Inhibrx Expands Credit Facility to Fund Operations
The biotechnology company borrowed an additional $100.0 million under the amended agreement.
Inhibrx Biosciences (INBX) expanded its Oxford Finance credit facility by $325.0 million, lifting its debt capacity to $500.0 million from $175.0 million.
The increase marked a sharp step-up in Inhibrx's use of debt financing. In the prior quarter, a $75.0 million borrowing had raised outstanding principal to $175.0 million from $100.0 million.
The company immediately drew on the expanded facility, taking cumulative borrowings to $275.0 million from $175.0 million before the amendment.
The financing update omitted the quarterly figures included in Inhibrx's first-quarter release, including cash, research-and-development expense, general-and-administrative expense, other expense, and net loss. The company disclosed only the amended credit arrangement.
The latest borrowing also carried an equity component. Inhibrx issued lenders warrants to purchase 21,457 shares at $93.21 a share, representing value equal to 2% of the new loan. The warrants were immediately exercisable and have a 10-year term.
A further $225.0 million remains available under the facility, though additional draws require the lenders' discretion. That condition leaves Inhibrx with greater potential borrowing capacity while giving Oxford Finance control over the remaining funds.