ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables)

9 Months Ended

Sep. 30, 2025

Organization, Consolidation and Presentation of Financial Statements [Abstract]

The Company recorded a gain on the transaction of $2.0 billion during the nine months ended September 30, 2024, which consists of the following components (in thousands):


	NINE MONTHS ENDED SEPTEMBER 30, 2024
Merger consideration for common stock, warrants, and stock options	$	1,727,687
Book value of Amended 2020 Loan Agreement assumed by Acquirer	211,315
Book value of net assets and liabilities related to INBRX-101 assumed by Acquirer	14,496
Transaction costs paid by Acquirer	68,000
Total gain recognized	$	2,021,498

Schedule of Potential Dilutive Securities Excluded from Diluted Loss Per Share

Potentially dilutive securities not included in the calculation of diluted loss per share are as follows (in thousands):


	AS OF SEPTEMBER 30,
	2025	2024

Outstanding stock options	3,590	3,641

Warrants to purchase common stock	141	—
Total	3,731	3,641

In periods in which the Company has a net income, the Company applies the treasury stock method to determine the dilutive effect of potentially dilutive securities. Potentially dilutive securities included in the diluted earnings per share are as follows (in thousands):


									NINE MONTHS ENDED SEPTEMBER 30, 2024
Outstanding stock options									242
Warrants to purchase common stock									1
Total									243

Schedule of Segment Reporting Information, by Segment

The table below summarizes the significant segment expenses which are regularly reported to and reviewed by the CODM for the purposes of making decisions regarding the allocation of resources and are reconciled to condensed consolidated net income (loss) for the three and nine months ended September 30, 2025 and September 30, 2024 (in thousands):


	THREE MONTHS ENDED SEPTEMBER 30,				NINE MONTHS ENDED SEPTEMBER 30,
	2025		2024		2025		2024
Segment net income (loss)
Revenue	$	—	$	—	$	1,300	$	100
Research and development expense
Clinical trials	(11,853)		(11,691)		(29,200)		(39,339)
Personnel	(8,801)		(10,010)		(26,764)		(62,454)
Contract manufacturing	(1,892)		(10,417)		(14,270)		(46,911)
Equipment, depreciation, and facility	(2,536)		(2,583)		(7,682)		(7,200)
Other research and development	(3,453)		(4,192)		(9,763)		(14,472)
Total research and development expense	(28,535)		(38,893)		(87,679)		(170,376)
General and administrative expense
Merger-related	—		—		—		(68,061)
Personnel	(3,402)		(3,854)		(10,834)		(29,353)
Other general and administrative	(1,875)		(4,050)		(6,889)		(13,830)
Total general and administrative expense	(5,277)		(7,904)		(17,723)		(111,244)
Other income (expense)	(1,444)		2,933		(3,117)		2,016,959
Provision for income taxes	—		—		(2)		(2)
Segment and consolidated net income (loss)	$	(35,256)	$	(43,864)	$	(107,221)	$	1,735,437