UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549  
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d)
of the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): June 18, 2021  
INHIBRX, INC.
(Exact name of registrant as specified in its charter)  
Delaware 001-39452 82-4257312
(State or other jurisdiction
of incorporation) 		(Commission
File Number) 		(IRS Employer
Identification No.)
11025 N. Torrey Pines Road, Suite 200
La Jolla, CA 92037
(Address of Principal Executive Offices and Zip Code)
Registrant’s telephone number, including area code: (858) 795-4220
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
☐    Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
☐    Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
☐    Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
☐    Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
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.  ☒



Item 1.01    Entry Into a Material Definitive Agreement
On June 18, 2021, Inhibrx, Inc. (the “Company”) and Oxford Finance LLC (“Oxford”) entered into a third amendment (the “Third Amendment”) to the Loan and Security Agreement between the Company and Oxford, dated as of July 15, 2020, as amended by the First Amendment dated November 12, 2020 and the Second Amendment dated December 15, 2020 (collectively, the “Oxford Loan Agreement”). The Third Amendment increases the third tranche term loan from $20 million to $40 million and includes a minimum cash covenant of $20 million.

Except as noted above, the material terms of the Oxford Loan Agreement remain substantially unchanged.

The foregoing description of the Third Amendment is qualified in its entirety by reference to the Third Amendment attached as Exhibit 10.1 to this Current Report on Form 8-K and is incorporated herein by reference.

Item 2.03    Creation of a Direct Financial Obligation or an Obligation Under an Off-Balance Sheet Arrangement of a Registrant
The information set forth in Item 1.01 of this Current Report on Form 8-K is incorporated by reference herein.

Item 7.01    Regulation FD Disclosure

On June 21, 2021, the Company issued a press release announcing the initiation of a potential registration-enabling Phase 2 study of INBRX-109 for the treatment of patients with conventional chondrosarcoma. 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.

Additionally, it provided updated results from its ongoing Phase 1 clinical trial evaluating the efficacy and safety of INBRX-109 in patients with conventional chondrosarcoma.

The full text of the Company's press release regarding these announcements is filed as Exhibit 99.1 to this Current Report on Form 8-K. Additionally, the Company posted an updated copy of its corporate slide presentation to the “Investors” tab of its website at www.inhibrx.com. These slides are also attached to this Current Report on Form 8-K as Exhibit 99.2. The Company from time to time presents and/or distributes to the investment community at various industry and other conferences slide presentations to provide updates and summaries of its business. It undertakes no obligation to update, supplement or amend the materials attached hereto as Exhibit 99.2.

The information in Item 7.01 of this Current Report on Form 8-K, including Exhibits 99.1 and 99.2 attached hereto, is intended to be furnished and shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934 (the “Exchange Act”) or otherwise subject to the liabilities of that section, nor shall it be deemed incorporated by reference in any filing under the Securities Act of 1933 or the Exchange Act, except as expressly set forth by specific reference in such filing.

Item 9.01.    Financial Statements and Exhibits.
(d) Exhibits.
Exhibit No. Description
10.1
    
99.1
99.2



SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
Date: June 21, 2021
INHIBRX, INC.
By: /s/ Kelly Deck
Name: Kelly Deck
Title: Chief Financial Officer



Exhibit 10.1

THIRD AMENDMENT TO LOAN AND SECURITY AGREEMENT

THIS THIRD AMENDMENT to Loan and Security Agreement (this “Amendment”) is entered into as of June 18, 2021 (the “Third Amendment Date”), by and among OXFORD FINANCE LLC, a Delaware limited liability company with an office located at 115 South Union Street, Suite 300, Alexandria, Virginia 22314 (“Oxford”), as collateral agent (in such capacity, “Collateral Agent”), the Lenders listed on Schedule 1.1 to the Loan Agreement (as defined below) or otherwise a party thereto from time to time including Oxford in its capacity as a Lender (each a “Lender” and collectively, the “Lenders”), and INHIBRX, INC., a Delaware corporation with an office located at 11025 North Torrey Pines Road, Suite 200, La Jolla, CA 92037 (“Borrower”).

WHEREAS, Collateral Agent, Borrower and Lenders have entered into that certain Loan and Security Agreement, dated as of July 15, 2020 (as amended, supplemented or otherwise modified from time to time, the “Loan Agreement”) pursuant to which Lenders have provided to Borrower certain loans in accordance with the terms and conditions thereof; and

WHEREAS, Borrower, Lenders and Collateral Agent desire to amend certain provisions of the Loan Agreement entered into pursuant to the Loan Agreement as provided herein and subject to the terms and conditions set forth herein;

NOW, THEREFORE, in consideration of the promises, covenants and agreements contained herein, and other good and valuable consideration, the receipt and adequacy of which are hereby acknowledged, Borrower, Lenders and Collateral Agent hereby agree as follows:

1.Capitalized terms used herein but not otherwise defined shall have the respective meanings given to them in the Loan Agreement.

2.Section 2.2(a)(iii) of the Loan Agreement is hereby amended and restated as follows:

(iii) Subject to the terms and conditions of this Agreement, the Lenders agree, severally and not jointly, during the Third Draw Period, to make term loans to Borrower in an aggregate amount of Forty Million Dollars ($40,000,000) according to each Lender’s Term C Loan Commitment as set forth on Schedule 1.1 hereto (such term loans are hereinafter referred to singly as a “Term C Loan”, and collectively as the “Term C Loans”; each Term A Loan, Term B Loan or Term C Loan is hereinafter referred to singly as a “Term Loan” and the Term A Loans, Term B Loans and Term C Loans are hereinafter referred to collectively as the “Term Loans”). After repayment, no Term C Loan may be re borrowed.

3.The following Section 6.14 is hereby added to the Loan Agreement:

6.14 Financial Covenant. Borrower shall at all times, prior to the occurrence of the Equity Event, maintain unrestricted aggregate cash balance in Collateral Accounts subject to Control Agreements in favor of Collateral Agent of not less than Twenty Million Dollars ($20,000,000.00).

4.Section 13.1 of the Loan Agreement is hereby amended by adding the following definition thereto in alphabetical order:

“Equity Event” is the receipt by Borrower, on or after June 1, 2021 and on or before June 30, 2022, of unrestricted net cash proceeds of at least Sixty Million Dollars ($60,000,000.00) from the sale and issuance of its equity securities and/or milestone or upfront payments under license agreements.

5.Schedule 1.1 to the Loan Agreement is hereby amended and restated as set forth on Schedule 1.1 attached hereto.

6.Limitation of Amendment.



a.The amendments set forth above are effective for the purposes set forth herein and shall be limited precisely as written and shall not be deemed to (a) be a consent to any amendment, waiver or modification of any other term or condition of any Loan Document, or (b) otherwise prejudice any right, remedy or obligation which Lenders or Borrower may now have or may have in the future under or in connection with any Loan Document, as amended hereby.

b.This Amendment shall be construed in connection with and as part of the Loan Documents and all terms, conditions, representations, warranties, covenants and agreements set forth in the Loan Documents, are hereby ratified and confirmed and shall remain in full force and effect.

7.To induce Collateral Agent and Lenders to enter into this Amendment, Borrower hereby represents and warrants to Collateral Agent and Lenders as follows:

a.Immediately after giving effect to this Amendment (a) the representations and warranties contained in the Loan Documents are true, accurate and complete in all material respects as of the date hereof (except to the extent such representations and warranties relate to an earlier date, in which case they are true and correct as of such date), and (b) no Event of Default has occurred and is continuing;

b.The execution, delivery and performance by Borrower of this Amendment and the Loan Agreement as amended by this Amendment have been duly authorized;

c.The organizational documents of Borrower delivered to Collateral Agent on the Effective Date, and updated pursuant to subsequent deliveries by or on behalf of the Borrower to the Collateral Agent, remain true, accurate and complete and have not been amended, supplemented or restated and are and continue to be in full force and effect;

d.The execution, delivery and performance by Borrower of this Amendment have been duly authorized, and do not (i) conflict with any of Borrower’s organizational documents, including its respective Operating Documents, (ii) contravene, conflict with, constitute a default under or violate any material Requirement of Law applicable thereto, (iii) contravene, conflict or violate any applicable order, writ, judgment, injunction, decree, determination or award of any Governmental Authority by which Borrower, or any of its property or assets may be bound or affected; or (iv) constitute an event of default under any material agreement by which Borrower or any of its property, is bound;

e.The execution and delivery by Borrower of this Amendment and the performance by Borrower of its obligations under the Loan Agreement, as amended by this Amendment, do not require any action by, filing, registration, or qualification with, or Governmental Approval from, any Governmental Authority (except such Governmental Approvals which have already been obtained and are in full force and effect) or are being obtained pursuant to Section 6.1(b) of the Loan Agreement; and

f.This Amendment has been duly executed and delivered by Borrower and is the binding obligation of Borrower, enforceable against Borrower in accordance with its terms, except as such enforceability may be limited by bankruptcy, insolvency, reorganization, liquidation, moratorium or other similar laws of general application and equitable principles relating to or affecting creditors’ rights.

8.Except as expressly set forth herein, the Loan Agreement shall continue in full force and effect without alteration or amendment. This Amendment and the Loan Documents represent the entire agreement about this subject matter and supersede prior negotiations or agreements.

9.The Borrower hereby remises, releases, acquits, satisfies and forever discharges the Lenders and Collateral Agent, their agents, employees, officers, directors, predecessors, attorneys and all others acting or purporting to act on behalf of or at the direction of the Lenders and Collateral Agent (“Releasees”), of and from any and all manner of actions, causes of action, suit, debts, accounts, covenants, contracts,


controversies, agreements, variances, damages, judgments, claims and demands whatsoever, in law or in equity (other than claims relating to fraud), which any of such parties ever had, now has or, to the extent arising from or in connection with any act, omission or state of facts taken or existing on or prior to the date hereof, may have after the date hereof against the Releasees, for, upon or by reason of any matter, cause or thing whatsoever relating to or arising out of the Loan Agreement or the other Loan Documents on or prior to the date hereof and through the date hereof. Without limiting the generality of the foregoing, the Borrower waives and affirmatively agrees not to allege or otherwise pursue any defenses, affirmative defenses, counterclaims, claims, causes of action, setoffs or other rights they do, shall or may have as of the date hereof, including the rights to contest: (a) the right of Collateral Agent and each Lender to exercise its rights and remedies described in the Loan Documents; (b) any provision of this Amendment or the Loan Documents; or (c) any conduct of the Lenders or other Releasees relating to or arising out of the Loan Agreement or the other Loan Documents on or prior to the date hereof.

10.This Amendment shall be deemed effective as of the Third Amendment Date upon (a) the due execution and delivery to Collateral Agent of this Amendment by each party hereto, (b) Borrower’s payment of all Lenders’ Expenses incurred through the date hereof, which may be debited (or ACH’d) from the Designated Deposit Account in accordance with Section 2.3(d) of the Loan Agreement and (c) the funding of the Term C Loans in accordance with the terms of the Loan Agreement (as amended hereby).

11.This Amendment may be executed in any number of counterparts, each of which shall be deemed an original, and all of which, taken together, shall constitute one and the same instrument.

12.This Amendment and the rights and obligations of the parties hereto shall be governed by and construed in accordance with the laws of the State of New York.


[Balance of Page Intentionally Left Blank]





IN WITNESS WHEREOF, the parties hereto have caused this Third Amendment to the Loan Agreement to be executed as of the date first set forth above.

BORROWER:
INHIBRX, INC.
By /s/ Kelly Deck
Name: Kelly Deck
Title: CFO
COLLATERAL AGENT AND LENDER:
OXFORD FINANCE LLC
By /s/ Joshua Friedman
Name: Joshua Friedman
Title: Chief Financial Officer







SCHEDULE 1.1

Lenders and Commitments

Term A Loans
Lender Term Loan Commitment Commitment Percentage
OXFORD FINANCE LLC $10,000,000 100.00%
TOTAL $10,000,000 100.00%

Term B Loans
Lender Term Loan Commitment Commitment Percentage
OXFORD FINANCE LLC $20,000,000 100.00%
TOTAL $20,000,000 100.00%

Term C Loans
Lender Term Loan Commitment Commitment Percentage
OXFORD FINANCE LLC $40,000,000 100.00%
TOTAL $40,000,000 100.00%

Aggregate (all Term Loans)
Lender Term Loan Commitment Commitment Percentage
OXFORD FINANCE LLC $70,000,000 100.00%
TOTAL $70,000,000 100.00%



EXHIBIT 99.1

Inhibrx Initiates a Potential Registration-Enabling Phase 2 Study of INBRX-109 in Conventional Chondrosarcoma Patients, Updates Data for Ongoing Phase 1 Study and Announces Amended Loan Agreement with Oxford

–Median progression-free survival (PFS) of 7.6 months and disease control rate of 87.5% observed in conventional chondrosarcoma patients in Phase 1
–Additional $40M in cash received through the Oxford loan amendment

SAN DIEGO, June 21, 2021 /PRNewswire/ -- Inhibrx, Inc. (Nasdaq: INBX), a biotechnology company with four clinical programs in development, announced initiation of a potential registration-enabling Phase 2 study of INBRX-109 in conventional chondrosarcoma.
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.

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 therapeutics approved for the treatment of chondrosarcoma.

In January 2021, the U.S. Food and Drug Administration (FDA) granted Fast Track designation to INBRX-109 for the treatment of patients with unresectable or metastatic conventional chondrosarcoma.

Inhibrx provided updated results from an ongoing Phase 1 clinical trial evaluating the efficacy and safety of INBRX-109 in patients with conventional chondrosarcoma. Additional data will be presented at the Annual Connective Tissue Oncology Society (CTOS) Conference taking place on November 10-13, 2021.
•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 measured by RECISTv1.1.
•Based on preliminary results of the ongoing Phase 1 study, the median progression-free survival (PFS) is 7.6 months, and the median overall survival has not been reached.
•Three patients have exceeded 52 weeks on treatment with INBRX-109, with 62 weeks being the longest duration of stable disease observed to date, with the patient still on study.
•The safety and tolerability profile in conventional chondrosarcoma was favorable with only 1 out of 16 patients experiencing a transient low grade and fully reversible sign of hepatotoxicity.
•The trial is ongoing with an additional 12 slots added for patients with IDH1 or IDH2 mutations to support ongoing biomarker discovery efforts.

A randomized, blinded, placebo-controlled, potential registration-enabling Phase 2 trial of INBRX-109 in conventional chondrosarcoma initiated this month. The primary objective of this trial is to evaluate the anticancer efficacy of INBRX-109, as measured by PFS per RECISTv1.1 and assessed by central independent radiology review. Patients with disease progression on placebo will be able to crossover to INBRX-109. An interim analysis will occur after 50% of the planned PFS events are observed.



Additionally, upon initiation of this study, Inhibrx’s loan agreement with Oxford Finance was amended and $40M in additional principal was received by Inhibrx on June 18, 2021.

About Inhibrx, Inc.
Inhibrx is a clinical-stage biotechnology company focused on developing a broad pipeline of novel biologic therapeutic candidates in oncology and orphan diseases. Inhibrx utilizes diverse methods of protein engineering to address the specific requirements of complex target and disease biology, including its proprietary sdAb platform. Inhibrx has collaborations with bluebird bio, Bristol-Myers Squibb and Chiesi. For more information, please visit www.inhibrx.com.

Forward-Looking Statements
Inhibrx cautions you that statements contained in this press release regarding matters that are not historical facts are forward-looking statements. These statements are based on Inhibrx's current beliefs and expectations. These forward-looking statements include, but are not limited to, statements regarding: Inhibrx's and its investigators’ judgments and beliefs regarding the observed safety and efficacy to date of its therapeutic candidate, INBRX-109, discussions with and beliefs regarding future action by the U.S. Food and Drug Administration, and statements and beliefs regarding the future clinical development of INBRX-109 including statements indicating that the Phase 2 trial is registration-enabling and the presumption of positive results from Phase 1 clinical trials. Actual results may differ from those set forth in this press release due to the risks and uncertainties inherent in Inhibrx's business, including, without limitation, risks and uncertainties regarding: the initiation, timing, progress and results of its preclinical studies and clinical trials, and its research and development programs; its ability to advance therapeutic candidates into, and successfully complete, clinical trials; its interpretation of initial, interim or preliminary data from its clinical trials, including interpretations regarding disease control and disease response; the timing or likelihood of regulatory filings and approvals; the successful commercialization of its therapeutic candidates, if approved; the pricing, coverage and reimbursement of its therapeutic candidates, if approved; its ability to utilize its technology platform to generate and advance additional therapeutic candidates; the implementation of its business model and strategic plans for its business and therapeutic candidates; its ability to successfully manufacture therapeutic candidates for clinical trials and commercial use, if approved; its ability to contract with third-party suppliers and manufacturers and their ability to perform adequately; the scope of protection it is able to establish and maintain for intellectual property rights covering its therapeutic candidates; its ability to enter into strategic partnerships and the potential benefits of these partnerships; its estimates regarding expenses, capital requirements and needs for additional financing and financial performance; its expectations regarding the impact of the COVID-19 pandemic on its business; and other risks described in Inhibrx's filings with the U.S. Securities and Exchange Commission (the "SEC"), including under the heading "Risk Factors" in Inhibrx's Annual Report on Form 10-K for the year ended December 31, 2020, as filed with the SEC. You are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date hereof, and Inhibrx undertakes no obligation to update these statements to reflect events that occur or circumstances that exist after the date hereof. 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 press release contains estimates and other statistical data made by independent parties and by Inhibrx. This data involves a number of assumptions and limitations, and you are cautioned not to give undue weight to such estimates.



Investor and Media Contact:
Kelly Deck, CFO
kelly@inhibrx.com
858-795-4260



Outcomes Focused Innovation Driven June 2021

 
2 This presentation contains forward-looking statements. In some cases, you can identify forward-looking statements by the words “will,” “expect,” “intend,” “plan,” “objective,” “believe,” “estimate,” “potential,” “continue” and “ongoing,” or the negative of these terms, or other comparable terminology intended to identify statements about the future. These statements are based on management’s current beliefs and expectations. These statements include but are not limited to statements regarding Inhibrx, Inc.’s (the “Company”) business strategy, the Company’s plans to develop and commercialize its product candidates, the safety and efficacy of the Company’s product candidates, the Company’s plans and expected timing with respect to clinical trials and regulatory filings and approvals, and the size and growth potential of the markets for the Company’s product candidates. These statements involve substantial known and unknown risks, uncertainties and other factors that may cause the Company’s actual results, levels of activity, performance or achievements to be materially different from the information expressed or implied by these forward- looking statements. Additional information regarding the Company’s risks and uncertainties are described in its Registration Statement on Form S-1 filed with the Securities and Exchange Commission (“SEC”) on August 12, 2020 in the section titled “Risk Factors,” and in other filings the Company may make with the SEC from time to time. The Company may not actually achieve the plans, intentions or expectations disclosed in its forward-looking statements, and you should not place undue reliance on the Company’s forward-looking statements. Actual results or events could differ materially from the plans, intentions and expectations disclosed in the forward-looking statements the Company makes. The forward-looking statements in this presentation represent the Company’s views as of the date of this presentation. The Company anticipates that subsequent events and developments will cause its views to change. However, while the Company may elect to update these forward-looking statements at some point in the future, the Company has no current intention of doing so except to the extent required by applicable law. You should, therefore, not rely on these forward-looking statements as representing the Company’s views as of any date subsequent to the date of this presentation. The investigational product candidates discussed in this presentation have not been approved or licensed by the U.S. Food and Drug Administration or by any other regulatory authority, and they are not commercially available in any market. This presentation also contains estimates and other statistical data made by independent parties and by the Company relating to market size and growth and other data about its industry. This data involves a number of assumptions and limitations, and you are cautioned not to give undue weight to such estimates. In addition, projections, assumptions, and estimates of the Company’s future performance and the future performance of the markets in which it operates are necessarily subject to a high degree of uncertainty and risk. This presentation shall not constitute an offer to sell or the solicitation of an offer to buy securities. Presentation disclaimer

 
3 Inhibrx at a glance + Experienced leadership team + Proven innovation and execution VALIDATION FROM INDUSTRY LEADING PARTNERS All platforms and programs developed in-house with strong patent protection Inhibrx’s modular sdAb platform + Ability to precision engineer to specific target biology + Smaller than conventional antibodies + Antibody-like PK profile + Readily manufactured at high yields using standard processes

 
4 Why invest in Inhibrx? Backed by solid institutional investor base with substantial internal ownership Four differentiated clinical programs with value-creating readouts in 2H 2021/2022 KEY FINANCIAL HIGHLIGHTS* 37.8M $108.0M 41.9M Robust emerging pre-clinical pipeline Potential to reach financial sustainability with minimal dilution $20M/Qtr Cash Average burn rate Common stock outstanding Fully diluted outstanding *As of 3/31/2021

 
5 Four differentiated clinical programs INBRX-109 Tetravalent DR5 agonist + Single agent activity in chondrosarcoma and mesothelioma + Potential rapid path to approval in chondrosarcoma, registration study initiated + First combination cohorts: mesothelioma, pancreatic adenocarcinoma and Ewing sarcoma with data in H1 2022 INBRX-106 Hexavalent OX40 agonist + Potential across numerous tumors, including cold tumors + Strong mechanistic rational for PD-1 combination + Key data readouts in combination expansion cohorts in 2H 2022 INBRX-105 PD-L1 x 4-1BB tetravalent conditional agonist + Potential across all PD-L1 expressing tumors + 4-1BB agonism is clinically validated + Strong mechanistic rational for PD-1 combination + Key data readouts in combination expansion cohorts in 2H 2022 INBRX-101 AAT-Fc fusion protein + Potential for first meaningful advancement for patients in 35 years + Estimated ~$2B+ market size + Initial Phase 1 data late this year + Registration study could start in late 2022 Oncology Cell death pathway Immunno-oncology Rare diseases

 
INBRX-101 Recombinant Alpha-1 Antitrypsin Fc-fusion Protein AAT Fc

 
7 Alpha-1 antitrypsin deficiency (AATD) Disease overview ⁺ 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 Current standard of care ⁺ Plasma derived AAT with weekly infusions not able to maintain normal serum AAT levels OPPORTUNITY: The global AATD augmentation therapy market is projected to reach $1.9B by the end of 2026 AAT Serum levels in patients receiving weekly pdAAT 60 M ea n Se ru m A AT le ve l ( μM ) 40 20 0 0 7 14 21 28 Day Normal AAT serum range (20 - 50 μM) Below normal AAT serum range (<20 μM) Dosing

 
8 THERAPIES STATUS Plasma-Derived AAT Aralast Approved Glassia Prolastin-C Zemaira Inhaled AAT Phase 2 Oral Neutrophil Elastase Inhibitor Alvelestat Phase 2 Small Molecule Corrector ZF874 Phase 2 Competitive comparison Applicable to all patients THERAPIES STATUS ARO-AAT Phase 2 DCR-A1AT Phase 2 Applicable to ~15% of patients with liver issues15% 100%

 
9 Our solution Potential to extend the dosing range from weekly to every three weeks, while maintaining patients in the normal range of AAT exposure Engineered to maximize the functional activity of AAT, particularly in the lung Recombinant manufacturing provides lower cost of goods, unlimited supply and no pathogen risk INBRX-101 proposed standard of care

 
10 Initiated H2 2021 H1 2022 INBRX-101 Phase 1 trial design Multiple ascending dose escalation N= 18N=24 Initiated * bronchial lavage N= 6 10 mg/kg N= 6 40 mg/kg N= 6 120 mg/kg N= 6 80 mg/kg Single ascending dose escalation N= 6 40 mg/kg N= 6 80 mg/kg* N= 6 120 mg/kg* PART 1 PART 2

 
11 INBRX-101: first human data in AAT patients Preliminary human PK data for first five AAT subjects dosed with 10 mg/kg single IV dose of INBRX-101 + Consistent with preclinical estimates + Estimated human half-life is approximately 13 days *Data from these subjects needs to be confirmed with additional subjects and higher doses *Half-life estimate based on N = 3 subjects with sufficient PK sampling Functional AAT levels achieved with INBRX-101 (120 mg/kg IV q21d) are predicted to improve exposure vs. published data for pdAAT (60 mg/kg IV q7d) + Modeling predicts a dose of 120 mg/kg q21d should meet the goal of maintaining normal range (> 20 μM) + 101 trough level of 20 and patients endogenous AAT could achieve a trough level in the mid-20’s and average in the mid-30’s over the three-week dosing interval PK profile of first 5 patients: 10 mg/kg INBRX-101 10 Se ru m A A T le ve l ( μ M ) Time (Days) 0 1 0,1 7 14 21 28 Predicted mean serum AAT levels: 120 mg/kg of INBRX-101 every 3 weeks M ea n se ru m A A T le ve l ( μ M ) Time (Days) 0 21 42 63 84 105 Normal AAT serum range (20–50 μM) Predicted INBRX-101 AAT concentrations Published once weekly pdAAT mean AAT concentrations 100 10 1

 
INBRX-109 Tetravalent DR5 Agonist

 
13 Tetravalent DR5 agonist + Death receptor 5 (DR5) is a receptor for the tumor necrosis factor-related apoptosis-inducing ligand (TRAIL) + DR5 activation naturally eliminates damaged and neoplastic cells DR5: sdAd DR5: sdAdDR5: sdAd DR5: sdAd 105 kDa Fc: effector function disable

 
14 INBRX-109 is a best-in-class DR5 agonist CANDIDATE VALENCY SIZE (KDA) STATUS INBRX-109 Tetravalent 105 Phase II TAS-266 Tetravalent 60 Discontinued1 Eftozanermin alpha (TRAIL-Fc fusion) Hexavalent 167 Phase I GEN10292 Dodecavalent 150 ka (2x mAbs) Phase I IGM-8444 Decavalent3 ~950 Phase I Dulanermin (recombinant TRAIL) Trivalent 150 Discontinued Tigatuzumab Bivalent 150 Discontinued LBY-135 Discontinued Conatumumab Discontinued Drozitumab Discontinued Lexatumumab Discontinued 1. Hepatoxicity – likely ADA hyper-crosslinking 2. Two hexamerizing non-competing mAbs 3. Size and rigidity of IgM may prevent effective clustering of DR5

 
15 Fast to market opportunity ~1,400 cases per year Incidence rate of ~1 in 200,000 persons per year USA Worldwide Chondrosarcoma *The figures on this slide represent market research estimates. No approved therapeutic for the treatment of chondrosarcoma Therapeutic IPI-926 (HH) Control arm Placebo Subject number 100 (2:1) Placebo arm PFS 2.9 months Therapeutic Regorafenib Control arm Placebo Subject number 46 (2:1) Placebo arm PFS 2 months PFS from placebo-controlled studies

 
16 Best Response 3mo 4mo 6mo 9mo 12mo SD (-20%) 62wks ► SD (-7%) 62wks PD SD (-11%) 54wks ► PR (-60%) PD SD (-13%) PD SD (+4%) ► PR (-32%) PD SD (-4%) ** SD (+5%) PD SD (+3%) * SD (-3%) * SD (-4%) * SD (+6%) PD SD (+7%) PD PD PD PD PD Weeks 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33 34 35 36 37 38 39 40 41 42 43 45 46 47 48 49 50 51 52 53 54 55 INBRX-109 preliminary Phase 1 data in unresectable or metastatic conventional chondrosarcoma + Time on treatment in weeks + Data cut point 01-Jun-2021, data from Ph1 INBRX-109 study, study ongoing + Response per RECISTv1.1 per Investigator assessment, data subject to change (e.g., some data raw and not verified) PFS for placebo patients in comparative studies + PR=Partial Response, SD=Stable Disease, PD=Progressive Disease + ► Subject ongoing + *Off-study per subject request (e.g., resection) or **Investigator discretion

 
17 Endpoints Primary: Progression free survival Secondary: Overall survival, overall response rate, duration of response, disease control rate, quality of life INBRX-109 Phase 2 registration-enabling study design in chondrosarcoma Randomization Conventional chondrosarcoma, grade 2 and 3, unresectable or metastatic Stratification by line of therapy & Grade INBRX-109 Placebo Until PD or toxicity with cross-over *Including interim analysis N=134* N= 67 * 3 mg/kg every three weeks H2 2023

 
18 Best Response 3mo 4mo 6mo 9mo SD (-24%) * SD (-17%) SD (-12%) PR (-100%) SD (-22%) SD (-20%) sd (-12%) SD (-5%) SD (-2%) SD (+9%) SD (+13%) SD (+16%) SD (+1%) * PD PD PD PD (+25%) PD (+33%) PD (+33%) Weeks 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33 34 35 36 37 38 39 Combination study Mesothelioma with Cis-/Carboplatin & Pemetrexed N=20 + Time on treatment in weeks + Data cut point 24-N0V-2020, data from Phi INBRX-109 study, study ongoing, single agent mesothelioma cohort closed + Response per RECISTvi.ior modified RECIST, and per Investigator assessment, data subject to change (e.g., some data raw and not verified) Preliminary Phase 1 data-malignant pleural mesothelioma, epithelioid subtype H1 2022 PART 3 + Efficacy population (subjects who completed 2 cycles and had at least one tumor assessment, or discontinued early due to PD); three subjects not evaluable for efficacy were excluded + PR=Partial Response, SD=Stable Disease, PD=Progressive Disease + * Off-study per subject or Investigator request

 
19 Planned Ongoing FUTURE POTENTIAL OPPORTUNITIES Solid tumors + IAP antagonists Hematologic tumors + Bcl-2 inhibitors NSCLC + various combo agents Gastric and colon cancer + various combo agents Additional sarcoma indications INBRX-109 on the horizon Combination studies Pancreatic adenocarcinoma 2nd line with FOLFIRI N=20 H1 2022 Ewing sarcoma with Irinotecan N=20 PART 3

 
INBRX-106 Hexavalent OX40 Agonist

 
21 Hexavalent OX40 agonist OX40 is a co-stimulatory receptor on activated T- cells: + Provides co-stimulation to activated T-cells + Reverses regulatory T-cell induced immune suppression + Enhances T-cell functionality + Additional benefit in combination with PD-1 blockade T T T T T T T T T OX40: sdAd OX40: sdAd OX40: sdAdOX40: sdAd OX40: sdAd OX40: sdAd Fc 129 kDa

 
22 INBRX-106 is a best-in-class OX40 agonist CANDIDATES VALENCY ISOTYPE LIGAND BLOCKING STATUS INBRX-106 Hex- IgG1 N Ph 1 (2019) MOXR-0916 Bi- IgG1 Y Discontinued GSK-3174998 Ph 1 (MM, 2019) BMS-986178 Ph 1 (2016) INCAGN-1949 Ph 1 (2016) ABBV-368 Ph 1 (HNSCC, 2020) IBI-101 Ph 1 (2018) MEDI-0562 Discontinued PF-04518600 Bi- IgG2 Y Discontinued BGB-A445 Bi- IgG1 N Ph 1 (2020)

 
23 INBRX-106 Phase 1 trial design No pre-screening, all-comers Dose optimization study PlannedInitiatedInitiatedCompleteSingle agent dose escalation Dose escalation with Keytruda™ Single agent dose expansion N=80N= 24 N= 13N=20 N=20 PD-L1+NSCLC N=20 PD-L1+NSCLC N=20 PD-L1+Basket N=20 PD-L1+NSCLC, CPI naїve PART 1 PART 2 PART 3 PART 4 + Well tolerated with mild or moderate immune-related toxicities + Patients were not pre-screened for PD-L1 positivity + Longest duration as of June 1, 2021= 63 weeks + Greatest reduction in tumor volume= 23%(by RECIST v1.1) + Maximum administered dose was 3 mg/kg and no MTD reached H2 2021 H2 2022 Dose expansion with Keytruda™

 
INBRX-105 PD-L1 x 4-1BB Multispecific

 
25 PD-L1 x 4-1BB multispecific + Designed to provide spatially-restricted 4-1BB agonism at sites of PD-L1 expression + Highly expressed on tumor infiltrating immune cells, 4-1BB signaling promotes prolonged T- cell survival memory formation + Constitutive 4-1BB agonism has achieved anti- tumor responses, but was limited by immune- related toxicities PD-L1: sdAd 4-1BB: sdAd Fc Effector Disabled PD-L1: sdAd 4-1BB: sdAd 105 kDa

 
26 INBRX-105 is a best-in-class 4-1BB agonist CANDIDATE FORMAT 4-1BBL BLOCKING STATUS INBRX-105 Bivalent/Bivalent No Phase I Gen-1064 Monovalent/Monovalent n/a Phase II MCLA-145 Monovalent/Monovalent Yes Phase I FS222 Bivalent/Bivalent n/a Phase I PRS-343 Bivalent/Bivalent No Phase I ND021 Monovalent/Monovalent n/a Phase I CANDIDATE IGG SUBCLASS 4-1BBL BLOCKING STATUS Urelumab IgG4 Yes Discontinued Utomilumab IgG2 No Discontinued CTX-471 IgG4 No Phase I ADG106 IgG4 Yes Phase I ATOR-1017 IgG4 Yes Phase I AGEN2373 IgG1 No Phase I LVGN6051 unknown n/a Phase I PD-L1 x 4-1BB Bispecifics Monoclonal 4-1BB Antibodies

 
27 PlannedInitiatedInitiatedComplete INBRX-105 Phase 1 trial design Single agent: PD-L1+ Basket Single agent dose escalation Single agent dose expansion N=80N= 32 N= 12N=32 No pre-screening, all-comers + 8/18 (44%) at dose levels ≥ 0.1 mg/kg achieved stable disease + Patients were not pre-screened for PD-L1 positivity + Longest duration= 41 weeks + Greatest reduction in tumor volume = 20% (by RECIST v1.1) + MTD= 1 mg/kg N=20 PD-L1+NSCLC N=20 PD-L1+NSCLC N=20 PD-L1+Basket N=20 PD-L1+NSCLC, CPI naїve N=8 PD-L1+NSCLC N=8 PD-L1+Melanoma N=8 PD-L1+NSCLC N=8 PD-L1+Basket H2 2021 H2 2022 PART 1 PART 2 PART 3 PART 4 Dose expansion with Keytruda™ Dose escalation with Keytruda™

 
28 Near term expected clinical milestones H2 2021 H1 2022 H2 2022 INBRX-109 (OX40) / Keytruda dose escalation data (OX40) / Keytruda dose expansion cohort data (AAT) Initial Phase 1 data (AAT) Additional Phase 1 data (DR5) Initiation of chondrosarcoma registration-enabling trial (PD-L1 x 41BB) Keytruda dose escalation data (DR5) Initial pancreatic and mesothelioma combination study data (PD-L1 x 41BB) Keytruda dose expansion cohort data (DR5) Ewing sarcoma combination study data INBRX-105 INBRX-109 INBRX-109 INBRX-105 INBRX-106 INBRX-101 INBRX-101 INBRX-106

 
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