Stock Markets September 8, 2026 07:45 AM

Inhibrx Shares Rise After Strong Phase 2 Data for INBRX-106 Plus Pembrolizumab in Head and Neck Cancer

Combination therapy shows higher objective response and progression-free survival, with pronounced benefit in HPV-positive patients; company to expand trial and consult FDA ahead of confirmatory study

By Jordan Park
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INBX

Inhibrx Biosciences saw its stock climb after the company disclosed positive Phase 2 results from the HexAgon study evaluating INBRX-106 in combination with pembrolizumab for first-line, PD-L1 positive metastatic or unresectable recurrent head and neck squamous cell carcinoma. The combo produced higher confirmed objective response and six-month progression-free survival rates versus pembrolizumab alone, with particularly strong outcomes in HPV-positive patients. Inhibrx plans to enlarge the Phase 2 cohort and align with the FDA prior to a Phase 3 confirmatory study.

Inhibrx Shares Rise After Strong Phase 2 Data for INBRX-106 Plus Pembrolizumab in Head and Neck Cancer
INBX
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Key Points

  • INBRX-106 plus pembrolizumab showed a confirmed ORR of 48.3% versus 26.5% for pembrolizumab alone in the HexAgon Phase 2 trial.
  • In HPV-positive patients, the combination achieved an 80.0% confirmed ORR, a 30.0% complete response rate, and a 90.0% six-month PFS rate versus 33.3% ORR and 33.0% six-month PFS for pembrolizumab alone.
  • Inhibrx will expand the Phase 2 cohort by about 50 HPV-positive patients and intends to align with the FDA before starting a Phase 3 confirmatory study.

Summary of results

Shares of Inhibrx Biosciences, Inc. (NASDAQ:INBX) rose 6% on Tuesday after the company reported encouraging outcomes from a Phase 2 segment of the HexAgon trial testing INBRX-106 administered with pembrolizumab for head and neck cancer.

The combination therapy produced a confirmed objective response rate (ORR) of 48.3%, compared with 26.5% for pembrolizumab alone in the trial. HexAgon enrolled first-line, treatment-naive patients with PD-L1 positive metastatic or unresectable recurrent head and neck squamous cell carcinoma.

Study population and key efficacy findings

The analysis included 63 evaluable patients overall, with 29 in the arm receiving INBRX-106 plus pembrolizumab and 34 in the pembrolizumab-only control arm. In the combination arm, four patients achieved a complete response while the control arm recorded no complete responses. At the six-month mark, the progression-free survival (PFS) rate was 72.4% for patients on the combination regimen versus 42.8% for those receiving pembrolizumab alone.

Subgroup results in HPV-positive patients

Results were notably stronger among HPV-positive patients. In that subgroup, the confirmed ORR for the combination therapy reached 80.0%, compared with 33.3% for pembrolizumab alone. Complete responses occurred in 30.0% of HPV-positive patients receiving the combination and in 0% of those in the control arm. Six-month PFS in the HPV-positive cohort was 90.0% with the combination versus 33.0% with pembrolizumab monotherapy.

Safety and tolerability

The combination was described as generally manageable. The most frequently reported treatment-related adverse events were rash, fatigue, and diarrhea, and these events were predominantly low grade according to the company report.

Next steps from Inhibrx

On the basis of these Phase 2 findings, Inhibrx intends to expand the Phase 2 portion of the HexAgon study by approximately 50 additional HPV-positive patients to support a potential accelerated regulatory pathway. The company also plans to align with the U.S. Food and Drug Administration on that framework prior to initiating a Phase 3 confirmatory study.


Context for markets and stakeholders

The data and the planned trial expansion are material to investors tracking Inhibrx and to stakeholders in oncology drug development, particularly those focused on head and neck squamous cell carcinoma and HPV-associated disease. The safety profile reported will be relevant to clinicians and trial designers considering combination regimens that include immune checkpoint inhibitors.

Risks

  • The Phase 2 results are based on a relatively small number of evaluable patients (63 total), which may limit the precision of the reported response and survival rates - this affects biotech and capital markets assessment of clinical risk.
  • Although the safety profile was described as generally manageable with mostly low-grade events, treatment-related adverse events such as rash, fatigue, and diarrhea were observed and remain a tolerability consideration for regulatory and clinical stakeholders - impacting healthcare and clinical development sectors.
  • Expansion of the Phase 2 cohort and alignment with the FDA are planned steps, indicating that confirmatory study design and regulatory acceptance remain outstanding uncertainties that will influence development timelines and market expectations - relevant to pharma investors and trial sponsors.

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