ImmunityBio (IBRX) Q2 2026 earnings summary

Executive summary

• Net product revenue for Q2 2026 was $50.7 million, up 92% year-over-year and 15% sequentially, marking the eighth consecutive quarter of sequential revenue growth since the commercial launch of ANKTIVA, driven by continued adoption among U.S. urologists and strong market access.

• First-half 2026 net product revenue reached $94.8 million, up 121% compared to the first half of 2025.

• ANKTIVA expanded its global footprint, now approved or authorized in five jurisdictions and available in 34 countries, with expanded marketing authorizations in the UAE.

• The FDA accepted for review the sBLA for ANKTIVA in BCG-unresponsive NMIBC with papillary tumors without CIS, with a PDUFA target action date of January 6, 2027.

• The company entered an exclusive development and supply agreement with JBL for Tokyo-172 BCG to address long-term supply for NMIBC patients.

Financial highlights

• Q2 2026 total revenue was $51.2 million, up 94% year-over-year.

• Six months ended June 30, 2026, total revenue was $95.4 million, up 122% year-over-year.

• Net loss for Q2 2026 was $230.4 million, compared to $92.6 million in Q2 2025.

• Net loss for the first half of 2026 was $863.2 million, compared to $222.2 million in the first half of 2025.

• Adjusted net loss for Q2 2026 was $81.0 million, improved from $89.9 million in Q2 2025.

• Gross margin remains elevated due to pre-launch inventory costs not included in cost of sales; cost of sales expected to increase as inventory is depleted.

• Research and development expenses increased 10% year-over-year for Q2 and 24% for the first half, reflecting higher clinical trial and manufacturing costs.

• Selling, general and administrative expenses rose 22% in Q2 and 30% in the first half, driven by commercialization and marketing activities.

• Significant non-cash charges included a $96.0 million loss from the change in fair value of a related-party convertible note and a $44.2 million loss from the change in fair value of warrant liabilities in Q2.

Outlook and guidance

• The company expects continued revenue growth from ANKTIVA, but anticipates it will take time to generate sufficient revenue to offset expenses.

• Anticipates multiple regulatory, clinical, and data milestones over the next 12 months, including a planned 2026 sBLA submission for QUILT-2.005 trial.

• Operating expenses are expected to increase as the company pursues label expansions, global commercialization, and pipeline advancement.

• Management believes existing cash, marketable securities, product sales, and potential equity offerings will fund operations for at least the next 12 months, but substantial doubt exists regarding long-term going concern without additional funding.