Revenue growth is accelerating, with 2026Q2 revenue of $51.2M up 668% year-over-year, but operating losses widened to -$61.7M as R&D and SG&A expenses of $108.3M outpace gross profit, reflecting a lack of operating leverage.
ImmunityBio, Inc. (IBRX) annual income statement — 13-year revenue, gross profit & net income history
| 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 | 165.79M | 113.29M | 14.74M | 622K | 240K | 934K | 605K | 43K | 47K | 45K | 44K | 236K | 641K | 600K |
| Revenue Growth % | 192.92% | 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 | 8.91M | 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 | 156.88M | 112.53M | 14.74M | 622K | 240K | 934K | 605K | -8.97M | 3.16M | 45K | 44K | 236K | 641K | 347K |
| Gross Margin % | 94.63% | 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 | 408.68M | 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 | 165.75M | 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 | 234M | 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 | 2M | 13.51M | 0 | 886K | 681K | 0 | 10.66M | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Operating Income | -251.8M | -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 % | -151.88% | -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 | -230.82M | -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 % | -139.22% | -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 % | 14.21% | 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) | 20.98M | 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 | -909.32M | -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 | -72.42M | -105.83M | -129.26M | -85.85M | -44.44M | -14.01M | -7.35M | -3.16M | 0 | 0 | 0 | 0 | 0 | -461K |
| Interest Income | 10.84M | 6.7M | 2.4M | 863K | 2.71M | 836K | 1.73M | 2.76M | 0 | 0 | 0 | 0 | 0 | 2K |
| Interest Expense | 83.26M | 112.53M | 131.66M | 86.72M | 47.15M | 14.85M | 9.07M | 5.92M | 433K | 618K | 66K | 0 | 0 | 463K |
| Other Income/Expense | -740.78M | -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 | -992.58M | -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 % | -598.69% | -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 | -179K | -135K | 0 | -40K | 34K | 9K | -1.85M | -97K | -503K | -493K | -572K | -301K | 1K | 1K |
| Effective Tax Rate % | 0.02% | 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 | -992.36M | -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 % | -598.56% | -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 % | -170.33% | 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) | -992.4M | -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 | 868K | 895K | 969K | 1.05M | -2.49M | -1.74M | 1.32M | 0 | -12.32M | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | -0.95 | -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 % | -110.14% | 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 | 1.05B | 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 | 1.05B | 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 | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
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.
Key Metrics
Top Statement Risk
Near-term financing and dilution risk
Metrics are mathematically derived from official filings.
Commercial Launch Drives Explosive Growth
Revenue surged 668% year-over-year to $51.2M in 2026Q2, per recent financial statements, marking the eighth consecutive quarter of sequential growth, though the low prior-year base amplifies the percentage.
The revenue trajectory is clearly accelerating, with quarterly revenue climbing from $40K in 2024Q1 to $51.2M in 2026Q2, a compound quarterly growth rate of over 100%. This growth is driven by Anktiva's commercial launch, but the sustainability is uncertain as it depends on urologist adoption and patient uptake. The sequential growth rate has moderated from 167.6% in 2026Q1 to 93.9% in 2026Q2, suggesting a natural deceleration as the base expands.
Gross Margin Masks Underlying Cost Pressures
Gross margin remains exceptionally high at 99.4% in 2026Q2, as reported in the income statement, but this likely reflects low production volumes and capitalized costs, not sustainable economics.
The 99%+ gross margin is typical of early-stage biotech revenue, which includes licensing fees and initial channel stocking. As Anktiva scales, COGS will rise with cold-chain logistics and biologic manufacturing costs, compressing gross margins toward more realistic levels. The recent dip to 88.9% in 2025Q4 hints at this pressure, and investors should monitor whether gross margin can hold above 90% as volume grows.
Operating Leverage Absent as Costs Outpace Revenue
Operating losses have widened to -$61.7M in 2026Q2 despite revenue growth, as reported in financial statements, indicating that SG&A and R&D spending are scaling faster than gross profit.
Operating margin improved from -2379.9% in 2024Q1 to -120.4% in 2026Q2, but this is purely a function of revenue growth, not cost discipline. R&D and SG&A combined have grown from $95.3M in 2024Q1 to $108.3M in 2026Q2, while gross profit grew from $0.04M to $50.9M. The company is still in the investment phase, and operating leverage will only materialize if revenue growth outpaces the fixed cost base, which is not yet evident.
Net Income Volatility Masks Core Operations
Net income swung from -$632.8M in 2026Q1 to -$230.4M in 2026Q2, per the income statement, with EPS of -$0.22, suggesting significant non-operating items and potential one-time charges.
The net loss in 2026Q1 was disproportionately large relative to operating loss, indicating non-operating expenses such as warrant revaluations or impairment charges. In 2026Q2, net loss was -$230.4M, still far exceeding the operating loss of -$61.7M, implying ongoing non-cash or financing-related costs. Stock-based compensation of $16.7M in 2026Q2 adds to dilution, and the absence of an EPS estimate beat suggests management may be focusing on top-line metrics.
R&D and SG&A Burn Intensifies
Combined R&D and SG&A expenses reached $108.3M in 2026Q2, as reported in the income statement, up from $95.3M in 2024Q1, reflecting heavy investment in manufacturing and sales infrastructure.
R&D spending has remained elevated, averaging around $55M per quarter, while SG&A has grown from $41.9M to $50.6M, driven by the commercial launch. The company is investing in internal manufacturing and a specialized sales force, which are necessary for long-term margins but currently strain cash. Management's expense discipline appears secondary to growth objectives, as evidenced by the widening operating losses.
2025Q1 Marks Commercial Inflection
Revenue jumped from $7.6M in 2024Q4 to $16.5M in 2025Q1, as per financial statements, signaling the start of Anktiva's commercial ramp, with subsequent quarters showing sustained sequential growth.
The inflection point is clearly 2025Q1, when revenue more than doubled sequentially, coinciding with the launch of Anktiva. This quarter marked the transition from a pre-revenue R&D company to a commercial-stage biotech. The lasting impact is a new revenue stream, but it also brought increased SG&A costs and a higher cash burn, which has yet to be offset by profitability.
Cash Burn Threatens Solvency
With only $88.3M in cash and a quarterly operating loss of $61.7M, as reported in recent filings, IBRX faces imminent financing needs that could dilute shareholders.
The company's cash position covers less than two quarters of operating losses, making near-term capital raises almost certain. While revenue growth is impressive, the absolute level is insufficient to offset the fixed cost base, and the 668% growth rate is from a low base. Short-sellers would argue that the 99% gross margin is unsustainable and that the company's reliance on founder financing creates conflicts of interest. The lack of EPS disclosure in the latest quarter may also signal an attempt to divert attention from bottom-line deterioration.