Forensic Analysis · Healthcare / Pharmaceuticals / Biotech · as of Jun 27, 2026
Inhibrx Biosciences, Inc. (INBX)
A forensic read on Inhibrx Biosciences, Inc. built from its complete SEC filings — financial-health screens, earnings quality, red flags and a price-aware rating. Reproducible math, not opinion.
F · Poor — capital at risk
Forensic grade
Distress
Financial health
-7.2
Altman Z-score
Watch
Earnings quality
3
Forensic signals
-256.0%
ROE
$1.4B
Market cap
Inhibrx Biosciences, Inc. earns a F (Poor — capital at risk) forensic quality grade, and its Altman Z-score is -7.2, placing it in the Distress zone. 3 forensic signals were flagged in its latest SEC filings, led by cash conversion.
What the filings flag
-0.40×Cash conversion.Over FY2023–FY2025, operating cash flow was -0.40× cumulative net income. Reported profit is not turning into cash — a classic earnings-quality warning.
+15.7%/yrShare-count dilution.Diluted share count changed +31% over the last 2 years to FY2025 (+15.7%/yr). The count is GROWING — existing holders are being diluted. That's ~15.7% shaved off per-share growth every year — total profit has to grow that much just to keep earnings-per-share flat, and a stake held since FY2023 has been diluted ~31%.
857% of revStock-based comp load.Stock-based compensation ran 857% of revenue in FY2025 — about $0.72 per diluted share. Meaningful — reported free cash flow flatters the economics, since SBC is a real cost paid in shares.
Key fundamentals
Net Margin-10773.5%
Debt / Equity12.58x
Free Cash Flow$-129.8M
Latest Revenue$1.3M
Return on Equity-1752.2%
Revenue Growth YoY+550.0%
Go deeper — free with an account
The forensic grade and screens above are free — no account needed. An account adds the full interactive deep-dive on Inhibrx Biosciences, Inc.:
🔒The written investment read — what the numbers mean, in plain English
🔒Ask anything about INBX's filings — AI Q&A across the 10-K, 10-Qs & 8-Ks
🔒Interactive valuation — reverse-DCF sliders, Monte Carlo & scenario stress
🔒Calibrated 12-month price forecast, with the math shown