ImmunityBio(IBRX) - 2025 Q3 - Quarterly Results

Financial Performance - ImmunityBio reported $33.7 million in total revenue for Q3 2025, up from $26.4 million in Q2 2025, reflecting strong sales momentum[1] - Product revenue for Q3 2025 was $31.8 million, a 434% increase from $6.0 million in Q3 2024, with year-to-date sales totaling $74.7 million[3] - The company reported a net loss of $67.3 million for Q3 2025, an improvement from a net loss of $85.7 million in Q3 2024[8] - Research and development expenses increased to $51.2 million in Q3 2025, up from $50.4 million in Q3 2024, due to higher manufacturing and distribution costs[6] - Selling, general and administrative expenses rose to $36.3 million in Q3 2025, compared to $35.9 million in Q3 2024, driven by increased headcount costs[7] - Total liabilities as of September 30, 2025, were $1.042 billion, with a stockholders' deficit of $524.3 million[14] - For the three months ended September 30, 2025, ImmunityBio reported a net cash used in operating activities of $68,907 thousand, compared to $98,763 thousand for the same period in 2024, reflecting a decrease of approximately 30.2%[15] - The net cash used in investing activities for the three months ended September 30, 2025, was $181,361 thousand, a significant increase from a net cash provided of $65,032 thousand in the same period of 2024[15] - Financing activities provided net cash of $173,519 thousand for the three months ended September 30, 2025, compared to $15,582 thousand in the same period of 2024, indicating a substantial increase of approximately 1006.5%[15] - The total cash and cash equivalents, and restricted cash at the end of the period on September 30, 2025, was $61,337 thousand, down from $112,300 thousand at the end of the same period in 2024, representing a decrease of approximately 45.5%[15] Clinical Development - ImmunityBio initiated a randomized registration trial for recurrent glioblastoma patients based on promising early results showing 100% disease control in five patients[1] - Enrollment has begun in a global Phase 3 study for ANKTIVA in combination with TEVIMBRA and docetaxel for NSCLC patients resistant to checkpoint inhibitors[1] - ImmunityBio cautions investors about the risks and uncertainties associated with its clinical development programs and regulatory processes, emphasizing the need for careful consideration of forward-looking statements[22] Product and Market Strategy - ANKTIVA, a first-in-class IL-15 agonist, is currently approved by the U.S. FDA for treating adult patients with BCG-unresponsive NMIBC with CIS, marking a significant milestone for ImmunityBio[18] - ImmunityBio's ANKTIVA is designated as an FDA Breakthrough Therapy, highlighting its potential to activate NK cells, T cells, and memory T cells for a long-duration response in cancer treatment[19] - The company is focused on developing next-generation therapies that enhance the natural immune system to combat cancers and infectious diseases, aiming to create durable and safe protection against these diseases[19] - ImmunityBio is exploring potential cancer vaccines and immunotherapies that could reduce or eliminate the need for standard high-dose chemotherapy, indicating a strategic shift in cancer care[19] - The company is actively pursuing regulatory submissions and market access initiatives to expand the use of ANKTIVA and other therapies, with expectations for increased patient access and potential treatment outcomes[20]