10-Q · May 7, 2026
ImmunityBio's Q1 2026 filing reports strong revenue growth of 168% year-over-year to $44.2 million, primarily driven by ANKTIVA sales. However, the company recorded a staggering net loss of $632.8 million, exacerbated…
Earnings analysis · 10-Q
IBRX earnings analysis
Filed August 4, 2026 · Our reading of the company's report
The latest report
ImmunityBio delivered strong commercial momentum in Q2: revenue reached $51.240 million, up 94% year over year and approximately 16% sequentially from $44.206 million in Q1, while operating loss improved to $61.697…
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ImmunityBio delivered strong commercial momentum in Q2: revenue reached $51.240 million, up 94% year over year and approximately 16% sequentially from $44.206 million in Q1, while operating loss improved to $61.697 million. However, a $230.390 million GAAP net loss, driven by non-cash fair-value remeasurement charges, and $141.9 million of first-half operating cash use underscore the company’s financing dependence. Liquidity rose to $357.4 million, but management continues to state that it needs additional funding and expects development, commercialization and manufacturing spending to rise.
From revenue to operating profit
Where each $100 of revenue went in this report.
Cost of sales, operating expenses, and what remained. Figures are rounded to whole dollars.
Where revenue came from
The business segments reported by the company.
Shares of the segments disclosed in this filing, largest first.
Reported figures
- Earnings per share
- $-0.22
What stood out
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ANKTIVA revenue growth remained strong
Q2 revenue rose 94% year over year to $51.240 million from $26.425 million. Product revenue increased 92% to $50.672 million and was up 15% sequentially, marking the eighth consecutive quarter of sequential ANKTIVA revenue growth.
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Gross margin remained exceptionally high
Gross margin was approximately 99.4% in Q2, with $51.240 million of revenue against just $0.298 million of cost of sales. Management notes that margin is temporarily elevated because pre-approval inventory production costs were expensed to R&D, and expects margins to normalize as that inventory is depleted.
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Operating loss narrowed despite investment
Operating loss narrowed 13% year over year to $61.697 million from $71.285 million, despite R&D rising 10% to $60.816 million and SG&A rising 22% to $51.823 million to support development and commercialization.
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Liquidity increased through financings
Cash, cash equivalents and marketable securities increased to $357.4 million at June 30, 2026 from $242.8 million at December 31, 2025. The company generated $147.2 million of year-to-date ATM proceeds, $74.9 million net under the RIPA and $53.5 million from warrant exercises.
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Regulatory footprint and pipeline advanced
Regulatory and international expansion continued: ANKTIVA is approved or authorized in five jurisdictions spanning 34 countries, and the FDA accepted the papillary-NMIBC sBLA with a January 6, 2027 PDUFA action date.
What to watch
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Fair-value charges sharply widened net loss
GAAP net loss widened 149% year over year to $230.390 million, versus $92.574 million, driven primarily by $95.964 million of fair-value expense on the related-party convertible note and $44.190 million on warrant liabilities. Diluted loss per share was $0.22, versus $0.10 in Q2 2025.
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Going-concern reliance on further funding
Management states that substantial doubt exists about the company's ability to continue as a going concern without additional funding. Although liquidity was $357.4 million, operating cash use was $141.9 million in the first six months and the company says it will need substantial additional funding.
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Large debt and revenue-interest burden
Debt and revenue-interest obligations are substantial: the related-party convertible note had $480.0 million payable at maturity and the RIPA revenue-interest liability exceeded $415.1 million at June 30. RIPA payments range from 5.625% to 12.50% of qualifying worldwide net sales.
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Working-capital build and rising expense base
Working capital consumed cash as accounts receivable increased $10.9 million and inventories increased $4.0 million during the first six months of 2026. The company also expects R&D and SG&A to increase as it expands indications, commercialization and manufacturing.
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BCG supply and manufacturing execution risk
Management identifies the U.S. TICE BCG shortage as a commercial headwind because ANKTIVA is administered with BCG. It has committed $58.9 million within one year and $32.2 million thereafter for contractual commitments, including manufacturing-related expenditures.
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Litigation and promotional-compliance exposure
Legal and regulatory exposure increased: a shareholder arbitration seeks approximately $164.2 million plus interest exceeding $50.0 million, while a March 2026 securities class action relates to an FDA OPDP warning letter. The company cannot estimate a range of loss for either matter.
Management's outlook
No quantitative revenue or EPS guidance was provided in the 10-Q. Management cited a January 6, 2027 FDA PDUFA target action date for the ANKTIVA papillary-disease sBLA and a planned 2026 sBLA submission for BCG-naive NMIBC.
Earlier filings 1
This is our reading of a public filing, not the filing itself. Analysis can contain errors; check the source document for full context.