CULVER CITY, Calif.--(BUSINESS WIRE)-- ImmunityBio, Inc. (IBRX) , a leading immunotherapy company, today announced certain operational results following approval of the permanent J-code (J9028) in January 2025, as well as its financial results for the first-quarter ended March 31, 2025.
With the issuance of the permanent J-code (J9028) in January 2025, ImmunityBio (IBRX) has seen increased sales momentum supporting a trend of increases month-over-month as well as quarter-over-quarter, with March unit sales volume increasing 69% over February, and Q1 2025 unit sales volume exceeding unit sales volume achieved for all of fiscal year 2024.
ImmunityBio (IBRX) earned net product revenue of approximately $16.5 million during the three-month period ended March 31, 2025, which represented an increase of 129% over the $7.2 million of net revenue earned during the fourth quarter of 2024.
“We are seeing a steady growth in revenue as urologists increase their use of ANKTIVA to treat NMIBC carcinoma in situ (CIS) patients, particularly since we addressed the BCG shortage with the launch of our rBCG EAP in February,” said Richard Adcock, President and CEO of ImmunityBio (IBRX). “Nearly 200 urological practices are in early stages of implementation or have already begun administering rBCG to patients, many of them in rural areas where patients otherwise would not have access to this treatment. This not only lets us help more patients, it opens a new marketplace for ImmunityBio’s therapies.”
“ANKTIVA’s increasing use by urologists shows the real-world benefits of our unique approach to immunotherapy,” said Dr. Patrick Soon-Shiong, Founder, Executive Chairman, Global Chief Scientific & Medical Officer of ImmunityBio (IBRX). “We’re making excellent progress in developing our pipeline, and now have multiple sites open for our second-line lung cancer study as well as having submitted an EAP protocol for ANKTIVA for the treatment of lymphopenia. We are confident that we will continue to deliver more advanced treatment candidates based on our solid science.”
First-Quarter Ended March 31, 2025 Financial Summary and Comparison to Prior Year Quarter
Product Revenue, Net
Product revenue, net increased $16.5 million during the three months ended March 31, 2025, as compared to the three months ended March 31, 2024, due to sales of ANKTIVA, which was approved in April 2024.
Research and Development Expense
Research and development (R&D) expense decreased $5.1 million to $48.2 million during the three months ended March 31, 2025, as compared to $53.3 million during the three months ended March 31, 2024. The decrease was primarily driven by lower external manufacturing costs, research agreement expenses, stock-based compensation expenses, equipment expenses, and consulting costs.
Selling, General and Administrative Expenses
Selling, general and administrative expense (SG&A) decreased $9.2 million to $32.7 million during the three months ended March 31, 2025, as compared to $41.9 million during the three months ended March 31, 2024. The decrease was due to lower costs related to litigation settlements and commercial consulting activities.
Net Loss Attributable to ImmunityBio Common Stockholders
Net loss attributable to ImmunityBio (IBRX) common stockholders was $129.6 million during the three months ended March 31, 2025, compared to $134.1 million during the three months ended March 31, 2024. The reduction of loss was primarily driven by product revenue, lower R&D and SG&A expense described above, lower related-party interest expense, and changes in the fair value of derivative liabilities, partially offset by changes in the fair value of our related-party convertible note and an increase in interest expense related to the revenue interest liability.
Cash and Marketable Securities Position
As of March 31, 2025, on a pro forma basis, the Company had consolidated cash and cash equivalents, and marketable securities of $136.4 million after giving effect to net proceeds of $74.8 million from an equity financing in April.
ImmunityBio, Inc. (IBRX)
Condensed Consolidated Statements of Operations
|
|
| |
| | Three Months Ended
March 31,
| (Unaudited; in thousands, except per share amounts)
| | 2025
|
| 2024
|
| |
|
|
| Revenue
| |
|
|
| Product revenue, net
| | $
| 16,509
|
|
| $
| —
|
| Other revenues
| |
| 8
|
|
|
| 40
|
| Total revenue
| |
| 16,517
|
|
|
| 40
|
| Operating costs and expenses
| |
|
|
| Cost of sales
| |
| 58
|
|
|
| —
|
| Research and development
| |
| 45,976
|
|
|
| 51,322
|
| Research and development – related parties
| |
| 2,258
|
|
|
| 2,029
|
| Selling, general and administrative
| |
| 31,977
|
|
|
| 41,454
|
| Selling, general and administrative – related parties
| |
| 677
|
|
|
| 431
|
| Total operating costs and expenses
| |
| 80,946
|
|
|
| 95,236
|
| Loss from operations
| |
| (64,429
| )
|
|
| (95,196
| )
| Other income (expense), net:
| |
|
|
| Interest and investment income, net
| |
| 887
|
|
|
| 3,099
|
| Change in fair value of warrant and derivative liabilities, and related-party convertible notes
| |
| (37,452
| )
|
|
| (4,526
| )
| Interest expense – related party
| |
| (15,313
| )
|
|
| (29,458
| )
| Interest expense related to revenue interest liability
| |
| (13,534
| )
|
|
| (8,004
| )
| Interest expense
| |
| (18
| )
|
|
| (25
| )
| Other expense, net
| |
| (41
| )
|
|
| (20
| )
| Total other expense, net
| |
| (65,471
| )
|
|
| (38,934
| )
| Loss before income taxes and noncontrolling interests
| |
| (129,900
| )
|
|
| (134,130
| )
| Income tax expense
| |
| 234
|
|
|
| —
|
| Net loss
| |
| (129,666
| )
|
|
| (134,130
| )
| Net loss attributable to noncontrolling interests, net of tax
| |
| (20
| )
|
|
| (21
| )
| Net loss attributable to ImmunityBio (IBRX) common stockholders
| | $
| (129,646
| )
|
| $
| (134,109
| )
|
| |
|
|
| Net loss per ImmunityBio (IBRX) common share – basic
| | $
| (0.15
| )
|
| $
| (0.20
| )
| Net loss per ImmunityBio (IBRX) common share – diluted
| | $
| (0.15
| )
|
| $
| (0.20
| )
| Weighted-average number of common shares used in computing net loss
per share – basic
| |
| 853,162
|
|
|
| 672,831
|
| Weighted-average number of common shares used in computing net loss
per share – diluted
| |
| 853,162
|
|
|
| 672,831
|
|
ImmunityBio, Inc. (IBRX)
Selected Balance Sheet Data
|
| |
|
|
| | (Unaudited; in thousands)
| | March 31,
2025
|
|
| December 31,
2024
|
| |
|
|
|
| Cash and cash equivalents, and marketable securities
| | $
| 136,361
|
| (a)
|
| $
| 149,809
|
| Total assets
| |
| 303,759
|
|
|
|
| 382,933
|
| Total related-party debt
| |
| 485,717
|
|
|
|
| 461,877
|
| Revenue interest liability
| |
| 296,287
|
|
|
|
| 284,404
|
| Total liabilities
| |
| 894,241
|
|
|
|
| 871,062
|
| Total ImmunityBio (IBRX) stockholders’ deficit
| |
| (591,431
| )
|
|
|
| (489,098
| )
| Total liabilities and stockholders’ deficit
| |
| 303,759
|
|
|
|
| 382,933
|
|
|
|
| | (a)
| | Cash and cash equivalents, and marketable securities presented in the table above include $61,591 held as of March 31, 2025 and the pro forma effect of net proceeds of $74,770 from an equity financing in April.
|
ImmunityBio, Inc. (IBRX)
Summary Reconciliations of Cash Flows
|
| | |
| | Three Months Ended
March 31,
| (Unaudited; in thousands)
| | 2025
|
| 2024
|
| |
|
|
| Cash (used in) provided by:
| |
|
|
| Net cash used in operating activities
| | $
| (85,905
| )
|
| $
| (106,982
| )
| Net cash provided by (used in) investing activities
| |
| 4,129
|
|
|
| (35,622
| )
| Net cash (used in) provided by financing activities
| |
| (982
| )
|
|
| 10,225
|
| Effect of exchange rate changes on cash and cash equivalents, and restricted cash
| |
| (10
| )
|
|
| (39
| )
| Net change in cash and cash equivalents, and restricted cash
| |
| (82,768
| )
|
|
| (132,418
| )
| Cash and cash equivalents, and restricted cash, beginning of period
| |
| 143,912
|
|
|
| 265,787
|
| Cash and cash equivalents, and restricted cash, end of period
| | $
| 61,144
|
|
| $
| 133,369
|
|
|
