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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Inhibrx Inc | NASDAQ:INBX | NASDAQ | Common Stock |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
-0.40 | -1.15% | 34.29 | 33.89 | 54.94 | 34.75 | 33.95 | 34.60 | 506,507 | 01:00:00 |
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| | | | | 127 | | | |
| | | | | 127 | | | |
| | | | | 127 | | | |
| | | | | 129 | | | |
| | | | | A-1 | | | |
| | | | | B-1 | | | |
| | | | | C-1 | | |
| | |
2023E
|
| |
2024E
|
| |
2025E
|
| |
2026E
|
| |
2027E
|
| |||||||||||||||
Total Net Revenue
|
| | | $ | 0 | | | | | $ | 0 | | | | | $ | 0 | | | | | $ | 485 | | | | | $ | 1,068 | | |
Gross Profit
|
| | | $ | 0 | | | | | $ | 0 | | | | | $ | 0 | | | | | $ | 364 | | | | | $ | 801 | | |
R&D Expense
|
| | | $ | (47) | | | | | $ | (61) | | | | | $ | (25) | | | | | $ | (20) | | | | | $ | (10) | | |
SG&A Expense
|
| | | $ | (12) | | | | | $ | (23) | | | | | $ | (28) | | | | | $ | (51) | | | | | $ | (53) | | |
EBIT
|
| | | $ | (59) | | | | | $ | (84) | | | | | $ | (53) | | | | | $ | 292 | | | | | $ | 739 | | |
| | |
2028E
|
| |
2029E
|
| |
2030E
|
| |
2031E
|
| |
2032E – 2042E
|
| |||||||||||||||
Total Net Revenue
|
| | | $ | 1,696 | | | | | $ | 1,966 | | | | | $ | 2,134 | | | | | $ | 2,330 | | | | | $ | 37,874 | | |
Gross Profit
|
| | | $ | 1,272 | | | | | $ | 1,475 | | | | | $ | 1,601 | | | | | $ | 1,747 | | | | | $ | 28,405 | | |
R&D Expense
|
| | | $ | (10) | | | | | $ | (10) | | | | | $ | (10) | | | | | $ | (10) | | | | | $ | (20) | | |
SG&A Expense
|
| | | $ | (54) | | | | | $ | (55) | | | | | $ | (56) | | | | | $ | (57) | | | | | $ | (680) | | |
EBIT
|
| | | $ | 1,208 | | | | | $ | 1,410 | | | | | $ | 1,535 | | | | | $ | 1,680 | | | | | $ | 27,705 | | |
| | |
2023E
|
| |
2024E
|
| |
2025E
|
| |
2026E
|
| |
2027E
|
| |||||||||||||||
Total Net Revenue
|
| | | $ | 0 | | | | | $ | 0 | | | | | $ | 135 | | | | | $ | 310 | | | | | $ | 584 | | |
Gross Profit
|
| | | $ | 0 | | | | | $ | 0 | | | | | $ | 101 | | | | | $ | 232 | | | | | $ | 438 | | |
R&D Expense
|
| | | $ | (32) | | | | | $ | (12) | | | | | $ | (3) | | | | | $ | 0 | | | | | $ | 0 | | |
SG&A Expense
|
| | | $ | (13) | | | | | $ | (26) | | | | | $ | (26) | | | | | $ | (27) | | | | | $ | (27) | | |
EBIT
|
| | | $ | (44) | | | | | $ | (39) | | | | | $ | 71 | | | | | $ | 206 | | | | | $ | 411 | | |
| | |
2028E
|
| |
2029E
|
| |
2030E
|
| |
2031E
|
| |
2032E – 2042E
|
| |||||||||||||||
Total Net Revenue
|
| | | $ | 605 | | | | | $ | 626 | | | | | $ | 647 | | | | | $ | 668 | | | | | $ | 8,871 | | |
Gross Profit
|
| | | $ | 454 | | | | | $ | 469 | | | | | $ | 485 | | | | | $ | 501 | | | | | $ | 6,653 | | |
R&D Expense
|
| | | $ | 0 | | | | | $ | 0 | | | | | $ | 0 | | | | | $ | 0 | | | | | $ | 0 | | |
SG&A Expense
|
| | | $ | (27) | | | | | $ | (27) | | | | | $ | (27) | | | | | $ | (28) | | | | | $ | (312) | | |
EBIT
|
| | | $ | 427 | | | | | $ | 442 | | | | | $ | 458 | | | | | $ | 473 | | | | | $ | 6,341 | | |
| | | | | |
2024E
|
| |
2025E
|
| |
2026E
|
| |
2027E
|
| |
2028E
|
| |
2029E
|
| ||||||||||||||||||
Total Net Revenue
|
| | | | | | | — | | | | | $ | 68 | | | | | $ | 12 | | | | | $ | 157 | | | | | $ | 410 | | | | | $ | 721 | | |
Gross Profit
|
| | | | | | | — | | | | | $ | 68 | | | | | $ | 10 | | | | | $ | 112 | | | | | $ | 299 | | | | | $ | 524 | | |
R&D Expense
|
| | | | | | $ | (303) | | | | | $ | (215) | | | | | $ | (232) | | | | | $ | (114) | | | | | $ | (96) | | | | | $ | (94) | | |
S&M Expense
|
| | | | | | $ | (16) | | | | | $ | (13) | | | | | $ | (34) | | | | | $ | (62) | | | | | $ | (82) | | | | | $ | (107) | | |
G&A Expense
|
| | | | | | $ | (48) | | | | | $ | (59) | | | | | $ | (69) | | | | | $ | (67) | | | | | $ | (56) | | | | | $ | (53) | | |
EBIT
|
| | | | | | $ | (367) | | | | | $ | (219) | | | | | $ | (325) | | | | | $ | (131) | | | | | $ | 65 | | | | | $ | 271 | | |
Unlevered Free Cash Flow
|
| |
2H’24: $(156)
|
| | | $ | (367) | | | | | $ | (219) | | | | | $ | (326) | | | | | $ | (146) | | | | | $ | 24 | | | | | $ | 171 | | |
| | |
2030E
|
| |
2031E
|
| |
2032E
|
| |
2033E
|
| |
2034E
|
| |
2035E
|
| |
2036E
|
| |||||||||||||||||||||
Total Net Revenue
|
| | | $ | 1,151 | | | | | $ | 1,549 | | | | | $ | 1,801 | | | | | $ | 1,863 | | | | | $ | 2,011 | | | | | $ | 2,077 | | | | | $ | 2,189 | | |
Gross Profit
|
| | | $ | 858 | | | | | $ | 1,150 | | | | | $ | 1,357 | | | | | $ | 1,392 | | | | | $ | 1,516 | | | | | $ | 1,564 | | | | | $ | 1,663 | | |
R&D Expense
|
| | | $ | (57) | | | | | $ | (50) | | | | | $ | (51) | | | | | $ | (38) | | | | | $ | (39) | | | | | $ | (40) | | | | | $ | (41) | | |
S&M Expense
|
| | | $ | (130) | | | | | $ | (143) | | | | | $ | (147) | | | | | $ | (152) | | | | | $ | (156) | | | | | $ | (161) | | | | | $ | (166) | | |
G&A Expense
|
| | | $ | (57) | | | | | $ | (56) | | | | | $ | (55) | | | | | $ | (55) | | | | | $ | (56) | | | | | $ | (57) | | | | | $ | (58) | | |
EBIT
|
| | | $ | 614 | | | | | $ | 900 | | | | | $ | 1,104 | | | | | $ | 1,148 | | | | | $ | 1,266 | | | | | $ | 1,307 | | | | | $ | 1,397 | | |
Unlevered Free Cash Flow
|
| | | $ | 423 | | | | | $ | 634 | | | | | $ | 808 | | | | | $ | 848 | | | | | $ | 938 | | | | | $ | 971 | | | | | $ | 1,040 | | |
| | |
2037E
|
| |
2038E
|
| |
2039E
|
| |
2040E
|
| |
2041E
|
| |
2042E
|
| |
2043E
|
| |||||||||||||||||||||
Total Net Revenue
|
| | | $ | 2,139 | | | | | $ | 2,136 | | | | | $ | 1,728 | | | | | $ | 1,630 | | | | | $ | 1,084 | | | | | $ | 785 | | | | | $ | 542 | | |
Gross Profit
|
| | | $ | 1,634 | | | | | $ | 1,633 | | | | | $ | 1,326 | | | | | $ | 1,267 | | | | | $ | 846 | | | | | $ | 625 | | | | | $ | 432 | | |
R&D Expense
|
| | | $ | (41) | | | | | $ | (42) | | | | | $ | (37) | | | | | $ | (38) | | | | | $ | (19) | | | | | $ | (13) | | | | | $ | (9) | | |
| | |
2037E
|
| |
2038E
|
| |
2039E
|
| |
2040E
|
| |
2041E
|
| |
2042E
|
| |
2043E
|
| |||||||||||||||||||||
S&M Expense
|
| | | $ | (149) | | | | | $ | (145) | | | | | $ | (97) | | | | | $ | (78) | | | | | $ | (49) | | | | | $ | (32) | | | | | $ | (22) | | |
G&A Expense
|
| | | $ | (61) | | | | | $ | (64) | | | | | $ | (69) | | | | | $ | (74) | | | | | $ | (77) | | | | | $ | (80) | | | | | $ | (83) | | |
EBIT
|
| | | $ | 1,382 | | | | | $ | 1,382 | | | | | $ | 1,124 | | | | | $ | 1,076 | | | | | $ | 701 | | | | | $ | 500 | | | | | $ | 319 | | |
Unlevered Free Cash Flow
|
| | | $ | 1,043 | | | | | $ | 1,036 | | | | | $ | 881 | | | | | $ | 820 | | | | | $ | 576 | | | | | $ | 407 | | | | | $ | 260 | | |
| | | | | |
2024E
|
| |
2025E
|
| |
2026E
|
| |
2027E
|
| |
2028E
|
| |
2029E
|
| ||||||||||||||||||
Total Net Revenue
|
| | | | | | | — | | | | | $ | 38 | | | | | $ | 12 | | | | | $ | 14 | | | | | $ | 100 | | | | | $ | 221 | | |
Gross Profit
|
| | | | | | | — | | | | | $ | 38 | | | | | $ | 10 | | | | | $ | 11 | | | | | $ | 78 | | | | | $ | 166 | | |
R&D Expense
|
| | | | | | $ | (170) | | | | | $ | (144) | | | | | $ | (147) | | | | | $ | (77) | | | | | $ | (65) | | | | | $ | (65) | | |
S&M Expense
|
| | | | | | $ | (5) | | | | | $ | (3) | | | | | $ | (5) | | | | | $ | (16) | | | | | $ | (45) | | | | | $ | (68) | | |
G&A Expense
|
| | | | | | $ | (34) | | | | | $ | (29) | | | | | $ | (47) | | | | | $ | (40) | | | | | $ | (36) | | | | | $ | (30) | | |
EBIT
|
| | | | | | $ | (208) | | | | | $ | (139) | | | | | $ | (190) | | | | | $ | (123) | | | | | $ | (68) | | | | | $ | 2 | | |
Unlevered Free Cash Flow
|
| |
2H’24: $(94)
|
| | | $ | (208) | | | | | $ | (139) | | | | | $ | (190) | | | | | $ | (124) | | | | | $ | (75) | | | | | $ | (11) | | |
| | |
2030E
|
| |
2031E
|
| |
2032E
|
| |
2033E
|
| |
2034E
|
| |
2035E
|
| |
2036E
|
| |||||||||||||||||||||
Total Net Revenue
|
| | | $ | 398 | | | | | $ | 561 | | | | | $ | 730 | | | | | $ | 776 | | | | | $ | 873 | | | | | $ | 895 | | | | | $ | 968 | | |
Gross Profit
|
| | | $ | 302 | | | | | $ | 421 | | | | | $ | 555 | | | | | $ | 583 | | | | | $ | 664 | | | | | $ | 674 | | | | | $ | 738 | | |
R&D Expense
|
| | | $ | (27) | | | | | $ | (28) | | | | | $ | (29) | | | | | $ | (27) | | | | | $ | (27) | | | | | $ | (28) | | | | | $ | (29) | | |
S&M Expense
|
| | | $ | (89) | | | | | $ | (101) | | | | | $ | (104) | | | | | $ | (107) | | | | | $ | (110) | | | | | $ | (114) | | | | | $ | (117) | | |
G&A Expense
|
| | | $ | (34) | | | | | $ | (27) | | | | | $ | (20) | | | | | $ | (21) | | | | | $ | (21) | | | | | $ | (22) | | | | | $ | (22) | | |
EBIT
|
| | | $ | 152 | | | | | $ | 265 | | | | | $ | 402 | | | | | $ | 429 | | | | | $ | 505 | | | | | $ | 511 | | | | | $ | 570 | | |
Unlevered Free Cash Flow
|
| | | $ | 98 | | | | | $ | 181 | | | | | $ | 288 | | | | | $ | 315 | | | | | $ | 372 | | | | | $ | 378 | | | | | $ | 424 | | |
| | |
2037E
|
| |
2038E
|
| |
2039E
|
| |
2040E
|
| |
2041E
|
| |
2042E
|
| |
2043E
|
| |||||||||||||||||||||
Total Net Revenue
|
| | | $ | 837 | | | | | $ | 847 | | | | | $ | 403 | | | | | $ | 269 | | | | | $ | 117 | | | | | $ | 98 | | | | | $ | 53 | | |
Gross Profit
|
| | | $ | 633 | | | | | $ | 648 | | | | | $ | 309 | | | | | $ | 217 | | | | | $ | 96 | | | | | $ | 89 | | | | | $ | 49 | | |
R&D Expense
|
| | | $ | (28) | | | | | $ | (29) | | | | | $ | (17) | | | | | $ | (17) | | | | | $ | (10) | | | | | $ | (6) | | | | | $ | (4) | | |
S&M Expense
|
| | | $ | (99) | | | | | $ | (93) | | | | | $ | (44) | | | | | $ | (23) | | | | | $ | (10) | | | | | $ | (4) | | | | | $ | (2) | | |
G&A Expense
|
| | | $ | (22) | | | | | $ | (22) | | | | | $ | (17) | | | | | $ | (15) | | | | | $ | (14) | | | | | $ | (13) | | | | | $ | (13) | | |
EBIT
|
| | | $ | 484 | | | | | $ | 503 | | | | | $ | 231 | | | | | $ | 161 | | | | | $ | 63 | | | | | $ | 66 | | | | | $ | 30 | | |
Unlevered Free Cash Flow
|
| | | $ | 373 | | | | | $ | 380 | | | | | $ | 215 | | | | | $ | 137 | | | | | $ | 60 | | | | | $ | 54 | | | | | $ | 25 | | |
Named Executive Officer
|
| |
Cash ($)(2)
|
| |
Equity ($)(3)
|
| |
Perquisites/
Benefits ($)(4) |
| |
Retention
Bonus ($)(5) |
| |
Total ($)
|
| |||||||||||||||
Mark P. Lappe
Chief Executive Officer and President |
| | | $ | 1,668,600 | | | | | $ | 927,163 | | | | | $ | 42,406 | | | | | $ | 1,700,000 | | | | | $ | 4,338,169 | | |
Kelly D. Deck, C.P.A.
Chief Financial Officer |
| | | $ | 1,000,718 | | | | | $ | 346,878 | | | | | $ | 42,406 | | | | | | — | | | | | $ | 1,390,002 | | |
Brendan P. Eckelman, Ph.D.
Chief Scientific Officer |
| | | $ | 1,164,930 | | | | | $ | 364,700 | | | | | $ | 42,638 | | | | | | — | | | | | $ | 1,572,268 | | |
Named Executive Officer
|
| |
Base Salary
($) |
| |
Annual Bonus
(%) |
| |
Annual Bonus
($) |
| |
Total Cash Severance
($) |
| ||||||||||||
Mark P. Lappe
|
| | | $ | 695,250 | | | | | | 60% | | | | | $ | 417,150 | | | | | $ | 1,668,600 | | |
Kelly Deck, C.P.A.
|
| | | $ | 460,100 | | | | | | 45% | | | | | $ | 207,045 | | | | | $ | 1,000,718 | | |
Brendan P. Eckelman, Ph.D.
|
| | | $ | 535,600 | | | | | | 45% | | | | | $ | 241,020 | | | | | $ | 1,164,930 | | |
| | |
Historical
Inhibrx, Inc. (Note 1) |
| |
Pre-Closing
Reorganization of the 101 Business (Note 2) |
| |
Transaction
Accounting Adjustments (Note 3) |
| | | | |
Autonomous
Entity Adjustments (Note 4) |
| | | | |
Pro Forma
|
| |||||||||||||||
| | |
(In thousands, except per share amounts)
|
| |||||||||||||||||||||||||||||||||
Revenue: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
License fee revenue
|
| | | $ | 1,800 | | | | | $ | (166) | | | | | $ | — | | | | | | | | $ | — | | | | | | | | $ | 1,634 | | |
Grant revenue
|
| | | | — | | | | | | — | | | | | | — | | | | | | | | | — | | | | | | | | | — | | |
Total revenue
|
| | | | 1,800 | | | | | | (166) | | | | | | — | | | | | | | | | — | | | | | | | | | 1,634 | | |
Operating expenses: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Research and development
|
| | | | 191,640 | | | | | | (54,697) | | | | | | 33,031 | | | |
(B)
|
| | | | 6,916 | | | |
(I)
|
| | | | 176,890 | | |
General and administrative
|
| | | | 29,381 | | | | | | (1,380) | | | | | | 86,386 | | | |
(A), (B)
|
| | | | — | | | | | | | | | 114,387 | | |
Total operating expenses
|
| | | | 221,021 | | | | | | (56,077) | | | | | | 119,417 | | | | | | | | | 6,916 | | | | | | | | | 291,277 | | |
Loss from operations
|
| | | | (219,221) | | | | | | 55,911 | | | | | | (119,417) | | | | | | | | | (6,916) | | | | | | | | | (289,643) | | |
Other income (expense): | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Interest expense
|
| | | | (31,840) | | | | | | — | | | | | | 31,840 | | | |
(E)
|
| | | | — | | | | | | | | | — | | |
Interest income
|
| | | | 11,917 | | | | | | — | | | | | | — | | | | | | | | | — | | | | | | | | | 11,917 | | |
Other expense, net
|
| | | | (580) | | | | | | 11,032 | | | | | | 1,652,181 | | | |
(C)
|
| | | | 7,436 | | | |
(I)
|
| | | | 1,670,069 | | |
Total other expense
|
| | | | (20,503) | | | | | | 11,032 | | | | | | 1,684,021 | | | | | | | | | 7,436 | | | | | | | | | 1,681,986 | | |
Loss before provision for income taxes
|
| | | | (239,724) | | | | | | 66,943 | | | | | | 1,564,604 | | | | | | | | | 520 | | | | | | | | | 1,392,343 | | |
Provision for income taxes
|
| | | | 3 | | | | | | — | | | | | | (19,538) | | | |
(F)
|
| | | | 116 | | | |
(J)
|
| | | | (19,419) | | |
Loss on equity method investment
|
| | | | 1,634 | | | | | | — | | | | | | — | | | | | | | | | — | | | | | | | | | 1,634 | | |
Net income (loss)
|
| | | $ | (241,361) | | | | | $ | 66,943 | | | | | $ | 1,584,142 | | | | | | | | $ | 404 | | | | | | | | $ | 1,410,128 | | |
Net income (loss) per share, basic and diluted
|
| | | $ | (5.12) | | | | | | | | | | | | | | | | | | | | | | | | |
(H)
|
| | | $ | 96.90 | | |
Weighted-average shares of common stock outstanding, basic and diluted
|
| | | | 47,130 | | | | | | | | | | | | | | | | | | | | | | | | |
(H)
|
| | | | 14,553 | | |
| | |
Historical
Inhibrx, Inc. (Note 1) |
| |
Pre-Closing
Reorganization of the 101 Business (Note 2) |
| |
Transaction
Accounting Adjustments (Note 3) |
| | | | |
Autonomous
Entity Adjustments (Note 4) |
| |
Pro Forma
|
| |||||||||||||||
| | |
(In thousands, except share and per share amounts)
|
| ||||||||||||||||||||||||||||||
Assets | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Current assets: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Cash and cash equivalents
|
| | | $ | 277,924 | | | | | $ | — | | | | | $ | — | | | |
(C), (D)
|
| | | $ | — | | | | | $ | 277,924 | | |
Accounts receivable
|
| | | | 778 | | | | | | — | | | | | | — | | | | | | | | | — | | | | | | 778 | | |
Prepaid expenses and other current assets
|
| | | | 16,656 | | | | | | (3,969) | | | | | | — | | | | | | | | | — | | | | | | 12,687 | | |
Total current assets
|
| | | | 295,358 | | | | | | (3,969) | | | | | | — | | | | | | | | | — | | | | | | 291,389 | | |
Property and equipment, net
|
| | | | 6,419 | | | | | | — | | | | | | — | | | | | | | | | — | | | | | | 6,419 | | |
Operating right-of-use asset
|
| | | | 2,952 | | | | | | — | | | | | | — | | | | | | | | | — | | | | | | 2,952 | | |
Other non-current assets
|
| | | | 3,164 | | | | | | — | | | | | | — | | | | | | | | | — | | | | | | 3,164 | | |
Total assets
|
| | | $ | 307,893 | | | | | $ | (3,969) | | | | | $ | — | | | | | | | | $ | — | | | | | $ | 303,924 | | |
Liabilities and stockholders’ equity | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Current liabilities: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Accounts payable
|
| | | $ | 10,954 | | | | | $ | (2,344) | | | | | $ | — | | | | | | | | $ | — | | | | | $ | 8,610 | | |
Accrued expenses
|
| | | | 43,295 | | | | | | (88,468) | | | | | | 67,662 | | | |
(A)
|
| | | | — | | | | | | 22,489 | | |
Current portion of lease liability
|
| | | | 2,063 | | | | | | — | | | | | | — | | | | | | | | | — | | | | | | 2,063 | | |
Total current liabilities
|
| | | | 56,312 | | | | | | (90,812) | | | | | | 67,662 | | | | | | | | | — | | | | | | 33,162 | | |
Long-term debt, including final payment fee
|
| | | | 206,968 | | | | | | (206,968) | | | | | | — | | | | | | | | | — | | | | | | — | | |
Non-current portion of lease liability
|
| | | | 1,110 | | | | | | — | | | | | | — | | | | | | | | | — | | | | | | 1,110 | | |
Total liabilities
|
| | | | 264,390 | | | | | | (297,780) | | | | | | 67,662 | | | | | | | | | — | | | | | | 34,272 | | |
Commitments and contingencies | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Stockholders’ equity | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Preferred stock, $0.0001 par value, 15,000,000 shares
authorized and no shares outstanding as of December 31, 2023 |
| | | | — | | | | | | — | | | | | | — | | | | | | | | | — | | | | | | — | | |
Common stock, $0.0001 par value, 120,000,000 shares authorized as of December 31, 2023; 47,369,511 shares issued and outstanding as of December 31, 2023
|
| | | | 5 | | | | | | — | | | | | | (5) | | | |
(G)
|
| | | | — | | | | | | — | | |
Common stock, $0.0001 par value; 12,874,148 shares issued
and outstanding on a pro forma basis |
| | | | — | | | | | | — | | | | | | 1 | | | |
(G)
|
| | | | — | | | | | | 1 | | |
Additional paid-in-capital
|
| | | | 657,232 | | | | | | — | | | | | | (387,581) | | | |
(B), (C),
|
| | | | — | | | | | | 269,651 | | |
|
(D), (G)
|
| ||||||||||||||||||||||||||||||||
Accumulated deficit
|
| | | | (613,734) | | | | | | 293,811 | | | | | | 319,923 | | | |
(A), (B),
|
| | | | — | | | | | | — | | |
|
(C), (D)
|
| ||||||||||||||||||||||||||||||||
Total stockholders’ equity
|
| | | | 43,503 | | | | | | 293,811 | | | | | | (67,662) | | | | | | | | | — | | | | | | 201,990 | | |
Total liabilities and stockholders’ equity
|
| | | $ | 307,893 | | | | | $ | (3,969) | | | | | $ | — | | | | | | | | $ | — | | | | | $ | 303,924 | | |
| | |
Beneficial Ownership(1)
|
| |||||||||
Name and Address of Beneficial Owner
|
| |
Number of
Common Shares |
| |
Percent of
Common Shares |
| ||||||
5% or Greater Stockholders | | | | | | | | | | | | | |
Entities affiliated with Viking Global Opportunities Illiquid Investments Sub-Master LP(2)
|
| | | | 7,150,826 | | | | | | 15.09% | | |
Entities affiliated with RA Capital Healthcare Fund, L.P.(3)
|
| | | | 4,735,648 | | | | | | 9.99% | | |
Entities affiliated with Perceptive Life Sciences Master Fund, Ltd.(4)
|
| | | | 4,787,602 | | | | | | 9.99% | | |
Entities affiliated with BlackRock, Inc.(5)
|
| | | | 2,715,672 | | | | | | 5.73% | | |
Named Executive Officers and Directors | | | | | | | | | | | | | |
Mark P. Lappe(6)
|
| | | | 3,194,717 | | | | | | 6.72% | | |
Brendan P. Eckelman, Ph.D.(7)
|
| | | | 2,400,553 | | | | | | 5.06% | | |
Kelly D. Deck, C.P.A.(8)
|
| | | | 192,561 | | | | | | * | | |
Jon Faiz Kayyem, Ph.D.(9)
|
| | | | 3,309,060 | | | | | | 6.98% | | |
Douglas G. Forsyth(10)
|
| | | | 633,016 | | | | | | 1.33% | | |
Kimberly Manhard(11)
|
| | | | 36,743 | | | | | | * | | |
Kristiina Vuori, M.D., Ph.D.(12)
|
| | | | 24,375 | | | | | | * | | |
All current directors and executive officers as a group (7 persons)
|
| | | | 9,791,025 | | | | | | 20.62% | | |
| | |
Page
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| | | | A-23 | | | |
| | | | A-24 | | | |
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| | | | A-25 | | | |
| | | | A-25 | | | |
| | | | A-26 | | | |
| | | | A-26 | | | |
| | | | A-28 | | | |
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| | | | A-34 | | | |
| | | | A-38 | | | |
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| | | | A-42 | | | |
| | | | A-42 | | | |
| | | | A-42 | | | |
| | | | A-43 | | | |
| | | | A-43 | | | |
| | | | A-44 | | | |
| | | | A-46 | | | |
| | | | A-46 | | | |
| | | | A-47 | | | |
| | | | A-48 | | | |
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| | | | A-56 | | | |
| | | | A-56 | | |
| | | | ||
| | | | ||
| | | | ||
| | | |
| | | | INHIBRX, INC. | | ||||||
| | | | By: | | |
/s/ Kelly Deck
|
| |||
| | | | | | | Name: | | | Kelly Deck | |
| | | | | | | Title: | | | Chief Financial Officer | |
| | | | AVENTIS INC. | | ||||||
| | | | By: | | |
/s/ Jamie Haney
|
| |||
| | | | | | | Name: | | | Jamie Haney | |
| | | | | | | Title: | | | Vice President, General Counsel and Secretary | |
| | | | ART ACQUISITION SUB, INC. | | ||||||
| | | | By: | | |
/s/ Michael J. Tolpa
|
| |||
| | | | | | | Name: | | | Michael J. Tolpa | |
| | | | | | | Title: | | | President | |
| | |
Page
|
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| | | | A-80 | | | |
| | | | A-80 | | | |
| | | | A-84 | | | |
| | | | A-84 | | | |
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| | | | A-90 | | | |
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| | | | A-97 | | |
Term
|
| |
Section
|
|
$ | | | 1.3(c) | |
Agreement | | | Preamble | |
Assignee | | | 6.10 | |
Assignment Transaction Acquiror | | | 4.3(a) | |
Capitalization Schedule | | | 2.3(b) | |
Company | | | Recitals | |
CVR | | | Preamble | |
CVR Register | | | 2.3(b) | |
Delaware Law | | | 6.4(a) | |
Dollars | | | 1.3(c) | |
DTC | | | 2.3(b) | |
Funds | | | 3.3 | |
IRS | | | 2.4(d) | |
Losses | | | 3.2(h) | |
Merger | | | Recitals | |
Merger Agreement | | | Recitals | |
Merger Sub | | | Recitals | |
Milestone Achievement | | | 2.4(a) | |
Milestone Achievement Notice | | | 2.4(a) | |
Milestone Payment | | | Recitals | |
Parent | | | Preamble | |
Rights Agent | | | Preamble | |
Surviving Corporation | | | Recitals | |
| | |
Page
|
| |||
ARTICLE I
|
| | | | | | |
| | | | B-2 | | | |
| | | | B-2 | | | |
| | | | B-12 | | | |
ARTICLE II
|
| | | | | | |
| | | | B-12 | | | |
| | | | B-12 | | | |
| | | | B-13 | | | |
| | | | B-14 | | | |
| | | | B-15 | | | |
| | | | B-15 | | | |
| | | | B-15 | | | |
| | | | B-17 | | | |
| | | | B-17 | | | |
| | | | B-18 | | | |
| | | | B-19 | | | |
| | | | B-19 | | | |
| | | | B-20 | | | |
| | | | B-20 | | | |
ARTICLE III
|
| | | | | | |
| | | | B-21 | | | |
| | | | B-21 | | | |
| | | | B-21 | | | |
| | | | B-21 | | | |
| | | | B-21 | | | |
| | | | B-21 | | | |
| | | | B-22 | | | |
| | | | B-22 | | | |
| | | | B-22 | | | |
| | | | B-22 | | | |
ARTICLE IV
|
| | | | | | |
| | | | B-22 | | | |
| | | | B-22 | | | |
| | | | B-22 | | | |
| | | | B-23 | | | |
| | | | B-24 | | | |
| | | | B-24 | | | |
| | | | B-26 | | | |
| | | | B-26 | | | |
| | | | B-26 | | |
| | |
Page
|
| |||
| | | | B-28 | | | |
| | | | B-29 | | | |
| | | | B-30 | | | |
| | | | B-30 | | | |
| | | | B-30 | | | |
ARTICLE V
|
| | | | | | |
| | | | B-31 | | | |
| | | | B-31 | | | |
| | | | B-32 | | | |
| | | | B-33 | | | |
| | | | B-33 | | | |
| | | | B-34 | | | |
| | | | B-35 | | | |
| | | | B-36 | | | |
| | | | B-37 | | | |
ARTICLE VI
|
| | | | | | |
| | | | B-39 | | | |
| | | | B-39 | | | |
| | | | B-39 | | | |
| | | | B-40 | | | |
| | | | B-40 | | | |
| | | | B-40 | | | |
| | | | B-42 | | | |
| | | | B-43 | | | |
| | | | B-44 | | | |
| | | | B-44 | | | |
| | | | B-44 | | | |
| | | | B-44 | | | |
| | | | B-44 | | | |
ARTICLE VII
|
| | | | | | |
| | | | B-44 | | | |
| | | | B-44 | | | |
ARTICLE VIII
|
| | | | | | |
| | | | B-45 | | | |
| | | | B-45 | | | |
| | | | B-45 | | | |
| | | | B-45 | | | |
| | | | B-45 | | | |
| | | | B-46 | | | |
| | | | B-46 | | | |
| | | | B-46 | | |
| | |
Page
|
| |||
| | | | B-47 | | | |
| | | | B-47 | | | |
| | | | B-47 | | | |
| | | | B-47 | | | |
| | | | B-48 | | | |
| | | | B-48 | | | |
| | | | B-48 | | | |
| | | | B-49 | | | |
| | | | B-50 | | |
| Exhibit A | | | Transition Services Agreement | |
| Exhibit B | | | SpinCo Bylaws | |
| Schedule A | | | RemainCo Assets | |
| Schedule B | | | SpinCo Employees | |
| Schedule C | | | SpinCo Liabilities | |
| Schedule D | | | Transferred Plans | |
| Schedule E | | | ClinOps Employees | |
| Schedule F | | | Steps Plan | |
| Schedule G | | | SpinCo Accounts | |
| Schedule H | | | SpinCo Assets | |
| Schedule I | | | Novation Contracts | |
| Schedule J | | | Commingled Contracts | |
| Schedule K | | | RemainCo Liabilities | |
| Schedule L | | | Employment Arrangements | |
| Schedule M | | | Retention Program | |
| | |
PAGE
|
| |||
| | | | B-55 | | | |
| | | | B-55 | | | |
| | | | B-57 | | | |
| | | | B-57 | | | |
| | | | B-57 | | | |
| | | | B-57 | | | |
| | | | B-58 | | | |
| | | | B-58 | | | |
| | | | B-58 | | | |
| | | | B-58 | | | |
| | | | B-59 | | | |
| | | | B-59 | | | |
| | | | B-59 | | | |
| | | | B-60 | | | |
| | | | B-60 | | | |
| | | | B-60 | | | |
| | | | B-60 | | | |
| | | | B-60 | | | |
| | | | B-62 | | | |
| | | | B-62 | | | |
| | | | B-63 | | | |
| | | | B-63 | | | |
| | | | B-63 | | | |
| | | | B-63 | | | |
| | | | B-63 | | | |
| | | | B-64 | | | |
| | | | B-64 | | | |
| | | | B-64 | | | |
| | | | B-64 | | | |
| | | | B-64 | | | |
| | | | B-64 | | | |
| | | | B-65 | | | |
| | | | B-65 | | | |
| | | | B-65 | | | |
| | | | B-66 | | | |
| | | | B-66 | | | |
| | | | B-66 | | | |
| | | | B-66 | | | |
| | | | B-66 | | |
| | |
PAGE
|
| |||
| | | | B-66 | | | |
| | | | B-66 | | | |
| | | | B-67 | | | |
| | | | B-67 | | | |
| | | | B-68 | | | |
| | | | B-68 | | | |
| | | | B-68 | | | |
| | | | B-68 | | | |
| | | | B-68 | | | |
| | | | B-69 | | | |
| | | | B-69 | | | |
| | | | B-69 | | | |
| | | | B-70 | | | |
| | | | B-70 | | | |
| | | | B-70 | | | |
| | | | B-70 | | | |
| | | | B-71 | | | |
| | | | B-71 | | | |
| | | | B-71 | | | |
| | | | B-71 | | | |
| | | | B-71 | | |
| | | | | B-76 | | | |
| | | | | B-76 | | | |
| | | | | B-76 | | | |
| | | | | B-76 | | | |
| | | | | B-76 | | | |
| | | | | B-76 | | | |
| | | | | B-76 | | | |
| | | | | B-77 | | | |
| | | | | B-77 | | | |
| | | | | B-77 | | | |
| | | | | B-77 | | | |
| | | | | B-80 | | | |
| | | | | B-82 | | | |
| | | | | B-82 | | | |
| | | | | B-82 | | | |
| | | | | B-82 | | | |
| | | | | B-83 | | | |
| | | | | B-83 | | | |
| | | | | B-83 | | | |
| | | | | B-83 | | | |
| | | | | B-83 | | | |
| | | | | B-83 | | | |
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Exhibit 107
CALCULATION OF FILING FEE TABLES
Schedule 14A
(Form Type)
Inhibrx, Inc.
(Exact Name of Registrant as Specified in its Charter)
Table 1: Transaction Valuation
Proposed Maximum Aggregate Value of Transaction |
Fee Rate | Amount of Filing Fee | |||
Fees to be Paid | $1,970,932,812.16 | (1)(2)(3) | 0.00014760 | $290,909.68 | (4) |
Fees Previously Paid | $0 | $0 | |||
Total Transaction Valuation | $1,970,932,812.16 | ||||
Total Fees Due for Filing | $290,909.68 | ||||
Total Fees Previously Paid | $0 | ||||
Total Fee Offsets | $0 | ||||
Net Fee Due | $290,909.68 |
(1) | Title of each class of securities to which transaction applies: Inhibrx, Inc. common stock, par value $0.0001 per share (“Company common stock”). |
(2) |
Aggregate number of securities to which transaction applies: As of February 21, 2024, the maximum number of shares of Company common stock to which this transaction applies is estimated to be 60,422,948, which consists of:
(a) 47,392,447 issued and outstanding shares of Company common stock, entitled to receive the per share merger consideration of up to $35.00 per share (the “Merger Consideration”), which consists of an amount in cash equal to $30.00 (the “Closing Amount”), plus one contractual continent value right (“CVR”) that could result in an additional cash payment of $5.00 per share (the “Milestone Payment”);
(b) 4,546,484 shares of Company common stock underlying outstanding and unexercised options that have an exercise price of less than the Closing Amount (the “In-the-Money Options”);
(c) 1,762,044 shares of Company common stock underlying outstanding and unexercised options that have an exercise price that is greater than or equal to the Closing Amount and less than the Merger Consideration (the “CVR In-the-Money Options”);
(d) 6,714,619 shares of Company common stock deemed to be issuable upon the cashless exercise of 6,714,636 of Private Placement Warrants (as defined within the Schedule 14A) outstanding as of February 21, 2024, entitled to receive the Merger Consideration; and
(e) 7,354 shares of Company common stock underlying the 2020 Warrants (as defined within the Schedule 14A). |
(3) |
Per unit price or other underlying value of transaction computed pursuant to Exchange Act Rule 0-11: Solely for the purpose of calculating the filing fee, the underlying value of the transaction was calculated based on the sum of:
(a) the product of 47,392,447 issued and outstanding shares of Company common stock and the Merger Consideration, which equals $1,658,735,645.00;
(b) the product of 4,546,484 In-the-Money Options and $16.32, which is the difference between the Merger Consideration and the In-the-Money Options’ weighted-average exercise price of $18.68, which collectively equals $74,198,618.88;
(c) the product of 1,762,044 CVR In-the-Money Options and $1.62, which is the difference between the Merger Consideration and the CVR In-the-Money Options’ weighted-average exercise price of $33.38, which collectively equals $2,854,511.28.;
(d) the product of 6,714,619 shares of Company common stock deemed to be issuable upon the cashless exercise of the Private Placement Warrants and the Merger Consideration, which equals $235,011,665.00; and
(e) the sum of (i) the product of 7,354 shares of Company common stock underlying the 2020 Warrants and $13.00, which is the difference between the Closing Amount and $17.00 (which equals $95,602.00) and (ii) the product of 7,354 shares of Company common stock underlying the 2020 Warrants and the Milestone Payment (which equals $36,770.00), which collectively equals $132,372.00. |
(4) | In accordance with Section 14(g) of the Securities Exchange Act of 1934, as amended, and Exchange Act Rule 0-11, the filing fee was determined by multiplying the sum calculated in note (3) above by 0.00014760. |
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