SCHEDULE 13D/A: Inhibrx Biosciences Insider Jon Faiz Kayyem Amends 13D Filing, Details Significant Share Acquisitions and Family Transfers

An amended Schedule 13D filing reveals Inhibrx Biosciences insider Jon Faiz Kayyem's increased beneficial ownership to 7.9% through personal funds and family trust transactions, while his family trust's direct ownership dropped below 5%.

Summary

• This document is Amendment No. 1 to the Schedule 13D originally filed on June 3, 2024, by Jon Faiz Kayyem and The Jon F. Kayyem and Paige Gates-Kayyem Family Trust regarding Inhibrx Biosciences, Inc. common stock.
• Dr. Jon Faiz Kayyem is now the beneficial owner of 1,149,046 shares of Common Stock, representing 7.9% of the 14,475,904 shares outstanding as of November 8, 2024.
• This ownership includes 509,360 shares held by The Jon F. Kayyem and Paige Gates-Kayyem Family Trust, 250,000 shares by Jon Faiz Kayyem Revocable Trust, 250,000 shares by Paige Gates-Kayyem Revocable Trust, and 139,686 shares in custodial accounts.
• The shares acquired were funded by Dr. Kayyem's personal funds.
• Between May 31, 2024, and November 20, 2024, The Jon F. Kayyem and Paige Gates-Kayyem Family Trust and Custodial Accounts made open-market purchases totaling 451,221 shares at weighted average prices ranging from $14.19 to $18.24.
• Between June 24, 2024, and December 16, 2024, The Jon F. Kayyem and Paige Gates-Kayyem Family Trust gifted a total of 591,050 shares, including 20,000 shares to Custodial Accounts and 250,000 shares each to the Jon Revocable Trust and Paige Revocable Trust.
• As of December 16, 2024, The Jon F. Kayyem and Paige Gates-Kayyem Family Trust ceased to be a beneficial owner of more than 5% of the outstanding shares.

Sentiment

Score: 7

Explanation: The filing indicates significant open-market purchases by a key insider (Dr. Jon Faiz Kayyem) and related family trusts, increasing his overall beneficial ownership in the company. This typically signals confidence in the company's prospects. While there were gifts of shares, these were primarily transfers between family trusts, maintaining overall family control.

Positives

• Dr. Jon Faiz Kayyem, a key insider, significantly increased his overall beneficial ownership in Inhibrx Biosciences, Inc. to 7.9% of the outstanding common stock, signaling confidence in the company's prospects.
• The reporting persons made substantial open-market purchases of common stock, totaling 451,221 shares, indicating a direct investment by an insider.

Negatives

• The Jon F. Kayyem and Paige Gates-Kayyem Family Trust ceased to be a beneficial owner of more than 5% of the outstanding shares as of December 16, 2024, primarily due to gifting shares to other family trusts.

Risks

• No specific risks related to the company's operations, financial health, or future performance are detailed in this ownership filing.

Future Outlook

The document does not contain any forward-looking statements or guidance regarding the company's future performance or strategic direction.

Management Comments

• The document does not contain direct quotes or paraphrased statements from company management regarding strategic direction or financial performance, as it is an ownership filing.

Industry Context

This Schedule 13D amendment primarily details changes in insider ownership and does not provide information to analyze broader industry trends or competitor activities.

Comparison to Industry Standards

• This document, being an insider ownership filing, does not contain information suitable for comparison to global industry benchmarks, specific comparable companies, projects, or results.

Related Party Transactions

• The Jon F. Kayyem and Paige Gates-Kayyem Family Trust gifted 20,000 shares to custodial accounts managed by Dr. Kayyem for the benefit of his immediate family on June 24, 2024.
• The Jon F. Kayyem and Paige Gates-Kayyem Family Trust gifted 250,000 shares to the Jon Faiz Kayyem Revocable Trust and 250,000 shares to the Paige Gates-Kayyem Revocable Trust on December 16, 2024. These trusts are controlled by Dr. Kayyem and his spouse, respectively.

Stakeholder Impact

• Shareholders: The increase in beneficial ownership by a key insider, Dr. Jon Faiz Kayyem, may be viewed positively as a sign of management confidence, potentially influencing investor sentiment.
• Employees, Customers, Suppliers, Creditors: The filing does not contain information directly impacting these stakeholders.

Next Steps

• The document does not explicitly mention any future actions, events, or milestones for the company or the reporting persons beyond the filing itself.

Key Dates

Recommendation

Keywords

Inhibrx Biosciences, INBX, Schedule 13D, insider ownership, beneficial ownership, stock purchases, family trust, Jon Faiz Kayyem, SEC filing, common stock