose of INBRX 106 administered as a single agent or in combination with Merck's Keytruda in subjects with locally advanced or metastatic solid tumors. Part 1 of this trial has been completed and Part 2 and Part 3 are ongoing.

Part 2 is the expansion cohort where 0.03 mg/kg dose level of INBRX-106 administered in various dosing schedules is being investigated in patients with tumor types generally responsive to checkpoint inhibitors. Part 3 is the combination dose escalation cohort where INBRX-106 is being evaluated in combination with Keytruda.

Efficacy and safety data from the combination escalation cohort, i.e., Part 3 of the phase I trial of INBRX-106, are expected to be reported in the second half of 2021.

-- INBRX-105, designed to improve upon checkpoint inhibitor therapy, is in development for treating solid tumors. This compound is under a four-part phase I trial to determine the safety profile and identify the maximum tolerated dose (MTD) and/or recommended phase II dose (RP2D) of INBRX-105 administered as a single agent or in combination with Keytruda.

The company announced results from the single agent dose escalation part of the phase I study of INBRX-105 in March of this year. According to the trial results, 8 out of 18 evaluable patients (44%) receiving INBRX-105 at dose levels equal to or greater than 0.1 mg/kg achieved stable disease, with the greatest reduction in tumor volume observed to be 20%.

Initial data from the dose escalation cohort of INBRX-105 in combination with Keytruda is expected to be announced during the fourth quarter of 2021.

Cash position:

As of June 30, 2021, Inhibrx had cash and cash equivalents of $125.7 million.

INBX has thus far hit a low of $14.27 and a high of $50.97. The stock closed Wednesday's trading at $29.26, up 4.80%.

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