MeritValue

Inhibrx Biosciences, Inc.

INBXdata completeness 100%3 fiscal years on file

Data notes: no data for concept 'interestExpense'

The thesis, from the filings

Inhibrx Biosciences, Inc. earns about -348% on equity, but has diluted owners by 31% over 3 years — worth asking whether the growth reaches owners. The cash-flow models don't apply cleanly here — the ledger says why below.Whether it’s worth owning at today’s price is the last question — and yours to answer, below.

i. The business — what you’d actually own
FigureFY 2023FY 2024FY 2025
Revenue$1.8M1$200,0002$1.3M2
Net income−$241.4M3$1.69B4−$140.1M4
Operating cash flow−$193.3M5−$194.4M6−$129.8M6
Capital expenditure$4.59M7$2.6M8$31,0008
Free cash flow (derived)−$197.9M5−$197M6−$129.8M6
Total debt$207M9$010$100.6M10
Cash & equivalents$277.9M11$152.6M12$124.2M12
Diluted shares11.8M15.0M15.5M

Superscripts are receipts. Each links to the SEC filing the number came from (full list at the bottom).

ii. Your slice — ownership made literal
If you owned
shares
Net assets behind them
$5.16
your share of equity
Profit it earned you last year
−$90.43
Free cash flow it threw off
−$83.83
Debt you’d be carrying
$64.93

10 shares is a claim on $5.16 of net worth that earned you −$90.43 and generated −$83.83 of cash last year, against $64.93 of debt.

iii. Is this a good business?
Moat signal · return on equity
-348% avg · 3y
FY23 -555%FY24 1263%FY25 -1752%

It earned an average -348% on equity over 3 years. Compare that to what it costs to fund the business.

seeing a moat in the numbers →
Management signal · capital allocation
+31% shares · 3y

Share count is up 31% over 3 years — owners have been diluted. Worth asking what they got for it. Total debt has fallen 51% — deleveraging.

reading capital allocation →

Signals, not verdicts — read from the filings above. Numbers don’t prove a moat; they show its footprint. You decide.

iv. What it’s worth — engine v0.1.0
DCF · Growth Exit 10Y
not applicable
3y-median FCF non-positive — growth-exit DCF not applicable (see EPV)
DCF · Growth Exit 5Y
not applicable
3y-median FCF non-positive — growth-exit DCF not applicable (see EPV)
Earnings Power Value
not applicable
normalized (5y-median) earnings non-positive — EPV undefined
Graham Number
not applicable
diluted EPS missing or non-positive — Graham Number undefined

Different models answer different questions — which to trust when →

Sources — the receipts
  1. 10-K · period ending 2023-12-31 · accession 0002007919-25-000019 (Revenues)
  2. 10-K · period ending 2024-12-31 · accession 0002007919-26-000006 (Revenues)
  3. 10-K · period ending 2023-12-31 · accession 0002007919-25-000019 (NetIncomeLoss)
  4. 10-K · period ending 2024-12-31 · accession 0002007919-26-000006 (NetIncomeLoss)
  5. 10-K · period ending 2023-12-31 · accession 0002007919-25-000019 (NetCashProvidedByUsedInOperatingActivities)
  6. 10-K · period ending 2024-12-31 · accession 0002007919-26-000006 (NetCashProvidedByUsedInOperatingActivities)
  7. 10-K · period ending 2023-12-31 · accession 0002007919-25-000019 (PaymentsToAcquirePropertyPlantAndEquipment)
  8. 10-K · period ending 2024-12-31 · accession 0002007919-26-000006 (PaymentsToAcquirePropertyPlantAndEquipment)
  9. 10-K · period ending 2023-12-31 · accession 0002007919-25-000019 (LongTermDebtNoncurrent)
  10. 10-K · period ending 2024-12-31 · accession 0002007919-26-000006 (LongTermDebtNoncurrent)
  11. 10-K · period ending 2023-12-31 · accession 0002007919-25-000019 (CashAndCashEquivalentsAtCarryingValue)
  12. 10-K · period ending 2024-12-31 · accession 0002007919-26-000006 (CashAndCashEquivalentsAtCarryingValue)