Dec. 17 at 7:14 PM
$INBX update after recent management commentary:
• INBRX-106: Management explicitly stated 106 is performing better than Keytruda, otherwise they “would have killed it.” Not a slam dunk, but also not a moonshot — internally framed as roughly 60/40. Key driver is durability & OS, with immune-memory signal emerging. Data needs to mature into H2’26. Real asset, longer-dated upside.
• INBRX-109: Active discussions ongoing. Timing intentionally being optimized into late Q1 as CRC durability continues to mature. Large pharma interest is primarily driven by CRC, not just chondrosarcoma. Management was clear: they will sell if pricing is right.
• Structure: If 109 is sold, remaining assets (incl. 106 + allergy royalty stake) would be spun into a public SpinCo.
My view:
109 alone supports a
$2.5–
$3.0B sale range, equivalent to roughly
$120–
$150/share (FD), with SpinCo providing additional upside beyond that.
106 is not priced in today nor are other assets they own
