ImmunityBio, Inc.

Listed Company

IBRXCIK 0001326110NasdaqLarge AcceleratedBiological Products, (No Diagnostic Substances)DelawareFY ends Dec 31

Period

FY 2025

Revenue

$113.29M

Net Income

$-351.40M

Total Assets

$501.90M

Equity

$-500.47M

Shares Out

1.03B

Op. Cash Flow

$-304.90M

Business

ImmunityBio, Inc. is a vertically integrated, commercial-stage biotechnology company developing next-generation immunotherapies that bolster the body’s innate and adaptive immune systems to treat cancers and infectious diseases. Its main products and services include cytokine fusion proteins (notably ANKTIVA), DNA and adenovirus vaccine vectors (hAd5), and engineered NK-cell therapies (haNK, t‑haNK, M‑ceNK), together with clinical development, manufacturing and commercialization activities and an approved intravesical therapy for NMIBC. The company operates a single business/reportable segment organized around three platform areas: cytokine fusion proteins, vaccine vectors and cell therapies, with ANKTIVA as the lead approved product and an active clinical pipeline. It pursues regulatory approvals and distributes products and clinical supplies through collaborations, third‑party CMOs, specialty distributors, government programs and global regulatory filings across the U.S., Europe, U.K. and other international markets.

Summary from filing dated 2025-03-03

Financials

Consolidated Statement of Income

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Total revenue	113	15	622,000	240,000	—
Cost of sales	753,000	0	0	0	—
Impairment of intangible assets	0	0	886,000	681,000	0
Total operating costs and expenses	369	359	363	—	—
Loss from operations	−256	−344	−362	−351	−330
Interest and investment income, net	6	8	1	−3	−4
Interest expense related to revenue interest liability	−52	−40	−264,000	—	—
Change in fair value of warrant liabilities	49	20	−48	13	0
Change in fair value of related-party convertible note	−43	43	−36	0	0
Change in fair value of derivative liabilities	6	13	0	0	—
Loss on equity method investment	0	0	−8	−12	−803,000
Other expense, net	−2	−15,000	−2	−736,000	193,000
Total other expense, net	−96	−69	−222	−66	−20
Loss before income taxes and noncontrolling interests	−352	−414	−584	−417	−350
Income tax benefit	135,000	0	40,000	−34,000	−9,000
Net loss	−351	−414	−584	−417	−350
Net loss attributable to noncontrolling interests, net of tax	−74,000	−81,000	−656,000	−753,000	−3
Net loss attributable to ImmunityBio common stockholders	−351	−414	−583	−417	−347
Net loss per ImmunityBio common share - basic (in dollars per share)	−0.38	−0.59	−1.15	−1.04	−0.89
Net loss per ImmunityBio common share - diluted (in dollars per share)	−0.38	−0.62	−1.15	−1.04	−0.89
Weighted-average number of common shares used in computing net loss per share basic (in shares)	920	697	509	400	389
Weighted-average number of common shares used in computing net loss per share diluted (in shares)	920	700	509	400	389

Consolidated Balance Sheet

As of · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2025 2025-10-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31
Cash and cash equivalents	88	—	143	265	105
Marketable securities	154	—	6	1	3
Accounts receivable, net	43	—	2	0	—
Inventories	910,000	—	8	0	—
Prepaid expenses and other current assets	29	—	24	26	32
Total current assets	315	—	185	294	141
Property, plant and equipment, net	114	—	137	146	144
Goodwill and intangible assets, net	14	—	16	17	—
Long-term inventories	14	—	0	—	—
Convertible note receivable	7	—	7	7	7
Operating lease right-of-use assets, net	33	—	33	37	46
Total assets	502	—	383	504	362
Related-party notes payable	47	—	41	43	42
Due to related parties	8	—	7	5	3
Related-party convertible notes payable, less current portion	62	—	55	58	501
Revenue interest liability	325	—	284	155	0
Operating lease liabilities, less current portion	33	—	35	40	48
Derivative liabilities	20	—	26	35	0
Warrant liabilities (Note 16) and (Note 23)	84	—	9	119	22
Other liabilities	424,000	—	319,000	1	457,000
Total liabilities	1,001	—	871	1,090	812
Commitments and contingencies (Note 7)	—	—	—	—	—
Common stock, $0.0001 par value; 1,650,000,000 and 1,350,000,000 shares authorized as of December 31, 2025 and 2024, respectively; 1,011,800,008 and 852,904,340 shares issued and outstanding as of December 31, 2025 and 2024, respectively; excluding treasury stock, 163,800 shares outstanding as of December 31, 2025 and 2024	101,000	—	85,000	67,000	42,000
Additional paid-in capital	3,197	—	2,885	2,375	1,931
Accumulated deficit	−3,700	—	−3,375	−2,962	−2,378
Accumulated other comprehensive income	29	—	1	10,000	183,000
Total ImmunityBio stockholders deficit	−500	—	−489	−587	−447
Noncontrolling interests	895,000	—	969,000	1	−2
Total stockholders deficit	−500	—	−488	−586	−450
Total liabilities and stockholders deficit	502	—	383	504	362
Common stock, par value (in dollars per share)	0	0	0	0	0

Consolidated Statement of Cash Flows

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Non-cash interest expense related to revenue interest liability	41	38	264,000	0	—
Stock-based compensation expense	37	34	49	40	57
Change in fair value of derivative liabilities	−6	−13	0	0	—
Amortization of related-party notes discounts	0	23	42	16	62,000
Depreciation and amortization	16	18	19	18	14
Non-cash interest items, net	−250,000	1	9	12	—
Non-cash interest items, net (including amounts with related parties)	−3	−1	−137,000	1	403,000
Unrealized losses on equity securities	0	632,000	2	4	5
Transaction costs allocated to warrant liabilities	2	0	2	1	0
Loss on equity method investment	14	0	0	1	0
Loss due to write-off of fixed assets	570,000	109,000	−258,000	269,000	741,000
Accounts receivable	−40	−2	0	0	—
Inventories	−6	−8	0	0	—
Other assets	803,000	−1	2	2	−4
Accounts payable	−190,000	−3	−6	8	−4
Accrued expenses and other liabilities	3	−2	7	4	5
Due to and due from related parties, net	477,000	763,000	−1	−1	−10
Net cash used in operating activities	−305	−391	−367	−338	−274
Purchases of marketable debt securities, available-for-sale	−241	−140	−10	−34	—
Proceeds from maturities of marketable debt securities, available-for-sale	65	116	10	128	56
Proceeds from sales of marketable debt securities, available-for-sale	31	21	372,000	34	14
Purchases of property, plant and equipment	−4	−7	−31	−78	−34
Software development costs	−406,000	0	0	—	—
Acquisition of a business, net of transaction costs	0	−1	0	0	—
Cash paid for other investments	0	−747,000	0	0	—
Net cash used in investing activities	−150	−12	−30	27	−85
Proceeds from short-term borrowings	3	0	0	—	—
Principal payments on premium financing	−1	0	0	—	—
Net share settlement for RSUs vesting	−2	−5	−3	−616,000	−4
Principal payments of finance leases	−28,000	−64,000	−77,000	−58,000	0
Proceeds from Second Payment, net of issuance costs	0	97	193	0	0
Proceeds from exercises of warrants	0	73	0	0	0
Proceeds from issuance of related-party promissory notes, net of issuance costs paid	0	0	259	174	339
Net cash provided by financing activities	400	282	558	234	505
Effect of exchange rate changes on cash and cash equivalents, and restricted cash	15,000	−23,000	−292,000	284,000	48,000
Net change in cash and cash equivalents, and restricted cash	−54	−122	161	−76	146
Interest	71	92	77	35	2
Income taxes	0	15,000	8,000	2,000	9,000
Initial measurement of warrants issued in connection with equity offerings accounted for as liabilities	125	0	50	35	0
Issuance of common stock upon vesting of RSUs	6	15	10	11	0
Right-of-use assets obtained in exchange for operating lease liabilities	6	3	0	15	23
Property and equipment purchases included in accounts payable, accrued expenses and other liabilities, and due to related parties	1	748,000	1	13	12
Right-of-use assets obtained in exchange for finance lease liabilities	307,000	0	0	199,000	0
Unpaid offering costs included in accounts payable, and accrued expenses and other liabilities	293,000	805,000	255,000	277,000	—
Conversion of related-party convertible notes and accrued interest, net of unamortized discount, into equity	0	189	270	52	0
Gain on extinguishment of debt with related parties under common control	0	10	36	—	—
Increase in fair value of embedded conversion feature from debt modification	0	0	31	0	0
Change in ownership interest in a joint venture due to legal settlement	0	0	4	0	—
Common stock issuance discount related to revenue interest liability	0	0	2	0	0
Right-of-use assets disposed in exchange for operating lease liabilities	0	0	−4	0	0

Filings

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