Inhibrx Biosciences is a clinical-stage biopharmaceutical company focused on developing cancer therapies using proprietary protein engineering platforms. The company has no approved products and no product revenue; it funds operations through capital raises and spends that capital on R&D. Inhibrx Biosciences was spun out of its former parent in May 2024 when Sanofi acquired the parent's lead asset, retaining two oncology pipeline programs: ozekibart (INBRX-109) and INBRX-106. The company's core thesis is that prior drug candidates targeting the same receptors failed because they used only two binding arms; Inhibrx Biosciences engineers candidates with four or six binding arms to drive stronger receptor activation. Ozekibart is a tetravalent DR5 agonist designed to trigger programmed cell death in tumor cells. It met the primary endpoint of its Phase 3 trial in chondrosarcoma, a rare bone cancer with no approved systemic therapy, and Inhibrx Biosciences plans to file a BLA in early Q2 2026. Ozekibart is also in development for colorectal cancer and Ewing sarcoma, with accelerated approval discussions planned pending further data. INBRX-106 is a hexavalent OX40 agonist designed to boost T-cell activity and is being developed in combination with Merck's pembrolizumab in non-small cell lung cancer and head and neck cancer. The company outsources all manufacturing to contract manufacturers, keeping its cost structure focused on clinical development.