ImmunityBio Q1 Revenue Beats Estimates, But Loss Widens and Pipeline Advances
ImmunityBio's Q1 2026 product revenue rose 168% to $44.2 million, beating estimates, while the GAAP net loss widened to $632.8 million. The company is advancing a Phase 2 NHL trial and an sBLA for BCG-naïve NMIBC.
ImmunityBio Inc. (NASDAQ:IBRX) reported net product revenue of $44.2 million for the first quarter of 2026, beating the consensus estimate of $43.9 million, while its GAAP net loss widened to $632.8 million. The company also initiated a Phase 2 clinical trial for indolent B-cell non-Hodgkin lymphoma (iNHL) and is preparing a supplemental Biologics License Application (sBLA) for a broader BCG-naïve non-muscle invasive bladder cancer (NMIBC) indication.
Product revenue rose 168% year over year and 15% sequentially from $38.3 million in the fourth quarter of 2025. Full-year 2025 product revenue increased 700% year over year. The GAAP net loss attributable to common stockholders was $632.8 million, or $0.62 per share, compared with a loss of $129.6 million, or $0.15 per share, in the year-ago quarter. The widening loss was driven largely by a $530.9 million non-cash charge related to changes in the fair value of warrant and derivative liabilities. On an adjusted basis, excluding non-cash fair value adjustments and stock-based compensation, the net loss was $86.2 million, or $0.09 per share, missing the analyst estimate of $0.07 per share. The stock fell roughly 3.9% in pre-market trading.
Loss from operations widened to $69.8 million from $64.4 million a year earlier. Research and development expenses rose to $68.0 million from $48.2 million, and selling, general, and administrative costs climbed to $45.8 million from $32.7 million. Cash, cash equivalents, and marketable securities stood at $380.9 million as of March 31, 2026, up from $242.8 million at year-end 2025. Net cash used in operating activities was $75.4 million, compared with $85.9 million in the year-ago period. Management did not provide specific quantitative guidance for the remainder of 2026.
On February 2, ImmunityBio announced the initiation of a Phase 2 clinical trial evaluating a novel combination immunotherapy for patients with indolent B-cell non-Hodgkin lymphoma (iNHL). On January 26, the company amended a $505 million convertible promissory note with Nant Capital LLC, allowing the noteholder to convert any portion of the outstanding principal into shares of common stock at any time before the note's maturity date.
The company is preparing a supplemental Biologics License Application (sBLA) submission for a broader BCG-naïve NMIBC indication later this year, following confirmed full enrollment of the pivotal trial. Recent NCCN guideline updates now include ANKTIVA plus BCG for patients with BCG-unresponsive papillary-only disease. ANKTIVA is commercially available in Saudi Arabia, with additional markets expected to open later this year. The company is also conducting a randomized trial in patients with non-small cell lung cancer who have progressed following checkpoint inhibitor therapy, and has cell therapy programs targeting non-Hodgkin lymphoma and Waldenström's macroglobulinemia.
ImmunityBio, founded in 2014 and based in San Diego, CA, develops immunotherapies for cancers and infectious diseases. Its approved product, ANKTIVA, has been approved in the U.S., U.K., European Union, and Saudi Arabia.