second quarter 2026
Filed Aug 4, 2026ImmunityBio Reports Record Q2 2026 Net Product Revenue of $50.7 Million, Up 92% Year-Over-Year; First-Half Revenue Up 121% to $94.8 Million
Record ANKTIVA product revenue and sequential growth were offset by a substantially wider GAAP net loss driven principally by non-cash fair-value changes and higher operating expenses.
Key metrics
as reported| Metric | Value | q/q | y/y |
|---|---|---|---|
| Product revenue, netGAAP | $50.7 million | 15% | 92% |
| Total revenueGAAP | $ 51,240 (in thousands) | – | – |
| Other revenuesGAAP | 568 (in thousands) | – | – |
| Cost of salesGAAP | 298 (in thousands) | – | – |
| Research and development expenseGAAP | $60.8 million | – | – |
| Selling, general and administrative expenseGAAP | $51.8 million | – | – |
| Total operating costs and expensesGAAP | 112,937 (in thousands) | – | – |
| Loss from operationsGAAP | (61,697) (in thousands) | – | – |
| Interest and investment income, netGAAP | 3,155 (in thousands) | – | – |
| Change in fair value of warrant and derivative liabilities, and related-party convertible noteGAAP | (140,846) (in thousands) | – | – |
| Interest expense related to revenue interest liabilityGAAP | (17,192) (in thousands) | – | – |
| Interest expense – related partyGAAP | (14,032) (in thousands) | – | – |
| Total other expense, netGAAP | (168,693) (in thousands) | – | – |
| Net loss attributable to ImmunityBio common stockholdersGAAP | $230.4 million | – | – |
| Adjusted net loss attributable to ImmunityBio common stockholdersnon-GAAP | $81.0 million | – | – |
| First-half product revenue, netGAAP | $94.8 million | – | 121% |
| First-half total revenueGAAP | 95,446 (in thousands) | – | – |
| First-half research and development expenseGAAP | $128.8 million | – | – |
| First-half selling, general and administrative expenseGAAP | $97.6 million | – | – |
| First-half total other expense, netGAAP | $731.7 million | – | – |
| First-half net loss attributable to ImmunityBio common stockholdersGAAP | $863.2 million | – | – |
| First-half adjusted net loss attributable to ImmunityBio common stockholdersnon-GAAP | $167.3 million | – | – |
What drove it
- Net product revenue growth was driven by continued adoption among U.S. urologists and strong market access.
- Product revenue increased due to increased net trade sales of ANKTIVA as a result of ongoing commercial activities.
- The FDA accepted for review the Company’s supplemental Biologics License Application for ANKTIVA plus BCG in patients with BCG-unresponsive NMIBC with papillary disease without CIS.
- The Company entered into an exclusive development and supply agreement with Japan BCG Laboratory, securing exclusive U.S. rights to develop, import, and commercialize intravesical Tokyo-172 BCG.
Concerns
- R&D expense increased mainly due to increased personnel-related costs, clinical trial expenses, and external manufacturing and distribution costs.
- SG&A expense increased mainly due to increased professional services expenses, personnel-related costs, and commercial-related expenses.
- Other expense, net increased primarily due to non-cash changes in fair value of the related-party convertible note, warrant liabilities, and other derivative liabilities, and increased interest expense related to the revenue interest liability.
- Net loss increased mainly due to fair-value changes, higher interest expense related to the revenue interest liability, and higher R&D and SG&A expenses.
What to watch
- PDUFA target action date of January 6, 2027 for the ANKTIVA plus BCG sBLA in BCG-unresponsive NMIBC with papillary disease without CIS.
- Planned 2026 sBLA submission for the Phase 2B QUILT-2.005 trial in BCG-naïve NMIBC carcinoma in situ with or without papillary disease.
- Multiple anticipated regulatory, clinical, and data milestones over the next 12 months.
- Continued ANKTIVA adoption, market access, and the long-term BCG supply strategy supported by the Japan BCG Laboratory agreement.
Balance sheet and cash flow
- As of June 30, 2026, the Company had consolidated cash and cash equivalents, and marketable securities of $357.4 million.
Analysis
ImmunityBio reported record Q2 2026 net product revenue of $50.7 million, up 92% year-over-year and 15% sequentially. The company attributed growth to ongoing commercial activities, increased ANKTIVA net trade sales, continued physician adoption among U.S. urologists, and strong market access. The quarter represented the eighth consecutive quarter of sequential net product revenue growth since ANKTIVA’s commercial launch. First-half net product revenue was $94.8 million, up 121% compared with the first half of 2025.
The commercial progress did not translate into GAAP profitability. Net loss attributable to ImmunityBio common stockholders was $230.4 million, compared with $92.6 million in the prior-year quarter. Total other expense, net was $168.7 million, compared with $21.0 million, led primarily by non-cash fair-value changes in the related-party convertible note, warrant liabilities, and other derivative liabilities associated with a significant increase in the common stock price. Adjusted net loss improved to $81.0 million from $89.9 million.
Operating investment increased alongside commercialization and clinical development. R&D expense rose to $60.8 million from $55.2 million, with higher personnel-related costs, clinical trial expenses, and external manufacturing and distribution costs. SG&A expense increased to $51.8 million from $42.3 million, reflecting higher professional services, personnel-related costs, and commercial-related expenses. These cost increases, together with higher interest expense related to the revenue interest liability, were only partially offset by higher product revenue.
The balance sheet reported $357.4 million in consolidated cash and cash equivalents and marketable securities as of June 30, 2026. No financial outlook was provided. Operationally, the company highlighted FDA acceptance of the ANKTIVA plus BCG sBLA for BCG-unresponsive NMIBC with papillary disease without CIS, with a PDUFA target action date of January 6, 2027, as well as a planned 2026 sBLA submission for the Phase 2B QUILT-2.005 trial.
International and supply-chain development were also central to the update. The company said the Emirates Drug Establishment granted broad marketing authorization for ANKTIVA in BCG-unresponsive NMIBC for CIS and papillary disease and metastatic NSCLC. ImmunityBio also secured exclusive U.S. rights through an agreement with Japan BCG Laboratory to develop, import, and commercialize intravesical Tokyo-172 BCG, intended to support long-term supply for NMIBC patients.
Management, verbatim
Our record quarterly net product revenue of $50.7 million and eighth consecutive quarter of sequential growth reflect continued physician adoption of ANKTIVA and disciplined commercial execution.
Richard Adcock, President and CEO of ImmunityBio
The continued adoption of ANKTIVA in clinical practice reinforces the potential of our IL-15 receptor agonist platform to activate the body’s natural killer and T cells to fight cancer.
Patrick Soon-Shiong, M.D., Founder, Executive Chairman and Global Chief Scientific and Medical Officer of ImmunityBio
Not in the filing
stated, not guessed- GAAP net loss per share and adjusted net loss per share, because the filing text is truncated at the net loss per share line.
- Gross profit and gross margin.
- Operating cash flow and free cash flow.
- Debt, total liabilities, and detailed balance-sheet line items.
- Share repurchases, dividends, or other capital-return activity.
- Financial guidance for revenue, gross margin, operating expenses, tax rate, or earnings.
- Prior-quarter dollar amount for Q2 2026 product revenue.
- Prior-year dollar amount for first-half 2026 product revenue as stated in the filing text.
- Separate reportable segment revenue disclosures.
AlphaAI analysis generated from the company’s SEC earnings filing (Form 8-K Item 2.02, or Form 6-K for a foreign private issuer). Every figure was cross-checked against the filing text; consensus estimates, price targets and share-price reactions are not shown because they are not in the filing. AI-generated research, not investment advice.