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PROPRIETARY AND CONFIDENTIAL; NOT FOR DISTRIBUTION INBRX-106 Investor Overview September 2026
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2 This presentation of Inhibrx Biosciences, Inc. (the “Company”) contains forward-looking statements. In some cases, you can identify forward-looking statements by the words “will,” “expect,” “intend,” “plan,” “objective,” “believe,” “estimate,” “potential,” “continue” and “ongoing,” or the negative of these terms, or other comparable terminology intended to identify statements about the future. These statements are based on management’s current beliefs and expectations. These statements include but are not limited to statements regarding the Company’s business strategy, the Company’s plans to develop and commercialize its product candidates, the safety and efficacy of the Company’s product candidates, the Company’s plans and expected timing with respect to clinical trials and regulatory filings and approvals, the potential accelerated approval, potential revenue realization, manufac turing matters, strength of intellectual property protection, and the size and growth potential of the markets for the Company’s product candidates, and any implication that pre-clinical data or preliminary or topline results will be representative of the results of later trials. This information also constitutes forward-looking information and is for illustrative purposes only and should not be relied upon as necessarily being indicative of any future results. These forward-looking statements involve substantial known and unknown business, economic, competitive and other risks, uncertainties and other factors that may cause the Company’s actual results, levels of activity, performance or achievements to be materially different from the information expressed or implied by these forward-looking statements. Additional information regarding the Company’s risks and uncertainties are described from time to time in the “Risk Factors” section of our Securities and Exchange Commission filings, including those described in our Annual Report on Form 10-K as well as our Quarterly Reports on Form 10-Q, and supplemented from time to time by our Current Reports on Form 8-K. The Company may not actually achieve the plans, intentions or expectations disclosed in its forward-looking statements, and you should not place undue reliance on the Company’s forward- looking statements. Actual results or events could differ materially from the plans, intentions and expectations disclosed in the forward-looking statements the Company makes. The forward-looking statements in this presentation represent the Company’s views as of the date of this presentation. The Company anticipates that subsequent events and developments will cause its views to change. However, while the Company may elect to update these forward-looking statements at some point in the future, the Company has no current intention of doing so except to the extent required by applicable law. You should, therefore, not rely on these forward-looking statements as representing the Company’s views as of any date subsequent tothe date of this presentation. The investigational product candidates discussed in this presentation have not been approved or licensed by the U.S. Food and Drug Administration or by any other regulatory authority, and they are not commercially available in any market. This presentation also contains estimates and other statistical data made by independent parties and by the Company relating to market size and growth and other data about its industry. This data involves a number of assumptions and limitations, and you are cautioned not to give undue weight to such estimates and there can be no guarantee as to the accuracy or reliability of such assumptions. While the Company believes these third-party sources to be reliable as of the date of this presentation, it has not independently verified, and makes no representation as to the adequacy, fairness, accuracy or completeness of, any information obtained from third-party sources. While the Company believes its own internal research is reliable, such research has not been verified by any independent source. In addition, projections, assumptions, and estimates of the Company’s future performance and the future performance of the markets in which it operates are necessarily subject to a high degree of uncertainty and risk. The Inhibrx logo is a registered trademark of Inhibrx Biosciences, Inc. All third-party trademarks used herein are registered trademarks of their respective owners. Presentation disclaimer
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3 INBRX-106 • ORR: 80% vs 33% • CR Rate: 30% vs 0% • PFS Data: NR vs 4.6 months • PFS6 Rate: 90% vs 33% • Expansion of Phase 2 to include 50 additional HPV+ patients may serve as potential path to accelerated approval by end of ‘28/early ‘29. HPV+ HNSCC is an open $4B+ market INBRX-106 executive summary Combination with pembro demonstrates superiority to pembro mono in 1LR/M HNSCC Potentially practice-changing efficacy profile in HPV+ patients Large expansion opportunity in highly immunogenic tumors Potential for new paradigm of treatment with cancer vaccines INBRX-106 is the first clinically active OX40 agonist and T-cell costimulatory therapy • ORR: 48.3% vs 26.5% • Depth of Response • CR Rate: 13.8% vs 0% • PFS: 9.6 months vs 4.9 months • PFS6 Improvement: (72.4% vs. 42.8%) • These data are supported by superior t-cell proliferation (up to 15-fold increase) and activation (up to 4-fold increase) vs pembrolizumab alone • Bladder, NSCLC, Melanoma, MSI High/TMB High, TNBC present $50B+ commercial opportunity • Ongoing neoadjuvant lung cancer study serves as proof of concept for broad expandability with pembrolizumab across highly immunogenic tumors • Potential $50B+ market • HPV+ HNSCC data and over 20 years of academic research support the strong mechanistic rationale of INBRX-106 +cancer vaccines (OX40 agonism potency when foreign antigen is presented)
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4 INBRX-106 T-cell activation critical steps: OX40 agonism enhances anti-tumor T cell activity in combo with PD-1 blockade (1) Croft. Ann Rev Immunol 2010. (2) Salek-Ardakani, Curr Imunol Rev 2006. (3) Weinberg, Immunol Rev 2011. (4) Piconese, J Exp Med 2008 T cell activation restored/enhanced Dual Immunotherapy: Releasing the Brakes and Stepping on the Gas Patients must have an immune response to their tumor(s) for signal 2 and check point inhibition to be impactful The ignition Signal 1: TCR tumor antigen recognition OX40 agonism enhances proliferation, survival and memory formation for tumor specific T-cells PD-1 signaling (in T-cells) activated via PD-L1 expressed in APCs and tumor cells dampens signal 1 and 2. PD-1 inhibition is necessary to remove this brake The accelerator Signal 2: OX40 T-cell co-stimulation The brake Check point inhibition Optimized T cell activation by OX40 agonism and PD-1 blockade Synergistic Tumor destruction via INBRX-106 and Pembro INBRX-106 is designed to: Supercharge the immune system against the tumors 1-4 Reverse immune suppression 1-4 Complement checkpoint inhibitors (anti-PD-1/PD-L1), enhancing activity
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5 INBRX-106 0 500 1000 1500 2000 2500 0.01 1 100 10000 Mean Value Conc AB (ng/ml) Bivalent OX40 Agonist (Roche Analog) Hexavalent INBRX-106 Underwhelming activity among the 1st generation of bivalent OX40 therapeutics leads to INBRX-106 hexavalent OX40 JITC Providence Publication Hyper- clustering Hexavalent Simultaneously engages multiple OX40s to drive more potent clustering/signaling Receptor hyperclustering enables more efficient co-stimulation of OX40 (key for OX40 low expressing cells such as CD8 + T-cells) Bivalent OX40 Agonists Insufficient T-cell activation Suboptimal target engagement Bivalent IgG formats fail to drive high-order OX40 clustering required for co-stimulatory signaling Weak clustering impairs signaling and stalls proliferation Limitations of bivalent attempts Hexavalent OX40 Agonist Advantages of INBRX-106 format High-order OX40 clustering leads to stronger signal potency INBRX-106Bivalent AF647 detection OverlayGFP high-order OX40 clustering low-order OX40 clustering *Holay et al. Journal for Immunotherapy of Cancer 2025 High-order OX40 clustering by INBRX-106 Low-order OX40 clustering by bivalent OX40 agonist Next Generation
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6 INBRX-106 Head-to-head study serves as proof of concept, validating INBRX-106 Initial Study Design of HexAgon: Seamless Phase 2/3 study in 1L R/M HNSCC with PD-L1 CPS ≥20 Randomization stratified by: Disease status (locoregional advanced vs metastatic), HPV status (positive vs negative), ECOG PS (0 vs 1). In KEYNOTE-048, pembrolizumab achieved an ORR of 23.3% in the PD-L1 CPS ≥ 20 HNSCC population Clinicaltrials.gov (NCT06295731). Protocol version 1.0; January 31, 2024. INBRX-106 to be administered every 3 weeks. Pembro 200 mg to be administered every 3 weeks. 1L, first line; CBR, clinical benefit rate; cORR, confirmed objective response rate; CPS, combined positive score; DOR, duration of response; ECOG PS, Eastern Cooperative Oncology Group performance status; HNSCC, head and neck squamous cell carcinoma; HPV, human papillomavirus; OS, overall survival; PD-L1, programmed cell death 1 ligand 1; pembro, pembrolizumab; PFS, progression-free survival; PFS6mo, progression-free survival rate at 6 months; PRO, patient-reported outcome; R, randomization; R/M, recurrent/metastatic; TTCx, time to chemotherapy; Tx, treatment. Phase 3, Double blind Survival Follow-up INBRX-106 + Pembro Pembro Co-primary endpoint: PFS and OS Secondary endpoints: ORR, DOR, CBR, TTCx, safety, PROs R 1:1 Primary Criteria: ORR Secondary Criteria: + DOR + CBR + PFS6m + Safety Phase 2, Open label INBRX-106 + Pembro Pembro Key inclusion criteria: R/M HNSCC PD-L1 CPS ≥20 HPV status confirmed No prior systemic Tx for R/M HNSCC R 1:1 Original Goals of HexAgon-HN Design - Contribution of components - Randomized add-on (106 + pembro vs pembro) cleanly isolates the benefit added by 106, aligns with regulatory expectations - Seamless Phase 2/3- fastest path to market
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7 INBRX-106Baseline characteristics Baseline characteristics (randomized population)* 106 + Pembro N=33 Pembro N=35 Total N=68 Median age, y (min, max) 62.0 (35, 80) 66.0 (44, 89) 64.5 (35, 89) Age ≥65y, n (%) 13 (39.4) 21 (60.0) 34 (50.0) Male, n (%) 30 (90.9) 28 (80.0) 58 (85.3) ECOG PS 1, n (%) 17 (51.5) 18 (51.4) 35 (51.5) Distant metastatic disease, n (%) 18 (54.5) 21 (60.0) 39 (57.4) HPV positive, n (%) 10 (30.3) 9 (25.7) 19 (27.9) PD-L1 CPS ≥50, n (%) 24 (72.7) 23 (65.7) 47 (69.1) Prior systemic therapy, n (%)** 21 (63.6) 19 (54.3) 40 (58.8) Arms overall well-balanced *Median follow-up: 8.02 months (INBRX-106 + Pembrolizumab) vs. 6.31 months (Pembrolizumab). ** Systemic therapy received in the curative setting
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8 INBRX-106 Most common TRAEs 106+Pembro All 106+Pembro ≥G3 Pembro All Pembro ≥G3 Rash maculo-papular 10 (32.3) 3 (9.7) 4 (11.8) 0 Rash 10 (32.3) 1 (3.2) 0 0 Fatigue 9 (29.0) 1 (3.2) 4 (11.8) 1 (2.9) Diarrhea 9 (29.0) 3 (9.7) 2 (5.9) 0 ALT increased 8 (25.8) 2 (6.5) 3 (8.8) 1 (2.9) AST increased 7 (22.6) 1 (3.2) 3 (8.8) 1 (2.9) Infusion related reactions 7 (22.6) 1 (3.2) 0 0 Safety & tolerability *Safety population = patients who at least received one dose of study treatment **Data comparison of HexAgon to KN-048 is not from head-to-head study; cross-trial comparisons are limited by differences in study designs, populations, regimens and follow-up The most frequent related adverse events are rash, fatigue, and diarrhea which were mostly grade 1 and 2 Overall safety — HexAgon-HN vs published KEYNOTE-048 pembrolizumab-monotherapy arm** Patients with ≥1, n (%) (safety population)* INBRX-106 + Pembro N=31 Pembro (HexAgon) N=34 KN-048 Pembro mono N=300 TEAE, any grade 31 (100) 29 (85.3) 290 (96.7) SAE, any grade 12 (38.7) 12 (35.3) 123 (41.0) Grade ≥3 AE, any/related 18 (58.1) / 15 (48.4) 16 (47.1) / 4 (11.8) 164 (55) Grade 5 AE 0 2 (5.9) 25 (8) Tx discontinuation 11 (35.5) 5 (14.7) 15 (5.0) Most common TRAEs in HexAgon-HN ≥20%
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9 INBRX-106INBRX-106+pembro drives up to 15-fold change in proliferation and up to 4-fold change in activation of T-cells vs. pembro mono Data cutoff date: April 2, 2026. RP2D (recommended phase 2 dose) for combination is 0.1 mpk of INBRX-106. Data is representative of Hexagon U.S. cohorts only (9 Pembro and 13 Combo patients). Data represented as Mean±SEM. 0 1 2 3 4 5 Pembro INBRX-106 +Pembro Max Fold Change from Baseline – % of Activated Memory Cells 0 5 10 15 20 25 Pembro INBRX-106 +Pembro Max Fold Change from Baseline – % of Activated Memory Cells 0 5 10 15 20 25 Pembro INBRX-106 +Pembro Max Fold Change from Baseline – % of Activated Memory Cells 0 1 2 3 4 5 Pembro INBRX-106 +Pembro Max Fold Change from Baseline – % of Activated Memory Cells HexAgon Phase 2 – 1L HNSCC • INBRX-106 is the key driver of T-cell activity in the combination group • INBRX-106 drives up to 15-fold change increase in proliferation and up to 4-fold change increase in activation of T-cells • Clear validation of INBRX-106 as a potent T-cell co-activator Proliferation Activation CD8+ T cells CD4+ T cells
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10 INBRX-106Primary endpoint: Addition of INBRX-106 to pembro improves cORR Best % change in target lesion sum of diameters from baseline, RECIST v1.1. cORR = confirmed CR/PR on 2 consecutive occasions ≥4 weeks apart. Data from ongoing DB - CCOD 19 Aug 2026 * Evaluable population = Patients who have at least one post-baseline scan or have died or progressed INBRX-106 + Pembrolizumab Pembrolizumab ★ ★ ★ ★ ★ ★ ★ ★ ★ ★ ★ ★ ★ ★ ★ -100 -80 -60 -40 -20 0 20 40 ★ ★ ★ ★ ★ ★ ★ ★ -100 -80 -60 -40 -20 0 20 40 ■ CR ■ PR ■ SD ■ PD ★ Ongoing, progression-free 48.3% cORR — INBRX-106 + Pembro (n=29*) 95% CI 29.4–67.5 26.5% cORR — Pembro (n=34*) 95% CI 12.9–44.4 Δ +21.8 points Difference in cORR favoring INBRX-106 + Pembro
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11 INBRX-106INBRX-106 improves overall durability & PFS across all patients *Median PFS still maturing; CCOD 19 Aug 2026 Bars show months of PFS follow-up, ranked longest to shortest, colored by best overall response. Data from ongoing DB - CCOD 19 Aug 2026. Note: Survival estimates are calculated using the Kaplan-Meier method. INBRX-106 + Pembrolizumab Pembrolizumab ■ CR ■ PR ■ SD ■ PD ★ Ongoing, progression-free 72.4% PFS at 6 months — INBRX-106 + Pembro 42.8% PFS at 6 months — Pembrolizumab ★ ★ ★ ★ ★ ★ ★ ★ ★ ★ ★ ★ ★ ★ ★ 0 2 4 6 8 10 12 14 16 18 20 ★ ★ ★★★ ★ ★ ★ 0 2 4 6 8 10 12 14 16 18 20 9.6 mo* Median PFS 4.9 mo Median PFS
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12 INBRX-106Improved response & duration observed in HPV-negative patients *Median PFS still maturing; CCOD 19 Aug 2026. Note: Survival estimates are calculated using the Kaplan-Meier method. INBRX-106 + Pembrolizumab, HPV-negative Pembrolizumab, HPV-negative ■ CR ■ PR ■ SD ■ PD ★ Ongoing, progression-free 7.5 mo* Median PFS 5.1 mo Median PFS 63.2% PFS at 6 months, HPV-negative 31.6% cORR, HPV-negative (n=19) 46.8% PFS at 6 months, HPV-negative 24.0% cORR, HPV-negative (n=25) ★ ★ ★ ★ ★ ★ ★ 0 2 4 6 8 10 12 14 16 18 20 ★ ★ ★ ★ ★ 0 2 4 6 8 10 12 14 16 18 20
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13 INBRX-106Increased benefit was observed in HPV+ patients Best % change in target lesion sum of diameters from baseline INBRX-106 + Pembrolizumab, HPV+ Pembrolizumab, HPV+ ■ CR ■ PR ■ SD ■ PD ★ Ongoing, progression-free 80.0% cORR, HPV+ INBRX-106 + pembro (n=10) 95% CI 44.4–97.5 33.3% cORR, HPV+ Pembrolizumab (n=9) 95% CI 7.5–70.1 Δ +46.7 points Difference in cORR, HPV+ INBRX-106+pembro vs. pembro mono 95% CI –2.7, 80.3 ★ ★ ★ ★ ★ ★ ★ ★ -110 -90 -70 -50 -30 -10 10 30 50 ★ ★ ★ -100 -80 -60 -40 -20 0 20 40
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14 INBRX-106 ★ ★ ★ ★ ★ ★ ★ ★ 0 2 4 6 8 10 12 14 16 18 20 ★ ★ ★ 0 2 4 6 8 10 12 14 16 18 20 Enhanced durability & PFS observed in HPV+ patients *Median PFS still maturing; CCOD 19 Aug 2026. Bars show months of PFS follow-up, ranked longest to shortest, colored by best overall response. Data from ongoing DB - CCOD 19 Aug 2026. Note: Survival estimates are calculated using the Kaplan-Meier method. INBRX-106 + Pembrolizumab Pembrolizumab ■ CR ■ PR ■ SD ■ PD ★ Ongoing, progression-free 90% PFS at 6 months, HPV+ INBRX-106 + Pembro 33% PFS at 6 months, HPV+ Pembrolizumab Not reached* Median PFS 4.6 mo Median PFS
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15 INBRX-106 Foreign viral antigen (E6/E7) driving a strong Signal 1, activated by OX40 co-stimulation on antigen-experienced T-cells Compelling Clinical Activity Attractive commercial opportunity: Potentially first dedicated HPV+ approval, differentiated from EGFR bispecifics (active mainly in HPV negative) Profound response-rate difference supports a potentially accelerated path to market The HPV+ signal is what the INBRX-106 mechanism predicts Opportunity to own HPV+ market Sound, mechanistic rationale High unmet need Potential for fast revenue realization Up to a 15-fold increase in peripheral CD8⁺/CD4⁺ T-cell proliferation and up to a 4-fold increase in activation (HexAgon-HN, interim Ph2) over ~2-fold pembrolizumab alone. 80% vs 33% cORR, HPV+ (106+Pembro vs Pembro) 90% vs 33% PFS6, HPV+ (106+Pembro vs Pembro) • HPV-driven tumors express viral E6/E7 neoantigens; these are foreign, high-quality targets that OX40 co- stimulation (INBRX-106's MoA) amplifies. • The enhanced results observed in HPV+ HNSCC are consistent with the expected underlying biology.
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16 INBRX-106 The new study amendment adds an additional 50 HPV+ patients to the existing HexAgon design Expansion of Phase 2 HexAgon-HN with potential for an accelerated path to market in HPV+ Potential accelerated path by end of 2028/ early 2029 based on ORR as a surrogate likely to predict long-term clinical benefit (PFS & OS), and established precedent with petosemtamab and ficerafusp alfa Already part of the seamless design: serves as the confirmatory study for full approval Potential, based on preliminary signal magnitude in a serious, unmet-need indication Potential for breakthrough therapy designation Potential for accelerated approval Phase 3: confirmatory Opens the door to possibilities for accelerated development Phase 2 (additional 50 HPV+) Open label INBRX-106 + Pembro Pembro R 1:1 Phase 3 (n=TBD) Double blind, seamless INBRX-106 + Pembro Pembro R 1:1 Key inclusion criteria: R/M HNSCC HPV+ OPSCC PD-L1 CPS≥1
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17 INBRX-106 ~$1B ~$2B ~$1B Set to pursue a breakthrough pathway in 1L R/M HPV+ CPS ≥1 HNSCC Source: SEER Explorer, CDC, Clarivate Disease Landscape Report ~$4B+ U.S. market opportunity including stage I-III setting 2.6% Rapidly Growing Market US Epidemiology Estimates Valuation Drivers US Sales Potential High morbidities in current therapies Clinicians actively seeking de-escalation therapy in HPV+. Significant radiation- and surgery-related morbidities — e.g., impaired speech, feeding tube High share; higher systemic usage Significant unmet need for a therapy specifically studied in the HPV+ population; where current EGFR bi-specifics do not perform well Premium pricing Ground-breaking results and limited patient population would provide opportunity for premium pricing. Premium priced therapies currently on guidelines Long duration High response rate, and deep and durable responses on INBRX-106 point to longer duration on therapy ~30,000 2029 US Incidence (De Novo Stage I-IV + Recurrent) HPV+ HNSCC Patients in the US ~8,000 Stage I-III Surgical ~16,000 Stage I-III Non- Surgical ~6,000 1L R/M US Annual Growth in HPV+
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18 INBRX-106INBRX-106: multiple attractive expansion opportunities Source: 1. Evaluate estimates for PD-1s projected to 2031 based on 2025-2027 growth rates (market size independent of biosimilar entry). 2. Virally antigen estimated based at 3x HPV based on topline epidemiology from CDC or IARC (de Martel) projected WW. 3. Company estimate, full impact of V940 data release 8/19/26 not yet propagated through reports. Highly Immunogenic Tumors • NSCLC • Melanoma • Renal Cell Carcinoma • TNBC • Bladder • MSI-H / dMMR • TMB-High Virally Antigen-Driven • HPV+ H&N • HPV+ beyond H&N (e.g., Anus/ Rectum, Cervix, Vagina, Vulva, Penis) • Non-HPV, commonly reported virally- linked cancers: EBV, HBV, HCB, HTL1-1, HHV-8 Individualized Neoantigen Cancer Vaccines Major Ph 2/3 programs: • Moderna/Merck: (V940): Melanoma, NMIBC, NSCLC • BioNTech/Genentech (Autogene Cevumeran): CRC, PDAC $50 B+1 $15 B+2 $50 B+3 Ongoing clinical trial in peri-operative NSCLC and IST in peri-operative TNBC serves as fast proof of concept for broad expandability to other immunogenic tumors Seek potential combinations with individualized neoantigen cancer vaccines Expand Phase 2 portion of HexAgon-HN trial to increase HPV+ patients for potential accelerated approval Ongoing studies & development plan WW Market Opportunity: Highest impact expected in early stage disease Increased opportunity for OX40 agonism due to increased ongoing antigen-driven T-Cell stimulation
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19 INBRX-106 Highly immunogenic tumors, peri-operative NSCLC expansion: pCR is a fast, validated readout of long-term benefit 1. Wakelee et al., KEYNOTE-671, N Engl J Med 2023 • Pathologic complete response (pCR) at surgery: • Available in months, not years • Highly correlated with improved survival and can generate a second, independent proof-of-activity signal well ahead of any survival endpoint • pCR in peri-operative NSCLC opens a multibillion-dollar market opportunity and will serve as proof of concept for expandability to other highly immunogenic tumors, broadening the platform thesis beyond HNSCC KEYNOTE-671 0.58 Event-free survival HR (95% CI 0.46–0.72)¹ 18.1% Pathologic complete response Pembro+chemo Neoadjuvant study – Ongoing Ph1/2 study expected to read-out by mid-2027 Stage II–IIIB NSCLC, ECOG 0–1, surgical candidates Participants (N~40) Neoadjuvant (4 cycles) Adjuvant (13 cycles) Surgery Primary endpoints + pCR + Safety Platin doublet + pembro + INBRX-106 Pembro + INBRX-106
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20 INBRX-106 INBRX-106 HPV+ ORR data and 20+ years of academic research1 support synergy of OX40 agonism and potential vaccine effectiveness 1. Appendix includes a curated set of 18 high impact publications • Extensive preclinical evidence: OX40 agonism enhances vaccine efficacy/anti-tumor activity • INBRX-106 HPV⁺ HNSCC high ORR validates that OX40 co-stimulation amplifies immunity response to APC-presented antigen • mRNA vaccine recreates HPV+ like tumor antigenicity by design INBRX-106 Hexavalent agonist antibody ± anti-PD-1 checkpoint release + Tfh-B cell help Germinal Center Stronger CD8 effector-memory responses Stronger CD4 Th1 / effector-memory responses Improved antibody response Vaccines provide tumor-driven antigens that T-Cells recognize Anti-Tumor OX40 ⁺T-cell is highly responsive to OX40 agonism OX40 T-cell co- activation Enhanced anti- tumor activity Signal 1 Signal 2
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21 INBRX-106 Combinability may enable INBRX-106 to capitalize on recent breakthrough of individualized neoantigen cancer vaccines IPV* Clinical validation INBRX-106 POC validation Individualized vaccine Primes neoantigen-specific T cells Inhibrx-106 OX40 agonism Amplifies T-cell antigenic response expansion and durability Strategic opportunity Moderna's V940 (intismeran autogene) + pembrolizumab has established clinical validation in adjuvant melanoma In-patient T-cell Co-stim: CD8+ prolif. (fold ↑) Phase 2 0.51 RFS hazard ratio 0.38 DMFS hazard ratio • Favorable exploratory OS trend • Phase 3 positive top-line readout created $25B+ market value overnight • Chronic MHC-presented HPV antigen sustains an OX40+ T-cell phenotype a personalized vaccine can recreate • Strong Preclinical Evidence: OX40 agonism-vaccine synergy. Antigen specific T-cell expansion, survival, memory, humoral response Clinical PoC: HPV+ OPC — ORR INBRX-106 + pembrolizumab 15× Pembrolizumab 2× ~80% 33% INBRX-106 + pembrolizumab Pembrolizumab Potential best-in-class outcomes *IPV-Individualized Patient Vaccine
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22 INBRX-106 • ORR: 80% vs 33% • CR Rate: 30% vs 0% • PFS Data: NR vs 4.6 months • PFS6 Rate: 90% vs 33% • Expansion of Phase 2 to include 50 additional HPV+ patients may serve as potential path to accelerated approval by end of ‘28/early ‘29. HPV+ HNSCC is an open $4B+ market INBRX-106 conclusion Combination with pembro demonstrates superiority to pembro mono in 1LR/M HNSCC Potentially practice-changing efficacy profile in HPV+ patients Large expansion opportunity in highly immunogenic tumors Potential for new paradigm of treatment with cancer vaccines INBRX-106 is the first clinically active OX40 agonist and T-cell costimulatory therapy • ORR: 48.3% vs 26.5% • Depth of Response • CR Rate: 13.8% vs 0% • PFS: 9.6 months vs 4.9 months • PFS6 Improvement: (72.4% vs. 42.8%) • These data are supported by superior t-cell proliferation (up to 15-fold increase) and activation (up to 4-fold increase) vs pembrolizumab alone • Bladder, NSCLC, Melanoma, MSI High/TMB High, TNBC present $50B+ commercial opportunity • Ongoing neoadjuvant lung cancer study serves as proof of concept for broad expandability with pembrolizumab across highly immunogenic tumors • Potential $50B+ market • HPV+ HNSCC data and over 20 years of academic research support the strong mechanistic rationale of INBRX-106 +cancer vaccines (OX40 agonism potency when foreign antigen is presented)
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PROPRIETARY AND CONFIDENTIAL; NOT FOR DISTRIBUTION Appendix
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24 INBRX-106 18 selected preclinical studies spanning protein, DNA/viral-vector, whole-cell and RNA vaccine platforms, plus first-in-human proof of biology OX40 agonism enhances vaccine efficacy: broadly supported in scientific literature for 20+ years Foundational mechanism & platforms Therapeutic cancer vaccines Cancer (cont.) & RNA-era platforms HUMAN PROOF OF BIOLOGY Curti / Weinberg 2013, Cancer Research (first-in-human OX40 agonist study): patients receiving reporter-antigen immunizations showed increased T-cell and B-cell responses to the vaccine antigens — direct clinical evidence that pharmacologic OX40 agonism augments vaccine responses. Gramaglia 2001 · J Immunol · PMID 11739496 Soluble antigen vaccine: ~10× antibody titers and durable CD4 memory. Laderach 2004 · Immunology · PMID 15270726 DNA prime / poxvirus boost: higher CD4 responses; +4-1BB further raises CD8. Ruby 2007 · Eur J Immunol · PMID 17183611 Greater CD8 memory survival and recall — durability, not just expansion. Redmond 2007 · J Immunol · PMID 18025166 Restores CD8 effector function and granzyme B after antigen priming. Sanchez 2012 · PMID 22186790 Adenovirus vaccine + OX40: improved protection against viral challenge. Welten 2017 · PMID 28265272 Peptide booster vs MCMV: stronger CD4/CD8 responses; lower viral titers. 1 2 3 4 5 6 Murata 2006 · J Immunol · PMID 16393983 GM-CSF whole-cell vaccine: overcomes CD8 tolerance to endogenous tumor antigen. Murphy 2012 · Clin Cancer Res · PMID 22781551 Glioma lysate + Fc-OX40L: ~50–100% cures with rechallenge protection. Murphy / Fecci 2013 · PMID 24293627 Same regimen; regression dependent on CD4 T, NK and B cells. Linch 2016 · PMID 26729864 HER2 DC-targeted vaccine + αOX40/αCTLA-4: reverses anergy, improves survival. Jahan 2018 · Neuro-Oncology · PMID 29016879 GVAX + αOX40 in glioma: median survival 22 → 36 days; better CD8:Treg balance. Jahan 2019 · PMID 31069135 GVAX + αPD-1 + αOX40: long-term survival in all treated mice. 7 8 9 10 11 12 Peng 2019 · Clin Cancer Res · PMID 31371342 gp100 peptide / DC vaccination: greater antigen- specific CD8 expansion and memory. Du 2022 · J Cancer Res Clin Oncol · PMID 35748951 Whole-cell vaccine + CpG/αOX40/cGAMP: slower growth, more intratumoral T cells. Sun 2023 · J Transl Med · PMID 37700338 In-situ vaccine (radiation + CpG + OX40): local and abscopal tumor control. Li 2020 · Vaccines · PMID 32210183 Rabies vector expressing OX40L: more Tfh and germinal-center B cells. Duhen 2022 · Front Immunol · PMID 36238275 SARS-CoV-2 protein and saRNA vaccines: higher, longer-lasting antibody and CD4/CD8 responses. Lu 2025 · JCI Insight · PMID 40178907 Zika saRNA + OX40/4-1BB: immunity extended to day 84; lower viral load on delayed challenge. 13 14 15 16 17 18 19