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II

ImmunityBio, Inc. (IBRX)·Q3 2025 Earnings Summary

Executive Summary

  • Q3 2025 revenue and other income rose to $33.7M, with total revenue at $32.06M and product revenue at $31.78M; diluted EPS was -$0.07, reflecting continued ANKTIVA adoption in NMIBC CIS .
  • Results modestly beat Street: revenue ($32.06M vs $31.88M) and EPS (-$0.07 vs -$0.10); S&P Global consensus was unavailable, but public aggregates indicate a beat .
  • Cash, cash equivalents, and marketable securities climbed to $257.8M, up from $153.7M in Q2, strengthening liquidity amid ongoing R&D and revenue interest liability costs .
  • Commercial milestones: ANKTIVA named preferred drug by a large contracting organization (~80M covered lives); YTD ANKTIVA unit volume up 467%, with YTD sales at $74.7M, supporting revenue traction .

What Went Well and What Went Wrong

  • What Went Well

    • Strong sequential growth: total revenue increased to $32.06M (Q3) from $26.43M (Q2) and $16.52M (Q1), driven by ANKTIVA uptake .
    • Payer and access momentum: ANKTIVA selected as preferred drug for NMIBC CIS by a contracting org (~80M lives), and rBCG EAP enrollment nearly doubled in Q3; “Unit sales grew nearly 6X YTD compared with full-year 2024…” (CEO Richard Adcock) .
    • Clinical updates underpinning broader opportunity: initiation of Phase 3 ResQ201A in CPI‑resistant NSCLC and encouraging GBM data (100% disease control in first five recurrent GBM patients) .

  • What Went Wrong

    • Profitability remains a headwind: net loss of $67.25M in Q3, though improved YoY; net income margin remains deeply negative given early-stage commercial profile and financing costs .
    • Rising financing burden: interest expense related to the revenue interest liability rose (Q3: $12.30M), and warrant/derivative/fair-value movements add earnings volatility .
    • No formal numerical guidance was provided; ongoing regulatory uncertainty (e.g., NCCN papillary-only decision pending; FDA RTF history) can delay label expansion and market broadening -.

Financial Results

MetricQ3 2024Q1 2025Q2 2025Q3 2025
Total Revenue ($USD Millions)$6.11 $16.52 $26.43 $32.06
Product Revenue, Net ($USD Millions)$5.95 $16.51 $26.42 $31.78
Net Loss Attributable to Common ($USD Millions)$(85.73) $(129.65) $(92.56) $(67.25)
Diluted EPS ($)$(0.14) $(0.15) $(0.10) $(0.07)
Net Income Margin (%)-1404.1% (−85.73/6.11) -785.1% (−129.65/16.52) -350.3% (−92.56/26.43) -209.9% (−67.25/32.06)

Segment breakdown (product vs other revenues):

Segment Revenue ($USD Millions)Q3 2024Q1 2025Q2 2025Q3 2025
Product Revenue, Net$5.95 $16.51 $26.42 $31.78
Other Revenues$0.15 $0.01 $0.00 $0.28
Total Revenue$6.11 $16.52 $26.43 $32.06

Selected KPIs and balance sheet:

KPIQ3 2025Q2 2025Q1 2025
Cash, Cash Equivalents & Marketable Securities ($USD Millions)$257.81 $153.66 $136.36 (pro forma incl. April financing)
ANKTIVA YTD Sales ($USD Millions)$74.70 $42.94 $16.51
ANKTIVA Unit Volume Growth+467% YTD vs FY2024 +246% 1H25 vs 2H24 +150% vs Q4 2024
Revenue Interest Liability ($USD Millions)$316.15 $307.05 $296.29

Vs. Estimates (Street; S&P Global unavailable—see notes):

MetricConsensusActualSurprise
Revenue ($USD Millions)$31.88 $32.06 +$0.18M
EPS ($)-$0.10 -$0.07 +$0.03

Notes: S&P Global consensus estimates were unavailable via our estimates tool for Q1–Q3 2025; public sources are cited above.

Guidance Changes

MetricPeriodPrevious GuidanceCurrent GuidanceChange
RevenueFY/Q4 2025N/AN/ANo formal numerical guidance provided in Q3 materials -
Margins/OpExFY/Q4 2025N/AN/ANo formal numerical guidance provided; qualitative commentary only -
Tax rate, OI&E, DividendsFY/Q4 2025N/AN/ANo guidance issued -

Earnings Call Themes & Trends

(Company did not publish a Q3 2025 call transcript in our corpus; we infer themes from press releases and 10-Q.)

TopicPrevious Mentions (Q2, Q1)Current Period (Q3)Trend
Payer Access/AdoptionJ-code streamlined billing; rising adoption; UK MHRA approval - Preferred drug by org (~80M lives), rBCG EAP doubled enrollment -Improving access and utilization
NSCLC/LymphopeniaFDA dialogue on lymphopenia EAP; ResQ201A proposals ResQ201A Phase 3 enrollment initiated; IASLC data showing ALC-linked OS benefits -Advancing into registrational pathway
GBMLimited prior disclosuresEarly data: 100% disease control in initial five patients; randomized registration trial planned Emerging signal; moving to trial
Papillary-only NMIBCFDA RTF; Type A meeting; strategy to resubmit/amend with new data; NCCN submission -NCCN reviewed Aug-2025; decision pending Regulatory path evolving
Financing/LiquidityEquity financings; revenue interest liability dynamics - Cash build to $257.8M; ongoing liability interest expense Strengthened near-term liquidity; continued financing costs

Management Commentary

  • CEO Richard Adcock: “Unit sales grew nearly 6X year-to-date compared with full-year 2024… ANKTIVA’s total response rate continues to gain momentum with payors… enrollment in the rBCG EAP nearly doubled this quarter…” .
  • Dr. Patrick Soon-Shiong: “We continue to achieve compelling results with… BioShield™… sustained demand for ANKTIVA… encouraging data this quarter showing its potential to reverse lymphopenia in NSCLC… strong data in achieving disease control in glioblastoma…” .

Q&A Highlights

  • A Q3 2025 conference call was scheduled (Nov 5, 2025), but a full transcript was not available in our document set; we cannot reliably extract Q&A details .

Estimates Context

  • S&P Global consensus data was unavailable via our estimates tool for Q1–Q3 2025; based on public aggregates, the company beat revenue ($32.06M vs $31.88M) and EPS (-$0.07 vs -$0.10) in Q3 2025 .
  • Near-term estimate revisions may reflect stronger payer adoption (preferred drug selection) and cash build, partially offset by continued interest expense on revenue interest liability and ongoing R&D spend .

Key Takeaways for Investors

  • Commercial traction is accelerating: sequential revenue growth across Q1→Q2→Q3 and payer designation as preferred therapy are key catalysts for share of care in NMIBC .
  • Incremental clinical optionality: Phase 3 NSCLC (ResQ201A) enrollment and GBM signals support a broader ANKTIVA thesis beyond bladder, potentially expanding TAM over time -.
  • Liquidity improved sharply: $257.8M cash/securities offers runway, but revenue interest liability and fair‑value/warrant dynamics keep earnings volatile; monitor financing cadence and liability amortization .
  • Regulatory path for papillary-only NMIBC remains a swing factor: NCCN decision pending; FDA RTF history implies need for robust RCT evidence—timelines and outcomes will influence label expansion and adoption - .
  • Short-term trading: modest beat vs. public consensus and payer wins could support near-term sentiment; watch for NCCN update and any ex‑U.S. go‑to‑market steps post‑MHRA - .
  • Medium-term thesis: execution on Phase 3 NSCLC, continued ANKTIVA adoption, and payer coverage breadth vs. ongoing financing/interest burdens will drive valuation and risk/reward .

Citations:
Financials and KPIs: . Payer/access and clinical updates: - - - -. Estimates (public sources): .