On August 5, 2025 ImmunityBio, Inc. (NASDAQ: IBRX), a leading immunotherapy company, reported its financial results for the fiscal quarter and six months ended June 30, 2025 (Press release, ImmunityBio, AUG 5, 2025, View Source [SID1234654788]).
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In the second quarter of 2025, ImmunityBio reported $26.4 million in revenue, representing a 60% increase from $16.5 million in the first quarter of 2025. This growth reflects continued commercial traction of ANKTIVA in combination with BCG in BCG-unresponsive NMIBC with carcinoma in situ (CIS) with or without Papillary tumors. The first half 2025 sales of $42.9 million represents a 246% increase in unit volume during the first two quarters of 2025 since the J-code approval versus the last two quarters of 2024. The Company ended the quarter with $153.7 million in cash, cash equivalents and marketable securities as of June 30, 2025.
"ANKTIVA continues to deliver clinical results and promising commercial potential for ImmunityBio," said Richard Adcock, President and CEO of ImmunityBio. "We’re seeing robust demand across U.S. urology practices of all sizes, driven in part by ANKTIVA’s ease of storage and administration. With commercial authorization now in place in the UK, we’re actively evaluating our go-to-market strategy for this important initial global market. In parallel, our recombinant BCG (rBCG) therapeutic has been administered safely to more than 150 patients to date in the United States under the expanded access protocol, helping urologists address the ongoing BCG shortage in the U.S. The recent equity financing further strengthens our balance sheet and enables us to accelerate key studies."
"Our goal has always been to use our innovative science to attack a broad range of cancers, and we are deeply committed to this goal in order to meet the urgent needs of millions of patients," said Dr. Patrick Soon-Shiong, Founder, Executive Chairman and Global Chief Scientific and Medical Officer of ImmunityBio. "To that end, we’ve begun global expansion of key clinical trials, including those for BCG-naïve NMIBC and second-line lung cancer. In addition, we’ve initiated enrollment across multiple trials to validate our novel lymphopenia rescue agent in prolonging duration of survival across multiple tumor types—a critical effort to address this life-threatening immune deficiency, and is often triggered by chemotherapy, radiation, or some immunotherapies."
Second-Quarter Ended June 30, 2025 Financial Summary and Comparison to Prior Year Quarter
Product Revenue, Net
Product revenue, net increased $25.4 million during the three months ended June 30, 2025, as compared to the three months ended June 30, 2024, due to an increase in sales of ANKTIVA, which was approved in April 2024.
Research and Development Expense
Research and development (R&D) expense increased $4.1 million to $55.2 million during the three months ended June 30, 2025, as compared to $51.1 million during the three months ended June 30, 2024. The increase was due to higher manufacturing costs and higher distribution costs driven by more production and clinical trial activities, and higher license fees, partially offset by fewer sponsored research agreements.
Selling, General and Administrative Expense
Selling, general and administrative (SG&A) expense decreased $6.9 million to $42.3 million during the three months ended June 30, 2025, as compared to $49.2 million during the three months ended June 30, 2024. The decrease was due to lower costs related to litigation settlements and commercial consulting activities.
Net Loss Attributable to ImmunityBio Common Stockholders
Net loss attributable to ImmunityBio common stockholders was $92.6 million during the three months ended June 30, 2025, compared to $134.6 million during the three months ended June 30, 2024. The reduction of loss was primarily driven by increased product revenue, lower SG&A expense described above, lower related-party interest expense, changes in the fair value of warrant liabilities and a related-party convertible note, partially offset by changes in the fair value of derivative liabilities and an increase in interest expense related to the revenue interest liability.
Six Months Ended June 30, 2025 Financial Summary and Comparison to Prior Year Six Months Ended
Product Revenue, Net
Product revenue, net increased $41.9 million during the six months ended June 30, 2025, as compared to the six months ended June 30, 2024, due to an increase in sales of ANKTIVA, which was approved in April 2024.
Research and Development Expense
R&D expense decreased $1.0 million to $103.5 million during the six months ended June 30, 2025, as compared to $104.5 million during the six months ended June 30, 2024. The decrease was mainly due to a reduction in outside service costs, CMO fees and drug materials purchased and used in manufacturing, partially offset by an increase in clinical trial costs and by higher manufacturing costs driven by increased production activities.
Selling, General and Administrative Expense
SG&A expense decreased $16.1 million to $75.0 million during the six months ended June 30, 2025, as compared to $91.1 million during the six months ended June 30, 2024. The decrease was primarily driven by lower costs related to litigation settlements and commercial consulting activities, partially offset by higher stock-based compensation expense, recruiting and training expenses, salaries, benefits and commissions, and travel expenses due to growing sales and marketing activities.
Net Loss Attributable to ImmunityBio Common Stockholders
Net loss attributable to ImmunityBio common stockholders was $222.2 million during the six months ended June 30, 2025, compared to $268.7 million during the six months ended June 30, 2024. This reduction of loss was primarily driven by increased product revenue, lower R&D and SG&A expense described above, lower related-party interest expense, and changes in the fair value of warrant liabilities, partially offset by changes in the fair value of derivative liabilities and a related-party convertible note, an increase in interest expense related to the revenue interest liability and lower interest and investment income.
ImmunityBio, Inc.
Condensed Consolidated Statements of Operations
Three Months Ended
June 30,
Six Months Ended
June 30,
(Unaudited; in thousands, except per share amounts)
2025
2024
2025
2024
Revenue
Product revenue, net
$
26,421
$
990
$
42,930
$
990
Other revenues
4
57
12
97
Total revenue
26,425
1,047
42,942
1,087
Operating costs and expenses
Cost of sales
136
—
194
—
Research and development
52,430
48,832
98,406
100,154
Research and development – related parties
2,806
2,297
5,064
4,326
Selling, general and administrative
41,862
48,576
73,839
90,030
Selling, general and administrative – related parties
476
675
1,153
1,106
Total operating costs and expenses
97,710
100,380
178,656
195,616
Loss from operations
(71,285
)
(99,333
)
(135,714
)
(194,529
)
Other income (expense), net:
Interest and investment income, net
1,153
1,891
2,040
4,990
Change in fair value of warrant and derivative liabilities,
and related-party convertible notes
6,989
1,894
(30,463
)
(2,632
)
Interest expense – related party
(15,474
)
(29,787
)
(30,787
)
(59,245
)
Interest expense related to revenue interest liability
(13,405
)
(9,225
)
(26,939
)
(17,229
)
Interest expense
(5
)
(7
)
(23
)
(32
)
Other expense, net
(278
)
(17
)
(319
)
(37
)
Total other expense, net
(21,020
)
(35,251
)
(86,491
)
(74,185
)
Loss before income taxes and noncontrolling
interests
(92,305
)
(134,584
)
(222,205
)
(268,714
)
Income tax expense
(269
)
—
(35
)
—
Net loss
(92,574
)
(134,584
)
(222,240
)
(268,714
)
Net loss attributable to noncontrolling interests,
net of tax
(19
)
(20
)
(39
)
(41
)
Net loss attributable to ImmunityBio common
stockholders
$
(92,555
)
$
(134,564
)
$
(222,201
)
$
(268,673
)
Net loss per ImmunityBio common share – basic
$
(0.10
)
$
(0.20
)
$
(0.26
)
$
(0.40
)
Net loss per ImmunityBio common share – diluted
$
(0.10
)
$
(0.20
)
$
(0.26
)
$
(0.40
)
Weighted-average number of common shares used in
computing net loss per share – basic
888,216
686,938
870,786
679,885
Weighted-average number of common shares used in
computing net loss per share – diluted
888,216
686,938
870,786
679,885
ImmunityBio, Inc.
Selected Balance Sheet Data
(Unaudited; in thousands)
June 30,
2025
December 31,
2024
Cash and cash equivalents, and marketable securities
$
153,658
$
149,809
Total assets
402,076
382,933
Total related-party debt
492,084
461,877
Revenue interest liability
307,049
284,404
Total liabilities
971,895
871,062
Total ImmunityBio stockholders’ deficit
(570,749
)
(489,098
)
Total liabilities and stockholders’ deficit
402,076
382,933
ImmunityBio, Inc.
Summary Reconciliations of Cash Flows
Three Months Ended
June 30,
Six Months Ended
June 30,
(Unaudited; in thousands)
2025
2024
2025
2024
Cash (used in) provided by:
Net cash used in operating activities
$
(79,746
)
$
(100,347
)
$
(165,651
)
$
(207,329
)
Net cash used in investing activities
(16,142
)
(51,490
)
(12,013
)
(87,112
)
Net cash provided by financing activities
172,810
148,894
171,828
159,119
Effect of exchange rate changes on cash and cash
equivalents, and restricted cash
76
12
66
(27
)
Net change in cash and cash equivalents, and
restricted cash
76,998
(2,931
)
(5,770
)
(135,349
)
Cash and cash equivalents, and restricted cash,
beginning of period
61,144
133,369
143,912
265,787
Cash and cash equivalents, and restricted cash,
end of period
$
138,142
$
130,438
$
138,142
$
130,438
About ANKTIVA
The cytokine interleukin-15 (IL-15) plays a crucial role in the immune system by affecting the development, maintenance, and function of key immune cells—NK and CD8+ killer T cells—that are involved in killing cancer cells. By activating natural killer (NK) cells, ANKTIVA overcomes the tumor escape phase of clones resistant to T cells and restores memory T cell activity with resultant prolonged duration of complete response.
ANKTIVA is a first-in-class IL-15 agonist IgG1 fusion complex, consisting of an IL-15 mutant (IL-15N72D) fused with an IL-15 receptor alpha, which binds with high affinity to IL-15 receptors on NK, CD4+, and CD8+ T cells. This fusion complex of ANKTIVA mimics the natural biological properties of the membrane-bound IL-15 receptor alpha, delivering IL-15 by dendritic cells and drives the activation and proliferation of NK cells with the generation of memory killer T cells that have retained immune memory against these tumor clones. The proliferation of the trifecta of these immune killing cells and the activation of trained immune memory results in immunogenic cell death, inducing a state of equilibrium with durable complete responses. ANKTIVA has improved pharmacokinetic properties, longer persistence in lymphoid tissues, and enhanced anti-tumor activity compared to native, non-complexed IL-15 in-vivo.
ANKTIVA was approved by the FDA in 2024 and by UK MHRA in 2025 for BCG-unresponsive non-muscle invasive bladder cancer CIS with or without papillary tumors. For more information, visit Anktiva.com.