ImmunityBio (NASDAQ: IBRX) boosts Q1 sales but records $632.8M loss
Filing Impact
Filing Sentiment
Form Type
8-K
Rhea-AI Filing Summary
ImmunityBio, Inc. reported strong Q1 2026 growth driven by ANKTIVA, but a large accounting loss. Net product revenue reached about $44.2 million for the quarter, up ~168% versus Q1 2025 and 15% over Q4 2025, reflecting continued uptake of ANKTIVA.
GAAP net loss attributable to common stockholders widened to $632.8 million, largely from non-cash changes in the fair value of warrant and derivative liabilities and a related-party convertible note tied to a higher stock price, plus a write-off of a convertible note receivable and higher R&D and SG&A expenses. Adjusted net loss, which excludes these items, was $86.2 million.
Cash, cash equivalents and marketable securities increased to $380.9 million as of March 31, 2026, supported by $223.9 million of net cash provided by financing activities in the quarter. ANKTIVA is now approved or authorized across five regulatory jurisdictions covering about 34 countries, with expanding commercial availability, and a pivotal BCG-naïve NMIBC trial is fully enrolled with a supplemental BLA submission planned in 2026.
Positive
- Explosive revenue growth and improving cash balance: Net product revenue reached about $44.2 million in Q1 2026, up ~168% year over year and 15% sequentially, while cash, cash equivalents and marketable securities increased to $380.9 million as of March 31, 2026.
Negative
- Very large GAAP net loss driven by fair-value changes: Net loss attributable to common stockholders widened to $632.8 million in Q1 2026, mainly from a $530.9 million adverse change in fair value of warrant and derivative liabilities and a related-party convertible note, plus higher operating expenses.
Insights
Revenue is scaling rapidly, but heavy non-cash charges and high spend drive very large GAAP losses.
ImmunityBio showed strong commercial traction in Q1 2026, with net product revenue of $44.2 million, up about 168% year over year and 15% sequentially. This builds on full-year 2025 net product revenue of $113.0 million, a 700% increase over 2024, indicating rapid early growth for ANKTIVA.
The GAAP net loss of $632.8 million reflects a huge swing in “other expense,” including a $530.9 million adverse change in fair value of warrant and derivative liabilities and a related-party convertible note, plus a $7.4 million convertible note receivable write-off. These items are largely non-cash, and adjusted net loss was a much smaller $86.2 million, only slightly worse than a year ago.
Cash, cash equivalents and marketable securities rose to $380.9 million as of March 31, 2026, helped by $223.9 million in net financing inflows. Meanwhile, R&D spending climbed to $68.0 million and SG&A to $45.8 million, underscoring the cost of advancing clinical programs and commercialization. Upcoming milestones referenced include a planned sBLA in 2026 for BCG-naïve NMIBC and ongoing NSCLC and cell therapy development.
8-K Event Classification
2 items: 2.02, 9.01
2 items
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.
Key Figures
Net product revenue: $44.2 million
Net loss (GAAP): $632.8 million
Adjusted net loss (non-GAAP): $86.2 million
+5 more
8 metrics
Net product revenue
$44.2 million
Three months ended March 31, 2026; ~168% YoY, 15% QoQ growth
Net loss (GAAP)
$632.8 million
Net loss attributable to ImmunityBio common stockholders, Q1 2026
Adjusted net loss (non-GAAP)
$86.2 million
Excludes fair-value changes, stock-based compensation, note write-off, Q1 2026
Change in fair value items
$530.9 million
Adverse change in fair value of warrant and derivative liabilities and related-party note, Q1 2026
Cash and marketable securities
$380.9 million
Cash, cash equivalents and marketable securities as of March 31, 2026
R&D expense
$68.0 million
Research and development expense for the three months ended March 31, 2026
SG&A expense
$45.8 million
Selling, general and administrative expense for Q1 2026
Net cash from financing
$223.9 million
Net cash provided by financing activities in Q1 2026
Key Terms
non-GAAP, BCG-unresponsive NMIBC, supplemental BLA (sBLA), NCCN Clinical Practice Guidelines in Oncology, +2 more
6 terms
non-GAAP financial
"Adjusted net loss attributable to ImmunityBio common stockholders is a non-GAAP financial measure"
Non-GAAP refers to financial measures that companies use to show their earnings or performance without including certain expenses or income that are often added back to give a different picture. It matters because it can make a company's results look better or more favorable, but it may also hide important costs, so investors need to look at both GAAP (official rules) and non-GAAP numbers to get a full understanding.
BCG-unresponsive NMIBC medical
"for patients with BCG-unresponsive NMIBC with papillary-only disease in addition to CIS"
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.
supplemental BLA (sBLA) regulatory
"A supplemental BLA (sBLA) submission is on track for 2026"
A supplemental BLA (sBLA) is a regulatory filing that asks health authorities to approve changes to an already licensed biological drug, such as a new use, updated manufacturing process, or revised labeling. Think of it as requesting official permission to alter the recipe or packaging of an approved product; approval can expand sales, reduce costs, or avoid supply disruptions, while rejection or delay can affect a company’s revenue and stock outlook.
NCCN Clinical Practice Guidelines in Oncology medical
"NCCN Clinical Practice Guidelines in Oncology have been updated to include ANKTIVA plus BCG"
NCCN Clinical Practice Guidelines in Oncology are evidence-based recommendations created by a panel of cancer experts that outline preferred approaches for diagnosing, treating, and managing different cancers. Like a trusted recipe hospitals and doctors often follow, these guidelines influence which drugs, tests, and procedures become standard care, so they can materially affect patient use, reimbursement, regulatory choices, and the commercial prospects of companies that make related therapies or diagnostics.
revenue interest liability financial
"Interest expense related to revenue interest liability"
warrant and derivative liabilities financial
"Change in fair value of warrant and derivative liabilities, and related-party convertible note"
Earnings Snapshot
Net product revenue: $44.2 million
Q1 2026
Net product revenue
$44.2 million
+168% YoY; +15% QoQ
Net loss (GAAP)
$632.8 million
vs. $129.6 million in Q1 2025
Adjusted net loss (non-GAAP)
$86.2 million
vs. $82.7 million in Q1 2025
Cash and marketable securities
$380.9 million
vs. $242.8 million at December 31, 2025
R&D expense
$68.0 million
vs. $48.2 million in Q1 2025
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): May 7, 2026
(Exact name of registrant as specified in its charter)
(State or other jurisdiction of incorporation) | (Commission File Number) | (IRS Employer Identification No.) | ||||||||||||
(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:
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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 May 7, 2026, ImmunityBio, Inc. (the Company) issued a press release providing a business update and announcing its financial results for the three months ended March 31, 2026, and its financial position as of March 31, 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 May 7, 2026. | |||||||
| 104 | Cover 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: May 7, 2026 | By: | /s/ David C. Sachs | |||||||||
| David C. Sachs | |||||||||||
| Chief Financial Officer | |||||||||||
EXHIBIT 99.1
ImmunityBio Reports Record Q1 2026 Results: Net Product Revenue
Increased Nearly 2.7x Year-Over-Year to $44 Million in Q1 2026
Expanding on the 2025 Full Year 700% Year-Over-Year Revenue Growth;
Cash and Marketable Securities Total $381 Million
•Q1 2026 Revenue Growth with Continued Strong Sales Momentum: $44.2 million, representing an ~168% year-over-year increase compared with Q1 2025 and up 15% from Q4 2025
•ANKTIVA® Unit Growth: 168% increase in unit sales volume in Q1 2026 compared to Q1 2025
•ANKTIVA Regulatory Update: ANKTIVA is now approved or authorized across five regulatory jurisdictions, representing approximately 34 countries, including first approval in Asia by the Pharmaceutical Administration Bureau (ISAF) of the Macau Special Administrative Region of the People’s Republic of China. Commercial availability achieved within two months of announcing MENA partnership with Biopharma and Cigalah Healthcare.
•Cash Position: $380.9 million in cash, cash equivalents and marketable securities as of March 31, 2026, up from $242.8 million as of December 31, 2025.
•Pivotal BCG-Naïve CIS trial (QUILT-2.005): Fully enrolled, with the Independent Data Monitoring Committee (IDMC) confirming no additional enrollment is required. A supplemental BLA (sBLA) submission is on track for 2026
•BCG-Unresponsive NMIBC with Papillary-Only Disease Category 2A NCCN® Recommendation: NCCN Clinical Practice Guidelines in Oncology have been updated to include ANKTIVA plus BCG for patients with BCG-unresponsive NMIBC with papillary-only disease in addition to CIS, with or without papillary tumors. Both recommendations are Category 2A, representing uniform consensus.
CULVER CITY, Calif. May 7, 2026 — ImmunityBio, Inc. (NASDAQ: IBRX), a biotechnology company, announced financial and operational highlights for the fiscal quarter ended March 31, 2026. The Company reported net product revenue of approximately $44.2 million during the three months ended March 31, 2026, with net product revenue growth in every quarter since ANKTIVA’s commercial launch, including a 168% increase over Q1 2025. This builds on full-year 2025 net product revenue of $113.0 million, a 700% increase over full-year 2024. Q1 2026 net product revenue also represents a 15% sequential increase over the $38.3 million earned during Q4 2025, and the revenue growth expansion of 700% full year growth year-over-year in 2025 continues.
The Company ended the quarter with $380.9 million in cash, cash equivalents and marketable securities as of March 31, 2026.
“We continue to see strong demand for ANKTIVA from both new prescribers and physicians expanding use across multiple eligible patients, including in the maintenance setting,” said Richard Adcock, President and CEO of ImmunityBio. “We have also made meaningful progress expanding market access beyond the U.S., with ANKTIVA now commercially available in Saudi Arabia and additional markets anticipated this year. We are entering Q2 with a strong cash position, growing revenues, and a more experienced commercial organization positioned to support continued growth.”
“We’re encouraged by the steady progress of our clinical programs and regulatory submissions across NMIBC and non-small cell lung cancer (NSCLC),” said Patrick Soon-Shiong, M.D., Founder, Executive Chairman and Global Chief Scientific and Medical Officer of ImmunityBio. “The full enrollment of our pivotal BCG-naïve NMIBC trial, with independent confirmation that no additional patients are required, supports our planned sBLA submission in 2026. In parallel, recent NCCN guideline updates now include ANKTIVA plus BCG for patients with BCG-unresponsive papillary-only disease, reinforcing the growing clinical evidence supporting our approach across a broader spectrum of bladder cancer patients. We are also advancing our NSCLC program in a randomized trial in patients who have progressed following prior checkpoint inhibitor therapy, an area of significant unmet need, alongside continued development of our cell therapy platforms, including CD19-targeted therapies in non-Hodgkin lymphoma and Waldenström’s macroglobulinemia, and PD-L1 t-haNK in glioblastoma.”
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Quarterly Financial Highlights
Cash and Marketable Securities Position
As of March 31, 2026, the Company had consolidated cash, cash equivalents, and marketable securities of $380.9 million.
First-Quarter 2026 Financial Summary
Product Revenue, Net
Product revenue, net increased $27.7 million during the three months ended March 31, 2026, as compared to the three months ended March 31, 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 $19.8 million to $68.0 million during the three months ended March 31, 2026, as compared to $48.2 million during the three months ended March 31, 2025, mainly due to increased clinical trials costs, headcount-related costs, consulting fees, and external manufacturing costs.
Selling, General and Administrative Expense
Selling, general and administrative (SG&A) expense increased $13.1 million to $45.8 million during the three months ended March 31, 2026, as compared to $32.7 million during the three months ended March 31, 2025, mainly due to increased professional services expenses, headcount-related costs, commercial-related expenses, other expense, and equipment expense.
Other Expense, Net
Other expense, net increased $497.5 million to $563.0 million during the three months ended March 31, 2026, as compared to $65.5 million during the three months ended March 31, 2025, primarily due to non-cash changes in the fair value of liabilities mainly driven by the significant increase in our common stock price. These fair value changes impacted our warrant and derivative liabilities, and a related-party convertible note. We also recorded a one-time write off of a convertible note receivable. These changes were partially offset by an increase in interest and investment income and a decrease in interest expense due to lower interest rates.
Net Loss Attributable to ImmunityBio Common Stockholders (Net Loss)
Net loss attributable to ImmunityBio common stockholders was $632.8 million during the three months ended March 31, 2026, as compared to $129.6 million during the three months ended March 31, 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 quarter, and the write off of a convertible note receivable, 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 increased $3.6 million to $86.2 million during the three months ended March 31, 2026, as compared to $82.7 million during the three months ended March 31, 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.
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ImmunityBio, Inc.
Condensed Consolidated Statements of Operations
| Three Months Ended March 31, | |||||||||||
| (Unaudited; in thousands, except per share amounts) | 2026 | 2025 | |||||||||
| Revenue | |||||||||||
| Product revenue, net | $ | 44,167 | $ | 16,509 | |||||||
| Other revenues | 39 | 8 | |||||||||
| Total revenue | 44,206 | 16,517 | |||||||||
| Operating costs and expenses | |||||||||||
| Cost of sales | 238 | 58 | |||||||||
| Research and development | 64,770 | 45,976 | |||||||||
| Research and development – related parties | 3,219 | 2,258 | |||||||||
| Selling, general and administrative | 44,461 | 31,977 | |||||||||
| Selling, general and administrative – related parties | 1,309 | 677 | |||||||||
| Total operating costs and expenses | 113,997 | 80,946 | |||||||||
| Loss from operations | (69,791) | (64,429) | |||||||||
| Other income (expense), net: | |||||||||||
| Interest and investment income, net | 2,314 | 887 | |||||||||
| Change in fair value of warrant and derivative liabilities, and related-party convertible note | (530,930) | (37,452) | |||||||||
| Interest expense – related party | (14,559) | (15,313) | |||||||||
| Interest expense related to revenue interest liability | (13,871) | (13,534) | |||||||||
| Interest expense | (34) | (18) | |||||||||
| Other expense, net | (5,917) | (41) | |||||||||
| Total other expense, net | (562,997) | (65,471) | |||||||||
| Loss before income taxes and noncontrolling interests | (632,788) | (129,900) | |||||||||
| Income tax (expense) benefit | (9) | 234 | |||||||||
| Net loss | (632,797) | (129,666) | |||||||||
| Net loss attributable to noncontrolling interests, net of tax | (15) | (20) | |||||||||
| Net loss attributable to ImmunityBio common stockholders | $ | (632,782) | $ | (129,646) | |||||||
| Net loss per ImmunityBio common share – basic and diluted | $ | (0.62) | $ | (0.15) | |||||||
| Weighted-average number of common shares used in computing net loss per share – basic and diluted | 1,026,874 | 853,162 | |||||||||
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ImmunityBio, Inc.
Selected Balance Sheet Data
| (Unaudited; in thousands) | March 31, 2026 | December 31, 2025 | |||||||||
| Cash and cash equivalents, and marketable securities | $ | 380,879 | $ | 242,818 | |||||||
| Total assets | 646,637 | 501,898 | |||||||||
| Related-party convertible note payable, at fair value | 678,386 | 477,093 | |||||||||
| Revenue interest liability | 404,299 | 324,615 | |||||||||
| Total liabilities | 1,515,763 | 1,001,472 | |||||||||
| Total ImmunityBio stockholders’ deficit | (870,006) | (500,469) | |||||||||
| Total liabilities and stockholders’ deficit | 646,637 | 501,898 | |||||||||
ImmunityBio, Inc.
Summary Reconciliations of Cash Flows
| Three Months Ended March 31, | |||||||||||
| (Unaudited; in thousands) | 2026 | 2025 | |||||||||
| Cash (used in) provided by: | |||||||||||
| Net cash used in operating activities | $ | (75,359) | $ | (85,905) | |||||||
| Net cash (used in) provided by investing activities | (31,650) | 4,129 | |||||||||
| Net cash provided by (used in) financing activities | 223,926 | (982) | |||||||||
| Effect of exchange rate changes on cash and cash equivalents, and restricted cash | 122 | (10) | |||||||||
| Net change in cash and cash equivalents, and restricted cash | 117,039 | (82,768) | |||||||||
| Cash and cash equivalents, and restricted cash, beginning of period | 89,431 | 143,912 | |||||||||
| Cash and cash equivalents, and restricted cash, end of period | $ | 206,470 | $ | 61,144 | |||||||
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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 March 31, | |||||||||||
| (Unaudited: in thousands) | 2026 | 2025 | |||||||||
| Net loss attributable to ImmunityBio common stockholders (GAAP) | $ | (632,782) | $ | (129,646) | |||||||
| Change in fair value of warrant and derivative liabilities, and related-party convertible note | 530,930 | 37,452 | |||||||||
| Stock-based compensation | 8,169 | 9,537 | |||||||||
| Write-off of convertible note receivable | 7,442 | — | |||||||||
| Adjusted net loss attributable to ImmunityBio common stockholders (non-GAAP) | $ | (86,241) | $ | (82,657) | |||||||
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About ImmunityBio
ImmunityBio, Inc. 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® (nogapendekin alfa inbakicept). 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 in this press release include, without limitation, statements regarding future operating results and prospects, global commercialization activities and expansion efforts and anticipated timelines, sales momentum and growth, market data, market access initiatives and potential platform expansion, expectations regarding FDA engagement, submissions, responses and timelines, among others.
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) risks and uncertainties regarding participation and enrollment and potential results from clinical trials, (ii) whether clinical trials will result in registrational pathways, (iii) whether clinical trial data will be accepted by regulatory agencies, (iv) the ability of ImmunityBio to fund its ongoing and anticipated clinical trials, (v) 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, (vi) potential delays in product availability and regulatory approvals, (vii) ImmunityBio’s ability to retain and hire key personnel, (viii) ImmunityBio’s ability to obtain additional financing to fund its operations and complete the development and commercialization of its various product candidates, (ix) potential product shortages or manufacturing disruptions that may impact the availability and timing of product, (x) ImmunityBio’s ability to successfully commercialize its approved product and product candidates, (xi) ImmunityBio’s ability to scale its manufacturing and commercial supply operations for its approved product and future approved products, and (xii) ImmunityBio’s ability to obtain, maintain, protect, and enforce patent protection and other proprietary rights for its product candidates and technologies.
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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 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
FAQ
How did ImmunityBio (IBRX) perform financially in Q1 2026?
ImmunityBio reported Q1 2026 net product revenue of about $44.2 million, up roughly 168% year over year and 15% sequentially. GAAP net loss widened to $632.8 million, while non-GAAP adjusted net loss was $86.2 million, slightly higher than a year earlier.
What drove ImmunityBio’s revenue growth in Q1 2026?
Revenue growth was mainly driven by higher net trade sales of ANKTIVA. Net product revenue rose from $16.5 million in Q1 2025 to about $44.2 million in Q1 2026, reflecting continued commercial uptake and expanding use among prescribers, including maintenance settings.
Why was ImmunityBio’s GAAP net loss so large in Q1 2026?
The GAAP net loss of $632.8 million was mainly due to non-cash changes in fair value of warrant and derivative liabilities and a related-party convertible note totaling $530.9 million, plus a convertible note receivable write-off. Higher R&D and SG&A expenses also contributed despite stronger revenue.
What is ImmunityBio’s cash position after Q1 2026?
As of March 31, 2026, ImmunityBio held $380.9 million in cash, cash equivalents and marketable securities, up from $242.8 million at year-end 2025. The quarter included $223.9 million of net cash provided by financing activities, offset by operating and investing cash outflows.
What clinical and regulatory milestones did ImmunityBio highlight?
The company reported full enrollment of its pivotal BCG-naïve NMIBC trial QUILT‑2.005, with an sBLA submission planned in 2026. ANKTIVA plus BCG also received Category 2A NCCN guideline recommendations in BCG-unresponsive NMIBC, and ANKTIVA has approvals or authorizations across about 34 countries.
How are ImmunityBio’s operating expenses trending?
Research and development expense rose to $68.0 million in Q1 2026 from $48.2 million a year earlier, driven by clinical trials, headcount and manufacturing costs. Selling, general and administrative expense increased to $45.8 million, reflecting greater commercial and professional services spending.