ImmunityBio 2025 Q2 Earnings Sustained Losses Amid Strong Revenue Surge

ImmunityBio (IBRX) reported mixed results in Q2 2025, showcasing a 2423.9% year-over-year revenue increase to $26.43 million while continuing to post significant net losses. The earnings did not include a formal guidance adjustment, and the results fell in line with expectations based on the company’s ongoing commercial traction with ANKTIVA.

Revenue
ImmunityBio’s total revenue soared to $26.43 million in Q2 2025, a 2423.9% increase from $1.05 million in the same quarter the previous year. This growth was primarily driven by a remarkable $26.42 million in product revenue, while other revenues contributed a nominal $4,000. The company’s revenue surge reflects the continued commercial success of ANKTIVA in BCG-unresponsive non-muscle invasive bladder cancer.

Earnings/Net Income
Despite the significant revenue increase, ImmunityBio continued to report a net loss. For Q2 2025, the company recorded a net loss of $-92.57 million, narrowing from $-134.58 million in the prior-year period—a 31.2% reduction. On a per-share basis, the loss improved to $-0.10 from $-0.20, indicating a 50% improvement. However, the company has now posted losses for 12 consecutive years in the corresponding fiscal quarter, underscoring ongoing financial challenges.

Price Action
The stock price of ImmunityBio has shown mixed performance in the near term. Shares edged up 0.42% during the latest trading day, but fell 5.12% over the most recent full week and tumbled 11.40% month-to-date as of the report’s publication date.

Post-Earnings Price Action Review
The investment strategy of buying ImmunityBio shares immediately following a revenue growth quarter on the financial report release date and holding for 30 days delivered underwhelming results over the past three years. The approach yielded a return of -58.33%, significantly underperforming the 48.58% benchmark return. The excess return of -106.91% and a negative compound annual growth rate (CAGR) of -26.08% highlight the strategy’s poor performance. While the strategy’s Sharpe ratio of -0.22 indicated minimal risk, it failed to capitalize on broader market gains, resulting in substantial losses.

CEO Commentary
ImmunityBio CEO, Dr. Fred Bateman, emphasized the company’s strong Q2 revenue performance with $26.4 million in sales, a 60% increase from Q1 2025. He highlighted the 246% unit growth since the J-code approval and noted the successful execution of key clinical and regulatory milestones, including the launch of the ResQ201A trial in lung cancer and progress in lymphopenia and Lynch Syndrome programs. The CEO expressed optimism about the company’s commercial and clinical momentum, supported by a robust cash position of $153.7 million and recent $80 million in equity financing.

Guidance
The company has not issued a formal earnings guidance update for the current fiscal year. However, management remains focused on advancing key clinical trials, expanding market access for ANKTIVA in global markets, and strengthening its balance sheet through strategic financing.

Additional News
ImmunityBio announced several significant developments in Q2 2025, including the launch of the ResQ201A clinical trial in the U.S. for second-line non-small cell lung cancer. The company also secured regulatory approval from the UK’s MHRA for ANKTIVA in BCG-unresponsive bladder cancer and submitted its application to the National Comprehensive Cancer Network (NCCN) for expanded guidelines in papillary-only disease. Additionally, the company has activated its Expanded Access Program for lymphopenia and initiated full enrollment in a cancer prevention trial for patients with Lynch Syndrome. These milestones underscore ImmunityBio’s broadening clinical and commercial footprint.