Inhibrx Biosciences, Inc. 10-Q

Item 1. Legal Proceedings. Except as disclosed below, we are not currently a party to any material legal proceedings. From time to time, we may become involved in legal proceedings arising in the ordinary course of our business. Regardless of outcome, litigation can have an adverse impact on us due to defense and settlement costs, diversion of management resources, negative publicity, reputational harm and other factors. On March 1, 2022, I-Mab Biopharma, or I-Mab, filed a lawsuit against the Former Parent and Brendan Eckelman, the Company’s co-founder and Chief Scientific Officer, in the United States District Court for the District of Delaware, C.A. No. 22-00276-CJB, asserting claims for misappropriation of trade secrets related to Dr. Eckelman’s service as an expert witness for Tracon Pharmaceuticals, Inc., or Tracon, in Tracon’s arbitration against I-Mab. Briefing on motions for summary judgment was recently completed. As of the date of this Quarterly Report, a hearing date on the pending motions has not been set. Trial is currently scheduled to commence in late October 2024. I-Mab is seeking royalty damages and alternative damages in the form of unjust enrichment.