Forensic Analysis · Pharmaceuticals & Biotechnology · as of Nov 11, 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.
D · Weak — demands caution
Forensic grade
Distress
Financial health
-7.2
Distress distance
3
Forensic signals
-197.8%
ROE
550.0%
Revenue growth
This free snapshot doesn't read filing or proxy text, so the auditor-quality and governance checks that can lower a grade were not evaluated (auditor quality, say on pay, board independence, going concern). Those checks only ever lower a grade, so the full analysis can land below the grade above but never above it — treat it as the most favourable reading, not the settled one.
Inhibrx Biosciences, Inc. earns a D (Weak — demands caution) forensic quality grade, and its balance-sheet distress test reads -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
-0.21×
FY2024–FY2025
Cash conversion.Over FY2024–FY2025, cumulative operating cash flow was -0.21× cumulative net income. Reported profit is not turning into cash. The shortfall is profit tied up in working capital rather than collected — the accrual and receivables lines below show where.Cash conversion: operating cash flow divided by net income, the share of profit that arrived as cash.
+3.4%/yr
FY2024–FY2025
Share-count dilution.Diluted share count changed +3% over the last 1 year to FY2025 (+3.4%/yr). The count is growing — 15.0M shares in FY2024, 15.5M in FY2025: more stock was issued than repurchased over this window, so aggregate results grew faster than their per-share equivalents. That's ~3.4% 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 FY2024 has been diluted ~3%.
857% of rev
FY2025
Stock-based comp load.Stock-based compensation ran 857% of revenue in FY2025 — about $0.72 per diluted share. No cash left the business to pay it, which is why operating cash flow adds it back. Net of repurchases the diluted count still rose about 3.4% a year across FY2024–FY2025, above the level at which the count is a material claim on a stake, and only one year's change is on file — enough to state what a holder gave up, not enough to say whether the rate is climbing or coming down. Stock compensation is one source of that issuance; acquisition consideration, equity raises, convertibles and other employee plans also net into the count, and these figures do not separate them.
Key fundamentals
Latest Revenue$1.3M
Revenue Growth YoY+550.0%
Net Margin-10773.5%
Free Cash Flow-$129.8M
Return on Equity-197.8%
Debt / Equity12.58x
The forensic grade and screens above are free — no account needed. Want the AI investment read on top — the 0–100 rating, thesis, bull-vs-bear, red flags and the 12-month scenario, written from Inhibrx Biosciences, Inc.'s actual 10-K/10-Q/8-K filings?