v3.26.1
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,
2026202520262025
Total revenue$51,240 $26,425 $95,446 $42,942 
Cost of sales298 136 536 194 
Gross profit50,942 26,289 94,910 42,748 
Operating expenses
External research and development expense (including
   amounts with related parties) (1)
10,424 8,552 30,506 14,063 
Internal research and development expense (including
   amounts with related parties): (2)
Personnel-related costs26,602 23,632 52,452 46,697 
Equipment, depreciation, and facility costs13,410 13,111 26,998 26,303 
Other research and development costs10,380 9,941 18,849 16,407 
Total internal research and development expense50,392 46,684 98,299 89,407 
Total research and development expense (including
   amounts with related parties)		60,816 55,236 128,805 103,470 
Selling, general and administrative (including
   amounts with related parties)		51,823 42,338 97,593 74,992 
Total operating expenses112,639 97,574 226,398 178,462 
Loss from operations(61,697)(71,285)(131,488)(135,714)
Other income (expense), net
Interest and investment income, net3,155 1,153 5,469 2,040 
Change in fair value of related-party convertible note(95,964)1,169 (332,589)(41,413)
Change in fair value of warrant liabilities(44,190)3,889 (339,603)3,441 
Interest expense related to revenue interest liability(17,192)(13,405)(31,063)(26,939)
Interest expense (including amounts with related parties)(14,052)(15,479)(28,645)(30,810)
Change in fair value of derivative liabilities(692)1,931 416 7,509 
Other income (expense), net242 (278)(5,675)(319)
Total other expense, net(168,693)(21,020)(731,690)(86,491)
Loss before income taxes and noncontrolling interests(230,390)(92,305)(863,178)(222,205)
Income tax expense— (269)(9)(35)
Net loss(230,390)(92,574)(863,187)(222,240)
Net loss attributable to noncontrolling interests, net of tax(12)(19)(27)(39)
Net loss attributable to ImmunityBio common stockholders$(230,378)$(92,555)$(863,160)$(222,201)
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(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,
2026202520262025
U.S.$50,722 $26,425 $94,904 $42,942 
Europe518 — 542 — 
Total segment revenue$51,240 $26,425 $95,446 $42,942