MoatScopeInhibrx Biosciences, Inc.INBX
Spin-off from Inhibrx, Inc. (acquired by Sanofi at the separation) · May 29, 2024 · Nasdaq
one share of Inhibrx Biosciences for every four shares of Inhibrx, Inc.; 92% of the new company distributed
Documents
Both companies today
No ticker yet; the numbers follow the listing.
Moat ratings, quality scores and fair value estimates are MoatScope research opinions and refresh with the data pipeline. Price / FV below 1.00× means the shares trade under our base-case estimate.
What is being separated
Inhibrx Biosciences holds the Inhibrx pipeline other than the INBRX-101 program, which the acquirer bought together with the remaining company; the new company took over the INBX symbol after the merger closed.
Stated rationaleThe spin-off was structured so that Inhibrx stockholders kept the rest of the pipeline while the acquirer purchased only the INBRX-101 program.
The four questions
Indiscriminate selling
PartialManagement incentives
StrongThe hidden jewel
AbsentLeverage
AbsentThe write-up
Inhibrx separated on May 29, 2024, distributing Inhibrx Biosciences — one new share for every four Inhibrx shares — immediately before Sanofi completed its acquisition of the rest of the company for its INBRX-101 program. The new company holds the pipeline Sanofi was not buying, led by ozekibart (INBRX-109) and INBRX-106; it inherited the INBX symbol, was funded by Sanofi with $200 million of cash, and launched with no debt, while Inhibrx shareholders also received a contingent value right on INBRX-101. On MoatScope's framework Inhibrx Biosciences carries no moat rating and a quality score of 6 at a $1.9 billion market value, trading at $121.17; its fair value estimate is not meaningful and the ratio shown for it should be ignored — an owner-earnings model produces an absurd figure on a company with no revenue and a one-off cash infusion.
Not investment advice. Terms are as stated in the latest filing; spin-off shares are often thinly covered and volatile in their first months. Write-up dated Sep 8, 2026.