ImmunityBio Files Q2 2024 10-Q

TL;DR

IBRX Q2 10-Q is in. Check financials for latest burn rate and pipeline updates.

AI Summary

ImmunityBio, Inc. filed its 10-Q for the period ending June 30, 2024. The company, formerly NantKwest, Inc., is involved in biological products. Key financial details and operational updates for the second quarter of 2024 are presented in this filing.

Why It Matters

This filing provides investors and analysts with the latest financial performance and operational status of ImmunityBio, Inc., crucial for understanding its current standing and future prospects.

Risk Assessment

Risk Level: medium — As a biotech company, ImmunityBio faces inherent risks related to drug development, regulatory approvals, and market competition.

Key Players & Entities

• ImmunityBio, Inc. (company) — Filer of the 10-Q
• NantKwest, Inc. (company) — Former name of ImmunityBio, Inc.
• 20240630 (date) — End of reporting period
• 20240812 (date) — Filing date

FAQ

Key Financial Figures

• $0.0001 — ich registered Common Stock, par value $0.0001 per share IBRX The Nasdaq Global Select

Filing Documents

• ibrx-20240630.htm (10-Q) — 2705KB
• ibrx-2024630x10qexhibit101.htm (EX-10.1) — 127KB
• ibrx-2024630x10qexhibit311.htm (EX-31.1) — 11KB
• ibrx-2024630x10qexhibit312.htm (EX-31.2) — 11KB
• ibrx-2024630x10qexhibit321.htm (EX-32.1) — 5KB
• ibrx-2024630x10qexhibit322.htm (EX-32.2) — 5KB
• ibrx-20240630_g1.jpg (GRAPHIC) — 1270KB
• 0001326110-24-000103.txt ( ) — 16132KB
• ibrx-20240630.xsd (EX-101.SCH) — 93KB
• ibrx-20240630_cal.xml (EX-101.CAL) — 140KB
• ibrx-20240630_def.xml (EX-101.DEF) — 536KB
• ibrx-20240630_lab.xml (EX-101.LAB) — 897KB
• ibrx-20240630_pre.xml (EX-101.PRE) — 707KB
• ibrx-20240630_htm.xml (XML) — 2080KB

—FINANCIAL INFORMATION

PART I—FINANCIAL INFORMATION Item 1.

Financial Statements

Financial Statements Condensed Consolidated Balance Sheets – As of June 30, 2024 and December 31, 2023 1 Condensed Consolidated Statements of Operations – For the three and six months ended June 30, 2024 and 2023 3 Condensed Consolidated Statements of Comprehensive Loss – For the three and six months ended June 30, 2024 and 2023 4 Condensed Consolidated Statements of Stockholders' Deficit – For the three and six months ended June 30, 2024 and 2023 5 Condensed Consolidated Statements of Cash Flows – For the six months ended June 30 , 2024 and 2023 7 Notes to Unaudited Condensed Consolidated Financial Statements 10 Item 2.

Management's Discussion and Analysis of Financial Condition and Results of Operations

Management's Discussion and Analysis of Financial Condition and Results of Operations 49 Item 3.

Quantitative and Qualitative Disclosures about Market Risk

Quantitative and Qualitative Disclosures about Market Risk 73 Item 4.

Controls and Procedures

Controls and Procedures 73

—OTHER INFORMATION

PART II—OTHER INFORMATION Item 1.

Legal Proceedings

Legal Proceedings 75 Item 1A.

Risk Factors

Risk Factors 77 Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 146 Item 3. Defaults Upon Senior Securities 146 Item 4. Mine Safety Disclosures 146 Item 5. Other Information 146 Item 6. Exhibits 147

Signatures

Signatures 148 i Defined Terms Unless expressly indicated or the context required otherwise, the terms "ImmunityBio," "the company," "we," "us," and "our" in this Quarterly Report refer to ImmunityBio, Inc., a Delaware corporation, and, where appropriate, its subsidiaries. We have also used several other terms in this Quarterly Report, the unaudited condensed consolidated financial statements and accompanying notes included herein, most of which are defined below: Term Definition 2015 Plan ImmunityBio, Inc. 2015 Equity Incentive Plan 3M IPC 3M Innovative Properties Company 3PL Agent logistics agent AAHI Access to Advanced Health Institute ACA Affordable Care Act Altor Altor BioScience, LLC America Invents Act Leahy-Smith America Invents Act Amyris Amyris, Inc. ANKTIVA Proprietary name for N-803 (formerly ALT-803), our novel IL-15 agonist complex (nogapendekin alfa inbakicept-pmln) currently approved for use in the United States with BCG for the treatment of adult patients with BCG-unresponsive non-muscle invasive bladder cancer with carcinoma in situ with or without papillary tumors, and currently in clinical development for other indications. Annual Report Annual Report on Form 10-K for the year ended December 31, 2023 Approved product ANKTIVA ASC Accounting Standards Codification ASU Accounting Standards Update Athenex Athenex, Inc. ATM "at-the-market" sales agreement ATRA American Taxpayer Relief Act of 2012 BCG Bacillus Calmette-Gurin Beike Shenzhen Beike Biotechnology Co. Ltd. BLA Biologics License Application BPCIA Biologics Price Competition and Innovation Act of 2009 Brink Brink Biologics, Inc. Cambridge Cambridge Equities, LP CCPA California Consumer Privacy Act of 2018 CEO chief executive officer CFO chief financial officer cGMP current Good Manufacturing Practice China when used in connection with the RIPA, People's Republic of China, Hong Kong and any territories controlled by the People's Republic of China CI

—FINANCIAL INFORMATION

PART I—FINANCIAL INFORMATION

FINANCIAL STATEMENTS

ITEM 1. FINANCIAL STATEMENTS. ImmunityBio, Inc. and Subsidiaries Condensed Consolidated Balance Sheets (in thousands, except share and per share amounts) June 30, 2024 December 31, 2023 (Unaudited) ASSETS Current assets: Cash and cash equivalents $ 130,104 $ 265,453 Marketable securities 87,875 1,009 Accounts receivable, net 1,033 — Inventories 1,811 — Due from related parties 1,027 2,019 Prepaid expenses and other current assets (including amounts with related parties) 20,980 25,603 Total current assets 242,830 294,084 Marketable securities, noncurrent — 891 Property, plant and equipment, net 141,956 146,082 Intangible assets, net 16,058 17,093 Convertible note receivable 7,004 6,879 Operating lease right-of-use assets, net (including amounts with related parties) 33,817 36,543 Other assets (including amounts with related parties) 2,660 2,880 Total assets $ 444,325 $ 504,452 LIABILITIES AND STOCKHOLDERS' DEFICIT Current liabilities: Accounts payable $ 20,317 $ 9,195 Accrued expenses and other liabilities 35,344 42,708 Due to related parties 200 1,136 Operating lease liabilities (including amounts with related parties) 6,249 5,244 Total current liabilities 62,110 58,283 Related-party nonconvertible note, net of discount ( Note 11 ) 108,811 104,586 Related-party convertible notes and accrued interest, net of discount ( Note 11 ) 584,107 576,951 Revenue interest liability ( Note 10 ) 263,342 155,415 Operating lease liabilities, less current portion (including amounts with related parties) 36,427 39,942 Derivative liabilities ( Note 10 ) and ( Note 11 ) 20,807 35,333 Warrant liabilities 65,395 118,770 Other liabilities 704 1,109 Total liabilities 1,141,703 1,090,389 The accompanying notes are an integral part of these condensed consolidated financial statements. 1 Table of Contents ImmunityBio, Inc. and Subsidiaries Condensed Consolidated Balance Sheets (Continued) (in thousands, except share and per share amounts)

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View this 10-Q filing on SEC EDGAR