Revenue growth accelerated to 167.6% in 2026Q1, yet the company remains burdened by operating losses of -$69.8M despite maintaining a 99.5% gross margin.
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 |
|---|
| Sales/Revenue | 140.98M | 113.29M | 14.74M | 622K | 240K | 934K | 605K | 43K | 47K | 45K | 44K | 236K | 641K | 600K |
| Revenue Growth % | 351.53% | 668.31% | 2270.58% | 159.17% | -74.3% | 54.38% | 1306.98% | -8.51% | 4.44% | 2.27% | -81.36% | -63.18% | 6.83% | - |
| Cost of Goods Sold | 8.75M | 753K | 0 | 0 | 0 | 0 | 0 | 9.01M | -3.11M | 0 | 0 | 0 | 0 | 253K |
| COGS % of Revenue | - | 0.66% | - | - | - | - | - | 20958.14% | -6617.02% | - | - | - | - | 42.17% |
| Gross Profit | 132.23M | 112.53M | 14.74M | 622K | 240K | 934K | 605K | -8.97M | 3.16M | 45K | 44K | 236K | 641K | 347K |
| Gross Margin % | 93.79% | 99.34% | 100% | 100% | 100% | 100% | 100% | -20858.14% | 6717.02% | 100% | 100% | 100% | 100% | 57.83% |
| Gross Profit Growth % | - | 663.21% | 2270.58% | 159.17% | -74.3% | 54.38% | 106.75% | -384.1% | 6915.56% | 2.27% | -81.36% | -63.18% | 84.73% | - |
| Operating Expenses | 393.62M | 368.56M | 358.93M | 362.87M | 351.54M | 331.21M | 221.49M | 57.94M | 88.88M | 93.6M | 120.94M | 237.64M | 5.92M | 2.87M |
| OpEx % of Revenue | - | 325.33% | 2434.23% | 58339.55% | 146474.17% | 35461.88% | 36609.09% | 134739.53% | 189108.51% | 207997.78% | 274856.82% | 100694.92% | 923.71% | 477.5% |
| Selling, General & Admin | 157.46M | 147.18M | 168.78M | 129.62M | 102.71M | 135.26M | 71.32M | 9.05M | 35.46M | 53.82M | 94.39M | 226.21M | 4.33M | 2.42M |
| SG&A % of Revenue | - | 129.92% | 1144.68% | 20839.23% | 42795% | 14481.37% | 11788.1% | 21053.49% | 75453.19% | 119602.22% | 214525% | 95850% | 674.88% | 403.17% |
| Research & Development | 231.55M | 207.88M | 190.14M | 232.37M | 248.15M | 195.96M | 139.51M | 48.88M | 53.42M | 39.78M | 26.55M | 11.43M | 1.59M | 446K |
| R&D % of Revenue | - | 183.49% | 1289.55% | 37357.88% | 103395.42% | 20980.51% | 23059.01% | 113686.05% | 113655.32% | 88395.56% | 60331.82% | 4844.92% | 248.83% | 74.33% |
| Other Operating Expenses | 1000K | 13.51M | 0 | 886K | 681K | 0 | 10.66M | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Operating Income | -261.39M | -256.03M | -344.18M | -362.25M | -351.3M | -330.28M | -220.88M | -66.91M | -98.39M | -99.12M | -124.5M | -238.88M | -6.21M | -2.27M |
| Operating Margin % | -185.41% | -226% | -2334.23% | -58239.55% | -146374.17% | -35361.88% | -36509.09% | -155597.67% | -209338.3% | -220266.67% | -282954.55% | -101218.64% | -969.11% | -378.17% |
| Operating Income Growth % | - | 25.61% | 4.99% | -3.12% | -6.36% | -49.53% | -230.13% | 32% | 0.74% | 20.39% | 47.88% | -3745.4% | -173.78% | - |
| EBITDA | -245.31M | -240.5M | -326.63M | -343.74M | -333.04M | -316.04M | -208.14M | -57.9M | -88.83M | -93.55M | -120.89M | -237.4M | -6.08M | -2.27M |
| EBITDA Margin % | -174.01% | -212.29% | -2215.18% | -55263.34% | -138765.83% | -33837.47% | -34403.47% | -134639.53% | -189008.51% | -207897.78% | -274756.82% | -100594.92% | -949.14% | -377.5% |
| EBITDA Growth % | 17.29% | 26.37% | 4.98% | -3.21% | -5.38% | -51.84% | -259.51% | 34.83% | 5.05% | 22.61% | 49.08% | -3802.1% | -168.61% | - |
| D&A (Non-Cash Add-back) | 16.08M | 15.53M | 17.55M | 18.51M | 18.26M | 14.24M | 12.74M | 9.01M | 9.55M | 5.57M | 3.61M | 1.47M | 128K | 4K |
| EBIT | -207.84M | -239.08M | -281.99M | -497.18M | -370.14M | -334.99M | -216.96M | -65.87M | -96.3M | -96.3M | -121.31M | -237.18M | -5.71M | -1.58M |
| Net Interest Income | -103.63M | -105.83M | -129.26M | -85.85M | -44.44M | -14.01M | -7.35M | -3.16M | 0 | 0 | 0 | 0 | 0 | -461K |
| Interest Income | 8.5M | 6.7M | 2.4M | 863K | 2.71M | 836K | 1.73M | 2.76M | 0 | 0 | 0 | 0 | 0 | 2K |
| Interest Expense | 112.12M | 112.53M | 131.66M | 86.72M | 47.15M | 14.85M | 9.07M | 5.92M | 433K | 618K | 66K | 0 | 0 | 463K |
| Other Income/Expense | -593.11M | -95.58M | -69.46M | -221.64M | -65.99M | -19.56M | -5.15M | 1.02M | 1.66M | 2.2M | 3.12M | 1.7M | -609K | 223K |
| Pretax Income | -854.5M | -351.61M | -413.64M | -583.89M | -417.29M | -349.84M | -226.03M | -65.89M | -96.73M | -96.92M | -121.38M | -237.18M | -6.21M | -2.05M |
| Pretax Margin % | -606.13% | -310.37% | -2805.32% | -93873.31% | -173869.17% | -37456% | -37360.83% | -153223.25% | -205806.38% | -215368.89% | -275865.91% | -100498.73% | -969.11% | -341% |
| Income Tax | 90K | -135K | 0 | -40K | 34K | 9K | -1.85M | -97K | -503K | -493K | -572K | -301K | 1K | 1K |
| Effective Tax Rate % | -0.01% | 0.04% | 0% | 0.01% | -0.01% | -0% | 0.82% | 0.15% | 0.52% | 0.51% | 0.47% | 0.13% | -0.02% | -0.05% |
| Net Income | -854.53M | -351.4M | -413.56M | -583.2M | -416.57M | -346.79M | -221.85M | -65.79M | -96.23M | -96.42M | -120.81M | -236.88M | -6.21M | -2.05M |
| Net Margin % | -606.15% | -310.18% | -2804.77% | -93761.41% | -173569.58% | -37129.55% | -36669.59% | -152997.67% | -204736.17% | -214273.33% | -274565.91% | -100371.19% | -969.27% | -341.17% |
| Net Income Growth % | -108.88% | 15.03% | 29.09% | -40% | -20.12% | -56.32% | -237.22% | 31.63% | 0.2% | 20.19% | 49% | -3712.59% | -203.52% | - |
| Net Income (Continuing) | -854.59M | -351.47M | -413.64M | -583.85M | -417.32M | -349.85M | -224.19M | -65.79M | -96.23M | -96.42M | -120.81M | -236.88M | -6.18M | -2.05M |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 880K | 895K | 969K | 1.05M | -2.49M | -1.74M | 1.32M | 0 | -12.32M | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | -0.83 | -0.38 | -0.62 | -1.15 | -1.04 | -0.89 | -0.59 | -0.42 | -0.30 | -0.30 | -0.37 | -0.73 | -0.02 | -0.01 |
| EPS Growth % | -52.43% | 38.71% | 46.09% | -10.58% | -16.85% | -50.85% | -40.48% | -40% | 0% | 18.92% | 49.32% | -3605.58% | - | - |
| EPS (Basic) | - | -0.38 | -0.59 | -1.15 | -1.04 | -0.89 | -0.59 | -0.42 | -0.30 | -0.30 | -0.37 | -0.73 | -0.02 | -0.01 |
| Diluted Shares Outstanding | 1.03B | 919.86M | 700.44M | 508.64M | 399.9M | 389.23M | 383.18M | 383.18M | 325.05M | 316.15M | 328.55M | 326.3M | 315.73M | 315.73M |
| Basic Shares Outstanding | 1.03B | 919.86M | 697.31M | 508.64M | 399.9M | 389.23M | 383.18M | 383.18M | 325.05M | 316.15M | 328.55M | 326.3M | 315.73M | 315.73M |
| Dividend Payout Ratio | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
High cash burn dilution
According to recent financial disclosures, IBRX achieved a 167.6% year-over-year revenue growth in 2026Q1, signaling a transition from sporadic milestone payments to early-stage commercial product sales as the company scales its Anktiva distribution within the competitive US oncology market for bladder cancer treatment.
The sharp revenue uptick suggests that the initial commercial rollout is gaining traction, though the sustainability of this growth remains contingent on urologist adoption rates. Investors should monitor whether this trajectory reflects genuine market penetration or if it is bolstered by initial channel stocking that may normalize in subsequent quarters.
As reported in quarterly filings, IBRX maintains an exceptionally high gross margin of 99.5%, which appears to be a temporary byproduct of the current revenue mix rather than a reflection of a mature, low-cost manufacturing process for its complex biologic immunotherapy products.
While the headline gross margin is impressive, it likely excludes the full burden of specialized cold-chain logistics and biologic production overheads that will eventually weigh on profitability. Analysts should anticipate potential margin compression as the company shifts toward a more representative cost-of-goods-sold structure as commercial volumes increase.
Based on the latest income statement data, IBRX continues to exhibit significant operating losses, with 2026Q1 operating income at -$69.8M, indicating that the company has yet to achieve the necessary scale to amortize its heavy fixed-cost investments in manufacturing and specialized sales infrastructure.
The disconnect between revenue growth and operating expenses suggests that the company is currently in a high-burn phase of its lifecycle. Without a substantial increase in patient volume, the current SG&A and R&D spend levels may continue to pressure the bottom line, limiting the company's ability to reach operational break-even.
As noted in recent SEC filings, the company's reliance on founder-led financing and the potential for lumpy milestone-based revenue streams warrant caution, as these factors may obscure the underlying demand for Anktiva and the true cost of maintaining the company's broad clinical pipeline.
Short-term revenue spikes may not accurately represent long-term commercial viability, especially given the company's history of complex related-party transactions. Investors should remain wary of the potential for further dilutive capital raises, which appear necessary to sustain the current burn rate until the product reaches a more mature commercial stage.
Quick answers to the most common questions about buying IBRX stock.
For fiscal year 2025, ImmunityBio, Inc. (IBRX) reported total revenue of $113.3M. This represents a 18781.3% increase compared to $0.6M in 2013.
ImmunityBio, Inc. (IBRX) reported a net loss of $351.4M for the fiscal year ending 2025.
ImmunityBio, Inc. (IBRX) reported an operating income of $-256.0M, resulting in an operating profit margin of -226.0%. This margin reflects the operational efficiency of the business before interest and taxes.
ImmunityBio, Inc. (IBRX) generated $112.5M in gross profit for the year, representing a gross profit margin of 99.3%. This demonstrates the company's core pricing power and production efficiency.