ImmunityBio, Inc.IBRX

ImmunityBio, Inc. Revenue Disclosure

10-KFiled Feb 23, 20261 min read
Revenues
As discussed in Note 2 “Summary of Significant Accounting Policies,” revenues are recognized in accordance with ASC 606. The following table presents our disaggregated revenue for the periods presented (in thousands):
Year Ended December 31,
202520242023
Product revenue, net$112,982 $14,150 $— 
Other revenues306 595 622 
Total revenue$113,288 $14,745 $622 
Product Revenue, Net
During the years ended December 31, 2025 and 2024, our product revenue has been from U.S. sales of ANKTIVA, which we began shipping to customers in May 2024.
During the years ended December 31, 2025 and 2024, approximately $21.1 million and $1.6 million of gross-to-net adjustments have been recorded as a reduction of revenue on the consolidated statements of operations, respectively. As of December 31, 2025 and 2024, approximately $2.0 million and $0.2 million of allowances for prompt payment discounts, product returns and chargebacks were included in accounts receivable, net, and approximately $6.3 million and $0.5 million related to accrued rebates, co-payment assistance and other fees were included in accrued expenses and other current liabilities, on the consolidated balance sheets, respectively.

Historical Timeline

Fiscal YearFiled
2025Feb 23, 2026Showing above
2024Mar 3, 2025
2023Mar 19, 2024
2022Mar 1, 2023
2021Mar 1, 2022

About Revenue Disclosures

Revenue disclosures under ASC 606 explain how a company identifies performance obligations, allocates transaction prices, and determines when revenue is recognized. This section is essential for understanding whether reported revenue reflects genuine economic activity or aggressive accounting choices. Analysts examine the mix of point-in-time versus over-time recognition, which directly affects revenue timing and comparability.

Key signals: rising contract liabilities (deferred revenue) suggest strong future revenue visibility, while declining contract assets may indicate slowing project milestones. Watch for variable consideration estimates — rebates, returns, and performance bonuses that require management judgment. Significant changes in disaggregated revenue by geography or product line can reveal shifting business mix before it appears in headline numbers. Compare revenue growth against contract liability growth to assess sustainability, and scrutinize any changes in the timing of recognition that coincide with earnings pressure.

Other Available Disclosures

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