Earnings Per Share

Basic and Diluted Net Loss per Share of Common Stock

Basic net loss per share is calculated by dividing the net loss attributable to ImmunityBio common stockholders by the weighted-average number of common shares outstanding for the period. Diluted loss per share is computed by dividing net loss attributable to ImmunityBio common stockholders by the weighted-average number of common shares, including the number of additional shares that would have been outstanding if the potential common shares had been issued and if the additional common shares were dilutive.

The following table reflects the calculation of basic and diluted loss per common share (in thousands, except per share amounts):


	Year Ended December 31,
	2025		2024		2023

Net loss per ImmunityBio common share – basic
Numerator:
Net loss attributable to ImmunityBio common stockholders	$	(351,398)	$	(413,564)	$	(583,196)
Denominator:
Weighted-average number of common shares outstanding – basic	919,863		697,312		508,636
Net loss per ImmunityBio common share – basic	$	(0.38)	$	(0.59)	$	(1.15)

Net loss per ImmunityBio common share – diluted
Numerator:
Net loss attributable to ImmunityBio common stockholders	$	(351,398)	$	(413,564)	$	(583,196)

Add: Decrease in fair value of warrant liabilities	—		(19,921)		—
Numerator for net loss per ImmunityBio common share – diluted	$	(351,398)	$	(433,485)	$	(583,196)
Denominator:
Weighted-average number of common shares outstanding – basic	919,863		697,312		508,636
Add: Dilutive effect of assumed exercise of “in-the-money” third-party warrants	—		3,131		—
Denominator for net loss per ImmunityBio common share – diluted	919,863		700,443		508,636
Net loss per ImmunityBio common share – diluted	$	(0.38)	$	(0.62)	$	(1.15)

Potentially dilutive securities, whose effect would have been antidilutive, were excluded from the computation of diluted net loss per share. The following table details the number of shares of common stock underlying those securities that were excluded from the computation of weighted-average number of common shares outstanding – diluted (shares in thousands):


	As of December 31,
	2025	2024	2023

Related-party convertible notes	93,053	93,053	162,472
Outstanding stock options	23,932	15,408	9,820
Outstanding RSUs	8,128	5,945	7,504
Outstanding related-party warrants	1,638	1,638	1,638
Outstanding third-party warrants	65,054	—	37,733
Total	191,805	116,044	219,167

The potentially dilutive securities shown in the table above exclude an option to purchase up to approximately $5.0 million of the company’s common stock pursuant to the SPOA entered in connection with the RIPA, as the exercise price cannot be determined until the date of exercise. See Note 13 “Revenue Interest Purchase Agreement” for more information.

About Earnings Per Share Disclosures

The earnings per share disclosure breaks down the calculation from net income to both basic and diluted EPS, revealing the full impact of a company's capital structure on per-share economics. The reconciliation between basic and diluted share counts exposes how many stock options, RSUs, convertible securities, and warrants are potentially dilutive to existing shareholders.

Key signals: a widening gap between basic and diluted shares indicates growing dilution from equity compensation or convertible instruments. Anti-dilutive securities excluded from the diluted calculation deserve attention — they represent latent dilution that will materialize if the stock price rises. Watch for the effect of share buybacks on per-share metrics: EPS growth driven primarily by repurchases rather than income growth signals weakening fundamentals. Compare year-over-year changes in the diluted share count against equity compensation expense to assess whether management is effectively managing dilution.

ImmunityBio, Inc. Earnings Per Share Disclosure

About Earnings Per Share Disclosures

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