Inhibrx Biosciences, Inc. 8-K

What Happened

• Inhibrx Biosciences, Inc. (INBX) announced a Second Amendment to its Loan and Security Agreement with Oxford Finance LLC (as collateral agent) and other lenders, expanding the Oxford Loan Agreement into a Credit Facility with an aggregate principal amount of up to $500.0 million. The Second Amendment was executed on July 15, 2026.
• The lenders provided an additional tranche of up to $325.0 million: $100.0 million (the Term C Loan) was funded upon execution, and up to $225.0 million (the Term D Loan) may be funded later in increments of $50.0 million or more at the lenders’ discretion and the company’s request.
• In connection with the Term C funding, Inhibrx issued Term C Warrants to purchase 21,457 shares of common stock at an exercise price of $93.21 per share. If Term D funding occurs, the company must issue additional warrants equal to 2.0% of such additional funding divided by an exercise price equal to the lower of (i) the 10-day average closing price prior to funding or (ii) the prior-day closing price. The Warrants are immediately exercisable and expire 10 years from issuance.
• Contemporaneously, Inhibrx pledged any equity it holds in Poplar Therapeutics, Inc. to the collateral agent. Other material terms of the original loan agreement remain substantially unchanged.

Key Details

• Credit Facility size: up to $500.0 million total; new tranche up to $325.0 million.
• Funded now: $100.0 million (Term C Loan) — funded on July 15, 2026.
• Term C Warrants: 21,457 shares; exercise price $93.21; exercisable immediately; 10-year term.
• Potential Term D funding: up to $225.0 million in $50.0M+ increments; additional warrants = 2.0% of each funding divided by a market-based exercise price formula.
• Collateral: pledge of any Inhibrx equity in Poplar Therapeutics, Inc.

Why It Matters

• This amendment increases Inhibrx’s available borrowing capacity and provides near-term liquidity via a $100M draw and the option to access more capital (up to $225M) if needed and approved by lenders.
• The issuance of warrants creates potential future dilution (21,457 shares now, and additional warrants tied to any Term D funding) and sets exercise-price mechanics tied to the market price.
• The pledge of Poplar Therapeutics equity increases collateralization of the loan facility, which is a material change to security for lenders.
• Investors should note the financing terms and warrant provisions when assessing Inhibrx’s capital structure and potential share count changes; the company stated other loan terms remain substantially unchanged.