ImmunityBio, Inc.

immunitybio.com

What Do They Do?

Sells ANKTIVA, an immune-based treatment for bladder cancer, and develops cancer and infectious-disease vaccines, cell therapies, and other immunotherapies.

How Do They Make Money?

Product sales bring in revenue from ANKTIVA sold to specialty distributors and a specialty pharmacy; the company counts a sale when the product is delivered. Other revenue comes from bioreactor sales and cell-line licenses, with upfront and annual fees and royalties on licensees’ product sales.

revenue

Segment	Share	Revenue	How money arrives
Product revenue, net Sold outright	100% FY2022: 0.0%		Sold outright
Other revenues Mix	0.3% FY2022: 100%		Mix

Who Are Their Customers?

ImmunityBio sells ANKTIVA to specialty distributors and a specialty pharmacy, which make it available to clinics, hospitals, infusion centers, and government entities.

Customers above 10% of revenue, FY2025

of revenue from four customers (42%, 19%, 18%, 17%)

Do Revenues Turn Into Profits?

No. It lost $351.4M in FY2025.

Operating income, FY2025

−226% of revenue

▼ −26% (Loss) vs FY2024 (−$344.2M, −2334%)

Net income, FY2025

−310% of revenue

▼ −15% (Loss) vs FY2024 (−$413.6M, −2805%)

Free cash flow, FY2025

−273% of revenue

▼ −22% (Loss) vs FY2024 (−$398.1M, −2700%)

How Are They Changing?

Since the FY2025 annual report

Latest quarter: Q2 FY2026, the three months to Jun 30, 2026

Revenue: ▲ +94%; vs $26.4M in Q2 FY2025
Net income: ▲ +149% (Loss); vs −$92.6M in Q2 FY2025

Product revenue, net share of revenue vs 100.0% in Q2 FY2025

May 18, 2026 Signs exclusive U.S. development and supply agreement for Tokyo-strain BCG Japan BCG Laboratory will supply Tokyo-172 BCG; ImmunityBio will handle development, regulatory approvals, and U.S. commercialization, subject to FDA approval.

Growing. Revenue grew 121.3x in 4 years, from $934K in FY2021 to $113.3M in FY2025, about 232% a year.

Commercial product The older report described ImmunityBio as a clinical-stage developer; the latest identifies ANKTIVA as its lead biologic product and says it is commercializing it for bladder cancer.

Revenue over time

Product revenue, net Other revenues

$200M$100M$0

FY2022 FY2023 FY2024 FY2025

Who Do They Compete With?

Competes with Merck, Ferring, Janssen Biotech, Johnson & Johnson, Bristol Myers Squibb, Roche, Novartis, and Kite/Gilead

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