ImmunityBio, Inc. is a clinical-stage biotechnology firm, founded in 2014 and based in San Diego, California. The company is focused on developing ...
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Operator: Good afternoon, and welcome to ImmunityBio's Full Year 2025 Earnings Conference Call. [Operator Instructions] Please be advised that today's call is being recorded, and a replay will be available on the Investor Relations section of ImmunityBio's website. Before we begin, I'd like to remind you that this presentation and accompanying discussion will contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. All statements, other than statements of historical fact, are forward-looking statements, including, but not limited to, statements regarding our future financial performance, expected revenues, operating expenses, cash runway, clinical development plans, regulatory submissions and approvals, strategic collaborations, manufacturing capabilities, commercial launch planning and timing, market opportunities, and business strategy. These statements involve risks and uncertainties that could cause actual results to differ materially from those described. For a discussion of risk factors that could cause these differences, please refer to ImmunityBio's most recent filings with the Securities and Exchange Commission, including our Form 10-K filed on February 23, 2026. The company cautions you not to place undue reliance on any forward-looking statements, which speak only as of today's date. The company will not be providing forward financial guidance on today's call. Joining us today are Dr. Patrick Soon-Shiong, Founder, Executive Chairman, and Global Chief Scientific and Medical Officer; and Richard Adcock, President and Chief Executive Officer. I'll now turn the call over to Dr. Patrick Soon-Shiong. Patrick Soon-Shiong: Welcome, everybody, to our conference call, and it's really a seminal moment for the company where on an annual basis, we provide an update. But this year, it's really very special because not only do we have an approval, we have the commercial results that we can show that's operational excellence on execution. We will have Rich Adcock, the CEO, present that. But before we go into the commercial launch of ANKTIVA, I would like to take this opportunity to really give a little context and history of ImmunityBio, its evolution, and more importantly, the strategy that we've embarked on since 2015 when NantKwest went public and then all the way to its merger with NantCell and the public offering of ImmunityBio. I want to indulge in doing so because I think it explains to our audience the platform of the products that make up the BioShield platform. On the one hand, we have ANKTIVA, which is truly the backbone of this entire BioShield platform. And the reason it's a backbone is: one, it is approved; two, its mechanism of action is unique. It's the first time in medical history, quite literally, that there is a cytokine molecule called IL-15 that is now approved that one has been identified by the National Cancer Institute as the #1 molecule to cure cancer as far back as 2007. …
Est. EPS $-0.07 · Revenue $59.23M · 2 analysts
Est. EPS $-0.07 · Revenue $71.21M · 2 analysts
| Metric | Latest | YoYYoY means Year-over-Year. It compares the latest annual value with the previous annual value to show long-term trend strength. | QoQQoQ means Quarter-over-Quarter. It compares the latest quarter with the immediately previous quarter to show short-term momentum changes. |
|---|---|---|---|
| The total money that came through the front door from selling things, before paying a single bill. Think of it as the grand total of every credit card swipe from customers. (YoY compares this year to last year's performance, while QoQ compares the current three months to the previous three). |
| Name | Title | Compensation | Gender | Year Born | Status |
|---|---|---|---|---|---|
Richard Gerald Adcock | President, Chief Executive Officer & Director | USD 1,575,719 | Male | 1969 | Active |
Patrick Soon-Shiong FRCS | Founder, Executive Chairman and Global Chief Scientific & Medical Officer |
| USD 1,152,021 |
| — |
| 1953 |
| Active |
David C. Sachs | Chief Financial Officer | USD 902,174 | Male | 1978 | Active |
Regan J. Lauer | Chief Accounting Officer | USD 522,490 | Female | 1970 | Active |
Hans Georg Klingemann | Chief Science Officer of Cellular | — | — | 1950 | Active |
Enrique Diloné | Chief Technology Officer | — | — | 1967 | Active |
Leonard S. Sender | Chief Medical Officer of Liquid Tumors & Cell Therapy | — | — | — | Active |
Sandeep K. Reddy | Chief Medical Officer | — | — | — | Active |
Sarah Singleton | Chief Communications Officer & Head of Patient Advocacy | — | Female | — | Active |
Barry J. Simon | Chief Corporation Affairs Officer & Director | — | — | 1965 | Active |
Emily Arison | Senior Vice President of Human Resources | — | Female | — | Active |
Est. EPS $-0.96 · Revenue $225.58M · 2 analysts
Est. EPS $-0.09 · Revenue $65.75M · 1 analysts
EPS $-0.15 · Revenue $16.52M
| $113.3M |
| +668.3% |
| +15.9% |
| Net IncomeThe absolute bottom line. If the company paid every single supplier, employee, banker, and tax collector, this is the actual money left in their pocket at the end of the day. | $-351.4M | +15.0% | +63.6% |
| Gross MarginThe basic markup. If they sell a $100 pair of sneakers, this percentage tells you how much of that price tag is profit right after paying for the rubber and shoelaces, but before paying for things like store rent or TV commercials. | +99.3% | -0.7% | -0.0% |
| Operating MarginThe 'day job' efficiency score. Out of every dollar a customer spends, this shows how many cents the company keeps after making the product AND paying for all the everyday corporate overhead (like salaries, marketing, and keeping the lights on). | -226.0% | +90.3% | +23.7% |
| Net MarginThe final take-home percentage. When you strip away every conceivable cost, tax, and interest payment, this is the exact number of cents the company truly gets to keep from every dollar in sales. | -310.2% | +88.9% | +68.6% |
| Free Cash FlowThe holy grail of corporate cash. It's the spendable, physical money left over after the business pays for its daily operations AND buys the big, expensive upgrades (like new factories or servers) it needs to survive. This is the 'free' money they can use to pay dividends or buy back stock. | $-308.8M | +22.4% | -90.7% |
| FCF MarginThe ultimate cash conversion rate. It shows how good the company is at turning regular sales directly into cold, hard, spendable cash. A high percentage means the business is an absolute cash-printing machine. | -272.6% | +89.9% | -64.6% |
| Debt / EquityThe financial risk gauge. It compares how much of the company's empire was built using borrowed money (loans) versus the owners' own money (shareholders). A high number means they are heavily leveraged and playing a riskier game; a low number means they are playing it safe. | -175.8% | -70.5% | +39.9% |
| Current RatioThe 12-month survival check. It simply compares the cash they have right now (plus things they can quickly turn into cash) against the immediate bills they absolutely must pay this year. A score above 1 means they have enough in the wallet to cover the upcoming bills without panicking. | 5.10x | +51.8% | -14.2% |
| Total AssetsThe absolute size of the company's empire. It bundles together absolutely everything of value they own—from the cash in the register and the inventory in the warehouse, to the software patents in the vault and the factories on the ground. | $501.9M | +31.1% | -2.8% |
| Metric | Annual (A vs E) | Annual Surprise | Quarter (A vs E) | Quarter Surprise |
|---|---|---|---|---|
| EPS Surprise | -0.38 vs -0.39 | +1.6% | -0.22 vs -0.07 | -214.3% |
| Revenue Surprise | $113.3M vs $113.3M | -0.0% | $51.2M vs $59.2M | -13.5% |
| Date | Executive | Title | Security | Side | Shares | Price |
|---|---|---|---|---|---|---|
| Jul 2, 2026 | Cohen Cheryl | director | Common Stock | A | 55,979 | $2.98 |
| Jul 2, 2026 | Cohen Cheryl | director | Common Stock | D | 131,210 | $9.50 |
| Jul 2, 2026 | Cohen Cheryl | director | Stock Option (right to buy) | D | 55,979 | $2.98 |
| Jul 1, 2026 | Selecky Christobel | director | Common Stock | A | 124,414 | $2.99 |
| Jul 1, 2026 | Selecky Christobel | director | Common Stock | A | 35,064 | $2.98 |
