F

Inhibrx Biosciences, Inc. — Earnings Quality Grade F

INBX · Healthcare

Major red flags

Revenue
$1M
2025
Net Income
-$140M
2025
Gross Margin
Free Cash Flow
-$130M
01

Screening Summary

8
Passed
3
Watch
2
Failed
M-Score

Management Signals

No recent CEO, CFO, board, or accounting leadership signals found in SEC 8-K filings.
02

Financial Trends

Revenue & Net Income ($B)

Margins (%)

03

18-Point Screening

01

Revenue Quality

A1DSO Change

Insufficient data

A2AR vs Revenue Growth

AR growth -100.0% vs revenue growth 550.0%

!
A3Revenue vs CFFO

Revenue grew 550.0% but CFFO only 33.2%

02

Expense Quality

B1Inventory vs COGS

No material inventory

B2CapEx vs Revenue

CapEx growth -98.8% vs revenue 550.0%. Normal

B3SG&A Ratio

Insufficient data

B4Gross Margin

Insufficient data

03

Cash Flow Quality

C1CFFO vs Net Income

CFFO < Net Income for 3 consecutive years

Small-cap context: Small-cap CFFO/NI often diverges from working-capital swings, not necessarily manipulation.

!
C2Free Cash Flow

FCF is negative ($-0.1B)

C3Accruals Ratio

Accruals ratio = -7.0%. Low accruals

C4Cash vs Debt

Cash $0.1B covers debt $0.1B

04

Balance Sheet Health

D1Goodwill + Intangibles

No goodwill. Clean balance sheet

!
D2Leverage

Interest coverage = -11.1x (<2x). Financial stress

D3Soft Asset Growth

Other assets -35.9% vs revenue 550.0%. Normal

D4Asset Impairment

No write-off data

05

Acquisition Risk

E1Serial Acquirer FCF

FCF after acquisitions negative for 3 years

Small-cap context: A single acquisition on a small balance sheet can trip serial-acquirer logic.

E2Goodwill Surge

No goodwill

06

Manipulation Score

F1Beneish M-Score

Insufficient data

Portfolio monitoring

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05

Altman Z-Score

-6.85
Distress Zone
0 Distress1.102.605.0+ Safe
0.6761
Liquidity
-1.6807
Cumulative profit
-0.8729
Operating efficiency
0.0577
Leverage

Generated from public financial data using forensic accounting frameworks. Not investment advice. Data: Yahoo Finance · 2026-04-25