ImmunityBio (IBRX) Q1 2026 earnings summary

Executive summary

• Achieved $44.2 million in Q1 2026 revenue, up 168% year-over-year and 15% sequentially, driven by ANKTIVA sales and expanded regulatory approvals across 34 countries, including first approval in Asia.

• Cash, cash equivalents, and marketable securities totaled $380.9 million as of March 31, 2026, up from $242.8 million at year-end 2025.

• ANKTIVA received additional approvals in the EU, UK, Saudi Arabia, Macau, and Asia, with commercial launches in new regions and expanded clinical pipeline.

• ANKTIVA unit sales volume increased 168% year-over-year in Q1 2026.

Financial highlights

• Product revenue, net: $44.2 million in Q1 2026 vs. $16.5 million in Q1 2025 (168% increase).

• Net loss: $(632.8) million in Q1 2026 vs. $(129.7) million in Q1 2025, driven by non-cash fair value adjustments to warrants, convertible notes, and a one-time write-off.

• Gross margin remains high, with cost of sales at $238,000 on $44.2 million in product revenue, due to expensing of pre-approval inventory in prior periods.

• Research and development expense: $68.0 million in Q1 2026, up 41% year-over-year, mainly due to higher clinical trial and headcount costs.

• Selling, general and administrative expense: $45.8 million in Q1 2026, up 40% year-over-year.

Outlook and guidance

• Expect continued revenue growth from ANKTIVA as global launches progress, with additional commercial launches and a supplemental BLA submission for BCG-naïve NMIBC on track for 2026.

• Management believes current liquidity, product sales, and access to capital will fund operations for at least 12 months, but substantial doubt exists about long-term going concern without additional financing.

• Additional equity or debt financing may be required to support pipeline and commercial expansion.

• Continued advancement of clinical programs in NSCLC and cell therapy platforms.