ImmunityBio (IBRX) Q2 2025 earnings summary

Executive summary

• Q2 2025 revenue reached $26.4 million, up 60% sequentially, with $42.9 million YTD sales driven by ANKTIVA launch and 246% unit growth since J-code approval.

• Cash, cash equivalents, and marketable securities totaled $153.7 million as of June 30, 2025, with an additional $80 million equity financing closed in July 2025.

• Net loss for Q2 2025 was $92.6 million, a 31% improvement year-over-year, and $222.2 million for the six months ended June 30, 2025.

• Received first international approval for ANKTIVA in the UK in July 2025, expanding beyond the U.S. market.

• Ongoing pipeline development in oncology and infectious diseases, with new clinical trials and regulatory submissions underway.

Financial highlights

• Q2 2025 product revenue was $26.4 million, up from $1.0 million in Q2 2024; YTD product revenue reached $42.9 million.

• Gross margin remains high due to pre-launch inventory costs expensed prior to approval; cost of sales for Q2 2025 was $0.1 million.

• R&D expenses for Q2 2025 were $55.2 million, up 8% year-over-year, driven by higher manufacturing and distribution costs.

• SG&A expenses decreased 14% to $42.3 million in Q2 2025, mainly from lower litigation and consulting costs.

• Net loss per share for Q2 2025 was $(0.10) compared to $(0.20) in Q2 2024; weighted-average shares outstanding increased to 888.2 million.

Outlook and guidance

• Management expects continued revenue growth from ANKTIVA, with further international expansion and new indications targeted.

• Substantial doubt exists regarding ability to continue as a going concern without additional funding, but management believes current resources and support from affiliates will fund operations for at least 12 months.

• Ongoing global expansion of clinical trials for BCG-naïve NMIBC and second-line lung cancer.

• NCCN review of guideline expansion for papillary-only NMIBC expected in August 2025.

• Additional equity or debt financing may be pursued to support future operations and product development.