ImmunityBio, Inc.IBRX
ImmunityBio, Inc. Leases Disclosure
Lease Arrangements
We lease property in multiple facilities across the U.S. and Italy, including facilities located in El Segundo, CA and the Dunkirk Facility in upstate New York. Substantially all of our operating lease right-of-use assets and operating lease liabilities relate to facilities leases. Our finance leases are related to equipment rentals. See Note 15 “Related-Party Agreements” for more information about our related-party leases.
Our leases generally have initial terms ranging from to ten years and often include one or more options to renew. These renewal terms can extend the lease term from to ten years and are included in the lease term when it is reasonably certain that we will exercise the option.
Supplemental balance sheet information related to our leases is as follows (in thousands):
| As of December 31, | |||||||||||||||||
| Classification | 2025 | 2024 | |||||||||||||||
| Assets | |||||||||||||||||
| Operating lease assets (including amounts with related parties) | $ | 33,010 | $ | 33,363 | |||||||||||||
| Finance lease assets | 271 | — | |||||||||||||||
| Total lease assets (including amounts with related parties) | $ | 33,281 | $ | 33,363 | |||||||||||||
| Liabilities | |||||||||||||||||
| Current: | |||||||||||||||||
Operating lease liabilities (including amounts with related parties) | $ | 7,535 | $ | 7,466 | |||||||||||||
| Finance lease liabilities | 52 | — | |||||||||||||||
| Noncurrent: | |||||||||||||||||
Operating lease liabilities (including amounts with related parties) | 33,447 | 34,823 | |||||||||||||||
| Finance lease liabilities | 227 | — | |||||||||||||||
| Total lease liabilities (including amounts with related parties) | $ | 41,261 | $ | 42,289 | |||||||||||||
Information regarding our lease terms is as follows:
Year Ended December 31, | |||||||||||
| 2025 | 2024 | ||||||||||
| Weighted-average remaining lease term: | |||||||||||
| Operating leases | 4.6 years | 4.8 years | |||||||||
| Finance leases | 4.4 years | — | |||||||||
| Weighted-average discount rate: | |||||||||||
| Operating leases | 11.1 | % | 9.9 | % | |||||||
| Finance leases | 11.6 | % | — | % | |||||||
The components of lease expense consist of the following (in thousands):
| Year Ended December 31, | |||||||||||||||||
| 2025 | 2024 | 2023 | |||||||||||||||
| Operating lease costs | $ | 10,537 | $ | 10,277 | $ | 11,123 | |||||||||||
| Short-term lease costs | 4,563 | 4,277 | 4,088 | ||||||||||||||
| Finance lease costs (including right-of-use asset amortization and interest expense) | 54 | 59 | 88 | ||||||||||||||
| Variable lease costs | 3,484 | 3,947 | 3,521 | ||||||||||||||
| Total lease expense | $ | 18,638 | $ | 18,560 | $ | 18,820 | |||||||||||
Cash paid for amounts included in the measurement of lease liabilities is as follows (in thousands):
| Year Ended December 31, | |||||||||||||||||
| 2025 | 2024 | 2023 | |||||||||||||||
| Cash paid for operating leases (excluding variable lease costs) | $ | 11,670 | $ | 10,642 | $ | 9,538 | |||||||||||
| Financing cash flow from finance leases | 28 | 64 | 77 | ||||||||||||||
| Operating cash flow from finance leases | 18 | 2 | 11 | ||||||||||||||
Future minimum lease payments as of December 31, 2025, including $11.5 million related to options to extend lease terms that are reasonably certain of being exercised, are presented in the following table (in thousands). Common area maintenance costs and taxes are not included in these payments.
| Years Ending December 31: | Operating Leases | Finance Leases | Total | |||||||||||||||||
| 2026 | $ | 11,400 | $ | 79 | $ | 11,479 | ||||||||||||||
| 2027 | 10,749 | 79 | 10,828 | |||||||||||||||||
| 2028 | 11,052 | 79 | 11,131 | |||||||||||||||||
| 2029 | 9,915 | 79 | 9,994 | |||||||||||||||||
| 2030 | 7,522 | 34 | 7,556 | |||||||||||||||||
| Thereafter | 1,200 | — | 1,200 | |||||||||||||||||
| Total future minimum lease payments | 51,838 | 350 | 52,188 | |||||||||||||||||
| Less: Interest | 10,856 | 71 | 10,927 | |||||||||||||||||
| Present value of lease liabilities | $ | 40,982 | $ | 279 | $ | 41,261 | ||||||||||||||
On May 27, 2025, we entered into an amendment to an existing operating lease of office space, which was initially scheduled to expire on December 31, 2025. We executed the first option to extend the lease through December 31, 2030, with no changes to any of the other terms of the lease. We have a second option to extend the lease for an additional five years. Management has identified this extension as a reassessment event as we elected to exercise the lease extension option, which was previously determined that it was not reasonably certain to do so. We reassessed the discount rate at the remeasurement date, at 11.8% and we remeasured the operating lease right-of-use asset and operating lease liability on our consolidated balance sheet based on the reassessed discount rate, remaining lease term and lease payments. We determined that the lease extension has no effect on the classification of the lease. In addition, we also determined that the second option to extend the lease is not reasonably certain to be exercised.
Prior to the extension, the remaining lease liability amounted to $0.6 million. On the date of the extension, we determined that the value of the new operating lease right-of-use asset and operating lease liability was $4.6 million, respectively. As such, as of June 30, 2025, the company recorded an increase in lease liability of $4.0 million because of the lease extension.
During the year ended December 31, 2025, there have been no material changes related to our existing lease agreements.Historical Timeline
| Fiscal Year | Filed | |
|---|---|---|
| 2025 | Feb 23, 2026 | Showing above |
| 2024 | Mar 3, 2025 | |
| 2023 | Mar 19, 2024 | |
| 2022 | Mar 1, 2023 | |
About Leases Disclosures
Lease disclosures under ASC 842 provide a comprehensive view of a company's leased asset portfolio, including the split between operating and finance leases, discount rates used to present-value future payments, and the maturity schedule of lease obligations. This section reveals a significant source of off-balance-sheet commitments that were largely hidden before the current standard.
Key signals: the weighted-average discount rate affects the size of recorded lease liabilities — a higher rate reduces the reported obligation, so compare the chosen rate against the company's incremental borrowing rate. The operating versus finance lease mix affects both EBITDA and operating income presentation. Watch the maturity table for concentration risk: large payment cliffs in specific years may create cash flow pressure. Variable lease payments excluded from the liability measurement represent real obligations that do not appear on the balance sheet. Compare total lease costs against prior-year operating lease expense to assess the true economic burden.