ImmunityBio, Inc.IBRX

ImmunityBio, Inc. Segments Disclosure

10-KFiled Feb 23, 20263 min read
Segment Information
We operate in one operating segment, and therefore have one reportable segment, focused on innovating, developing, and commercializing next-generation immunotherapies designed to activate the patient’s immune system and deliver durable protection against cancer and infectious diseases. Our CEO is the chief operating decision-maker of the company and manages and allocates resources to our operations on a company-wide basis. Consistent with this decision-making process, our CEO uses consolidated, single-segment financial information for purposes of evaluating performance, forecasting future-period financial results, allocating resources, and setting incentive targets. The measure of segment performance is net income (loss) as reflected in the consolidated statement of operations. The CODM uses net income (loss) to allocate resources on a consolidated basis, which enables the CODM to assess both the overall level of resources available and optimize distribution of resources across functions, therapeutic areas, regions and research and development programs in line with our long-term corporate-wide strategic goals. As the company manages its assets on a consolidated basis, the measure of segment assets is total assets, as reflected in the consolidated balance sheet. In accordance with ASC 280, we provided information about customers that amount to 10% or more of our total revenue, see Note 2 “Summary of Significant Accounting Policies—Concentration of Major Customers” for more information.
Net loss for our reportable segment is as follows (in thousands):
Year Ended December 31,
202520242023
Total revenue$113,288 $14,745 $622 
Cost of sales753 — — 
Gross profit112,535 14,745 622 
Operating expenses
External research and development expense (including
   amounts with related parties) (1)
29,273 29,268 67,124 
Internal research and development expense (including
   amounts with related parties): (2)
Personnel-related costs94,767 90,864 89,085 
Equipment, depreciation, and facility costs52,087 52,176 51,810 
Other research and development costs42,432 17,836 24,347 
Total internal research and development expense189,286 160,876 165,242 
Total research and development expense (including
   amounts with related parties)		218,559 190,144 232,366 
Selling, general and administrative (including amounts
   with related parties)		150,003 168,783 129,620 
Impairment of intangible assets— — 886 
Total operating expenses368,562 358,927 362,872 
Loss from operations(256,027)(344,182)(362,250)
Other income (expense), net
Interest and investment income, net6,405 7,975 1,131 
Interest expense (including amounts with related parties)(60,985)(114,670)(128,934)
Interest expense related to revenue interest liability(51,540)(39,657)(264)
Change in fair value of warrant liabilities49,089 19,955 (47,600)
Change in fair value of related-party convertible note(42,773)43,472 (36,203)
Change in fair value of derivative liabilities6,398 13,477 — 
Loss on equity method investment— — (7,549)
Other expense, net(2,174)(15)(2,223)
Total other expense, net(95,580)(69,463)(221,642)
Loss before income taxes and noncontrolling interests(351,607)(413,645)(583,892)
Income tax benefit135 — 40 
Net loss(351,472)(413,645)(583,852)
Net loss attributable to noncontrolling interests, net of tax(74)(81)(656)
Net loss attributable to ImmunityBio common stockholders$(351,398)$(413,564)$(583,196)
_______________
(1)Our external research and development expense supports our various preclinical and clinical programs.
(2)Our internal research and development expense includes payroll and benefits expenses, facilities and equipment expense, and other indirect research and development expenses incurred in support of our research and development activities.
We generate a portion of our revenues from outside of the U.S. Information about our revenue by geographic region is as follows (in thousands):
Year Ended December 31,
202520242023
U.S.$113,010 $14,214 $31 
Europe278 531 591 
Total segment revenue$113,288 $14,745 $622 

Historical Timeline

Fiscal YearFiled
2025Feb 23, 2026Showing above
2024Mar 3, 2025

About Segments Disclosures

Segment disclosures break a company into its reportable operating units, revealing revenue, profit, and asset allocation that consolidated financial statements obscure. Under ASC 280, segments must match how the chief operating decision maker views the business, providing a window into internal management structure and resource allocation priorities.

Key signals: compare segment margins to identify which units drive profitability and which destroy value. Watch for changes in the number of reportable segments — segment aggregation or disaggregation often coincides with strategic shifts or attempts to obscure declining performance. Intersegment elimination patterns reveal internal pricing practices. The reconciliation between segment totals and consolidated figures exposes corporate overhead allocation and unallocated items. Geographic revenue concentration highlights regulatory and currency exposure. Compare segment-level capital expenditure against segment revenue to assess where management is investing for future growth versus harvesting existing assets.

Other Available Disclosures

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