0001326110-26-000059
SEC filingImmunityBio delivered explosive 168% YoY revenue growth to $44.2M in Q1 2026, driven by ANKTIVA commercialization and bioreactor consumables — validating early market adoption — while gross margin remained elevated at 99.5% due to the timing of pre-launch inventory cost recognition.
Gross profit reached $44.0M, yielding a gross margin of 99.5%. This exceptionally high margin stems from the accounting treatment of pre-launch inventory: as noted in Management’s Discussion, ‘our initial product gross margin is higher as our pre-launch inventory costs are not included in the cost of sales.’ Those costs were expensed earlier, outside of cost of sales, creating a temporary margin uplift. Management expects the cost of sales for ANKTIVA to increase relative to product revenues as those pre-approved inventories are depleted — a structural headwind to gross margin that will emerge over time.
Operating income was -$69.8M, a modest 8.3% deterioration year-over-year. This reflects sustained investment in commercial infrastructure and research and development, particularly for ANKTIVA label expansions in the U.S. — a priority explicitly highlighted in Management’s Discussion. Selling, general and administrative expenses are also expected to increase ‘for the foreseeable future’ as the company scales U.S. operations and advances public-company compliance and fundraising activities.
Net cash used in operating activities improved to -$75.4M from -$85.9M in Q1 2025, suggesting progress in working capital management despite higher absolute spending. Capital expenditures totaled $1.8M, described in Management’s Discussion as relating to ‘acquisition of goods and services in the ordinary course of business,’ including open purchase orders and equipment. Free cash flow was -$77.1M, consistent with this profile. No financing activity figures are present in the authoritative financial packet, so no commentary on funding sources or cash position changes is supported.