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    INBX   US45720L1070

INHIBRX, INC.

(INBX)
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Delayed Nasdaq  -  04:00 2022-07-01 pm EDT
11.58 USD   +2.03%
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INHIBRX, INC. : Entry into a Material Definitive Agreement, Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant, Financial Statements and Exhibits (form 8-K)

02/22/2022 | 09:13am EDT

Item 1.01 Entry Into a Material Definitive Agreement

On February 18, 2022, Inhibrx, Inc. (the "Company") and Oxford Finance LLC ("Oxford") entered into a fourth amendment (the "Fourth Amendment") to the Loan and Security Agreement between the Company and Oxford, dated as of July 15, 2020, as amended by the First Amendment dated November 12, 2020, the Second Amendment dated December 15, 2020, and the Third Amendment dated June 18, 2021 (collectively, the "Oxford Loan Agreement").

The Fourth Amendment provides for the funding of an additional $130.0 million in gross proceeds, $40.0 million of which was funded upon execution of the amendment, with the remaining $90.0 million to be funded in three separate tranches upon future milestone events. The outstanding term loans will mature on January 1, 2027 and bear interest at (1) 8.19% plus (2) the greater of (i) the 30-day U.S. Dollar LIBOR rate reported in the Wall Street Journal or (ii) 0.11%. The repayment schedule provides for interest-only payments through February 1, 2025, with principal payments beginning on March 1, 2025. The interest-only payments may be extended by 12 months through February 2026, with principal payments beginning on March 1, 2026, if the Company raises at least $100.0 million in upfront licensing or partnership proceeds by February 2025. The interest-only period is followed by 23 months of equal payments of principal plus interest, or if the interest-only period is extended, by 11 months of equal payments of principal plus interest. In accordance with the Fourth Amendment, the Company paid a one-time amendment fee of $1.1 million, which is equal to the amount accreted for the final payment on the existing tranches at the time of the amendment.

Upon the maturity date of January 1, 2027, a final payment of 9.0% of the total principal amount will be due to Oxford. The Company has the option to prepay the outstanding balance of the term loan in full prior to maturity, subject to a prepayment fee ranging from 1.0% to 3.0%, depending on the timing of the prepayment. The Company granted Oxford a first priority lien against all of its assets with a positive lien on intellectual property. Further, the Company issued to Oxford warrants to purchase 40,000 shares of the Company's common stock at a strike price of $45.00 per share.

Except as noted above, the material terms of the Oxford Loan Agreement remain substantially unchanged.

The foregoing description of the Fourth Amendment is qualified in its entirety by reference to the Fourth Amendment attached as Exhibit 10.1 to this Current Report on Form 8-K and is incorporated herein by reference.

Item 2.03 Creation of a Direct Financial Obligation or an Obligation Under an Off-Balance Sheet Arrangement of a Registrant

The information set forth in Item 1.01 of this Current Report on Form 8-K is incorporated by reference herein.

Item 9.01. Financial Statements and Exhibits.

(d) Exhibits.

  Exhibit No.          Description
                         Fourth Amendment to Loan and Security Agreement, dated February 18, 2022,
10.1                   by and between the Company and Oxford Finance LLC
99.1                     Press Release issued by Inhibrx, Inc. on February 22, 2022

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Financials (USD)
Sales 2022 4,93 M - -
Net income 2022 -129 M - -
Net cash 2022 75,0 M - -
P/E ratio 2022 -3,64x
Yield 2022 -
Capitalization 452 M 452 M -
EV / Sales 2022 76,6x
EV / Sales 2023 44,1x
Nbr of Employees 109
Free-Float 68,4%
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Mark P. Lappe Chairman & Chief Executive Officer
Kelly Devine Deck Chief Financial Officer
Brendan P. Eckelman Chief Scientific Officer
Ashraf Amanullah Chief Technical Operations Officer & Executive VP
Jeffrey Jensen Executive Vice President-Clinical Operations
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