2023 Q2 Form 10-Q Financial Statement

#000132611023000064 Filed on May 11, 2023

View on sec.gov

Income Statement

Concept 2023 Q2 2023 Q1 2022 Q1
Revenue $41.00K $360.0K $14.00K
YoY Change 17.14% 2471.43% -89.93%
Cost Of Revenue $0.00
YoY Change
Gross Profit $41.00K
YoY Change
Gross Profit Margin 100.0%
Selling, General & Admin $32.02M $32.68M $40.61M
YoY Change 93.17% -19.53% -10.31%
% of Gross Profit 78092.68%
Research & Development $53.17M $79.26M $55.38M
YoY Change -15.72% 43.13% 34.65%
% of Gross Profit 129678.05%
Depreciation & Amortization $4.200M $4.681M $4.090M
YoY Change 7.69% 14.45% 37.62%
% of Gross Profit 10243.9%
Operating Expenses $85.19M $111.9M $95.99M
YoY Change 6.94% 16.62% 11.09%
Operating Profit -$85.15M -$111.6M -$95.97M
YoY Change 6.94% 16.26% 11.25%
Interest Expense $32.24M $29.82M $8.491M
YoY Change 232.39% 251.15% 168.02%
% of Operating Profit
Other Income/Expense, Net -$53.07M -$5.003M -$7.026M
YoY Change 248.83% -28.79% -221.37%
Pretax Income -$138.2M -$116.6M -$103.0M
YoY Change 45.74% 13.19% 27.99%
Income Tax $0.00 $0.00 $0.00
% Of Pretax Income
Net Earnings -$137.9M -$116.3M -$102.8M
YoY Change 45.77% 13.15% 29.16%
Net Earnings / Revenue -336290.24% -32317.5% -734471.43%
Basic Earnings Per Share -$0.32 -$0.27 -$0.26
Diluted Earnings Per Share -$0.32 -$0.27 -$0.26
COMMON SHARES
Basic Shares Outstanding 436.0M shares 435.8M shares 397.9M shares
Diluted Shares Outstanding 437.5M shares 428.4M shares 397.9M shares

Balance Sheet

Concept 2023 Q2 2023 Q1 2022 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $45.95M $91.27M $192.3M
YoY Change -44.59% -52.55% 130.89%
Cash & Equivalents $43.51M $88.48M $36.39M
Short-Term Investments $2.448M $2.787M $155.9M
Other Short-Term Assets $4.554M $4.428M $3.983M
YoY Change 51.85% 11.17% 1078.4%
Inventory
Prepaid Expenses
Receivables
Other Receivables $2.025M
Total Short-Term Assets $66.83M $113.5M $212.3M
YoY Change -41.89% -46.55% 113.19%
LONG-TERM ASSETS
Property, Plant & Equipment $151.5M $154.2M $105.2M
YoY Change 26.83% 46.52% 30.1%
Goodwill
YoY Change
Intangibles $18.99M $19.50M $22.35M
YoY Change -12.63% -12.74% 1454.17%
Long-Term Investments $841.0K $820.0K $865.0K
YoY Change -7.99% -5.2% -13.5%
Other Assets $3.774M $4.545M $6.477M
YoY Change -37.35% -29.83% 240.0%
Total Long-Term Assets $224.4M $229.9M $177.2M
YoY Change 10.69% 29.71% 61.43%
TOTAL ASSETS
Total Short-Term Assets $66.83M $113.5M $212.3M
Total Long-Term Assets $224.4M $229.9M $177.2M
Total Assets $291.2M $343.4M $389.6M
YoY Change -8.34% -11.86% 86.05%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $25.49M $33.57M $9.832M
YoY Change 41.18% 241.47% -51.08%
Accrued Expenses $62.34M $54.12M $62.47M
YoY Change 19.07% -13.37% 69.78%
Deferred Revenue
YoY Change
Short-Term Debt $481.9M $441.6M $299.6M
YoY Change 60.59% 47.4%
Long-Term Debt Due $36.62M $30.21M $5.595M
YoY Change 780.66% 439.89% -69.59%
Total Short-Term Liabilities $613.5M $564.9M $381.0M
YoY Change 63.14% 48.27% 376.86%
LONG-TERM LIABILITIES
Long-Term Debt $250.1M $245.7M $309.4M
YoY Change -19.97% -20.6% 4.08%
Other Long-Term Liabilities $473.0K $462.0K $288.0K
YoY Change 63.1% 60.42% -67.68%
Total Long-Term Liabilities $473.0K $462.0K $288.0K
YoY Change 63.1% 60.42% -67.68%
TOTAL LIABILITIES
Total Short-Term Liabilities $613.5M $564.9M $381.0M
Total Long-Term Liabilities $473.0K $462.0K $288.0K
Total Liabilities $936.4M $875.1M $727.1M
YoY Change 26.59% 20.35% 83.99%
SHAREHOLDERS EQUITY
Retained Earnings -$2.600B -$2.500B -$2.100B
YoY Change 18.18% 19.05% 23.53%
Common Stock $1.991B $1.966B $1.729B
YoY Change 14.43% 13.67%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity -$642.1M -$529.0M -$335.6M
YoY Change
Total Liabilities & Shareholders Equity $291.2M $343.4M $389.6M
YoY Change -8.34% -11.86% 86.02%

Cashflow Statement

Concept 2023 Q2 2023 Q1 2022 Q1
OPERATING ACTIVITIES
Net Income -$137.9M -$116.3M -$102.8M
YoY Change 45.77% 13.15% 29.16%
Depreciation, Depletion And Amortization $4.200M $4.681M $4.090M
YoY Change 7.69% 14.45% 37.62%
Cash From Operating Activities -$79.77M -$84.30M -$74.90M
YoY Change -12.58% 12.55% 23.87%
INVESTING ACTIVITIES
Capital Expenditures $8.526M $8.428M $27.35M
YoY Change -153.46% -69.18% 286.09%
Acquisitions
YoY Change
Other Investing Activities -$78.00K -$56.00K -$20.74M
YoY Change -100.06% -99.73% -153.27%
Cash From Investing Activities -$8.604M -$8.484M -$69.31M
YoY Change -107.37% -87.76% -317.66%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 43.41M $76.89M -$298.0K
YoY Change -289513.33% -25901.34% -100.77%
NET CHANGE
Cash From Operating Activities -79.77M -$84.30M -$74.90M
Cash From Investing Activities -8.604M -$8.484M -$69.31M
Cash From Financing Activities 43.41M $76.89M -$298.0K
Net Change In Cash -44.97M -$16.16M -$144.7M
YoY Change -276.99% -88.83% -1582.14%
FREE CASH FLOW
Cash From Operating Activities -$79.77M -$84.30M -$74.90M
Capital Expenditures $8.526M $8.428M $27.35M
Free Cash Flow -$88.30M -$92.73M -$102.2M
YoY Change 17.26% -9.31% 51.36%

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Description of Business<div style="margin-top:6pt;text-indent:36pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">In these notes to unaudited condensed consolidated financial statements, the terms “ImmunityBio,” “the company,” “we,” “us,” and “our” refer to ImmunityBio, Inc. and its subsidiaries.</span></div><div style="margin-top:18pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:700;line-height:120%">Our Business</span></div><div style="margin-top:6pt;text-indent:36pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">ImmunityBio, Inc. is a clinical-stage biotechnology company developing next-generation therapies and vaccines that complement, harness, and amplify the immune system to defeat cancers and infectious diseases. We strive to be a vertically-integrated immunotherapy company designing and manufacturing our products so they are more effective, accessible, more conveniently stored, and more easily administered to patients. </span></div><div style="margin-top:12pt;text-indent:36pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Our broad immunotherapy and cell therapy platforms are designed to attack cancer and infectious pathogens by activating both the innate immune system—natural killer (NK) cells, dendritic cells, and macrophages—and the adaptive immune system—B cells and T cells—in an orchestrated manner. The goal of this potentially best-in-class approach is to generate immunogenic cell death thereby eliminating rogue cells from the body whether they are cancerous or virally infected. Our ultimate goal is to employ this approach to establish an “immunological memory” that confers long-term benefit for the patient. </span></div><div style="margin-top:12pt;text-indent:36pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Although such designations may not lead to a faster development process or regulatory review and may not increase the likelihood that a product candidate will receive approval, Anktiva</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:6.5pt;font-weight:400;line-height:120%;position:relative;top:-3.5pt;vertical-align:baseline">™</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%"> (N-803), our novel antibody cytokine fusion protein, has received </span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:400;line-height:120%">Breakthrough Therapy</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%"> and </span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:400;line-height:120%">Fast Track</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%"> designations in combination with </span><span style="background-color:#ffffff;color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">bacillus Calmette-Guérin (</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">BCG) from the United States (U.S.) Food and Drug Administration (FDA) for</span><span style="background-color:#ffffff;color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%"> BCG</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">-unresponsive non-muscle invasive bladder cancer (NMIBC) with carcinoma in situ (CIS)</span><span style="background-color:#ffffff;color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">. I</span><span style="color:#231f20;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">n </span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">May 2022, we announced the submission of a Biologics License Application (BLA) to the FDA for our product candidate, Anktiva in combination with BCG for the treatment of patients with BCG-unresponsive NMIBC with CIS with or without Ta or T1 disease. In July 2022, we announced the FDA had accepted our BLA for review and set a target Prescription Drug User Fee Act (PDUFA) action date of May 23, 2023. On May 9, 2023, the FDA delivered a complete response letter to us regarding the BLA. The company plans to request a meeting with the FDA as soon as possible to address the subject matter of the letter and a response timeline, and plans to diligently address and resolve the issues identified and seek approval as expeditiously as possible. It is unclear when the FDA will approve our BLA, if at all.</span></div><div style="margin-top:12pt;text-indent:36pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Our platforms include 13 novel therapeutic agents either in clinical trials or for which we are developing protocols. We are currently engaged in 15 active clinical trials involving 10 of these agents. Seven of these trials are being sponsored by ImmunityBio while the remaining eight are investigator-led studies. Twelve of these trials are in Phase 2 or 3 development across eleven indications in liquid and solid tumors. These include bladder, pancreatic, and lung cancers, which are among the most frequent and lethal cancer types, and where there are high failure rates for existing standards of care or no available effective treatment. In infectious diseases, our pipeline currently targets such pathogens as the novel strain of the coronavirus (SARS-CoV-2) and human immunodeficiency virus (HIV). </span></div><div style="margin-top:12pt;text-indent:36pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">We have established Good Manufacturing Practice (GMP) manufacturing capacity at scale with cutting-edge cell manufacturing expertise and ready-to-scale facilities, as well as extensive and seasoned research and development (R&amp;D), clinical trial, and regulatory operations, and development teams.</span></div>
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<div style="margin-top:18pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:700;line-height:120%">Use of Estimates</span></div><div style="margin-top:6pt;text-indent:36pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The preparation of condensed consolidated financial statements in conformity with U.S. GAAP requires management to make certain estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the condensed consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. On an ongoing basis, we evaluate our estimates, including those related to the valuation of equity-based awards, deferred income taxes and related valuation allowances, preclinical and clinical trial accruals, impairment assessments, contingent value right measurement and assessments, the measurement of right-of-use assets and lease liabilities, useful lives of long-lived assets, loss contingencies, fair value calculation of warrants and convertible promissory notes, fair value measurements, and the assessment of our ability to fund our operations for at least the next 12 months from the date of issuance of these condensed consolidated financial statements. We base our estimates on historical experience and on various other market-specific and relevant assumptions that we believe to be reasonable under the circumstances. Estimates are assessed each period and updated to reflect current information, such as the economic considerations related to the impact that the ongoing coronavirus pandemic could have on our significant accounting estimates. Actual results could differ from those estimates.</span></div>
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LesseeOperatingLeaseLiabilityPaymentsRemainderOfFiscalYear
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LesseeOperatingLeaseLiabilityPaymentsDueNextTwelveMonths
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23247000 usd
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20694000 usd
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2941000 usd
CY2023Q1 ibrx Finance Lease Liability Tenant Improvement Allowance Receivable
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CY2023Q1 us-gaap Debt Instrument Unamortized Discount
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2932000 usd
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3469000 usd
CY2023Q1 ibrx Issuance Of Common Stock Under At Market Offering Shares
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CY2022Q4 us-gaap Warrants And Rights Outstanding Term
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P2Y
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CY2023Q1 us-gaap Allocated Share Based Compensation Expense
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10024000 usd
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CY2022Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Intrinsic Value
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CY2023Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Gross
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CY2023Q1 us-gaap Stock Issued During Period Shares Stock Options Exercised
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CY2023Q1 us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Exercises In Period Weighted Average Exercise Price
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CY2023Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Forfeitures And Expirations In Period
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CY2023Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Forfeitures And Expirations In Period Weighted Average Exercise Price
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5.83
CY2023Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
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CY2023Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
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CY2023Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingIntrinsicValue
234000 usd
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CY2023Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Vested And Expected To Vest Exercisable Number
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CY2023Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Vested And Expected To Vest Outstanding Weighted Average Exercise Price
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12.93
CY2023Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Vested And Expected To Vest Exercisable Aggregate Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsVestedAndExpectedToVestExercisableAggregateIntrinsicValue
234000 usd
CY2023Q1 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Vested And Expected To Vest Exercisable Weighted Average Remaining Contractual Term1
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CY2022Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Vested And Expected To Vest Exercisable Number
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3445499 shares

Files In Submission

Name View Source Status
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ibrx-20230331x10qexhibit311.htm Edgar Link pending
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ibrx-20230331_cal.xml Edgar Link unprocessable
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