$IBRX

ImmunityBio, Inc.

CIK:0001326110|SEC Filings

Condensed Consolidated Statements of Operations (Unaudited) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
Total revenue	$ 51,240	$ 26,425	$ 95,446	$ 42,942
Operating costs and expenses
Cost of sales	298	136	536	194
Total operating costs and expenses	112,937	97,710	226,934	178,656
Loss from operations	(61,697)	(71,285)	(131,488)	(135,714)
Other income (expense), net
Interest and investment income, net	3,155	1,153	5,469	2,040
Change in fair value of related-party convertible note			(332,589)	(41,413)
Change in fair value of warrant liabilities	(44,190)	3,889	(339,603)	3,441
Interest expense related to revenue interest liability	(17,192)	(13,405)	(31,063)	(26,939)
Change in fair value of derivative liabilities	(692)	1,931	416	7,509
Other income (expense), net	242	(278)	(5,675)	(319)
Total other expense, net	(168,693)	(21,020)	(731,690)	(86,491)
Loss before income taxes and noncontrolling interest	(230,390)	(92,305)	(863,178)	(222,205)
Income tax expense	0	(269)	(9)	(35)
Net loss	(230,390)	(92,574)	(863,187)	(222,240)
Net loss attributable to noncontrolling interests, net of tax	(12)	(19)	(27)	(39)
Net loss attributable to ImmunityBio common stockholders	$ (230,378)	$ (92,555)	$ (863,160)	$ (222,201)
Net loss per ImmunityBio common share – basic (in dollars per share)	$ (0.22)	$ (0.10)	$ (0.83)	$ (0.26)
Net loss per ImmunityBio common share - diluted (in dollars per share)	$ (0.22)	$ (0.10)	$ (0.83)	$ (0.26)
Weighted-average number of common shares used in computing net loss per share – basic (in shares)	1,050,070	888,216	1,038,536	870,786
Weighted-average number of common shares used in computing net loss per share – diluted (in shares)	1,050,070	888,216	1,038,536	870,786
Non-related Party
Operating costs and expenses
Research and development	$ 57,690	$ 52,430	$ 122,460	$ 98,406
Selling, general and administrative	50,626	41,862	95,087	73,839
Other income (expense), net
Interest expense	(20)	(5)	(54)	(23)
Related-Party
Operating costs and expenses
Research and development	3,126	2,806	6,345	5,064
Selling, general and administrative	1,197	476	2,506	1,153
Other income (expense), net
Change in fair value of related-party convertible note	(95,964)	1,169	(332,589)	(41,413)
Interest expense	(14,032)	(15,474)	(28,591)	(30,787)
Product revenue, net
Total revenue	50,672	26,421	94,839	42,930
Other revenues
Total revenue	$ 568	$ 4	$ 607	$ 12

Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025
Operating activities:
Net loss	$ (863,187)	$ (222,240)
Adjustments to reconcile net loss to net cash used in operating activities:
Change in fair value of warrant liabilities	339,603	(3,441)
Change in fair value of related-party convertible note	332,589	41,413
Non-cash interest expense related to revenue interest liability	19,598	23,285
Stock-based compensation expense	16,687	19,185
Depreciation and amortization	8,787	7,709
Write-off of convertible note receivable	7,442	0
Accretion of discounts on marketable debt securities, available-for-sale	(3,798)	(63)
Realized gain on instrument-specific credit risk	(1,425)	0
Change in fair value of derivative liabilities	(416)	(7,509)
Non-cash interest items, net	(62)	(124)
Transaction costs allocated to warrant liabilities	0	104
Other	(218)	453
Changes in operating assets and liabilities:
Accounts receivable	(10,901)	(19,766)
Inventories	(3,971)	1,632
Other assets	(716)	1,143
Accounts payable	3,654	223
Accrued expenses and other liabilities	11,700	(4,210)
Due to and due from related parties, net	1,165	44
Net cash used in operating activities	(141,853)	(165,651)
Investing activities:
Purchases of marketable debt securities, available-for-sale	(303,309)	(15,161)
Proceeds from maturities of marketable debt securities, available-for-sale	119,682	5,350
Proceeds from sales of marketable debt securities, available-for-sale	59,834	0
Cash paid for other equity securities	(10,000)	0
Purchases of property, plant and equipment	(5,292)	(2,202)
Software development costs	(34)	0
Net cash used in investing activities	(139,119)	(12,013)
Financing activities:
Proceeds from the RIPA, net of issuance costs	74,946	0
Proceeds from exercises of warrants	53,542	0
Net share settlement for RSUs vesting	(7,313)	(1,524)
Principal payments on premium financing	(1,754)	0
Proceeds from borrowings	61	0
Principal payments of finance leases	(25)	(4)
Net cash provided by financing activities	268,369	171,828
Effect of exchange rate changes on cash and cash equivalents, and restricted cash	119	66
Net change in cash and cash equivalents, and restricted cash	(12,484)	(5,770)
Cash and cash equivalents, and restricted cash, beginning of period	89,431	143,912
Cash and cash equivalents, and restricted cash, end of period	76,947	138,142
Reconciliation of cash and cash equivalents, and restricted cash, end of period:
Cash and cash equivalents	75,670	137,658
Restricted cash (included in Other Assets)	1,277	484
Cash and cash equivalents, and restricted cash, end of period	76,947	138,142
Supplemental disclosure of cash flow information:
Interest	40,078	34,458
Income taxes	5	0
Non-cash investing and financing activities:
Conversion of related-party convertible note into equity	35,332	0
Issuance of common stock upon vesting of RSUs	17,265	3,884
Right-of-use assets obtained in exchange for operating lease liabilities	1,721	4,526
Property and equipment purchases included in accounts payable, accrued expenses and due to related parties	2,382	1,304
Unrealized losses on marketable debt securities, net	(336)	(15)
Unpaid offering costs included in accounts payable and accrued expenses	125	118
Initial measurement of warrants issued in connection with equity offerings accounted for as liabilities	0	61,823
Right-of-use assets obtained in exchange for finance lease liabilities	0	307
Private Placement and At the Market Offerings
Financing activities:
Proceeds from equity offerings, net of issuance costs	147,275	173,136
Options, Excluding Stock Purchase and Option Agreement
Financing activities:
Proceeds from exercises of stock options	1,637	220
Non-related Party
Adjustments to reconcile net loss to net cash used in operating activities:
Non-cash lease expense related to operating lease right-of-use assets	1,954	1,830
Changes in operating assets and liabilities:
Prepaid expenses and other current assets	2,727	(3,825)
Operating lease liabilities	(2,076)	(1,908)
Related-Party
Adjustments to reconcile net loss to net cash used in operating activities:
Change in fair value of related-party convertible note	332,589	41,413
Non-cash lease expense related to operating lease right-of-use assets	1,506	1,336
Changes in operating assets and liabilities:
Prepaid expenses and other current assets	(579)	746
Operating lease liabilities	$ (1,916)	$ (1,668)

Condensed Consolidated Balance Sheets (Unaudited) - USD ($) $ in Thousands	Jun. 30, 2026	Dec. 31, 2025
Current assets:
Cash and cash equivalents	$ 75,670	$ 88,334
Marketable securities	281,701	154,484
Accounts receivable, net	53,472	42,571
Inventories	1,940	910
Total current assets	438,980	314,875
Property, plant and equipment, net	114,223	114,264
Goodwill and intangible assets, net	11,836	13,953
Long-term inventories, net	16,421	13,508
Convertible note receivable	0	7,380
Operating lease right-of-use assets, net	31,271	33,010
Total assets	628,504	501,898
LIABILITIES AND STOCKHOLDERS’ DEFICIT
Accrued expenses and other liabilities	55,671	46,838
Operating lease liabilities	7,508	7,535
Total current liabilities	76,727	61,754
Revenue interest liability	415,086	324,615
Operating lease liabilities, less current portion	31,203	33,447
Derivative liabilities	24,006	19,722
Warrant liabilities	352,383	84,417
Other liabilities	510	424
Total liabilities	1,674,265	1,001,472
Commitments and Contingencies (Note 8)
Stockholders’ deficit:
Common Stock, $0.0001 par value; 1,650,000,000 shares authorized as of June 30, 2026 and December 31, 2025; 1,053,221,645 and 1,011,800,008 shares issued and outstanding as of June 30, 2026 and December 31, 2025, respectively; excluding treasury stock, 163,800 shares outstanding as of June 30, 2026 and December 31, 2025	105	101
Additional paid-in capital	3,515,788	3,197,120
Accumulated deficit	(4,589,806)	(3,726,646)
Accumulated other comprehensive income	27,284	28,956
Total ImmunityBio stockholders’ deficit	(1,046,629)	(500,469)
Noncontrolling interests	868	895
Total stockholders’ deficit	(1,045,761)	(499,574)
Total liabilities and stockholders’ deficit	628,504	501,898
Related-Party
Current assets:
Due from related parties	27	46
Prepaid expenses and other current assets	1,348	769
Operating lease right-of-use assets, net	11,696	13,202
Other assets	378	378
LIABILITIES AND STOCKHOLDERS’ DEFICIT
Accounts payable	1,549	403
Operating lease liabilities	2,623	3,244
Related-party convertible note payable, at fair value	774,350	477,093
Operating lease liabilities, less current portion	12,420	13,715
Non-related Party
Current assets:
Prepaid expenses and other current assets	24,822	27,761
Operating lease right-of-use assets, net	19,575	19,808
Other assets	15,395	4,530
LIABILITIES AND STOCKHOLDERS’ DEFICIT
Accounts payable	11,999	6,978
Operating lease liabilities	4,885	4,291
Operating lease liabilities, less current portion	$ 18,783	$ 19,732