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Segment Information | 6 Months Ended
--- | ---
Jun. 30, 2026
Segment Reporting [Abstract] |
Segment Information | Segment Information We operate in one operating segment, and therefore have one reportable segment, focused on innovating, developing, and commercializing next-generation immunotherapies designed to activate the patient’s immune system and deliver durable protection against cancer and infectious diseases. Our CEO is the chief operating decision-maker of the company and manages and allocates resources to our operations on a company-wide basis. Consistent with this decision-making process, our CEO uses consolidated, single-segment financial information for purposes of evaluating performance, forecasting future-period financial results, allocating resources, and setting incentive targets. The measure of segment performance is net income (loss) as reflected in the condensed consolidated statement of operations. The CODM uses net income (loss) and loss from operations to allocate resources on a consolidated basis, which enables the CODM to assess both the overall level of resources available and optimize distribution of resources across functions, therapeutic areas, regions and research and development programs in line with our long-term corporate-wide strategic goals. As the company manages its assets on a consolidated basis, the measure of segment assets is total assets, as reflected in the condensed consolidated balance sheet. Concentration of Major Customers During the three months ended June 30, 2026, approximately 90% of our total gross revenue was from our top four customers, which accounted for 42%, 22%, 16%, and 10% of our total revenue, respectively. During the six months ended June 30, 2026, approximately 92% of our total gross revenue was from our top four customers, which accounted for 42%, 21%, 15%, and 14% of our total revenue, respectively. Net loss for our reportable segment is as follows (in thousands):
| Three Months Ended June 30, |  | Six Months Ended June 30, |
| 2026 |  | 2025 |  | 2026 |  | 2025 |
Total revenue | $ | 51,240 |  |  | $ | 26,425 |  |  | $ | 95,446 |  |  | $ | 42,942 |  |
Cost of sales | 298 |  |  | 136 |  |  | 536 |  |  | 194 |  |
Gross profit | 50,942 |  |  | 26,289 |  |  | 94,910 |  |  | 42,748 |  |
Operating expenses |  |  |  |  |  |  |  |
External research and development expense (including amounts with related parties) (1) | 10,424 |  |  | 8,552 |  |  | 30,506 |  |  | 14,063 |  |
Internal research and development expense (including amounts with related parties): (2) |  |  |  |  |  |  |  |
Personnel-related costs | 26,602 |  |  | 23,632 |  |  | 52,452 |  |  | 46,697 |  |
Equipment, depreciation, and facility costs | 13,410 |  |  | 13,111 |  |  | 26,998 |  |  | 26,303 |  |
Other research and development costs | 10,380 |  |  | 9,941 |  |  | 18,849 |  |  | 16,407 |  |
Total internal research and development expense | 50,392 |  |  | 46,684 |  |  | 98,299 |  |  | 89,407 |  |
Total research and development expense (including amounts with related parties) | 60,816 |  |  | 55,236 |  |  | 128,805 |  |  | 103,470 |  |
Selling, general and administrative (including amounts with related parties) | 51,823 |  |  | 42,338 |  |  | 97,593 |  |  | 74,992 |  |
Total operating expenses | 112,639 |  |  | 97,574 |  |  | 226,398 |  |  | 178,462 |  |
Loss from operations | (61,697) |  |  | (71,285) |  |  | (131,488) |  |  | (135,714) |  |
Other income (expense), net |  |  |  |  |  |  |  |
Interest and investment income, net | 3,155 |  |  | 1,153 |  |  | 5,469 |  |  | 2,040 |  |
Change in fair value of related-party convertible note | (95,964) |  |  | 1,169 |  |  | (332,589) |  |  | (41,413) |  |
Change in fair value of warrant liabilities | (44,190) |  |  | 3,889 |  |  | (339,603) |  |  | 3,441 |  |
Interest expense related to revenue interest liability | (17,192) |  |  | (13,405) |  |  | (31,063) |  |  | (26,939) |  |
Interest expense (including amounts with related parties) | (14,052) |  |  | (15,479) |  |  | (28,645) |  |  | (30,810) |  |
Change in fair value of derivative liabilities | (692) |  |  | 1,931 |  |  | 416 |  |  | 7,509 |  |
Other income (expense), net | 242 |  |  | (278) |  |  | (5,675) |  |  | (319) |  |
Total other expense, net | (168,693) |  |  | (21,020) |  |  | (731,690) |  |  | (86,491) |  |
Loss before income taxes and noncontrolling interests | (230,390) |  |  | (92,305) |  |  | (863,178) |  |  | (222,205) |  |
Income tax expense | — |  |  | (269) |  |  | (9) |  |  | (35) |  |
Net loss | (230,390) |  |  | (92,574) |  |  | (863,187) |  |  | (222,240) |  |
Net loss attributable to noncontrolling interests, net of tax | (12) |  |  | (19) |  |  | (27) |  |  | (39) |  |
Net loss attributable to ImmunityBio common stockholders | $ | (230,378) |  |  | $ | (92,555) |  |  | $ | (863,160) |  |  | $ | (222,201) |  |
_______________
(1) | Our external research and development expense supports our various preclinical and clinical programs.
(2) | Our internal research and development expense includes payroll and benefits expenses, facilities and equipment expense, and other indirect research and development expenses incurred in support of our research and development activities.
We generate a portion of our revenues from outside of the U.S. Information about our revenue by geographic region is as follows (in thousands):
| Three Months Ended June 30, |  | Six Months Ended June 30,
| 2026 |  | 2025 |  | 2026 |  | 2025
U.S. | $ | 50,722 |  |  | $ | 26,425 |  |  | $ | 94,904 |  |  | $ | 42,942 |
Europe | 518 |  |  | — |  |  | 542 |  |  | — |
Total segment revenue | $ | 51,240 |  |  | $ | 26,425 |  |  | $ | 95,446 |  |  | $ | 42,942 |

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