Loan of the Week Snapshot #115

👓At a Glance

Borrower: Inhibrx Biosciences, Inc.

Lender: Oxford Finance

Deal Size: $150.0 million

Structure: Senior secured term loan with and equity-linked enhancements (warrants)

Rate: Variable - 5.61% plus the greater of a)1-month SOFR, or b) 4.34%

Term: ~60 months

Use of Proceeds: Support continued research and development expenses; runway extension post data readouts

Source: Press Release

📷Borrower Snapshot

Sector: Health Care

Subsector: Biotechnology

Ownership: Public

Commercial Stage: Pre-commercial revenue

Business Overview: Inhibrx Biosciences (NASDAQ: INBX) is a clinical-stage biopharmaceutical company developing protein-based therapeutics to treat cancer and rare diseases. Its lead programs include INBRX-109, a targeted therapy for chondrosarcoma, and INBRX-106, a T-cell activating drug targeting solid tumors. The company leverages proprietary protein engineering platforms to develop differentiated biologics with enhanced therapeutic potential.

⚙️Structure & Terms

Source: SEC 8-K

Commitment: $150.0 million

Tranche 1: $100.0 million funded at close

Tranche 2: $50.0 million available at lender’s discretion

Milestones: N/A

Interest-only Period: ~36 months

Maturity: January 1, 2030

Rate: Variable - 5.61% plus the greater of a)1-month SOFR, or b) 4.34%

Upfront Deposit: $100k

Final Payment Fee: 9%

Prepayment Fee: 5%, 4%, 2%

Other:

• $2.0 million in warrants (2% warrant coverage) at $14.21 strike

Covenants: Minimum cash balance of $20 million with step-ups to $50 million or $75 million if certain events don’t occur or if ceases to actively develop select therapeutic assets in development

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