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Record Q2 revenue and higher net loss at ImmunityBio (NASDAQ: IBRX)

Filing Impact
(Moderate)
Filing Sentiment
(Neutral)
Form Type
8-K

Rhea-AI Filing Summary

ImmunityBio, Inc. reported record Q2 2026 net product revenue of $50.7 million, up 92% year-over-year and 15% sequentially, marking its eighth consecutive quarter of sequential growth since the commercial launch of ANKTIVA. First-half 2026 net product revenue reached $94.8 million, up 121% versus the first half of 2025. As of June 30, 2026, cash, cash equivalents and marketable securities totaled $357.4 million.

GAAP net loss attributable to common stockholders was $230.4 million in Q2 2026 and $863.2 million for the first half, mainly driven by non-cash changes in the fair value of warrant and derivative liabilities and a related-party convertible note, as well as higher R&D, SG&A and revenue-interest-related interest expense. Adjusted net loss improved to $81.0 million in Q2 2026 and $167.3 million for the first half. Operationally, ImmunityBio reported broader ANKTIVA access, including marketing authorization in the United Arab Emirates, FDA acceptance of an sBLA with a PDUFA target action date of January 6, 2027, and an exclusive U.S. supply agreement for Tokyo-172 BCG.

Positive

  • Record Q2 net product revenue of $50.7 million, up 92% year-over-year and 15% sequentially, with first-half 2026 net product revenue up 121%, reflecting continued adoption of ANKTIVA.
  • Cash, cash equivalents and marketable securities of $357.4 million as of June 30, 2026 provide liquidity to support the company’s commercial and clinical priorities, as highlighted by management.
  • Regulatory and commercial momentum for ANKTIVA, including broad marketing authorization in the United Arab Emirates and FDA acceptance of an sBLA with a January 6, 2027 PDUFA target action date.

Negative

  • GAAP net loss increased to $230.4 million in Q2 2026 and $863.2 million for the first half, compared with $92.6 million and $222.2 million a year earlier, driven largely by non-cash fair value changes and higher expenses.
  • Total ImmunityBio stockholders’ deficit reached $(1,046,629) thousand as of June 30, 2026, with total liabilities exceeding total assets and operating activities using $141,853 thousand of cash in the first half.

Filing Explained

At June 30, 2026, ImmunityBio reported a $1,046,629 thousand stockholders’ deficit and $141,853 thousand of first-half operating cash use.

This Form 8-K furnishes the company’s second-quarter and first-half 2026 results under Item 2.02, with its accompanying release providing the financial position as of June 30, 2026. The balance sheet reports $774,350 thousand of related-party convertible note payable, $415,086 thousand of revenue interest liability, total liabilities of $1,674,265 thousand, and total stockholders’ deficit of $(1,046,629) thousand, adding recorded obligations and a negative stockholders’ position to the operating update.

For the six months ended June 30, 2026, operating activities used $141,853 thousand. At that date, cash and equivalents were $75,670 thousand and marketable securities were $281,701 thousand, providing the composition of the reported liquidity rather than only its combined headline amount.

Item 2.02 Results of Operations and Financial Condition Financial
Disclosure of earnings results, typically an earnings press release or preliminary financials.
Item 9.01 Financial Statements and Exhibits Exhibits
Financial statements, pro forma financial information, and exhibit attachments filed with this report.
Q2 2026 net product revenue $50.7 million Three months ended June 30, 2026; up 92% year-over-year and 15% sequentially
First-half 2026 net product revenue $94.8 million Six months ended June 30, 2026; up 121% versus the first half of 2025
Cash, cash equivalents and marketable securities $357.4 million Balance as of June 30, 2026
Q2 2026 net loss attributable to common stockholders $230.4 million Three months ended June 30, 2026; compared with $92.6 million in Q2 2025
First-half 2026 net loss attributable to common stockholders $863.2 million Six months ended June 30, 2026; compared with $222.2 million in first-half 2025
Total ImmunityBio stockholders’ deficit $(1,046,629) thousand As of June 30, 2026; total liabilities exceeded total assets
Cash used in operating activities $141,853 thousand Operating cash outflow for the six months ended June 30, 2026
Other expense, net first-half 2026 $731.7 million Six months ended June 30, 2026; increased from $86.5 million in 2025
PDUFA target action date regulatory
"assigned a PDUFA target action date of January 6, 2027"
The PDUFA target action date is the deadline set by the U.S. Food and Drug Administration (FDA) by which it aims to decide whether to approve or reject a new drug application. This date helps investors gauge when a company’s new medication might reach the market, potentially influencing sales and revenue expectations. It acts as a key milestone signaling progress in the drug approval process.
revenue interest liability financial
"Interest expense related to revenue interest liability"
non-GAAP financial measure financial
"Adjusted net loss attributable to common stockholders is a non-GAAP financial measure"
A non-GAAP financial measure is a way companies present their financial results that excludes certain expenses or income to show how they believe their core business is performing. It matters because it can give a clearer picture of how the company is really doing, but it can also be used to make results look better than they actually are.
BCG-unresponsive NMIBC medical
"marketing authorization for ANKTIVA across BCG-unresponsive NMIBC for CIS and papillary disease"
BCG-unresponsive NMIBC is a form of early-stage bladder cancer that has not responded to standard treatment with bacillus Calmette-Guérin (BCG), a common immune-stimulating therapy used for tumors that have not invaded the bladder muscle. For investors, it matters because these patients represent an unmet medical need and a defined group for clinical trials and regulatory paths; developing an effective therapy for them can open a clear market opportunity, similar to fixing a problem that existing tools can’t solve.
IL-15 superagonist medical
"via our proprietary IL-15 superagonist, ANKTIVA"
An IL-15 superagonist is a lab-engineered therapy that boosts the activity of IL-15, a natural immune signaling protein, effectively stepping on the accelerator for disease-fighting immune cells like natural killer and T cells. Investors pay attention because these agents can change clinical trial results, safety profiles, and regulatory outcomes; success or failure can significantly affect a biotech’s valuation and the commercial potential of immune-based treatments, like upgrading an engine can alter a car’s market value.
Cancer BioShield™ platform medical
"At the core of our strategy is the Cancer BioShield™ platform"
Q2 2026 net product revenue $50.7 million up 92% year-over-year and 15% sequentially
First-half 2026 net product revenue $94.8 million up 121% compared with the first half of 2025
Q2 2026 net loss (GAAP) $230.4 million compared with $92.6 million in Q2 2025
Q2 2026 adjusted net loss (non-GAAP) $81.0 million improved from $89.9 million in Q2 2025
First-half 2026 net loss (GAAP) $863.2 million compared with $222.2 million in first-half 2025
First-half 2026 adjusted net loss (non-GAAP) $167.3 million improved from $172.6 million in first-half 2025
Cash, cash equivalents and marketable securities $357.4 million balance as of June 30, 2026

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FAQ

What were ImmunityBio (IBRX)'s Q2 2026 net product revenue and growth?
ImmunityBio reported Q2 2026 net product revenue of $50.7 million, up 92% year-over-year and 15% sequentially. The company also marked its eighth consecutive quarter of sequential net product revenue growth since the commercial launch of ANKTIVA.

How did ImmunityBio (IBRX)'s net loss and adjusted net loss change in Q2 2026?
GAAP net loss attributable to common stockholders was $230.4 million in Q2 2026 versus $92.6 million a year earlier. Adjusted net loss, which excludes fair value changes and other items, was $81.0 million, improving from $89.9 million in Q2 2025.

What is ImmunityBio (IBRX)'s cash and liquidity position as of June 30, 2026?
As of June 30, 2026, ImmunityBio held $357.4 million in cash, cash equivalents and marketable securities. For the first half of 2026, operating activities used $141,853 thousand of cash, partly offset by net cash provided by financing activities.

What key regulatory milestones did ImmunityBio (IBRX) report for ANKTIVA?
The company reported that the UAE’s Emirates Drug Establishment granted broad marketing authorization for ANKTIVA, and the FDA accepted its sBLA for ANKTIVA plus BCG in BCG-unresponsive NMIBC with a PDUFA target action date of January 6, 2027.

How did ImmunityBio (IBRX)'s R&D and SG&A expenses trend in 2026?
For Q2 2026, R&D expense rose $5.6 million to $60.8 million, and SG&A expense rose $9.5 million to $51.8 million versus Q2 2025. For the first half, R&D reached $128.8 million and SG&A $97.6 million, both higher than in 2025.

What impact did fair value changes and the revenue interest liability have on ImmunityBio (IBRX)'s results?
Other expense, net rose to $168.7 million in Q2 2026 and $731.7 million for the first half, mainly from non-cash changes in the fair value of warrant and derivative liabilities and a related-party convertible note, plus higher interest on a revenue interest liability.
FALSE000132611000013261102026-08-042026-08-04

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, DC 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 OR 15(d) of The Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): August 4, 2026

ImmunityBio, Inc.
(Exact name of registrant as specified in its charter)

Delaware001-3750743-1979754
(State or other jurisdiction
of incorporation)
(Commission
File Number)
(IRS Employer
Identification No.)
3530 John Hopkins Court
San Diego, California 92121
(Address of principal executive offices, including zip code)
Registrant’s telephone number, including area code: (844) 696-5235

Not Applicable
(Former name or former address, if changed since last report)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):
☐Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
☐Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
☐Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
☐Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
Securities registered pursuant to Section 12(b) of the Act:

Title of each class
Trading
Symbol(s)
Name of each exchange
on which registered
Common Stock, par value $0.0001 per shareIBRXThe Nasdaq Global Select Market
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging growth company☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section13(a) of the Exchange Act. ☐


Section 2 – Financial Information
Item 2.02     Results of Operations and Financial Condition.
On August 4, 2026, ImmunityBio, Inc. (the Company) issued a press release providing a business update and announcing its financial results for the three and six months ended June 30, 2026, and its financial position as of June 30, 2026. The full text of the Company’s press release is furnished as Exhibit 99.1 hereto.
The information furnished pursuant to Item 2.02 of this Current Report on Form 8-K (including Exhibit 99.1) shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the Exchange Act) or otherwise subject to the liabilities of that section, nor shall such information be deemed incorporated by reference into any filings of the Company made under the Exchange Act or the Securities Act of 1933, as amended, whether made before or after the date of this Current Report, regardless of any general incorporation language of such filing, except as shall be expressly set forth by specific reference in such filing.
Section 9 – Financial Statements and Exhibits.
Item 9.01     Financial Statements and Exhibits.
(d)Exhibits.
Exhibit
Number		Description of Exhibit
  99.1**
Press release dated August 4, 2026.
  104Cover Page Interactive Data File (embedded within the Inline XBRL document).
_______________
**    Furnished herewith.


SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
IMMUNITYBIO, INC.
Registrant
Date: August 4, 2026
By:/s/ David C. Sachs
David C. Sachs
Chief Financial Officer

EXHIBIT 99.1
ib_earnings-releasexlogox1.jpg
ImmunityBio Reports Record Q2 2026 Net Product Revenue of $50.7 Million,
Up 92% Year-Over-Year; First-Half Revenue Up 121% to $94.8 Million
•Q2 2026 net product revenue of $50.7 million, up 92% year-over-year and 15% sequentially from Q1 2026, marking the eighth consecutive quarter of sequential revenue growth since the commercial launch of ANKTIVA®, driven by continued adoption among U.S. urologists and strong market access
•First-half 2026 net product revenue of $94.8 million, up 121% compared with the first-half of 2025
•In July 2026, we announced the Emirates Drug Establishment of the United Arab Emirates granted the broadest marketing authorization for ANKTIVA across BCG-unresponsive NMIBC for CIS and papillary disease and metastatic NSCLC
•The FDA accepted for review the Company’s supplemental Biologics License Application (sBLA) for ANKTIVA plus BCG in patients with BCG-unresponsive NMIBC with papillary disease without CIS and assigned a PDUFA target action date of January 6, 2027
•Continued advancement across the clinical pipeline, with multiple anticipated regulatory, clinical, and data milestones expected over the next 12 months, including a planned 2026 sBLA submission for the Phase 2B QUILT-2.005 trial in BCG-naïve NMIBC carcinoma in situ (with or without papillary disease)
•Entered into an exclusive development and supply agreement with Japan BCG Laboratory, securing exclusive U.S. rights to develop, import, and commercialize intravesical Tokyo-172 BCG to support long-term supply for patients with NMIBC
•Over $350 million cash and cash equivalents, and marketable securities on hand as of June 30, 2026
CULVER CITY, Calif. August 4, 2026 — ImmunityBio, Inc. (NASDAQ: IBRX), a commercial-stage biotechnology company, today announced financial and operational results for the second quarter ended June 30, 2026. Net product revenue reached $50.7 million, representing 92% year-over-year growth and 15% sequential growth from the first quarter of 2026. The Company also advanced multiple regulatory and clinical programs across its immunotherapy pipeline while achieving its eighth consecutive quarter of sequential net product revenue growth since ANKTIVA’s commercial launch.
For the first-half of 2026, net product revenue totaled $94.8 million, up 121% compared with the first-half of 2025, and building on full-year 2025 net product revenue of $113.0 million. As of June 30, 2026, the Company had $357.4 million in cash and cash equivalents, and marketable securities.
Beyond its commercial momentum, ImmunityBio continued to advance a broad clinical pipeline spanning bladder cancer, non-small cell lung cancer, and hematologic malignancies. ANKTIVA is now approved or authorized in five regulatory jurisdictions, expanding its global footprint to 34 countries, while multiple ongoing clinical and regulatory programs continue to support the Company’s long-term growth strategy.

Page 2
“Our record quarterly net product revenue of $50.7 million and eighth consecutive quarter of sequential growth reflect continued physician adoption of ANKTIVA and disciplined commercial execution,” said Richard Adcock, President and CEO of ImmunityBio. “At the same time, we continue to invest in expanding ANKTIVA’s global commercial footprint while advancing a focused late-stage clinical pipeline that we believe will create additional opportunities across multiple oncology indications. With $357.4 million in cash and cash equivalents, and marketable securities, we are well-positioned to support both our commercial and clinical priorities.”
“The continued adoption of ANKTIVA in clinical practice reinforces the potential of our IL-15 receptor agonist platform to activate the body’s natural killer and T cells to fight cancer,” said Patrick Soon-Shiong, M.D., Founder, Executive Chairman and Global Chief Scientific and Medical Officer of ImmunityBio. “As we continue generating clinical evidence across multiple tumor types, including bladder cancer, lung cancer, and hematologic malignancies, we remain focused on expanding the potential applications of this platform to address additional areas of significant unmet medical need.”
Quarterly Financial Highlights
Cash and Marketable Securities Position
As of June 30, 2026, the Company had consolidated cash and cash equivalents, and marketable securities of $357.4 million.
Second Quarter 2026 Financial Summary
Product Revenue, Net
Product revenue, net increased $24.3 million during the three months ended June 30, 2026, as compared to the three months ended June 30, 2025, due to increased net trade sales of ANKTIVA as a result of ongoing commercial activities.
Research and Development Expense
Research and development (R&D) expense increased $5.6 million to $60.8 million during the three months ended June 30, 2026, as compared to $55.2 million during the three months ended June 30, 2025, mainly due to increased personnel-related costs, clinical trial expenses, and external manufacturing and distribution costs.
Selling, General and Administrative Expense
Selling, general and administrative (SG&A) expense increased $9.5 million to $51.8 million during the three months ended June 30, 2026, as compared to $42.3 million during the three months ended June 30, 2025, mainly due to increased professional services expenses, personnel-related costs, and commercial-related expenses.
Other Expense, Net
Other expense, net increased $147.7 million to $168.7 million during the three months ended June 30, 2026, as compared to $21.0 million during the three months ended June 30, 2025, primarily due to non-cash changes in the fair value of the related-party convertible note, warrant liabilities, and other derivative liabilities mainly driven by a significant increase in our common stock price, and an increase in interest expense related to the revenue interest liability due to additional funding received in Q1 2026. These changes were partially offset by an increase in interest and investment income combined with a decrease in interest expense due to lower Term SOFR rates and a lower related-party convertible note balance after a partial loan conversion in Q1 2026.

Page 3
Net Loss Attributable to ImmunityBio Common Stockholders (Net Loss)
Net loss attributable to ImmunityBio common stockholders was $230.4 million during the three months ended June 30, 2026, as compared to $92.6 million during the three months ended June 30, 2025. The increase in net loss was mainly driven by changes in the fair value of related-party convertible note, warrant and derivative liabilities due to an increase in our common stock price during the quarter, higher interest expense related to the revenue interest liability, and higher R&D and SG&A expenses described above, which were partially offset by higher product revenue.
Adjusted Net Loss Attributable to ImmunityBio Common Stockholders (Adjusted Net Loss)
Adjusted net loss attributable to ImmunityBio common stockholders decreased $8.9 million to $81.0 million during the three months ended June 30, 2026, as compared to $89.9 million during the three months ended June 30, 2025. Adjusted net loss is a non-GAAP financial measure that excludes the impact of certain items, as shown in the non-GAAP reconciliation table below.
First-Half 2026 Financial Summary
Product Revenue, Net
Product revenue, net increased $51.9 million during the six months ended June 30, 2026, as compared to the six months ended June 30, 2025, due to increased net trade sales of ANKTIVA as a result of ongoing commercial activities.
Research and Development Expense
R&D expense increased $25.3 million to $128.8 million during the six months ended June 30, 2026, as compared to $103.5 million during the six months ended June 30, 2025, mainly due to increased clinical trial expenses, external manufacturing costs, personnel-related costs, and distribution costs.
Selling, General and Administrative Expense
SG&A expense increased $22.6 million to $97.6 million during the six months ended June 30, 2026, as compared to $75.0 million during the six months ended June 30, 2025, mainly due to increased professional services expenses, personnel-related costs, and commercial-related expenses.
Other Expense, Net
Other expense, net increased $645.2 million to $731.7 million during the six months ended June 30, 2026, as compared to $86.5 million during the six months ended June 30, 2025, primarily due to non-cash changes in the fair value of warrant liabilities, the related-party convertible note, and other derivative liabilities mainly driven by a significant increase in our common stock price during Q2 2026, a one-time write-off of a convertible note receivable in Q1 2026, and an increase in interest expense related to the revenue interest liability due to additional funding received in Q1 2026. These changes were partially offset by an increase in interest and investment income combined with a decrease in interest expense due to lower Term SOFR rates and a lower related-party convertible note balance after a partial loan conversion in Q1 2026.

Page 4
Net Loss Attributable to ImmunityBio Common Stockholders (Net Loss)
Net loss attributable to ImmunityBio common stockholders was $863.2 million during the six months ended June 30, 2026, compared to $222.2 million during the six months ended June 30, 2025. The increase in net loss was mainly driven by changes in fair value of warrant and derivative liabilities, and a related-party convertible note due to an increase in our common stock price during the period, higher interest expense related to the revenue interest liability, higher other expense, and higher R&D and SG&A expenses described above, which were partially offset by higher product revenue.
Adjusted Net Loss Attributable to ImmunityBio Common Stockholders (Adjusted Net Loss)
Adjusted net loss attributable to ImmunityBio common stockholders decreased $5.3 million to $167.3 million during the six months ended June 30, 2026, as compared to $172.6 million during the six months ended June 30, 2025. Adjusted net loss is a non-GAAP financial measure that excludes the impact of certain items, as shown in the non-GAAP reconciliation table below.

Page 5
ImmunityBio, Inc.
Condensed Consolidated Statements of Operations
Three Months Ended
June 30,		Six Months Ended
June 30,
(Unaudited; in thousands, except per share amounts)2026202520262025
Revenue
Product revenue, net$50,672 $26,421 $94,839 $42,930 
Other revenues568 4 607 12 
Total revenue51,240 26,425 95,446 42,942 
Operating costs and expenses
Cost of sales298 136 536 194 
Research and development57,690 52,430 122,460 98,406 
Research and development –
   related parties
3,126 2,806 6,345 5,064 
Selling, general and administrative50,626 41,862 95,087 73,839 
Selling, general and administrative –
   related parties		1,197 476 2,506 1,153 
Total operating costs and expenses112,937 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, net3,155 1,153 5,469 2,040 
Change in fair value of warrant and derivative
   liabilities, and related-party convertible note		(140,846)6,989 (671,776)(30,463)
Interest expense related to revenue
   interest liability		(17,192)(13,405)(31,063)(26,939)
Interest expense – related party(14,032)(15,474)(28,591)(30,787)
Interest expense(20)(5)(54)(23)
Other expense, net242 (278)(5,675)(319)
Total other expense, net(168,693)(21,020)(731,690)(86,491)
Loss before income taxes and
   noncontrolling interests		(230,390)(92,305)(863,178)(222,205)
Income tax (expense) benefit— (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 and diluted		$(0.22)$(0.10)$(0.83)$(0.26)
Weighted-average number of common shares
   used in computing net loss per share –
   basic and diluted		1,050,070 888,216 1,038,536 870,786 

Page 6
ImmunityBio, Inc.
Selected Balance Sheet Data
(Unaudited; in thousands)June 30,
2026		December 31,
2025
Cash and cash equivalents$75,670 $88,334 
Marketable securities281,701 154,484 
Total assets628,504 501,898 
Related-party convertible note payable, at fair value774,350 477,093 
Revenue interest liability415,086 324,615 
Total liabilities1,674,265 1,001,472 
Total ImmunityBio stockholders’ deficit(1,046,629)(500,469)
Noncontrolling interests868 895 
Total liabilities and stockholders’ deficit628,504 501,898 
ImmunityBio, Inc.
Summary Reconciliations of Cash Flows
Three Months Ended
June 30,		Six Months Ended
June 30,
(Unaudited; in thousands)2026202520262025
Cash (used in) provided by:
Operating activities $(66,494)$(79,746)$(141,853)$(165,651)
Investing activities(107,469)(16,142)(139,119)(12,013)
Financing activities 44,443 172,810 268,369 171,828 
Effect of exchange rate changes on cash and
   cash equivalents, and restricted cash		(3)76 119 66 
Net change in cash and cash equivalents,
   and restricted cash		(129,523)76,998 (12,484)(5,770)
Cash and cash equivalents, and restricted cash,
   beginning of period		206,470 61,144 89,431 143,912 
Cash and cash equivalents, and restricted cash,
   end of period		$76,947 $138,142 $76,947 $138,142 

Page 7
ImmunityBio, Inc.
Reconciliation of Net Loss Attributable to Common Stockholders (GAAP) to
Adjusted Net Loss Attributable to Common Stockholders (Non-GAAP)
Adjusted net loss attributable to common stockholders is a non-GAAP financial measure which excludes certain items that are included in net loss attributable to common stockholders, the most directly comparable GAAP financial measure. Items excluded are those which the Company believes affect the comparability of operating results and are typically excluded from published estimates by the investment community, including items whose timing and/or amount cannot be reasonably estimated or are non-recurring.
Adjusted net loss attributable to common stockholders is presented because management believes it provides useful additional information to investors for analysis of the Company’s fundamental business on a recurring basis. In addition, management believes that adjusted net loss attributable to common stockholders is widely used by professional research analysts and others in the valuation, comparison, and investment recommendations of companies such as ImmunityBio.
Adjusted net loss attributable to common stockholders should not be considered in isolation or as a substitute for net loss attributable to common stockholders or any other measure of a company’s financial performance or profitability presented in accordance with GAAP. A reconciliation of the differences between net loss attributable to common stockholders and adjusted net loss attributable to common stockholders is presented below. Because adjusted net loss attributable to common stockholders excludes some, but not all, items that affect net loss attributable to common stockholders and may vary among companies, our calculation of adjusted net loss attributable to common stockholders may not be comparable to similarly titled measures of other companies.
Three Months Ended
June 30,		Six Months Ended
June 30,
(Unaudited: in thousands)2026202520262025
Net loss attributable to ImmunityBio
   common stockholders (GAAP)		$(230,378)$(92,555)$(863,160)$(222,201)
Change in fair value of warrant and derivative
   liabilities, and related-party convertible note		140,846 (6,989)671,776 30,463 
Stock-based compensation8,518 9,648 16,687 19,185 
Write-off of convertible note receivable— — 7,442 — 
Adjusted net loss attributable to ImmunityBio
   common stockholders (non-GAAP)		$(81,014)$(89,896)$(167,255)$(172,553)

Page 8
About ImmunityBio
ImmunityBio is a biotechnology company focused on innovating, developing, and commercializing next-generation immunotherapies designed to activate the patient’s immune system and deliver durable protection against cancer and infectious diseases. Our approach harnesses both the adaptive and innate immune systems with the goal of restoring immune function and generating lasting immunological memory in patients. At the core of our strategy is the Cancer BioShield™ platform, which is designed to stimulate critical lymphocytes, including natural killer (NK) cells, cytotoxic T cells, and memory T cells via our proprietary IL-15 superagonist, ANKTIVA®. Our Cancer BioShield platform is anchored by this antibody-cytokine fusion protein and is complemented by a portfolio that includes adenovirus-vectored vaccines, allogeneic (off-the-shelf) and autologous NK-cell therapies, and additional immunomodulators intended to promote immunogenic cell death and support durable immune responses while potentially reducing reliance on high-dose chemo-radiation therapy.
Forward-Looking Statements
This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements involve substantial risks and uncertainties that could cause the Company’s clinical development programs, commercial success of its products and product candidates, manufacturing capabilities, continued collaboration with third parties, future results, performance or achievements to differ significantly from those expressed or implied by the forward-looking statements. Such forward-looking statements include statements regarding the multiple regulatory and clinical milestones anticipated over the next 12 months, expectations that continuing to invest in expanding ANKTIVA’s global commercial footprint will create additional opportunities across multiple oncology indications, the expectations that the agreement with Japan BCG Laboratory will provide long-term supply of BCG, the ability of the Company’s cash and cash equivalents, and marketable securities to support both its commercial and clinical priorities, the belief that the adoption of ANKTIVA in clinical practice reinforces the potential of the Company’s IL-15 receptor agonist platform and supports the Company’s vision of a differentiated immunotherapy, the ability to expand the potential applications of the Company’s platform to address areas of significant unmet medical need, the expected impact of ANKTIVA approvals in additional markets on the Company’s business and financial condition, the application of the Company’s science and platforms to treat cancers, immunotherapies and cell therapies and change the standard of care across multiple cancers, expectations regarding continued physician adoption and disciplined commercial execution, and the Company’s ability to sustain quarter-over-quarter growth.
Statements in this press release that are not statements of historical fact are considered forward-looking statements, which are usually identified by the use of words such as “anticipates,” “believes,” “continues,” “goal,” “could,” “estimates,” “scheduled,” “expects,” “intends,” “may,” “plans,” “potential,” “predicts,” “indicate,” “projects,” “is,” “seeks,” “should,” “will,” “strategy,” and variations of such words or similar expressions. Statements of past performance, efforts, or results of our preclinical and clinical trials, about which inferences or assumptions may be made, can also be forward-looking statements and are not indicative of future performance or results. Forward-looking statements are neither forecasts, promises nor guarantees, and are based on the current beliefs of ImmunityBio’s management as well as assumptions made by and information currently available to ImmunityBio. Such information may be limited or incomplete, and ImmunityBio’s statements should not be read to indicate that it has conducted a thorough inquiry into, or review of, all potentially available relevant information. Such statements reflect the current views of ImmunityBio with respect to future events and are subject to known and unknown risks, including business, regulatory, economic and competitive risks, uncertainties, contingencies and assumptions about ImmunityBio, including, without limitation, (i) the risk that

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the Company’s preliminary financial results may differ from final reported results, (ii) risks and uncertainties regarding participation and enrollment and potential results from clinical trials, (iii) whether clinical trials will result in registrational pathways, (iv) whether clinical trial data will be accepted by regulatory agencies, (v) the ability of ImmunityBio to fund its ongoing and anticipated clinical trials, (vi) the ability of ImmunityBio to continue its planned preclinical and clinical development of its development programs through itself and/or its investigators, and the timing and success of any such continued preclinical and clinical development, patient enrollment and planned regulatory submissions, (vii) potential delays in product availability and regulatory approvals, (viii) ImmunityBio’s ability to retain and hire key personnel, (ix) ImmunityBio’s ability to obtain additional financing to fund its operations and complete the development and commercialization of its various product candidates, (x) potential product shortages or manufacturing disruptions that may impact the availability and timing of product, (xi) ImmunityBio’s ability to successfully commercialize its approved product and product candidates, (xii) ImmunityBio’s ability to scale its manufacturing and commercial supply operations for its approved product and future approved products, and (xiii) ImmunityBio’s ability to obtain, maintain, protect, and enforce patent protection and other proprietary rights for its product candidates and technologies.
More details about these and other risks that may impact ImmunityBio’s business are described under the heading “Risk Factors” in the Company’s Annual Report on Form 10-K filed with the U.S. Securities and Exchange Commission (SEC) on February 23, 2026, Quarterly Report on Form 10-Q filed with the SEC on May 7, 2026, and in subsequent filings made by ImmunityBio with the SEC, which are available on the SEC’s website at www.sec.gov. ImmunityBio cautions you not to place undue reliance on any forward-looking statements, which speak only as of the date hereof. ImmunityBio does not undertake any duty to update any forward-looking statement or other information in this press release, except to the extent required by law.
ImmunityBio Contacts:
Investors
Hemanth Ramaprakash, PhD, MBA
ImmunityBio, Inc.
+1 858-746-9289
Hemanth.Ramaprakash@ImmunityBio.com
Media
Sarah Singleton
ImmunityBio, Inc.
+1 415-290-8045
Sarah.Singleton@ImmunityBio.com

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