Member Info for Marcus134

Just in the last year from $11 in May to $140 in a year. MKt Cap almost $2 billion.

Two in phase 2

Remember Modi-1 in H&N got 43% but a small cohort of 7 patients.

Inhibrx Biosciences Inc

127.58 USD

989.50%

+115.87

past year

Inhibrx Biosciences, Inc. (Nasdaq: INBX) is a clinical-stage biopharmaceutical company that specializes in protein engineering and single-domain antibody (sdAb) platforms to develop treatments for life-threatening conditions.

The company recently underwent a major restructuring: in early 2024, Sanofi acquired Inhibrx, Inc. (and its rare disease drug INBRX-101) for approximately $1.7 billion, while the remaining oncology assets were spun off into the currently traded entity, Inhibrx Biosciences.

Sanofi

Current Clinical Pipeline

Inhibrx’s primary focus is on immunotherapy-driven oncology indications through its proprietary multivalent antibody formats.

INBRX-106 (OX40 Agonist): A hexavalent (six-binding site) antibody designed to activate T-cells. As of May 2026, it is in Phase 2 trials for head and neck squamous cell carcinoma (HNSCC).

Recent Success: Interim Phase 2 results (May 11, 2026) showed a 44% response rate when combined with Merck’s Keytruda, significantly outperforming the 21.4% rate for Keytruda alone.

Timeline: Phase 3 of the HexAgon study is slated to begin in Q3 2026.

Ozekibart (INBRX-109): A tetravalent death receptor 5 (DR5) agonist designed to induce cancer-selective cell death. It is currently being evaluated for conventional chondrosarcoma and other solid tumors like colorectal cancer.

Strategic & Financial Outlook

Acquisition Rumors: Following the positive May 2026 data, Inhibrx has reportedly drawn interest from major pharmaceutical players, including Merck & Co., for potential deals that could value the company’s pipeline at over $8 billion.

Financials: Headquartered in La Jolla, California, the company has a market cap of approximately $1.96 billion (as of May 2026). Its fiscal year ends on December 31

Prevalence: In large HNSCC clinical trials, PD-L1 expression (CPS ≥ 1) is found in roughly 78% to 85% of patients, while "high" expression (TPS ≥ 50%) is found in about 23% to 26%.

National Institutes of Health (.gov)

+4

Clinical Impact in the ModiFY Trial

While Scancell's recent 43% ORR data focuses on HPV-negative patients, PD-L1 status remains a central factor for inclusion and evaluation:

Overcoming Resistance: Many HNSCC patients with high PD-L1 expression still eventually relapse on CPI monotherapy. The goal of adding Modi-1 is to trigger a broader immune response (targeting citrullinated proteins) that standard CPIs cannot achieve alone.

Prognostic Value: High PD-L1 expression on immune cells, when combined with high levels of tumor-infiltrating lymphocytes (TILs), has been linked to more favorable survival outcomes in advanced HNSCC.

National Institutes of Health (.gov)

+2

💡 Key Takeaway: In the ModiFY trial, the combination of Modi-1 and a CPI is specifically designed to help patients whose tumors use the PD-1/PD-L1 pathway to hide from the immune system, potentially doubling the response rate seen in historical "high expression" benchmarks.

If anyone is in any doubt about Scancell`s ridiculously low valuation then;

San Diego-based Inhibrx generated the objective response rate (ORR) data in the phase 2 portion of its HexAgon study, which randomized 68 people with treatment-naïve, metastatic or unresectable recurrent head and neck squamous cell carcinoma (HNSCC). Patients, all of whom had high PD-L1 expression with combined positive score (CPS) of at least 20, took Merck’s Keytruda as a monotherapy or with Inhibrx’s hexavalent OX40 agonist INBRX-106.

The ORR in the combination cohort was 44% at an interim analysis, compared to 21.4% in the Keytruda control cohort. The control group ORR is in line with the result from Merck’s phase 3 trial, which linked Keytruda to a 23.3% response rate in a similar population of HNSCC patients with high PD-L1 expression.

The biotech expects to share progression-free survival data in the fourth quarter.

https://www.fiercebiotech.com/biotech/ox40-drug-inhibrx-mooted-ma-target-tops-keytruda-early-look-midphase-data

https://inhibrx.com/pipeline/

two Inhibrx programs are in phase 2 clinical trials

Evidence that Inhibrx has cracked the OX40 conundrum could further takeover talks. Last month, Reuters reported that Merck, Merck KGaA and Ono ​Pharmaceutical had shown an interest in INBRX-106. While Inhibrx has a sub-$2 billion market cap even after a recent surge, Reuters reported that Inhibrx’s pipeline could be worth $9 billion to buyers depending on the clinical trial data.

Modi-1 Early Clinical Results (ModiFY Study)

Encouraging Response Rates: In an ongoing Phase IIa trial, 3 out of 7 evaluable patients (43%) with HPV-negative HNSCC demonstrated a partial response to the combination of Modi-1 and a checkpoint inhibitor (CPI).

Comparison to Standard Care: This 43% objective response rate (ORR) compares favorably to historical data, where standard checkpoint inhibitors like pembrolizumab or nivolumab alone achieved response rates of 13%–19%.

Targeting HPV-Negative: The study highlights potential improvements in treating HPV-negative HNSCC, a form of the disease that often has fewer effective treatment options than HPV-positive cases.

Trial Progress: Based on this validation, the study is advancing to Simon stage 2.

In the context of the ModiFY trial and HNSCC, high PD-L1 expression is a critical biomarker used to predict how well patients will respond to immunotherapy combinations like Modi-1 + Pembrolizumab.

PD-L1 and Treatment Response in HNSCC

Predictive Biomarker: High PD-L1 expression (often measured by a Combined Positive Score (CPS) ≥ 1 or ≥ 20) typically correlates with a higher likelihood of responding to checkpoint inhibitors (CPIs) like pembrolizumab.

Modi-1 Synergy: The Modi-1 vaccine works by stimulating CD4 T cells. In "cold" tumors or those with a highly immunosuppressive environment (often signaled by PD-L1 expression), adding a CPI is necessary to "unmask" the tumor and allow these T cells to a

I`ll not be happy until we hit Trinity`s valuation

Trinity

26 January 2026

Our rNPV valuation is £382m, or 37p/share, with further upside potential as iSCIB1+ progresses and the expected news flow from both the Moditope platform (Phase I/II ModiFY data from the renal cell carcinoma cohort exploring Modi-1 with doublet CPIs) and the GlyMab portfolio.

Scancell's GlyMab® platform generates high-affinity, specific monoclonal antibodies that target cancer-associated glycans (sugar structures) overexpressed on tumor surfaces. These antibodies are being developed into various therapies, including Chimeric Antigen Receptor (CAR) T-cells, to target solid tumors such as pancreatic, small cell lung, gastric, and colorectal cancers

Late last month, Jurassic Park actor Sam Neill put the treatment in the spotlight, revealing his stage three cancer was in remission after undergoing CAR T-cell therapy as part of a clinical trial in Sydney. He stopped short of describing his remission as a miracle – the success, he said, was “science at its best”.

Immunobody is a platform.

If big pharma thinks it can improve CPIs ( check point inhibitors) such as PD-1/PD-L1 or CTLA-4 in other cancers plus extend patent lives then those forecasts for Melanoma are only the beginning.

Melanoma

NSCLC

Colorectal cancer

Pancreatic

Hepatocellular Carcinoma (the most common, aggressive form of primary liver cancer)

Glioblastoma brain cancer

Shore Capital's monthly markets note for April makes the case that UK equities, and smaller companies in particular, remain significantly undervalued relative to global peers

The broker counts 10 new mergers and acquisitions in April alone, with bid premiums ranging from 8% to 157%, continuing a trend it regards as the clearest evidence that UK companies are cheap.

Gilt yields, meanwhile, peaked at around 5.1% in April before easing slightly, and Shore Capital expects them to drift lower, which it views as a tailwind for equities.

The broker argues UK smaller companies remain unloved, undervalued and under-owned, with M&A activity continuing to underscore the valuation gap.

https://www.proactiveinvestors.co.uk/companies/news/1091964/graduating-to-main-market-is-no-guarantee-of-gains-for-ambitious-small-caps-says-broker-1091964.html

When finance is sorted they will upgrade.

Hopefully we will hit Trinity`s target soon.

The quality and duration of responses seen in the SCOPE study provide reassurance that iSCIB1+ could shift the standard of care in advanced melanoma if replicated in the registrational trial. Inevitably investor attention is now focused on the likely funding mechanism for the trial, with partnership expected to be one of the principal avenues under consideration. However, we would argue the strength of data and cost of the proposed Phase III study is such that in-house development should remain a primary consideration. Our rNPV valuation is £382m, or 37p/share, with further upside potential as funding is secured for iSCIB1+ progress and the expected news flow from both the Moditope platform (Phase I/II ModiFY data from the RCC and SSCHN cohorts) and the GlyMab portfolio (including updates from partner Genmab).

That gap has widened from 28 percentage points at 16 months to 34 points, a trend Panmure Liberum described as consistent with iSCIB1+'s mechanism of action as a cancer vaccine designed to prevent tumour regrowth over the longer term, potentially resulting in remission.

The broker, which acts as corporate broker to Scancell, maintained its 'buy' rating and 32p target price, implying more than 130% upside from Tuesday's price.

But it noted it has not yet upgraded its success probability to the phase III level of 60%, keeping it at 40%, until the financing route for the pivotal trial is secured.

I will not be surprised if that changes to 40`s

Two phase 2 drugs in Glaucoma and Retinopathy.

USD 2.45 billion, comprising a USD 300 million upfront

https://www.businesswire.com/news/home/20260505596100/en/Bayer-to-Acquire-Perfuse-Therapeutics-to-Complement-Ophthalmology-Pipeline

(Scancell could be worth billions )

We will hopefully have one in phase 1 next year.

US $2 billion upfront

https://www.businesswire.com/news/home/20260503595444/en/UCB-to-Acquire-Candid-Therapeutics-Building-Upon-Its-Existing-Immunology-Pipeline-With-Novel-T-cell-Engagers

Two phase I bispecifics.

https://www.candidrx.com/pipeline/pipeline-overview/

expires in 2028, new patents are frequently granted for specific "drug-drug combinations" that show improved clinical results over using each drug alone.

🧬 patenting the combination

a new combination patent can be granted if the pairing is novel and non-obvious, typically requiring evidence that the two drugs work together to provide a better response than either would individually.

secondary patents: these "follow-on" patents can protect a specific treatment regimen (e.g., keytruda + modi-1) even after keytruda's original patent expires.

existing ip: scancell already holds granted patents for its moditope® (modi-1) platform and immunobody® (scib1/iscib1+) platform.

joint filing: merck (msd) has historically filed joint patents for combinations of keytruda with other drugs to protect its oncology revenue well into the 2040s.

scancell

🏥 current combination status

scancell is currently testing these combinations in clinical trials to prove their superior efficacy, which is a key step toward securing such patents:

iscib1+ + checkpoint inhibitors (cpis): recently received fda fast track designation for advanced melanoma after showing strong phase 2 results. scancell plans to start a registrational phase 3 trial in 2026.

modi-1 + cpis: ongoing phase 1/2 modify trial is testing modi-1 in combination with checkpoint inhibitors (like keytruda) for head and neck, renal, and triple-negative breast cancers.

evidence of synergy: early data from the scope trial showed that adding iscib1+ to cpis achieved an 80.8% 11-month progression-free survival (pfs) rate, which is higher than historic results for cpis alone.

scancell

⚖️ strategic benefit

for companies like scancell and merck, these combination patents are highly valuable because:

exclusivity: they prevent competitors from marketing that specific "****tail" for many years after 2028.

market protection: even if a biosimilar of "plain" keytruda exists, it cannot be legally marketed as a replacement for a patented keytruda + modi-1 combination product or specific method of use.

🚀 bottom line: while the world will have access to generic iv keytruda in late 2028, new combinations like those with modi-1 or iscib1+ represent "next-generation" therapies that would likely have their own patent protection lasting deep into the 2030s or early 2040s

Biosimilar versions of Keytruda can still be launched in late 2028, as the primary patent protecting the original intravenous (IV) version of the drug is set to expire in December 2028.

However, their immediate success is under threat from Merck’s strategy to shift the market before they arrive.

🔓 Why 2028 is still the "Launch Year"

Despite the new subcutaneous (SC) patents, the path for IV biosimilars remains technically open:

Primary Patent Expiry: The core "composition-of-matter" patent for pembrolizumab (the active ingredient in Keytruda) expires in December 2028 in the US.

Active Pipeline: Multiple companies—including Sandoz, Amgen, and Samsung Bioepis—already have pembrolizumab biosimilars in clinical trials, targeting a 2028-2029 launch.

Regulatory Submissions: Analysts expect the first biosimilar applications to be filed with the FDA as early as 2026 to ensure they are ready for approval the moment the IV patents lapse.

🚧 Challenges to 2028 Biosimilars

While it is legal to make them, three major barriers could limit their impact:

1. The "Subcutaneous Shift"

Merck’s goal is to move 30-40% of patients to the newer, patent-protected subcutaneous version (Keytruda Qlex) before 2028. If successful, biosimilar companies will be fighting over a shrinking "IV-only" market while the most profitable segment remains locked under Merck’s new patents until 2042.

2. Secondary "Thicket" Patents

Merck has filed hundreds of secondary patents covering specific methods of use, manufacturing processes, and dosing schedules.

Some of these patents (e.g., method-of-making) extend into 2029 or beyond.

Biosimilar makers may need to "skinny label" their drugs—launching for only certain types of cancer—to avoid infringing these specific use patents.

FirstWord Pharma

3. Fixed-Dose Combinations

Merck is increasingly testing Keytruda in "fixed-dose combinations" (FDCs), where it is mixed with other drugs in a single vial. These combinations have their own brand-new patents, meaning a biosimilar of "just" Keytruda cannot legally replace an FDC version.

🕒 Expected Timeline for Competition

Late 2028: Expected arrival of the first IV biosimilars in the US.

2029-2030: Rapid price erosion for the IV version as more competitors enter.

2030+: Most market value likely shifts to the subcutaneous version and combinations, where Merck retains exclusivity for another decade.

📍 Key Reality: 2028 marks the end of Merck's total monopoly, but their "subcutaneous shield" ensures they won't lose the entire market to cheaper copies overnight.

PatSnap

Keytruda patent cliff 2028: Merck's strategy - PatSnap

22 Apr 2026 — Merck's Keytruda patent estate extends well beyond the 2028 core expiry through layered method-of-use, formulation, and new fixed-

combinations of Keytruda with Scancell’s Modi-1 or iSCIB1+ (the improved version of SCIB1) can—and often do—receive new patents. While the core patent for Keytruda itself expires in 2

IScib-1 alone could generate $3-9 billion

iSCIB1+ with CPIs*

Advanced

melanoma

Phase 3 start H2 26

ImmunoBody Platform

INDICATION PRECLINICAL

* Ipilimumab + nivolumab or pembrolizumab

Neo/Adjuvant

Planned development subject to financing

Additional opportunity

iSCIB2+ NY-ESO-1 Solid Tumours

iSCIB3+ Ovarian

iSCIB4+ ND PDAC, NSCLC,

MSS CRC

iSCIB1+ Melanoma 1L Metastatic

(registrational) ✓

Neoadjuvant/Adjuvant

Uveal, Acral, Mucosal

Brain cancer Glioblastoma

iSCIBx

(ImmunoBody®) Solid tumours PDAC, Ovarian, CRC, others

Modi-1 HNSCC Phase 2 ✓ future, Phase 2b/3

RCC Phase 2 ✓ future, Phase 2b/3

Antibodies

GTL134TCAB SCLC FIH 2027 NSCLC

GTL27, SLAN Solid tumours Gastrointestinal, Ovarian, other

SC129 / SC2811 Additional

development milestones

Avidimab

glymab is

a proprietary antibody platform developed by the uk-based biotechnology company scancell

. it focuses on creating high-affinity monoclonal antibodies (mabs) that target specific sugar structures, known as glycans, which are found on the surface of cancer cells. scancell +3

key technology features

targeting sugars: unlike traditional antibodies that target proteins, glymab antibodies target tumor-associated glycans.

direct killing: some glymab antibodies can kill cancer cells directly through oncotic necrosis (damaging the cell membrane) without needing other immune cells.

versatility: these antibodies can be developed into various therapies, including antibody drug conjugates (adcs), car-t cell therapies, and bispecific antibodies.

commercial partnerships

scancell has successfully out-licensed several glymab assets to genmab, a global leader in antibody therapeutics:

december 2024: genmab exercised an option for a second anti-glycan antibody, with a potential deal value of up to $630 million.

total potential value: the combined deals with genmab for glymab antibodies now exceed $1 billion in potential milestone payments.

scientific background

all cells are covered in glycans, but these structures change when a normal cell becomes cancerous. the glymab platform identifies these unique "sugar motifs" to create highly specific treatments that ignore healthy cells and target only the malignancy.

moditope®

is a proprietary immunotherapy platform developed by the uk-based biotechnology company scancell

. it represents a new class of cancer vaccines designed to stimulate the body's immune system to attack and destroy cancer cells by targeting specific markers that appear only on stressed or cancerous tissues.

key mechanism

the platform uses an innovative approach to target citrullinated neoantigens:

targeting stress: it focuses on proteins that undergo chemical modifications (like citrullination or ****citrullination) when cells are under stress.

t-cell activation: the vaccines stimulate cd4 t-cells (helper t-cells), which then infiltrate tumours and kill cancer cells.

mhc-ii pathway: it specifically targets the mhc class ii pathway, making it effective even against "cold" tumours that typically evade the immune system.

lead candidate: modi-1

modi-1 is the first vaccine candidate generated from the moditope® platform currently in clinical development.

clinical trials: it is being studied in the phase 1/2 modify trial.

target cancers: trials include patients with triple-negative breast cancer (tnbc), ovarian cancer, renal cell carcinoma, and head and neck cancers.

current progress: as of early 2025, modi-1 has achieved early clinical validation in head and neck squamous cell carcinoma (scchn) when used in combination with checkpoint inhibitors.

I have emailed Ben explaining the science. Hopefully they stay interested.

[ImmunoBody®] is a proprietary plasmid DNA vaccine platform designed to encode a human antibody molecule (typically human IgG1) modified to contain specific cytotoxic T lymphocyte (CTL) and helper T cell epitopes within its Complementarity Determining Regions (CDRs). This technology enhances immune responses by maximizing antigen cross-presentation on Dendritic Cells (DCs) to generate high-avidity T cells.

Mechanism of Action

ImmunoBody® constructs maximize T cell activation through two complementary pathways: Trinity Delta +1

Direct Presentation: The DNA plasmid is directly transfected into dendritic cells, resulting in the intracellular production and subsequent presentation of epitopes on MHC Class I molecules.

Cross-Presentation: The DNA is expressed by muscle cells to create an antibody protein, which is secreted, taken up by DCs, and efficiently cross-presented on MHC Class I and II molecules. Trinity Delta +2

Key Features

High-Affinity Targeting: The engineered antibody efficiently targets DCs via high-affinity Fc receptors, leading to enhanced cross-presentation.

High-Avidity T Cell Responses: The dual presentation mechanism generates CD8 T cell responses that are up to 100 times stronger than those produced by either pathway alone, resulting in high-avidity T cells capable of killing tumor cells.

Reduced Immunogenicity: Because they are based on human IgG1 frameworks, ImmunoBody constructs have reduced immunogenicity compared to murine or chimeric antibodies.

Applications and Examples

SCIB1: An ImmunoBody vaccine containing CD8 and CD4 epitopes from the melanoma antigens TRP-2 and gp-100, which has shown significant T-cell responses in clinical trials.

SCIB2: Targets NY-ESO-1 and is designed to act as a therapeutic vaccine for multiple solid tumors, demonstrating enhanced survival in preclinical models, especially when combined with PD-1 blockade.

HAGE/WT1-ImmunoBody: A vaccine combination that induces significant interferon-gamma (IFN-

) release and delays tumor growth in preclinical melanoma models. Scancell +3

ImmunoBody vaccines often outperform traditional antigen-encoding DNA vaccines by reducing competitive, irrelevant epitopes found in full-length antigens, thus focusing the immune system solely on the designed high-affinity epitopes.

Https://www.youtube.com/watch?v=nlXUhMisWMQ

Let’s be honest. Cancer vaccines have a BIT of a credibility problem.

Over a decade of swing-and-miss results have made the field a punchline at every JPM dinner (maybe after a few drinks when people loosen up).

Then, every once in a while, someone shows up with numbers that make the room shut up.

Along with the $20 million upfront fee, BeOne has also agreed to pay out $100 million if it takes up its exclusive option to license HH160. Beyond that, Huahui could be in line for up to $1.9 billion in milestone payments, as well as tiered royalties on sales if HH160 makes it to market.

https://www.fiercebiotech.com/biotech/beone-agrees-2b-deal-option-preclinical-trispecific-antibody-chinas-huahui