ImmunityBio Reports $16.5 Million Revenue in Q1 2025, Net Loss Improves

ImmunityBio, Inc. reported a significant increase in revenue for the first quarter of 2025, generating $16.5 million from product sales, primarily from its FDA-approved immunotherapy ANKTIVA. This marks a substantial rise from no revenue in the same period last year. The company’s total revenue for the quarter reached $16.5 million, compared to just $40,000 in the first quarter of 2024. The increase in product revenue is attributed to the commercial distribution of ANKTIVA, which began in May 2024 following its FDA approval in April 2024.

Despite the revenue growth, ImmunityBio reported a net loss of $129.7 million for the quarter, a slight improvement from a net loss of $134.1 million in the prior year. The loss from operations decreased by 32% to $64.4 million, down from $95.2 million in the same quarter last year. The reduction in operating costs, which fell to $80.9 million from $95.2 million, was driven by lower research and development expenses and selling, general, and administrative costs. Research and development expenses decreased by 10% to $48.2 million, while selling, general, and administrative expenses dropped by 22% to $32.7 million.

Operationally, ImmunityBio has expanded its customer base, with nearly 200 urology practices in the U.S. registering for its expanded Access Program (EAP) for rBCG, reflecting the company's efforts to address the ongoing BCG shortage. The company also completed a $75 million equity financing in April 2025 to support its operations. As of March 31, 2025, ImmunityBio had 671 employees, indicating a focus on scaling its workforce to support the commercialization of ANKTIVA and the development of other product candidates.

Looking ahead, ImmunityBio faces challenges in sustaining its financial health, with an accumulated deficit of $3.5 billion as of March 31, 2025. The company anticipates needing additional financing to fund ongoing operations and the commercialization of ANKTIVA, as well as the development of other product candidates. The company is currently evaluating its options for future funding, which may include equity offerings or additional debt financing. ImmunityBio's management has expressed confidence in its ability to secure necessary funding, primarily based on the support from its founder and executive chairman, Dr. Soon-Shiong, who has indicated a willingness to provide financial assistance as needed.