0001326110-25-000139 | 10-Q | XBRL Viewer

Segment Information (Tables)

9 Months Ended

Sep. 30, 2025

Reconciliation of Operating Profit (Loss) from Segments to Consolidated

Net loss for our reportable segment is as follows (in thousands):


	Three Months Ended September 30,				Nine Months Ended September 30,
	2025		2024		2025		2024





Total revenue	$	32,061	$	6,106	$	75,003	$	7,193
Cost of sales	177		—		371		—
Gross profit	31,884		6,106		74,632		7,193
Operating expenses
External research and development expense (including amounts with related parties) (1)	7,322		8,114		21,385		27,575
Internal research and development expense (including amounts with related parties): (2)
Personnel-related costs	23,397		22,712		70,094		69,765
Equipment, depreciation, and facility costs	12,843		13,223		39,146		39,279
Other research and development costs	7,670		6,394		24,077		18,304
Total internal research and development expense	43,910		42,329		133,317		127,348
Total research and development expense (including amounts with related parties)	51,232		50,443		154,702		154,923
Selling, general and administrative (including amounts with related parties)	36,282		35,916		111,274		127,052

Total operating expenses	87,514		86,359		265,976		281,975
Loss from operations	(55,630)		(80,253)		(191,344)		(274,782)
Other income (expense), net
Interest and investment income, net	2,067		1,798		4,107		6,788
Interest expense (including amounts with related parties)	(15,282)		(29,322)		(46,092)		(88,599)
Change in fair value of warrant liabilities	14,905		31,324		18,346		10,222
Interest expense related to revenue interest liability	(12,302)		(10,925)		(39,241)		(28,154)

Change in fair value of related-party convertible note	(1,169)		—		(42,582)		—
Change in fair value of derivative liabilities	289		1,614		7,798		20,084
Other (expense) income, net	(187)		12		(506)		(25)
Total other expense, net	(11,679)		(5,499)		(98,170)		(79,684)
Loss before income taxes and noncontrolling interests	(67,309)		(85,752)		(289,514)		(354,466)
Income tax benefit	35		—		—		—
Net loss	(67,274)		(85,752)		(289,514)		(354,466)
Net loss attributable to noncontrolling interests, net of tax	(21)		(23)		(60)		(64)
Net loss attributable to ImmunityBio common stockholders	$	(67,253)	$	(85,729)	$	(289,454)	$	(354,402)

_______________


(1)			Our external research and development expense supports our various preclinical and clinical programs.
(2)			Our internal research and development expense includes payroll and benefits expenses, facilities and equipment expense, and other indirect research and development expenses incurred in support of our research and development activities.

Schedule of Revenue by Geographic Region

We generate a portion of our revenues from outside of the U.S. Information about our revenue by geographic region is as follows (in thousands):


	Three Months Ended September 30,				Nine Months Ended September 30,
	2025		2024		2025		2024


U.S.	$	31,799	$	5,986	$	74,741	$	6,997
Europe	262		120		262		196
Total segment revenue	$	32,061	$	6,106	$	75,003	$	7,193

Financial Instruments

9 Months Ended

Sep. 30, 2025

Investments, Debt and Equity Securities [Abstract]

Financial Instruments

Investments in Marketable Debt Securities

As of September 30, 2025 and December 31, 2024, the weighted-average remaining contractual life, amortized cost, gross unrealized gains, gross unrealized losses, and fair value of marketable debt securities, which were considered as available-for-sale, by type of security were as follows (in thousands):


	September 30, 2025

	Weighted- Average Remaining Contractual Life (in years)	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value

Current:
U.S. Treasury securities	0.4	$	197,532	$	67	$	(27)	$	197,572


	December 31, 2024
	Weighted- Average Remaining Contractual Life (in years)	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value

Current:
U.S. Treasury securities	0.3	$	6,094	$	2	$	—	$	6,096

As of September 30, 2025, six of the securities were in an unrealized loss position. As of December 31, 2024, no marketable debt securities were in an unrealized loss position. Accumulated unrealized losses on marketable debt securities that have been in a continuous loss position for less than 12 months and more than 12 months were as follows (in thousands):


	September 30, 2025

	Less than 12 months				More than 12 months
	Estimated Fair Value		Gross Unrealized Losses		Estimated Fair Value		Gross Unrealized Losses

U.S. Treasury securities	$	80,255	$	(27)	$	—	$	—

Investments in Marketable Equity Securities

We held investments in marketable equity securities with readily determinable fair value. See Note 9 “Fair Value Measurements” for more information.

Investment in Other Equity Security

In August 2024, the company entered into a SAFE with an unrelated party in exchange for the right to acquire certain shares of the investee. Upon the closing of equity financing by the investee prior to the termination of the SAFE, the SAFE will convert into preferred shares. We elected to apply the measurement alternative under FASB ASC Topic 321, Investments—Equity Securities (ASC 321), pursuant to which we measure our investment in the SAFE at cost, less impairment. As of September 30, 2025 and December 31, 2024, we held an investment in the SAFE of $0.7 million in other assets, on the condensed consolidated balance sheet. We evaluate this investment for any indications of impairment in value on a quarterly basis. No factors indicative of impairment were identified during the three and nine months ended September 30, 2025.

Interest and Investment Income, Net

Interest and investment income, net consists of the following (in thousands):


	Three Months Ended September 30,				Nine Months Ended September 30,
	2025		2024		2025		2024


Investment accretion income, net	$	1,324	$	1,675	$	2,284	$	5,732
Interest income	772		638		2,110		1,631
Net realized losses on investments	(33)		(10)		(287)		(55)
Unrealized gains (losses) from equity securities	4		(505)		—		(520)
Interest and investment income, net	$	2,067	$	1,798	$	4,107	$	6,788

Interest income includes interest from marketable securities, a convertible note receivable, other assets, and on bank deposits. Investment accretion income (amortization expense), net includes accretion of discounts (amortization of premiums) from securities classified as cash equivalents and marketable debt securities.

Condensed Consolidated Balance Sheets (Unaudited) - USD ($) $ in Thousands	Sep. 30, 2025	Dec. 31, 2024
Current assets:
Cash and cash equivalents	$ 60,241	$ 143,428
Marketable securities	197,572	6,381
Accounts receivable, net	32,016	2,360
Inventories	6,703	8,272
Prepaid expenses and other current assets	32,947	23,852
Total current assets	329,497	184,586
Property, plant and equipment, net	129,597	137,094
Goodwill and intangible assets, net	14,475	15,933
Convertible note receivable	7,317	7,130
Operating lease right-of-use assets, net	33,195	33,363
Total assets	518,987	382,933
Current liabilities:
Accrued expenses and other liabilities	43,602	40,580
Operating lease liabilities	7,316	7,466
Total current liabilities	57,134	54,944
Revenue interest liability (Note 13)	316,145	284,404
Operating lease liabilities, less current portion	34,130	34,823
Derivative liabilities (Note 13)	18,322	26,120
Warrant liabilities (Note 16)	115,160	8,575
Other liabilities	702	319
Total liabilities	1,042,397	871,062
Commitments and contingencies (Note 11)
Stockholders’ deficit:
Common stock, $0.0001 par value; 1,350,000,000 shares authorized as of September 30, 2025 and December 31, 2024; 984,965,179 and 852,904,340 shares issued and outstanding as of September 30, 2025 and December 31, 2024, respectively; excluding treasury stock, 163,800 shares outstanding as of September 30, 2025 and December 31, 2024	98	85
Additional paid-in capital	3,135,288	2,884,867
Accumulated deficit	(3,664,702)	(3,375,248)
Accumulated other comprehensive income	4,997	1,198
Total ImmunityBio stockholders’ deficit	(524,319)	(489,098)
Noncontrolling interests	909	969
Total stockholders’ deficit	(523,410)	(488,129)
Total liabilities and stockholders’ deficit	518,987	382,933
Non-related Party
Current assets:
Prepaid expenses and other current assets	31,451	20,872
Operating lease right-of-use assets, net	19,273	17,407
Other assets	4,473	4,449
Current liabilities:
Accounts payable	5,773	6,725
Operating lease liabilities	3,770	4,005
Operating lease liabilities, less current portion	19,805	17,864
Related-Party
Current assets:
Due from related parties	18	293
Prepaid expenses and other current assets	1,496	2,980
Operating lease right-of-use assets, net	13,922	15,956
Other assets	433	378
Current liabilities:
Accounts payable	443	173
Operating lease liabilities	3,546	3,461
Related-party convertible note payable, at fair value (Note 9 and Note 14)	500,804	461,877
Operating lease liabilities, less current portion	$ 14,325	$ 16,959

Related-Party Debt - $505 million December 2024 Promissory Note (Detail) - Affiliated Entity - USD ($) $ / shares in Units, $ in Thousands	1 Months Ended	9 Months Ended	12 Months Ended
	Dec. 31, 2024	Sep. 30, 2025	Dec. 31, 2024	Dec. 10, 2024	Dec. 31, 2023
Promissory Note \| $505 Million Promissory Note, December 2023, Tranche 1
Related Party Transaction [Line Items]
Principal Amount					$ 125,000
Convertible Note \| $505 Million Promissory Note, December 2024
Related Party Transaction [Line Items]
Face amount	$ 505,000	$ 505,000	$ 505,000
Principal Amount	$ 505,000	$ 505,000	$ 505,000
Interest rate spread		8.00%	8.00%
Conversion price (in dollars per share)	$ 5.4270		$ 5.4270
Gain (Loss) on debt extinguishment	$ 10,400
Convertible Note \| $505 Million Promissory Note, December 2024 \| Additional Paid-in Capital
Related Party Transaction [Line Items]
Conversion of convertible promissory notes	$ 188,500
Convertible Note \| $505 Million Promissory Note, December 2023, Tranche 2
Related Party Transaction [Line Items]
Principal Amount					$ 380,000
Prepayment and accrued interest upon specified transaction		$ 50,000
Convertible Note \| $30 Million March 2023 Promissory Note
Related Party Transaction [Line Items]
Face amount				$ 30,000
Convertible Note \| $200 Million September 2023 Promissory Note
Related Party Transaction [Line Items]
Face amount				$ 200,000

Income Taxes - Additional Information (Detail) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2025	Sep. 30, 2024	Sep. 30, 2025	Sep. 30, 2024
Income Tax Disclosure [Abstract]
Income tax expense	$ (35)	$ 0	$ 0	$ 0

- Definition

Amount of current income tax expense (benefit) and deferred income tax expense (benefit) pertaining to continuing operations.

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Revenue Interest Purchase Agreement - Derivative Instruments (Detail) - Revenue Interest Purchase Agreement - USD ($) $ in Thousands	3 Months Ended
	Sep. 30, 2025	Jun. 30, 2025	Mar. 31, 2025
Revenue Recognition, Milestone Method [Line Items]
Fair value, beginning of period	$ 18,300	$ 20,240	$ 25,800
Change in fair value	(300)	(1,940)	(5,560)
Fair value, end of period	$ 18,000	$ 18,300	$ 20,240

Revenue Interest Purchase Agreement - Summary of the Revenue Interest Liability Activity (Detail) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2025	Sep. 30, 2024	Sep. 30, 2025	Sep. 30, 2024
Long-Term Debt [Roll Forward]
Revenue interest liability, beginning balance			$ 284,404
Revenue interest liability, ending balance	$ 316,145		316,145
Revenue Interest Purchase Agreement
Long-Term Debt [Roll Forward]
Revenue interest liability, beginning balance			284,404
Interest expense recognized	12,300	$ 10,900	39,241	$ 28,200
Accrued revenue interest payment			(675)
Revenue interest payment			(6,825)
Revenue interest liability, ending balance	$ 316,145		$ 316,145

Revenues - Disaggregation of Revenue (Detail) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2025	Sep. 30, 2024	Sep. 30, 2025	Sep. 30, 2024
Disaggregation of Revenue [Line Items]
Total revenue	$ 32,061	$ 6,106	$ 75,003	$ 7,193
Product revenue, net
Disaggregation of Revenue [Line Items]
Total revenue	31,780	5,954	74,710	6,944
Other revenues
Disaggregation of Revenue [Line Items]
Total revenue	$ 281	$ 152	$ 293	$ 249

- Definition

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Condensed Consolidated Balance Sheets (Unaudited) (Parenthetical) - $ / shares	Sep. 30, 2025	Dec. 31, 2024
Statement of Financial Position [Abstract]
Common stock, par value (in dollars per share)	$ 0.0001	$ 0.0001
Common stock, shares authorized (in shares)	1,350,000,000	1,350,000,000
Common stock, shares issued (in shares)	984,965,179	852,904,340
Common stock, shares outstanding (in shares)	984,965,179	852,904,340
Treasury stock, common shares (in shares)	163,800	163,800

Financial Instruments - Accumulated Unrealized Losses on Marketable Debt Securities in Continuous Loss Position (Detail) - U.S. Treasury securities $ in Thousands	Sep. 30, 2025 USD ($)
Schedule Of Available For Sale Securities [Line Items]
Less than 12 months, Estimated Fair Value	$ 80,255
Less than 12 months, Gross Unrealized Losses	(27)
More than 12 months, Estimated Fair Value	0
More than 12 months, Gross Unrealized Losses	$ 0

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 320
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-Section 50
-Paragraph 2
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-URI https://asc.fasb.org/1943274/2147481800/320-10-50-2

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+ Details

Warrant Liabilities - Carrying Amount (Detail) - Outstanding third-party warrants - USD ($) $ in Thousands	3 Months Ended
	Sep. 30, 2025	Jun. 30, 2025	Mar. 31, 2025
Fair Value of Warrants, Carrying Amount [Roll Forward]
Fair value, beginning of period	$ 66,957	$ 9,023	$ 8,575
Fair value at issuance	63,108	61,823
Change in fair value	(14,905)	(3,889)	448
Fair value, end of period	115,160	66,957	9,023
February 2023 Warrants
Fair Value of Warrants, Carrying Amount [Roll Forward]
Fair value, beginning of period	2,492	3,969	3,772
Fair value at issuance	0	0
Change in fair value	(765)	(1,477)	197
Fair value, end of period	1,727	2,492	3,969
July 2023 Warrants
Fair Value of Warrants, Carrying Amount [Roll Forward]
Fair value, beginning of period	3,173	5,054	4,803
Fair value at issuance	0	0
Change in fair value	(973)	(1,881)	251
Fair value, end of period	2,200	3,173	5,054
April 2025 Warrants
Fair Value of Warrants, Carrying Amount [Roll Forward]
Fair value, beginning of period	61,292	0	0
Fair value at issuance	0	61,823
Change in fair value	(7,140)	(531)	0
Fair value, end of period	$ 54,152	$ 61,292	$ 0

Stock-Based Compensation - Stock Based Compensation Expenses Related to Statement of Operations (Detail) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2025	Sep. 30, 2024	Sep. 30, 2025	Sep. 30, 2024
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items]
Stock-based compensation expense	$ 8,878	$ 7,489	$ 28,063	$ 25,394
Research and development
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items]
Stock-based compensation expense	2,756	1,818	7,829	8,960
Selling, general and administrative
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items]
Stock-based compensation expense	6,122	5,671	20,234	16,434
Stock options
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items]
Stock-based compensation expense	5,048	3,993	15,863	11,599
RSUs
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items]
Stock-based compensation expense	$ 3,830	$ 3,496	$ 12,200	$ 13,795

Related-Party Debt - Summary of Related-Party Promissory Notes (Detail) - Convertible Note - $505 Million Promissory Note, December 2024 - Affiliated Entity - USD ($) $ in Thousands	9 Months Ended	12 Months Ended
	Sep. 30, 2025	Dec. 31, 2024
Related Party Transaction [Line Items]
Face amount	$ 505,000	$ 505,000
Principal Amount	$ 505,000	$ 505,000
Interest rate spread	8.00%	8.00%
Level 3
Related Party Transaction [Line Items]
Amount	$ 500,804	$ 461,877

- Definition

Fair value portion of borrowing which can be exchanged for a specified number of another security at the option of the issuer or the holder, for example, but not limited to, the entity's common stock.

+ References

+ Details

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

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+ Details

Related-Party Debt - Estimated Material Contractual Obligations Related to Related-Party Promissory Notes (Detail) - Affiliated Entity - Convertible Note $ in Thousands	Sep. 30, 2025 USD ($)
Related Party Transaction [Line Items]
Effective interest rate	11.99%
Related Party Notes
Related Party Transaction [Line Items]
2025 (excluding the three months ended March 31, 2025)	$ 15,255
2026	60,526
2027	565,526
Total	641,307
Related Party Notes - Principal [Member]
Related Party Transaction [Line Items]
2025 (excluding the three months ended March 31, 2025)	0
2026	0
2027	505,000
Total	505,000
Interest Payments
Related Party Transaction [Line Items]
2025 (excluding the three months ended March 31, 2025)	15,255
2026	60,526
2027	60,526
Total	$ 136,307

Segment Information

9 Months Ended

Sep. 30, 2025

Segment Reporting [Abstract]

Segment Information

We operate in one operating segment, and therefore have one reportable segment, focused on developing next-generation therapies that bolster the natural immune system while addressing serious unmet needs within urologic and other cancers as well as infectious diseases. Our CEO is the chief operating decision-maker of the company and manages and allocates resources to our operations on a company-wide basis. Consistent with this decision-making process, our CEO uses consolidated, single-segment financial information for purposes of evaluating performance, forecasting future-period financial results, allocating resources, and setting incentive targets. The measure of segment performance is net income (loss) as reflected in the condensed consolidated statement of operations. The CODM uses net income (loss) to allocate resources on a consolidated basis, which enables the CODM to assess both the overall level of resources available and optimize distribution of resources across functions, therapeutic areas, regions and research and development programs in line with our long-term corporate-wide strategic goals. As the company manages its assets on a consolidated basis, the measure of segment assets is total assets, as reflected in the condensed consolidated balance sheet.

Net loss for our reportable segment is as follows (in thousands):


	Three Months Ended September 30,				Nine Months Ended September 30,
	2025		2024		2025		2024





Total revenue	$	32,061	$	6,106	$	75,003	$	7,193
Cost of sales	177		—		371		—
Gross profit	31,884		6,106		74,632		7,193
Operating expenses
External research and development expense (including amounts with related parties) (1)	7,322		8,114		21,385		27,575
Internal research and development expense (including amounts with related parties): (2)
Personnel-related costs	23,397		22,712		70,094		69,765
Equipment, depreciation, and facility costs	12,843		13,223		39,146		39,279
Other research and development costs	7,670		6,394		24,077		18,304
Total internal research and development expense	43,910		42,329		133,317		127,348
Total research and development expense (including amounts with related parties)	51,232		50,443		154,702		154,923
Selling, general and administrative (including amounts with related parties)	36,282		35,916		111,274		127,052

Total operating expenses	87,514		86,359		265,976		281,975
Loss from operations	(55,630)		(80,253)		(191,344)		(274,782)
Other income (expense), net
Interest and investment income, net	2,067		1,798		4,107		6,788
Interest expense (including amounts with related parties)	(15,282)		(29,322)		(46,092)		(88,599)
Change in fair value of warrant liabilities	14,905		31,324		18,346		10,222
Interest expense related to revenue interest liability	(12,302)		(10,925)		(39,241)		(28,154)

Change in fair value of related-party convertible note	(1,169)		—		(42,582)		—
Change in fair value of derivative liabilities	289		1,614		7,798		20,084
Other (expense) income, net	(187)		12		(506)		(25)
Total other expense, net	(11,679)		(5,499)		(98,170)		(79,684)
Loss before income taxes and noncontrolling interests	(67,309)		(85,752)		(289,514)		(354,466)
Income tax benefit	35		—		—		—
Net loss	(67,274)		(85,752)		(289,514)		(354,466)
Net loss attributable to noncontrolling interests, net of tax	(21)		(23)		(60)		(64)
Net loss attributable to ImmunityBio common stockholders	$	(67,253)	$	(85,729)	$	(289,454)	$	(354,402)

_______________


(1)			Our external research and development expense supports our various preclinical and clinical programs.
(2)			Our internal research and development expense includes payroll and benefits expenses, facilities and equipment expense, and other indirect research and development expenses incurred in support of our research and development activities.

We generate a portion of our revenues from outside of the U.S. Information about our revenue by geographic region is as follows (in thousands):


	Three Months Ended September 30,				Nine Months Ended September 30,
	2025		2024		2025		2024


U.S.	$	31,799	$	5,986	$	74,741	$	6,997
Europe	262		120		262		196
Total segment revenue	$	32,061	$	6,106	$	75,003	$	7,193

- Definition

The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments.

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+ Details

Segment Information (Detail) $ in Thousands	3 Months Ended						9 Months Ended
Segment Information (Detail) $ in Thousands	Sep. 30, 2025 USD ($)	Jun. 30, 2025 USD ($)	Mar. 31, 2025 USD ($)	Sep. 30, 2024 USD ($)	Jun. 30, 2024 USD ($)	Mar. 31, 2024 USD ($)	Sep. 30, 2025 USD ($) segment	Sep. 30, 2024 USD ($)
Segment Reporting [Abstract]
Number of operating segments \| segment							1
Number of Reportable Segments \| segment							1
Segment Reporting Information [Line Items]
Total revenue	$ 32,061			$ 6,106			$ 75,003	$ 7,193
Cost of sales	177			0			371	0
Loss from operations	(55,630)			(80,253)			(191,344)	(274,782)
Other income (expense), net
Interest and investment income, net	2,067			1,798			4,107	6,788
Change in fair value of related-party convertible note							(42,582)	0
Interest expense related to revenue interest liability	(12,302)			(10,925)			(39,241)	(28,154)
Change in fair value of derivative liabilities	289			1,614			7,798	20,084
Change in fair value of warrant liabilities	14,905			31,324			18,346	10,222
Other (expense) income, net	(187)			12			(506)	(25)
Total other expense, net	(11,679)			(5,499)			(98,170)	(79,684)
Loss before income taxes and noncontrolling interests	(67,309)			(85,752)			(289,514)	(354,466)
Income tax benefit	35			0			0	0
Net loss	(67,274)	$ (92,574)	$ (129,666)	(85,752)	$ (134,584)	$ (134,130)	(289,514)	(354,466)
Net loss attributable to noncontrolling interests, net of tax	(21)			(23)			(60)	(64)
Net loss attributable to ImmunityBio common stockholders	(67,253)			(85,729)			(289,454)	(354,402)
Related-Party
Segment Reporting Information [Line Items]
Total research and development expense (including amounts with related parties)	2,571			2,024			7,635	6,350
Selling, general and administrative (including amounts with related parties)	774			825			1,927	1,931
Other income (expense), net
Change in fair value of related-party convertible note	(1,169)			0			(42,582)	0
Interest expense (including amounts with related parties)	(15,256)			(29,322)			(46,043)	(88,567)
Reportable Segment
Segment Reporting Information [Line Items]
Total revenue	32,061			6,106			75,003	7,193
Cost of sales	177			0			371	0
Gross profit	31,884			6,106			74,632	7,193
External research and development expense (including amounts with related parties)	7,322			8,114			21,385	27,575
Personnel-related costs	23,397			22,712			70,094	69,765
Equipment, depreciation, and facility costs	12,843			13,223			39,146	39,279
Other research and development costs	7,670			6,394			24,077	18,304
Total internal research and development expense	43,910			42,329			133,317	127,348
Total research and development expense (including amounts with related parties)	51,232			50,443			154,702	154,923
Selling, general and administrative (including amounts with related parties)	36,282			35,916			111,274	127,052
Total operating costs and expenses	87,514			86,359			265,976	281,975
Loss from operations	(55,630)			(80,253)			(191,344)	(274,782)
Other income (expense), net
Interest and investment income, net	2,067			1,798			4,107	6,788
Interest expense (including amounts with related parties)	(15,282)			(29,322)			(46,092)	(88,599)
Interest expense related to revenue interest liability	(12,302)			(10,925)			(39,241)	(28,154)
Change in fair value of derivative liabilities	289			1,614			7,798	20,084
Change in fair value of warrant liabilities	14,905			31,324			18,346	10,222
Other (expense) income, net	(187)			12			(506)	(25)
Total other expense, net	(11,679)			(5,499)			(98,170)	(79,684)
Loss before income taxes and noncontrolling interests	(67,309)			(85,752)			(289,514)	(354,466)
Income tax benefit	35			0			0	0
Net loss	(67,274)			(85,752)			(289,514)	(354,466)
Net loss attributable to noncontrolling interests, net of tax	(21)			(23)			(60)	(64)
Net loss attributable to ImmunityBio common stockholders	(67,253)			(85,729)			(289,454)	(354,402)
Reportable Segment \| Related-Party
Other income (expense), net
Change in fair value of related-party convertible note	$ (1,169)			$ 0			$ (42,582)	$ 0

Financial Instruments - Additional Information (Detail) $ in Millions	Sep. 30, 2025 USD ($) security	Dec. 31, 2024 USD ($) security
Debt and Equity Securities, FV-NI [Line Items]
Number of securities in an unrealized loss position \| security	6	0
Equity Method Investment, Nonconsolidated Investee
Debt and Equity Securities, FV-NI [Line Items]
Other assets \| $	$ 0.7	$ 0.7

Collaboration and License Agreements and Acquisition - License Agreements - Additional Information (Detail) - 2022 - USD ($) $ in Thousands		3 Months Ended		9 Months Ended
	Jun. 14, 2022	Sep. 30, 2025	Sep. 30, 2024	Sep. 30, 2025	Sep. 30, 2024
3M IPC and Access to Advanced Health Institute License Agreement \| License Agreement Terms
Licensing Agreement [Line Items]
Periodic license payments, annual	$ 2,250
Annual minimum licensing payment	$ 1,000
Research and development expense		$ 600	$ 600	$ 1,700	$ 1,700
AAHI \| License Agreement Terms
Licensing Agreement [Line Items]
Research and development expense		0	1,400	0	4,200
AAHI \| Sponsored Research Agreement
Licensing Agreement [Line Items]
Research and development expense		$ 0	$ 0	$ 0	$ 800

Goodwill and Intangible Assets, Net (Tables)

9 Months Ended

Sep. 30, 2025

Goodwill and Intangible Assets Disclosure [Abstract]

Summary of Goodwill and Intangible Assets, Net

Intangible assets, net and goodwill are as follows at the dates indicated (in thousands):


	September 30, 2025

	Weighted- Average Life (in years)	Gross Carrying Amount		Accumulated Amortization		Net Carrying Amount

Definite-lived:
Favorable leasehold rights	6.4	$	20,398	$	(7,394)	$	13,004
Developed technology	4.8	553		(28)		525
Total definite-lived assets		20,951		(7,422)		13,529

Indefinite-lived:
Goodwill		910		—		910
In-process software development		36		—		36
Total indefinite-lived assets		946		—		946
Goodwill and intangible assets, net		$	21,897	$	(7,422)	$	14,475


	December 31, 2024
	Weighted- Average Life (in years)	Gross Carrying Amount		Accumulated Amortization		Net Carrying Amount

Definite-lived: Favorable leasehold rights	7.1	$	20,398	$	(5,864)	$	14,534
Indefinite-lived:
Goodwill		910		—		910
IPR&D		489		—		489
Total indefinite-lived assets		1,399		—		1,399
Goodwill and intangible assets, net		$	21,797	$	(5,864)	$	15,933

Summary of Future Amortization Expense Associated with Definite-Lived Intangible Assets

Future amortization expense associated with our definite-lived intangible assets, net is as follows (in thousands):


Years ending December 31:	Definite-lived Intangible Assets

2025 (excluding the nine months ended September 30, 2025)	$	538
2026	2,150
2027	2,150
2028	2,150
2029	2,150
2030	2,095
Thereafter	2,296
Total	$	13,529

Financial Statement Details - Prepaid Expenses and Other Current Assets (Detail) - USD ($) $ in Thousands	Sep. 30, 2025	Dec. 31, 2024
Financial Statement Details [Abstract]
Prepaid research and development costs	$ 9,734	$ 5,815
Prepaid services	7,746	7,762
Prepaid software license fees	4,398	2,687
Insurance premium financing asset	2,603	1,248
Other receivables	1,683	0
Prepaid insurance	1,528	2,057
Prepaid rent	1,476	1,532
Prepaid equipment maintenance	1,266	1,448
Other	2,513	1,303
Prepaid expenses and other current assets (including amounts with related parties)	$ 32,947	$ 23,852

Related-Party Agreements (Tables)

9 Months Ended

Sep. 30, 2025

Summary of Outstanding Balances of Related-Party Agreements

Below is a summary of outstanding balances and a description of significant relationships (in thousands):


	September 30, 2025		December 31, 2024


Due from related party–Brink	$	18	$	59
Due from related party–NantWorks	—		161
Due from related parties–Various	—		73
Total due from related parties	$	18	$	293

Due to related party–NantWorks	$	285	$	—
Due to related party–Duley Road	128		134
Due to related party–the Clinic	30		21
Due to related parties–Various	—		18
Total due to related parties	$	443	$	173

Related-Party Debt - Change in Carrying Value (Detail) - Convertible Note - $505 Million Promissory Note, December 2024 - Affiliated Entity - USD ($) $ in Thousands	3 Months Ended
	Sep. 30, 2025	Jun. 30, 2025	Mar. 31, 2025
Long-Term Debt, Fair Value Disclosure [Roll Forward]
Fair value, beginning balance	$ 492,084	$ 485,717	$ 461,877
Change in fair value of related-party convertible note	1,169	(1,169)	42,582
Change in fair value of related-party convertible note related to instrument-specific credit risk	7,551	7,536	(18,742)
Fair value, ending balance	$ 500,804	$ 492,084	$ 485,717

- Definition

The fair value amount of long-term debt whether such amount is presented as a separate caption or as a parenthetical disclosure. Additionally, this element may be used in connection with the fair value disclosures required in the footnote disclosures to the financial statements. The element may be used in both the balance sheet and disclosure in the same submission.

+ References

+ Details

Stock-Based Compensation - Additional Information (Detail) - USD ($) $ / shares in Units, $ in Millions		9 Months Ended
	Dec. 01, 2020	Sep. 30, 2025	Sep. 30, 2024	Jun. 18, 2025	Dec. 31, 2024
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Exercise of stock options (in shares)		110,020
Vested and exercisable (in shares)		9,704,498			8,038,537
Number of warrants outstanding (in shares)		65,053,571			6,399,171
Stock options
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Unrecognized compensation cost related to unvested stock options		$ 36.9
Weighted-average period for recognition		2 years
Aggregate intrinsic value of stock options exercised		$ 0.1	$ 0.9
Proceeds from stock options exercised		$ 0.2
Exercise of stock options (in shares)			700,000
RSUs
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Weighted-average period for recognition		1 year 9 months 18 days
Unrecognized compensation cost related to non-vested stock options		$ 27.1
Aggregate intrinsic value, vested		4.3	$ 12.4
Deemed dividends		$ 0.1	$ 0.1
RSUs \| Related-Party \| NantWorks
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Estimated benefit at grant date fair value	$ 4.0
Warrants
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Number of warrants outstanding (in shares)		1,638,000			1,638,000
Exercise price of warrants (in dollars per share)		$ 3.24			$ 3.24
Fair value of warrants		$ 18.0
2025 Equity Incentive Plan
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Stock reserved for issuance under award plan (in shares)				46,088,027
Common stock reserved for future grants (in shares)		46,920,885
2015 Equity Incentive Plan
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Maximum number of shares that may be added to the 2025 Plan from the prior plan (in shares)				32,359,674

Summary of Significant Accounting Policies

9 Months Ended

Sep. 30, 2025

Accounting Policies [Abstract]

Summary of Significant Accounting Policies

Basis of Presentation

The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with U.S. GAAP and pursuant to the rules and regulations of the SEC. The unaudited condensed consolidated financial statements reflect all adjustments which are, in the opinion of management, necessary for a fair presentation of our financial position and results of operations. Certain items in the prior year’s consolidated financial statements have been reclassified to conform to the current presentation. These reclassifications had no effect on the reported results of operations. The unaudited condensed consolidated financial statements do not include all information and notes required by U.S. GAAP for annual reports and therefore should be read in conjunction with our consolidated financial statements and the notes thereto contained in our Annual Report filed with the SEC on March 3, 2025. These interim financials are not necessarily indicative of results expected for the full fiscal year.

Principles of Consolidation

The accompanying unaudited condensed consolidated financial statements include the accounts of the company, its wholly-owned subsidiaries, and a VIE for which the company is the primary beneficiary. All intercompany transactions and balances have been eliminated upon consolidation. For consolidated entities in which we have less than 100% ownership, we record net loss attributable to noncontrolling interests, net of tax, on the condensed consolidated statement of operations equal to the percentage of the ownership interest retained in such entities by the respective noncontrolling parties.

We assess whether we are the primary beneficiary of a VIE at the inception of the arrangement and at each reporting date. This assessment is based on our power to direct the activities of the VIE that most significantly impact the VIE’s economic performance and our obligation to absorb losses or the right to receive benefits from the VIE that could potentially be significant to the VIE.

If the entity is within the scope of the variable interest model and meets the definition of a VIE, we consider whether we must consolidate the VIE or provide additional disclosures regarding our involvement with the VIE. If we determine that we are the primary beneficiary of the VIE, we will consolidate the VIE. This analysis is performed at the initial investment in the entity or upon any reconsideration event.

For entities we hold as an equity investment that are not consolidated under the VIE model, we consider whether our investment constitutes a controlling financial interest in the entity and therefore should be considered for consolidation under the voting interest model.

Liquidity

As of September 30, 2025, the company had an accumulated deficit of $3.7 billion. We also had negative cash flows from operations of $234.6 million during the nine months ended September 30, 2025. The company will need to obtain additional financing to fund our future operations, including the continued commercialization of our approved product and the development and commercialization of our other product candidates.

The condensed consolidated financial statements have been prepared assuming the company will continue as a going concern, which contemplates the realization of assets and the satisfaction of liabilities in the normal course of business.

In addition to funds from the future sales of our approved product, which we expect to take time to establish, we may also seek to sell additional equity, through one or more follow-on offerings, or in separate financings, or obtain incremental subordinated debt in compliance with our existing revenue interest liability. However, we may not be able to secure such external financing in a timely manner or on favorable terms. Without significant sales of our approved product or additional funds, we may choose to delay or reduce our operating or investment expenditures. Further, because of the risk and uncertainties associated with the commercialization of our approved product and our other product candidates, we may need additional funds to meet our needs sooner than planned.

As a result of continuing anticipated operating cash outflows as we commercialize our approved product and accelerate our development efforts, we believe that substantial doubt exists regarding our ability to continue as a going concern without additional funding or financial support. However, we believe our existing cash and cash equivalents, and investments in marketable securities; sales of our approved product; capital to be raised through equity offerings; and our potential ability to borrow from affiliated entities will be sufficient to fund our operations through at least the next 12 months following the issuance date of the condensed consolidated financial statements based primarily upon our Founder, Executive Chairman and Global Chief Scientific and Medical Officer’s intent and ability to support our operations with additional funds, including loans from affiliated entities, as required, which we believe alleviates such doubt.

Use of Estimates

The preparation of condensed consolidated financial statements in conformity with U.S. GAAP requires management to make certain estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the condensed consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. On an ongoing basis, we evaluate our estimates and the assessment of our ability to fund our operations for at least the next 12 months from the date of issuance of these condensed consolidated financial statements. We base our estimates on historical experience and on various other market-specific and relevant assumptions that we believe to be reasonable under the circumstances. Estimates are assessed each period and updated to reflect current information and anticipated future events, and accordingly, actual results may ultimately differ materially from those estimates.

Revenue Recognition

Product Revenue, Net

After FDA approval in April 2024, the company began recognizing revenue from the sale of ANKTIVA in accordance with ASC 606. The provisions of ASC 606 require the following steps to determine revenue recognition: (i) identification of contract with the customers; (ii) identification of performance obligations; (iii) measurement of the transaction price, including the constraint on variable consideration; (iv) allocation of the transaction price to the performance obligations based on estimated selling prices; and (v) recognition of revenue when (or as) we satisfy each performance obligation. At contract inception, we assess the goods or services promised within each contract, determine whether each promised good or service is distinct and identify those that are performance obligations. We recognize as revenue the amount of the transaction price that is allocated to the respective performance obligation when (or as) the performance obligation is satisfied.

The company entered into a third-party logistics agreement to engage a 3PL Agent to distribute the company’s products to its customers. The 3PL Agent provides services to the company that include storage, shipping and distribution, processing product returns, as well as customer service, order to cash, and logistics support. The company’s customers are currently limited to pharmaceutical specialty distributors and specialty pharmacy. The company primarily sells ANKTIVA to specialty distributors through a drop-ship arrangement under which orders from various healthcare institutions such as hospitals, medical facilities, physician practices, pharmacies and government agencies are processed through and controlled by specialty distributors. Under the drop-ship arrangement, the 3PL Agent ships the product to various health care institutions without the specialty distributor ever taking physical possession of the product. The company recognizes product revenue when ANKTIVA is delivered to the end user as instructed and controlled by specialty distributors.

The company also sells ANKTIVA directly to a specialty pharmacy who then subsequently distributes ANKTIVA to physicians, clinics, and certain medical centers, hospitals or other healthcare institutions. The company recognizes product revenue when ANKTIVA is delivered to the specialty pharmacy location.

Product revenue is recorded with each sale at wholesale acquisition cost, net of: (a) consideration payable to customers; and (b) variable consideration. The company pays fees to the specialty distributors and specialty pharmacy for certain administrative services associated with the distribution of the product wherein the terms of which are also detailed in its contracts. Such fees are not for a distinct good or service and, accordingly, are recorded as a reduction of revenue, as well as a reduction of accounts receivable (trade discounts) or as a component of accrued expenses (distributor fees). The variable consideration components include, but are not limited to, prompt payment discounts, product returns, chargebacks, rebates, and co-payment assistance, which are collectively referred to as “Gross-to-Net Adjustments.” In accordance with ASC 606, the company must make judgments to determine the estimates for certain variable considerations. Variable consideration is included in the transaction price only to the extent that it is probable that a significant reversal in the amount of cumulative revenue recognized will not occur when the uncertainty associated with the variable consideration is subsequently resolved. The company utilizes the expected value method when estimating the amount of variable consideration to include in the transaction price with respect to each of the foregoing variable consideration components. Where appropriate, these estimates are based on factors such as industry and forecasted customer buying and payment patterns, our experience, current contractual and statutory requirements, and specific known market events and trends.

Variable consideration is reassessed each reporting period, and adjustments are recorded on a cumulative catch-up basis, which affects product revenue and net income in the period of adjustment. The actual amounts of variable consideration ultimately received may differ from our estimates. If actual results in future periods vary from our estimates, we adjust these estimates accordingly. As we gain more experience, estimates will be more heavily based on the expected utilization from historical data we have accumulated since the ANKTIVA product launch.

Other Revenues

Prior to the approval of ANKTIVA for commercial sale, we primarily generated revenues from non-exclusive license agreements related to our cell lines, the sale of our bioreactors and related consumables, and grant programs. The company expects to continue to generate revenue from these programs.

We sell our proprietary GMP-in-a-Box bioreactors and related consumables to affiliated companies and third parties. The arrangements typically include delivery of bioreactors, consumables, and providing installation service and perpetual software licenses for using the equipment. We recognize revenue when customers obtain control and can benefit from the promised goods or services, generally upon installation of the bioreactors, in an amount that reflects the consideration that we expect to receive in exchange for those goods or services. Upfront payments and fees are recorded as deferred revenue upon receipt and recognized as revenue when we satisfy our performance obligations under these arrangements.

Grant revenue is typically paid for reimbursable costs incurred over the duration of the associated research project or clinical trial and is recognized either when expenses reimbursable under the grants have been incurred and payments under the grants become contractually due or when cash is received, depending on the certainty of payment and other factors specific to each grant.

License Agreements with Third Parties

The company has nonexclusive license agreements with a limited number of pharmaceutical and biotechnology companies that grant them the right to use our cell lines and intellectual property for non-clinical use. These agreements generally include upfront fees and annual research license fees for such use, as well as commercial license fees for sales of the licensee products developed or manufactured using our intellectual property and cell lines.

Under our license agreements with customers, we typically promise to provide a license to use certain cell lines and related patents, the related know-how, and future research and development data that affect the license. We have concluded that these promises represent a single performance obligation due to the highly interrelated nature of the promises. We provide the cell lines and know-how immediately upon entering into the contracts. Research and development data are provided throughout the term of the contract when and if available. A performance obligation is a promise in a contract to transfer a distinct good or service to the customer. A contract’s transaction price is allocated to each distinct performance obligation based on relative standalone selling price and recognized as revenue when, or as, the performance obligation is satisfied.

Our license agreements may include non-refundable upfront payments, event-based milestone payments, sales-based royalty payments, or some combination of these. The event-based milestone payments represent variable consideration, and we use the most likely amount method to estimate this variable consideration. Given the high degree of uncertainty around the achievement of these milestones, we do not recognize revenue from these milestone payments until the uncertainty associated with these payments is resolved. We currently estimate variable consideration related to milestone payments to be zero and, as such, no revenue has been recognized for milestone payments. We recognize revenue from sales-based royalty payments when or as sales occur. On a quarterly basis, we re-evaluate our estimate of milestone variable consideration to determine whether any amount should be included in the transaction price and recorded prospectively as a cumulative adjustment to revenue recognized in the current period.

Cost of Sales

Cost of sales consists primarily of third-party manufacturing costs, distribution, and overhead costs related to sales of approved product subsequent to receiving regulatory approval. Cost of sales may also include costs related to excess or obsolete inventory adjustment charges, abnormal costs, unabsorbed manufacturing and overhead costs, and manufacturing variances. All costs associated with the production of ANKTIVA prior to receiving regulatory approval were expensed in research and development expense, on the condensed consolidated statement of operations in the period incurred and therefore are not reflected in cost of sales.

Accounts Receivable, Net

Accounts receivable is recorded net of allowances for prompt payment discounts, product returns, chargebacks, and credit losses. The company estimates an allowance for credit losses by considering factors such as credit quality, the age of the accounts receivable balances, and current economic conditions that may affect a customer’s ability to pay. As of September 30, 2025, the credit profile for the company’s counterparties was deemed to be in good standing, and as such an allowance for credit losses was not recorded.

Inventories

Inventories are stated at the lower of cost or net realizable value. Cost, which includes amounts related to materials, labor and overhead, is determined in a manner that approximates the first-in, first-out method. Net realizable value is the estimated selling price in the ordinary course of business less reasonably predictable costs of completion, disposal and transportation. See Note 4 “Inventories” for more information.

Contingencies

We record accruals for loss contingencies to the extent that we conclude it is probable that a liability has been incurred, and the amount of the related loss can be reasonably estimated. We accrue for the best estimate of a loss within a range; however, if no estimate in the range is better than any other, then we accrue the minimum amount in the range. If we determine that a material loss is reasonably possible, we disclose the possible loss or range of loss, or that the amount of loss cannot be estimated at this time. We evaluate, on a quarterly basis, developments in legal proceedings and other matters that could cause a change in the potential amount of the liability recorded or the range of potential losses disclosed. Moreover, we record gain contingencies only when they are realizable, and the amount is known. Additionally, we record our rights to insurance recoveries, limited to the extent of incurred or probable losses, as a receivable when such recoveries have been agreed to with our third-party insurers and when receipt is deemed probable. This includes instances when our third-party insurers have agreed to pay, on our behalf, certain legal defense costs and settlement amounts directly to applicable law firms and a settlement fund.

Concentration of Major Customers

The company relies heavily on the limited number of customers to market and distribute ANKTIVA to various healthcare institutions or end users through the drop-ship arrangement. During the nine months ended September 30, 2025, approximately 96% of our total gross revenue was from our top four customers, which accounted for 41%, 20%, 18% and 17% of our total revenue, respectively. As of September 30, 2025, our accounts receivable, net are mainly from sales of ANKTIVA, and the majority are from specialty distributors.

Our dependency on a few key customers exposes us to several risks, including the potential for disruptions in our distribution network, changes in customers’ business strategies, or financial difficulties faced by these customers. Any significant disruption or change in our relationship with these customers could materially and adversely affect our ability to effectively reach other potential end users and maintain our market position. Additionally, we maintain regular communication and strong relationships with our existing customers to ensure alignment with our business objectives.

While we believe our relationships with these customers are strong and mutually beneficial, there can be no assurance that we will be able to maintain these relationships or that we will be able to replace them with new specialty distributors if necessary.

Concentration of Credit Risk and Other Risks and Uncertainties

Financial instruments that potentially subject us to concentration of risk consist principally of cash and cash equivalents, marketable securities, accounts receivable and a convertible note receivable.

We attempt to minimize credit risk associated with our cash and cash equivalents by periodically evaluating the credit quality of our primary financial institutions. Our investment portfolio is maintained in accordance with our investment policy. While we maintain cash deposits in FDIC insured financial institutions in excess of federally insured limits, we do not believe that we are exposed to significant credit risk due to the financial position of the depository institutions in which those deposits are held. We have not experienced any losses on such accounts.

We also monitor the creditworthiness of the borrower of the convertible note receivable. We believe that any concentration of credit risk in its convertible note receivable was mitigated in part by our ability to convert, if necessary, at the qualifying financing event or upon a payment default into shares of the senior class of equity securities of the borrower.

Our product and product candidates will require incremental approvals or clearances from the FDA or international regulatory agencies prior to commercial sales. There can be no assurance that any of our product or product candidates will receive any of the required approvals or clearances. If we were to be denied approval or clearance or any such approval or clearance was to be delayed, it would have a material adverse impact on us.

Cash, Cash Equivalents, and Restricted Cash

Cash equivalents include highly liquid investments with an original maturity of three months or less from the date of purchase.

Restricted cash includes multiple bank accounts being held as collateral, which are pledged for the company’s credit card program, as well as a substitute letter of credit for certain of our leased properties. The landlords are the beneficiaries of the cash collateral account related to certain of our leased properties, and we are unable to access the funds during the terms of the leases. Restricted cash is included in other assets, on the condensed consolidated balance sheet.

A reconciliation of cash and cash equivalents, and restricted cash is included on the condensed consolidated statements of cash flows as of September 30, 2025 and 2024.

Marketable Securities and Other Investments

Marketable Debt Securities

We invest our cash in a variety of financial instruments, including investment-grade short- to intermediate-term corporate debt securities, government-sponsored securities, and European bonds; however, after our entry into the RIPA, we can no longer invest our excess funds in corporate or European bonds. Certain of our investments are subject to credit, liquidity, market, and interest-rate risks. The general condition of the financial markets and the economy may increase those risks and may affect the value and liquidity of investments and restrict our ability to access the capital markets. Marketable debt securities with remaining maturities of 12 months or less are classified as short-term and marketable securities with remaining maturities greater than 12 months are classified as long-term. All marketable debt securities are reported at fair value and any unrealized gains and losses are reported as a component of accumulated other comprehensive income, on the condensed consolidated statement of stockholders’ deficit, with the exception of unrealized losses believed to be other-than-temporary, which are recorded in interest and investment income (loss) net, on the condensed consolidated statement of operations. Realized gains and losses from sales of securities and the amounts, net of tax, reclassified out of accumulated other comprehensive income, if any, are determined on a specific identification basis.

Marketable Equity Securities

Investments in mutual funds and equity securities, other than equity method investments, are recorded at fair market value, if fair value is readily determinable and any unrealized gains and losses are included in other expense, net, on the condensed consolidated statement of operations. Realized gains and losses from the sale of the securities are determined on a specific identification basis and the amounts are included in other expense, net, on the condensed consolidated statement of operations.

Evaluating Investments for Other-than-Temporary Impairments

We periodically evaluate whether declines in fair values of our investments below their book value are other-than-temporary. This evaluation consists of several qualitative and quantitative factors regarding the severity and duration of the unrealized loss, as well as our ability and intent to hold the investment until a forecasted recovery occurs. Additionally, we assess whether we have plans to sell the security or whether it is more likely than not we will be required to sell any investment before recovery of its amortized cost basis. Factors considered include quoted market prices, recent financial results and operating trends, implied values from any recent transactions or offers of investee securities, credit quality of debt instrument issuers, other publicly available information that may affect the value of our investments, duration and severity of the decline in value, and our strategy and intentions for holding the investment. Our other-than-temporary impairments are further discussed in Note 8 “Financial Instruments.”

Equity Method of Accounting

In circumstances where we have the ability to exercise significant influence over the operating and financial policies of a company in which we have an investment, we utilize the equity method of accounting for recording investment activity. In assessing whether we exercise significant influence, we consider the nature and magnitude of our investment, the voting and protective rights we hold, any participation in the governance of the investee and other relevant factors such as the presence of a collaborative or other business relationship. Under the equity method of accounting, we record our share of the income or loss of the investee, if any, in loss on equity method investment, on the condensed consolidated statement of operations.

Property, Plant and Equipment, Net

Property, plant and equipment are stated at historical cost less accumulated depreciation. Historical cost includes expenditures that are directly attributable to the acquisition of the items. All repairs and maintenance are charged to operating expenses during the financial period in which they are incurred. Depreciation of property, plant and equipment is calculated using the straight-line method over the estimated useful lives of the assets, as follows:


Buildings						39 years
Software						3 years
Laboratory equipment						5 to 7 years
Furniture & fixtures						5 years
IT equipment						3 years
Leasehold improvements						The lesser of the lease term or life of the asset

Upon disposal of property, plant and equipment, the cost and related accumulated depreciation are removed from the condensed consolidated financial statements and the net amount, less any proceeds, is included in other income (expense), net, on the condensed consolidated statement of operations.

We review impairment of property, plant and equipment for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. Recoverability is measured by a comparison of the carrying amount to the projected undiscounted future cash flows that the asset is expected to generate. If such asset is considered to be impaired, the impairment to be recognized is measured by the amount by which the carrying amount of the asset exceeds the estimated fair value.

Asset Acquisitions and Business Combinations

We make certain judgments to determine whether transactions should be accounted for as acquisitions of assets or as business combinations. If it is determined that substantially all of the fair value of gross assets acquired in a transaction is concentrated in a single asset (or a group of similar assets), the transaction is treated as an acquisition of assets. We evaluate the inputs, processes, and outputs associated with the acquired set of activities and assets. If the assets in a transaction include an input and a substantive process that together significantly contribute to the ability to create outputs, the transaction is treated as an acquisition of a business.

In transactions accounted for as asset acquisitions, the cost of an asset acquisition, including transaction costs, are allocated to identifiable assets acquired and liabilities assumed based on a relative fair value basis. Goodwill is not recognized in an asset acquisition. Any difference between the cost of an asset acquisition and the fair value of the net assets acquired is allocated to the non-monetary identifiable assets based on their relative fair values. In an asset acquisition, upfront payments allocated to in-process research and development projects at the acquisition date are expensed unless there is an alternative future use. In addition, product development milestones are expensed upon achievement. Any contingent consideration, such as payments upon achievement of various developmental, regulatory, and commercial milestones, generally is not recognized at the acquisition date.

Business combinations are accounted for using the acquisition method of accounting, which requires that assets acquired and liabilities assumed generally be recorded at their fair values as of the acquisition date. Excess of consideration over the fair value of net assets acquired is recorded as goodwill. Estimating fair value requires us to make significant judgments and assumptions. We perform impairment testing of goodwill annually or more frequently if events or changes in circumstances indicate that it is more likely than not that the asset is impaired. Acquisition costs related to a business combination are expensed as incurred.

Contingent consideration incurred in connection with a business combination is recorded at fair value on the acquisition date and re-measured at its revised fair value each subsequent reporting period until the related contingencies are resolved. The resulting changes in fair value are recorded in operating expenses on the condensed consolidated statements of operations and comprehensive loss. Changes in fair value reflect changes to our assumptions regarding probabilities of successful achievement of related milestones, the timing in which the milestones are expected to be achieved, and the discount rate used to estimate the fair value of the obligation.

Common Control Transactions

Transactions between us and entities where Dr. Soon-Shiong and his affiliates are the controlling stockholders are accounted for as common control transactions whereby the net assets acquired or transferred are accounted at their carrying value. Any difference between the carrying value and consideration recognized is treated as a capital transaction. Cash consideration up to the carrying value of the net assets acquired or transferred is presented as an investing activity on the condensed consolidated statement of cash flows. Cash consideration in excess of the carrying value of the net assets acquired or transferred is presented as a financing activity on the condensed consolidated statement of cash flows.

Intangible Assets, Net

Intangible assets acquired in a business combination are initially recognized at their fair value on the acquisition date. Acquired indefinite-lived assets, such as IPR&D acquired in a business combination, are not amortized until they become definite-lived assets, upon the successful completion of the associated research and development effort. At that time, we evaluate whether the recorded amounts are impaired and make any necessary adjustments and then determine the useful life of the asset and begin amortization. If the associated research and development effort is abandoned, the related IPR&D assets are written-off and an impairment charge recorded. IPR&D acquired in an asset acquisition is expensed immediately.

Acquired definite-lived intangible assets are amortized using the straight-line method over their respective estimated useful lives. The amortization of these intangible assets is included in selling, general and administrative expense, on the condensed consolidated statement of operations. Indefinite-lived intangible assets are tested for impairment at least annually or more frequently if indicators of potential impairment exist.

Patents

Patent costs, including related legal costs, are expensed as incurred and recorded in selling, general and administrative expense, on the condensed consolidated statement of operations.

Cloud Computing Arrangement

The company capitalizes implementation costs under a cloud computing arrangement that is a service contract in line with its policy for internal-use software. Costs incurred during the application development stage related to the implementation of the hosting arrangement are capitalized and included in prepaid expenses and other current assets and other assets, on the condensed consolidated balance sheet. Amortization of capitalized implementation costs is recognized on a straight-line basis over the shorter of the estimated useful life or the terms of the underlying hosting arrangement when it is ready for its intended use. Costs related to preliminary project activities and post-implementation activities are expensed as incurred.

Fair Value Measurements

Fair value is defined as an exit price that would be received from the sale of an asset or paid to transfer a liability in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. We use a three-tier fair value hierarchy to classify and disclose all assets and liabilities measured at fair value on a recurring basis, as well as assets and liabilities measured at fair value on a non-recurring basis, in periods subsequent to their initial measurement. The hierarchy requires us to use observable inputs when available, and to minimize the use of unobservable inputs, when determining fair value.

The three tiers are defined as follows:

•Level 1—Observable inputs that reflect quoted market prices (unadjusted) for identical assets or liabilities in active markets at the measurement date. Since valuations are based on quoted prices that are readily and regularly available in an active market, the valuation of these products does not entail a significant degree of judgment. Our Level 1 assets consist of bank deposits, including restricted cash, money market funds, short-term government-sponsored securities, and marketable equity securities.

•Level 2—Observable inputs other than quoted prices in active markets that are observable either directly or indirectly in the marketplace for identical or similar assets and liabilities.

•Level 3—Valuations based on inputs that are unobservable and significant to the overall fair value measurement.

We utilize a third-party pricing service to assist in obtaining fair value pricing for our investments in marketable debt securities. Inputs are documented in accordance with the fair value disclosure hierarchy. The fair values of financial instruments other than marketable securities and cash and cash equivalents are determined through a combination of management estimates and third-party valuations.

During the nine months ended September 30, 2025 and 2024, no transfers were made into or out of the Level 1, 2 or 3 categories. We will continue to review the fair value inputs on a quarterly basis. See Note 9 “Fair Value Measurements” for more information.

Collaboration Arrangements

We analyze our collaboration arrangements to assess whether they are within the scope of FASB ASC Topic 808, Collaborative Arrangements (ASC 808). A collaborative arrangement is a contractual arrangement that involves joint operating activity. These arrangements involve two or more parties who are active participants in the activity and are exposed to significant risks and rewards dependent on the commercial success of the activity. This assessment is performed throughout the life of the arrangement based on changes in the responsibilities of all parties in the arrangement. To the extent the collaboration agreement is within the scope of ASC 808, we also assess whether the arrangement contains multiple elements that are within the scope of other accounting literature. If we conclude that some or all aspects of the agreement are distinct and represent a transaction with a customer, we account for those aspects of the arrangement within the scope of ASC 606. Amounts that are owed by collaboration partners within the scope of ASC 808 are recognized as an offset to research and development expense as such amounts are incurred by the collaboration partner. The amounts owed to a collaboration partner are classified as research and development expense.

Our collaboration arrangements require us to acquire certain equipment for exclusive use in the joint operating activities. These equipment purchases do not have an alternative use and are therefore expensed as incurred within research and development expense.

Our collaboration arrangements are further discussed in Note 10 “Collaboration and License Agreements and Acquisition.”

Preclinical and Clinical Trial Accruals

As part of the process of preparing the condensed consolidated financial statements, we are required to estimate expenses resulting from obligations under contracts with vendors, clinical research organizations and consultants. The financial terms of these contracts vary and may result in payment flows that do not match the periods over which materials or services are provided under such contracts.

We estimate clinical trial and research agreement-related expenses based on the services performed, pursuant to contracts with research institutions and clinical research organizations and other vendors that conduct clinical trials and research on our behalf. In accruing clinical and research-related fees, we estimate the time period over which services will be performed and activity expended in each period. If the actual timing of the performance of services or the level of effort varies from the estimate, we will adjust the accrual accordingly. Payments made under these arrangements in advance of the receipt of the related services are recorded as prepaid expenses until the services are rendered.

Transactions with Related Parties

As outlined in Note 14 “Related-Party Debt” and Note 15 “Related-Party Agreements,” we have various agreements with related parties. These arrangements can be billed and settled in cash monthly, billed quarterly and settled in cash the following month, or estimated in advance and collected or paid upfront based on expected utilization. Monthly accruals are made for all quarterly billing arrangements.

Lease Obligations

For all leases other than short-term leases, at the lease commencement date, a right-of-use asset and a lease liability are recognized. The right-of-use asset represents the right to use the leased asset for the lease term. At the commencement date, lease right-of-use assets and lease liabilities are determined based on the present value of lease payments to be made over the lease term. Leases are classified as either finance leases or operating leases.

As the rate implicit in lease contracts are not readily determinable, we utilize the incremental borrowing rate as a discount rate for purposes of determining the present value of lease payments, which is based on the estimated interest rate at which we could borrow on a collateralized basis the amount of the lease payments in the same currency, for a similar term, in a similar economic environment.

Operating lease right-of-use assets also include any rent paid prior to the commencement date, less any lease incentives received, and initial direct costs incurred. Lease expense for minimum lease payments is recognized on a straight-line basis over the lease term. We determine the lease term by assuming the exercise of renewal options that are reasonably assured. The exercise of lease renewal options is at our sole discretion.

We combine our lease components (e.g., fixed payments including rent, real estate taxes and insurance costs) with non-lease components (e.g., common-area maintenance costs and equipment maintenance costs) and as such, we account for lease and non-lease components as a single component. Lease expense also includes amounts relating to variable lease payments. Variable lease payments include amounts relating to common area maintenance and real estate taxes.

We do not recognize right-of-use assets and lease liabilities for qualifying short-term leases with an initial lease term of 12 months or less at lease inception. Such leases are expensed on a straight-line basis over the lease term. The lease term includes the non-cancellable period of the lease and any additional periods covered by either options to renew or not to terminate when the company is reasonably certain to exercise.

The depreciable life of operating right-of-use-assets and leasehold improvements is limited by the expected lease term.

Warrants

The company accounts for warrants as either equity-classified or liability-classified instruments based on an assessment of the warrant’s specific terms and applicable authoritative guidance in ASC Topic 480, Distinguishing Liabilities from Equity (ASC 480), and ASC Topic 815, Derivatives and Hedging (ASC 815). The assessment considers whether the warrants are freestanding financial instruments pursuant to ASC 480, meet the definition of a liability pursuant to ASC 480, and whether the warrants meet all of the requirements for equity classification under ASC 815, including whether the warrants are indexed to the company’s own stock and whether the warrant holders could potentially require “net cash settlement” in a circumstance outside of the company’s control, among other conditions for equity classification. This assessment, which requires the use of professional judgment, is conducted at the time of warrant issuance and as of each subsequent reporting period end date while the warrants are outstanding.

For warrants that meet all criteria for equity classification, the warrants are required to be recorded as a component of additional paid-in capital, on the condensed consolidated statement of stockholders’ deficit at the time of issuance. For warrants that do not meet all the criteria for equity classification, the warrants are required to be recorded at their initial fair value on the date of issuance, and on each balance sheet date thereafter. Changes in the estimated fair value of the warrants are recorded as a non-cash gain or loss in other income (expense), net, on the condensed consolidated statement of operations. The fair value of the warrants was estimated using the Black-Scholes option pricing model.

Fair Value Option Election

The company elected to apply the FVO method of accounting in accordance with ASC 825 and accounts for certain of its notes and embedded derivatives at fair value as a single instrument in accordance with ASC 815. The notes for which the FVO is elected are recorded at fair value upon the date of issuance and subsequently remeasured to fair value at each reporting period.

Changes in the fair value of the notes accounted for at fair value are recorded as a component of other income (expense), net, on the condensed consolidated statement of operations. Any changes in fair value caused by instrument-specific credit risk are recorded separately in other comprehensive income (loss), on the condensed consolidated statement of comprehensive loss. The cumulative amount previously recorded in other comprehensive income (loss) resulting from changes in the instrument-specific credit risk for extinguished notes are reclassified and reported in current earnings on the condensed consolidated statement of operations. All costs associated with the issuance of the convertible promissory note accounted for using the FVO were expensed upon issuance.

The company has applied the FVO on the $505.0 million December 2024 Promissory Note. During the three and nine months ended September 30, 2025, the company recorded a loss of $7.6 million and a gain of $3.7 million, respectively, in change in fair value of related-party convertible note related to instrument-specific credit risk, respectively, on the condensed consolidated statements of comprehensive loss. See Note 14 “Related-Party Debt” for more information.

Income Taxes

We recognize deferred tax assets and liabilities for the expected future tax consequences of temporary differences between the financial reporting and tax basis of assets and liabilities, as well as for operating loss and tax credit carryforwards. Deferred tax assets and liabilities are measured using the tax rates that are expected to apply to taxable income for the years in which those tax assets and liabilities are expected to be realized or settled. We record valuation allowances to reduce deferred tax assets to the amount we believe is more likely than not to be realized.

We recognize uncertain tax positions when the position will more likely than not be upheld on examination by the taxing authorities based solely upon the technical merits of the positions. We recognize interest and penalties, if any, related to unrecognized income tax uncertainties in income tax benefit (expense), on the condensed consolidated statement of operations. We did not have any accrued interest or penalties associated with uncertain tax positions as of September 30, 2025 and 2024.

Stock Repurchases

In 2015, the Board of Directors approved the 2015 Share Repurchase Program. As it is our intent for the repurchased shares to be retired, we have elected to account for the shares repurchased using the constructive retirement method. For shares repurchased in excess of par, we record the purchase price in excess of par value in accumulated deficit, on the condensed consolidated balance sheet.

Revenue Interest Liability

On December 29, 2023, we entered into the RIPA with Infinity and Oberland. Pursuant to the RIPA, Oberland acquired certain Revenue Interests (as defined in the RIPA) from us for a gross purchase price of $200.0 million paid on closing and acquired additional Revenue Interests from us for a gross purchase price of $100.0 million paid on May 13, 2024. Under the RIPA, Oberland has the right to receive quarterly payments from us based on, among other things, a certain percentage of our worldwide net sales, excluding those in China, during such quarter. The RIPA is considered a sale of future revenues and is accounted for as a liability net of a debt discount comprised of deferred issuance costs, the fair value of a freestanding option agreement related to the SPOA, and the fair value of embedded derivatives requiring bifurcation on the condensed consolidated balance sheet. The company imputes interest expense associated with this liability using the effective interest rate method. The effective interest rate is calculated based on the rate that would enable the debt to be repaid in full over the anticipated life of the arrangement. Interest expense is recognized over the estimated term on the condensed consolidated statement of operations. The interest rate on this liability may vary during the term of the agreement depending on a number of factors, including the level of actual and forecasted net sales. The company evaluates the interest rate quarterly based on actual and forecasted net sales utilizing the prospective method. A significant increase or decrease in actual or forecasted net sales will materially impact the revenue interest liability, interest expense, and the time period for repayment.

Derivative Liabilities

Embedded derivatives that are required to be bifurcated from the underlying debt instrument that do not meet the derivative scope exception and equity classification criteria are accounted for and valued as separate financial instruments. During the year ended December 31, 2024, the terms of an embedded derivative related to a contingent exercisable prepayment feature of a related-party convertible note (the $505.0 million December 2023 Promissory Note) required bifurcation. This embedded derivative was initially measured at fair value and was remeasured to fair value at each reporting date until the derivative would be settled. On December 10, 2024, the company and Nant Capital entered into a second amended and restated promissory note (the $505.0 million December 2024 Promissory Note) for which the FVO method of accounting was elected. As such, the bifurcation of the embedded derivative was no longer required. The embedded derivative is now included within the fair value of the second amended and restated promissory note recorded in related-party convertible note payable at fair value, on the condensed consolidated balance sheet.

In addition, the RIPA contains certain features that meet the definition of being an embedded derivative requiring bifurcation as a separate compound financial instrument apart from the RIPA. The derivative liability is initially measured at fair value upon issuance and is subject to remeasurement at each reporting period with changes in fair value recognized in other income (expense), net, on the condensed consolidated statement of operations.

Research and Development Costs

Major components of research and development costs include cash compensation and other personnel-related expenses, stock-based compensation, depreciation and amortization expense on research and development property and equipment and intangible assets, costs of preclinical studies, clinical trials costs, including CROs and related clinical manufacturing, including third-party CMOs, costs of drug development, costs of materials and supplies, facilities cost, overhead costs, regulatory and compliance costs, and fees paid to consultants and other entities that conduct certain research and development activities on our behalf. Costs incurred in research and development are expensed as incurred.

The company classifies its research and development expense as either external or internal. The company’s external research and development expense supports its various preclinical and clinical programs. The company’s internal research and development expense includes payroll and benefits expense, facilities and equipment expense, and other indirect research and development expense incurred in support of its research and development activities. The company’s external and internal resources are not directly tied to any one research or drug discovery program and are typically deployed across multiple programs and are not allocated to specific product candidates or development programs.

Included in research and development costs are clinical trial and research expenses based on the services performed pursuant to contracts with research institutions and clinical research organizations and other vendors that conduct clinical trials and research on our behalf. We record accruals for estimated costs under these contracts. When evaluating the adequacy of the accrued liabilities, we analyze the progress of the preclinical studies or clinical trials, including the phase or completion of events, invoices received, contracted costs and purchase orders. Significant judgments and estimates are made in determining the accrued balances at the end of any reporting period based on the facts and circumstances known at that time. Although we do not expect the estimates to be materially different from the amounts actually incurred, if the estimates of the status and timing of services performed differ from the actual status and timing of services performed, we may report amounts that are too high or too low in any particular period. Actual results could differ from our estimates. We adjust the accruals in the period when actual costs become known.

Stock-Based Compensation

We account for stock-based compensation under the provisions of ASC 718. We estimate fair value of each stock option award on the date of grant using the Black-Scholes option pricing model. The Black-Scholes option pricing model requires the use of subjective assumptions, including, but not limited to, expected stock price volatility over the term of the awards and the expected term of the stock options. We measure the fair value of an equity-classified award at the grant date and recognize the

stock-based compensation expense over the period of vesting on the straight-line basis for our outstanding share awards that do not contain a performance condition. For awards subject to performance-based vesting conditions, we assess the probability of the individual milestones under the award being achieved and stock-based compensation expense is recognized over the service period using the graded vesting method once management believes the performance criteria is probable of being met. For awards with service or performance conditions, we recognize the effect of forfeitures in compensation cost in the period that the award was forfeited. See Note 18 “Stock-Based Compensation” for more information.

Comprehensive Loss

Comprehensive loss is defined as the change in equity of a business enterprise during a period from transactions and other events and circumstances from non-owner sources. Comprehensive income or loss is composed of net (loss) income and other comprehensive (loss) income. Our other comprehensive income or loss consists of net unrealized gains (losses) on marketable debt securities classified as available-for-sale, the change in fair value of convertible note resulting from a change in the instrument-specific credit risk, net of income taxes and foreign currency translation adjustments.

Noncontrolling Interests

Noncontrolling interests are recorded for the entities that we consolidate but are not wholly-owned by the company. Noncontrolling interests are classified as a separate component of equity on the condensed consolidated balance sheet and condensed consolidated statement of stockholders’ deficit. Additionally, net loss attributable to noncontrolling interests is reflected separately from condensed consolidated net loss on the condensed consolidated statement of operations and the condensed consolidated statement of stockholders’ deficit. We record the noncontrolling interests’ share of loss based on the percentage of ownership interest retained by the respective noncontrolling interest holders. Noncontrolling interests recorded on the condensed consolidated financial statements result from the company’s share of GlobeImmune, of which we controlled 69.1% as of September 30, 2025 and December 31, 2024, respectively. Noncontrolling interest stockholders are common stockholders.

GlobeImmune was determined to be a VIE as it does not have sufficient equity investment at risk to finance its operations without additional subordinated financial support and we are deemed the primary beneficiary of GlobeImmune and, accordingly, consolidate GlobeImmune into the company’s condensed consolidated financial statements under the VIE model. The company also supports GlobeImmune through a promissory note agreement, in which the company provides advances to GlobeImmune from time to time up to $6.0 million with a per annum interest rate of five percent (5%). As of September 30, 2025 and December 31, 2024, there were no outstanding advances due from GlobeImmune under the promissory note agreement.

During the three months ended September 30, 2025 and 2024, GlobeImmune recognized no revenue and operating expenses of $0.1 million, respectively. During the nine months ended September 30, 2025 and 2024, GlobeImmune recognized no revenue and operating expenses of $0.2 million, respectively. As of September 30, 2025 and December 31, 2024, the condensed consolidated balance sheets included approximately $1.4 million of total assets that can only be used to settle obligations of GlobeImmune, and immaterial liabilities, respectively, related to GlobeImmune. The creditors of GlobeImmune do not have recourse to the general credit of ImmunityBio, Inc., as the primary beneficiary.

Foreign Currencies

We have operations and hold assets in Italy and South Korea, and during the three months ended September 30, 2025, we formed a wholly-owned subsidiary in Ireland. The functional currency of the subsidiaries in Ireland and Italy is the Euro, based on the nature of the transactions occurring within these entities, and accordingly, assets and liabilities of these subsidiaries are translated into U.S. dollars at exchange rates prevailing as of the balance sheet dates, while the operating results are translated into U.S. dollars using the average exchange rates for the period correlating with those operating results. Adjustments resulting from translating the financial statements of foreign subsidiaries into U.S. dollars are recorded as a component of other comprehensive (loss) income, on the condensed consolidated statement of comprehensive loss. Transaction gains and losses are recorded in other income (expense), net, on the condensed consolidated statement of operations.

Basic and Diluted Net Loss per Share of Common Stock

Basic net loss per share is calculated by dividing the net loss attributable to ImmunityBio common stockholders by the weighted-average number of common shares outstanding for the period. Diluted loss per share is computed by dividing net loss attributable to ImmunityBio common stockholders by the weighted-average number of common shares, including the number of additional shares that would have been outstanding if the potential common shares had been issued and if the additional common shares were dilutive.

The following table reflects the calculation of basic and diluted loss per common share (in thousands, except per share amounts):


	Three Months Ended September 30,				Nine Months Ended September 30,
	2025		2024		2025		2024


Net loss per ImmunityBio common share – basic
Numerator:
Net loss attributable to ImmunityBio common stockholders	$	(67,253)	$	(85,729)	$	(289,454)	$	(354,402)
Denominator:
Weighted-average number of common shares outstanding – basic	946,601		695,895		896,335		685,261
Net loss per ImmunityBio common share – basic	$	(0.07)	$	(0.12)	$	(0.32)	$	(0.52)

Net loss per ImmunityBio common share – diluted
Numerator:
Net loss attributable to ImmunityBio common stockholders	$	(67,253)	$	(85,729)	$	(289,454)	$	(354,402)
Add: Decrease in fair value of warrant liabilities	—		(14,505)		—		(10,553)

Numerator for net loss per ImmunityBio common share – diluted	$	(67,253)	$	(100,234)	$	(289,454)	$	(364,955)
Denominator:
Weighted-average number of common shares outstanding – basic	946,601		695,895		896,335		685,261
Add: Dilutive effect of assumed exercise of “in-the-money” third-party warrants	—		2,066		—		3,679
Denominator for net loss per ImmunityBio common share – diluted	946,601		697,961		896,335		688,939
Net loss per ImmunityBio common share – diluted	$	(0.07)	$	(0.14)	$	(0.32)	$	(0.53)

Potentially dilutive securities, whose effect would have been antidilutive, were excluded from the computation of diluted net loss per share. The following table details the number of shares of common stock underlying those securities that were excluded from the computation of weighted-average number of common shares outstanding – diluted (shares in thousands):


	Three Months Ended September 30,		Nine Months Ended September 30,
	2025	2024	2025	2024


Related-party convertible notes	93,053	162,472	93,053	162,472
Outstanding third-party warrants	65,054	9,091	65,054	9,091
Outstanding stock options	24,403	15,451	24,403	15,451
Outstanding RSUs	8,863	6,559	8,863	6,559
Outstanding related-party warrants	1,638	1,638	1,638	1,638
Total	193,011	195,211	193,011	195,211

The potentially dilutive securities shown in the table above exclude an option to purchase up to approximately $5.0 million of the company’s common stock pursuant to the SPOA entered in connection with the RIPA, as the exercise price cannot be determined until the date of exercise. See Note 13 “Revenue Interest Purchase Agreement” for more information.

Recent Accounting Pronouncements

Application of New or Revised Accounting Standards – Adopted

In August 2023, the FASB issued ASU 2023-05, Business Combinations-Joint Venture Formations (Subtopic 805-60): Recognition and Initial Measurement, which requires a joint venture to initially measure all contributions received upon its formation at fair value. This ASU is applicable to joint venture entities with a formation date on or after January 1, 2025 on a prospective basis. We adopted this ASU on January 1, 2025 on a prospective basis with no impact on our condensed consolidated financial statements.

Application of New or Revised Accounting Standards – Not Yet Adopted

In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures, to improve its income tax disclosure requirements. Under the ASU, entities must annually (1) disclose specific categories in the rate reconciliation, (2) provide additional information for reconciling items that meet a quantitative threshold, and (3) disclose more detailed information about income taxes paid, including by jurisdiction; pretax income (or loss) from continuing operations; and income tax benefit (or expense). We plan to adopt the standard when it becomes effective for us beginning in our fiscal year 2025 annual financial statements, and we expect the adoption of the standard will impact certain areas of our income tax disclosures.

In November 2024, the FASB issued ASU 2024-03, Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses, which requires that public business entities disclose additional information about specific expense categories in the notes to financial statements at interim and annual reporting periods. This ASU is effective for fiscal years beginning after December 15, 2026, and interim periods within fiscal years beginning after December 15, 2027. This ASU may be applied either on a prospective or retrospective basis. We are currently evaluating the impact of this standard on our disclosures.

In November 2024, the FASB issued ASU 2024-04, Debt – Debt with Conversion and Other Options (Subtopic 470-20): Induced Conversions of Convertible Debt Instruments, which clarifies the requirements for determining whether certain settlements of convertible debt instruments should be accounted for as an induced conversion. This ASU is effective for fiscal years beginning after December 15, 2025 and interim reporting periods within those annual reporting periods, with early adoption permitted. We are currently evaluating the impact of this standard on our condensed consolidated financial statements.

In July 2025, the FASB issued ASU 2025-05, Financial Instruments - Credit Losses (Topic 326), Measurement of Credit Losses for Accounts Receivable and Contract Assets, which provides a practical expedient related to the estimation of expected credit losses for current accounts receivable and current contract assets arising from transactions accounted for under Topic 606. The practical expedient permits an entity to assume that current conditions as of the balance sheet date do not change for the remaining life of the current accounts receivable and current contract assets. The ASU is effective for fiscal years beginning after December 15, 2025 and interim reporting periods within those annual reporting periods, with early adoption permitted. We are currently evaluating the impact of this standard on our condensed consolidated financial statements.

In September 2025, the FASB issued ASU 2025-06, Intangibles - Goodwill and Other - Internal-Use Software (Subtopic 350-40): Targeted Improvements to the Accounting for Internal-Use Software, which clarifies and modernizes the accounting for costs related to internal-use software. The amendments in ASU 2025-06 remove all references to project stages and clarify the threshold entities apply to begin capitalizing costs. The ASU is effective for fiscal years beginning after December 15, 2027 and interim reporting periods within those annual reporting periods, with early adoption permitted. We are currently evaluating the impact of this standard on our condensed consolidated financial statements.

Other recent authoritative guidance issued by the FASB (including technical corrections to the ASC), and the SEC during the nine months ended September 30, 2025 did not, or are not expected to, have a material effect on our condensed consolidated financial statements.

Revenues (Tables)

9 Months Ended

Sep. 30, 2025

Revenue from Contract with Customer [Abstract]

Summary of Disaggregated Revenue

The following table presents our disaggregated revenue for the periods presented (in thousands):


	Three Months Ended September 30,				Nine Months Ended September 30,
	2025		2024		2025		2024


Product revenue, net	$	31,780	$	5,954	$	74,710	$	6,944
Other revenues	281		152		293		249
Total revenue	$	32,061	$	6,106	$	75,003	$	7,193

Commitments and Contingencies	9 Months Ended
Commitments and Contingencies	Sep. 30, 2025
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies Contingent Consideration Related to Business Combinations VivaBioCell, S.p.A. In April 2015, NantWorks, a related party, acquired a 100% interest in VivaBioCell through its wholly-owned subsidiary, VBC Holdings for $0.7 million, less working capital adjustments. In June 2015, NantWorks contributed its equity interest in VBC Holdings to the company, in exchange for cash consideration equal to its cost basis in the investment. VivaBioCell develops bioreactors and products based on cell culture and tissue engineering in Italy. In connection with our acquisition of VBC, we are obligated to pay the former owners contingent consideration upon the achievement of certain milestones related to the GMP-in-a-Box technology. If a government agency unconditionally approves the GMP-in-a-Box technology for commercial sale (the regulatory milestone) in the future, we will be obligated to pay an additional approximately $2.3 million to the former owners. Altor BioScience LLC In connection with our 2017 acquisition of Altor, we issued CVRs under which we agreed to pay the prior stockholders of Altor approximately $304.0 million of contingent consideration upon calendar-year worldwide net sales of ANKTIVA exceeding $1.0 billion prior to December 31, 2026, with amounts payable in cash or shares of our common stock or a combination thereof. As the transaction was recorded as an asset acquisition, future CVR payments will be recorded when the corresponding events are probable of achievement or the consideration becomes payable. As of September 30, 2025, Dr. Soon-Shiong, our Founder, Executive Chairman and Global Chief Scientific and Medical Officer, and his related party hold approximately $139.8 million of net sales CVRs, and they have both irrevocably agreed to receive shares of the company’s common stock in satisfaction of their CVRs. We may be required to pay the other prior Altor stockholders up to $164.2 million for their net sales CVRs should they choose to have their CVRs paid in cash instead of common stock. Litigation From time to time, we may be involved in various claims and legal proceedings relating to claims arising out of our operations. We are not currently a party to any legal proceedings that, in the opinion of our management, are likely to have a material adverse effect on our business. If we are served with any such complaints, we will assess at that time any contingencies for which we may need to reserve. Regardless of the outcome, litigation can have an adverse impact on us because of defense and settlement costs, diversion of management resources, and other factors. Shenzhen Beike Biotechnology Co. Ltd. Arbitration In 2020, we received a Request for Arbitration before the International Chamber of Commerce, International Court of Arbitration. The arbitration relates to a license, development, and commercialization agreement that Altor entered into with Beike in 2014, which agreement was amended and restated in 2017, pursuant to which Altor granted to Beike an exclusive license to use, research, develop and commercialize products based on ANKTIVA in China for human therapeutic uses. In the arbitration, Beike is asserting a claim for breach of contract under the license agreement. Among other things, Beike alleges that we failed to use commercially reasonable efforts to deliver to Beike materials and data related to ANKTIVA. Beike is seeking specific performance and declaratory relief for the alleged breaches. On September 25, 2020, the parties entered into a standstill and tolling agreement (standstill agreement) under which, among other things, the parties affirmed they will perform certain of their obligations under the license agreement by specified dates and agreed that all deadlines in the arbitration are indefinitely extended. The standstill agreement could be terminated by any party on ten calendar days’ notice, and upon termination, the parties had the right to pursue claims arising from the license agreement in any appropriate tribunal. On March 20, 2023, we terminated the standstill agreement, and on April 11, 2023, Beike served an amended Request for Arbitration. We served an Answer and Counterclaims on May 19, 2023. Beike served a Reply to our counterclaims on June 21, 2023. Beike served its Statement of Claim on March 22, 2024, the company served its Statement of Defense and Counterclaim on June 21, 2024, and Beike served its Statement of Defense to the Counterclaim on August 2, 2024. After the parties completed discovery, Beike served its Reply and Defense to Counterclaim on January 17, 2025, we served our Rejoinder and Response to Defense to Counterclaim on March 14, 2025, and Beike served its Rejoinder on Counterclaim on March 28, 2025. The hearing in the arbitration was held from June 9, 2025 through June 13, 2025, and post-hearing briefing will continue through November 2025. It remains too early to evaluate the likely outcome of the case or to estimate any range of potential loss. We believe the claims asserted against the company lack merit. Securities Class Action On June 30, 2023, a putative securities class action complaint, captioned Salzman v. ImmunityBio, Inc. et al., No. 3:23-cv-01216-GPC-VET, was filed in the United States District Court for the Southern District of California against the company and three of its officers and/or directors, asserting violations of Sections 10(b) and 20(a) of the Exchange Act. Stemming from the company’s disclosure on May 11, 2023 that it had received an FDA CRL stating, among other things, that it could not approve the company’s BLA for its then product candidate, ANKTIVA with BCG for the treatment of adult patients with BCG-unresponsive NMIBC with CIS with or without papillary tumors, in its present form due to deficiencies related to its pre-license inspection of the company’s third-party CMOs, the complaint alleges that the defendants had previously made materially false and misleading statements and/or omitted material adverse facts regarding its third-party CMOs and the prospects for regulatory approval of the BLA. The complaint did not specify the amount of damages being sought. On September 27, 2023, the court appointed a lead plaintiff, approved their selection of lead counsel, and re-captioned the case In re ImmunityBio, Inc. Securities Litigation, No. 3:23-cv-01216. On November 17, 2023, the lead plaintiff filed an amended complaint, which named the same defendants and asserted the same claims as the previous complaint. On January 8, 2024, the defendants filed a motion to dismiss the amended complaint. On June 20, 2024, the court issued an order granting in part and denying in part the motion to dismiss. On July 16, 2024, the lead plaintiff notified the court that he would proceed with his current pleading, and the defendants answered the complaint on August 29, 2024. On January 25, 2025, following a mediation and the parties’ agreement in principle to settle the securities class action for $10.5 million, the lead plaintiff filed an unopposed motion for preliminary approval of class action settlement. On March 17, 2025, the court granted preliminary approval of the settlement. On June 16, 2025, following a final approval hearing, the court granted final approval of the settlement. The lawsuit is now fully resolved. As a result of the foregoing, the company recorded legal settlement expense of $10.5 million in selling, general and administrative expense, on the consolidated statement of operations during the year ended December 31, 2024 and a corresponding amount in accrued expenses and other liabilities, on the consolidated balance sheet. Approximately $6.0 million of this amount has since been paid by the company’s insurers, which was recorded during the three months ended March 31, 2025. During the three months ended June 30, 2025, the company paid the remaining $4.5 million due under the settlement agreement. Van Luven, Barbieri and Shin Derivative Actions On October 29, 2024, a shareholder derivative action was filed in the United States District Court for the Southern District of California against the members of our Board of Directors and certain officers, captioned Van Luven v. Soon-Shiong et al., Case No. 3:24-cv-02014-GPC-VET. The plaintiff purports to bring the action derivatively on behalf of ImmunityBio, and ImmunityBio is a nominal defendant to the action. Stemming from the company’s May 11, 2023 disclosure that it had received an FDA CRL stating, among other things, that it could not approve the company’s BLA for its then product candidate, ANKTIVA with BCG for the treatment of adult patients with BCG-unresponsive NMIBC with CIS with or without papillary tumors, in its present form due to deficiencies related to its pre-license inspection of the company’s third-party CMOs, the derivative complaint alleges that the individual defendants authorized or permitted materially false and misleading statements and/or omitted material adverse facts regarding ImmunityBio’s third-party CMOs and the prospects for regulatory approval of the ANKTIVA BLA. The derivative complaint asserts claims for violations of Section 14(a) of the Exchange Act as well as claims for breach of fiduciary duty, unjust enrichment, and waste of corporate assets. The derivative complaint seeks unspecified damages on behalf of the company, disgorgement or restitution, declaratory relief, and an award of costs and expenses to the derivative plaintiff, including attorneys’ fees. The court entered an order extending the defendants’ deadline to respond to the complaint to May 30, 2025. On February 25, 2025, a second shareholder derivative action was filed in the United States District Court for the Southern District of California against certain members of our Board of Directors and certain officers, captioned Barbieri v. Soon-Shiong, et al., Case No. 3:25-cv-00416-AGS-JLB. The plaintiff purports to bring the action derivatively on behalf of ImmunityBio, and ImmunityBio is a nominal defendant in the action. This lawsuit asserts substantially similar claims and allegations as Van Luven. The court entered an order extending the defendants’ deadline to respond to the complaint to May 30, 2025. On February 26, 2025, a third shareholder derivative action was filed in the United States District Court for the Southern District of California against certain current and former members of our Board of Directors and certain officers, captioned Shin v. Soon-Shiong, et al., Case No. 3:25-cv-00423-JAH-DDL. The plaintiff purports to bring the action derivatively on behalf of ImmunityBio, and ImmunityBio is a nominal defendant in the action. This lawsuit asserts substantially similar claims and allegations as Van Luven. The court entered an order extending the defendants’ deadline to respond to the complaint to May 30, 2025. On May 2, 2025, the court entered an order consolidating these three shareholder derivative actions. On May 22, 2025, the parties in the consolidated derivative action notified the court that they had entered into a Stipulation and Settlement Agreement to settle the consolidated derivative action for corporate governance reforms and attorneys’ fees. On May 30, 2025, the plaintiffs filed an unopposed motion for preliminary approval of the settlement. On July 29, 2025, the court entered an order preliminarily approving the settlement and setting a final approval hearing for November 4, 2025. Carlson Derivative Action On November 20, 2024, a shareholder derivative action was filed in the Delaware Court of Chancery against the company’s Founder, Executive Chairman, Global Chief Scientific and Medical Officer and principal stockholder, Dr. Soon-Shiong, certain affiliates of Dr. Soon-Shiong, certain other members of management, and members of the company’s Board of Directors who serve on the Board of Directors’ Related Party Transaction Committee, captioned Carlson v. Soon-Shiong, et al., Case No. 2024-1195-VCL. The plaintiff purports to bring the action derivatively on behalf of ImmunityBio, and ImmunityBio is a nominal defendant to the action. The plaintiff alleges that the previously disclosed September 2023 financing transactions between the company and Dr. Soon-Shiong and his affiliates were not fair to the company. In particular, the plaintiff alleges that the transactions were timed to benefit Dr. Soon-Shiong and his affiliates during a temporary decline in the company’s stock price, resulting in an artificially low conversion price for certain convertible promissory notes that were among the transactions, when defendants knew the company’s stock price would increase following the company’s imminent resubmission of a BLA for, and the subsequent FDA approval of, ANKTIVA with BCG for the treatment of adult patients with BCG-unresponsive NMIBC with CIS with or without papillary tumors. The complaint alleges that defendants breached their fiduciary duties by entering into these transactions at that time and on those terms, thereby unjustly enriching Dr. Soon-Shiong and his affiliates. The derivative complaint seeks unspecified damages on behalf of the company, corporate governance changes with respect to related-party transactions, and an award of costs and expenses to the derivative plaintiff, including attorneys’ fees. On February 17, 2025, the defendants filed a motion to dismiss the complaint. On May 2, 2025, instead of filing an opposition to defendants’ motion to dismiss, the plaintiff filed an amended complaint. This amended complaint added certain additional members of the company’s Board of Directors as defendants but did not add new claims. On July 16, 2025, the defendants filed a motion to dismiss the amended complaint to which plaintiffs have filed an opposition. The defendants’ reply brief in support of the motion is due November 19, 2025. Commitments During the nine months ended September 30, 2025, we did not enter into any significant contracts, other than those disclosed in these condensed consolidated financial statements. In addition to those commitments already disclosed, we have conditional contractual commitments that are expected to be paid in fiscal year 2026 and beyond based on the achievement of various development, regulatory and commercial milestones for agreements with third parties. These payments may not be realized or may be modified and are contingent upon the occurrence of various future events, substantially all of which have a high degree of uncertainty of occurring. As of September 30, 2025, the maximum amount that may be payable related to these commitments is $41.2 million. In addition, we are also a party to various contracts with CROs and CMOs that generally provide for termination on notice, with the exact amounts in the event of termination to be based on the timing of the termination and the terms of the agreement. There have been no material changes in unconditional purchase commitments from those disclosed in Note 9 “Commitments and Contingencies” of the “Notes to Consolidated Financial Statements” that appears in Part II, Item 8. “Financial Statements and Supplementary Data” of our Annual Report filed with the SEC on March 3, 2025.

Fair Value Measurements

9 Months Ended

Sep. 30, 2025

Fair Value Disclosures [Abstract]

Fair Value Measurements

Recurring Valuations

Financial assets and liabilities measured at fair value on a recurring basis are summarized below (in thousands):


	Fair Value Measurements at September 30, 2025
	(Unaudited)
	Total			Level 1		Level 2		Level 3

Assets at Fair Value:
Current:
Cash and cash equivalents	$	60,241		$	60,241	$	—	$	—
U.S. Treasury securities	197,572			197,572		—		—
Equity securities	—			—		—		—
Noncurrent:
Restricted cash	1,096			1,096		—		—
Total assets measured at fair value	$	258,909		$	258,909	$	—	$	—

Liabilities at Fair Value:
Current:
Contingent consideration	$	(22)	(1)	$	—	$	—	$	(22)
Noncurrent:
Related-party convertible note payable at fair value (Note 14)	(500,804)			—		—		(500,804)
Warrant liabilities (Note 16)	(115,160)			—		—		(115,160)
RIPA derivative liability (Note 13)	(18,000)			—		—		(18,000)
Stock option purchase liability (Note 13)	(322)			—		—		(322)
Total liabilities measured at fair value	$	(634,308)		$	—	$	—	$	(634,308)


	Fair Value Measurements at December 31, 2024
	Total			Level 1		Level 2		Level 3

Assets at Fair Value:
Current:
Cash and cash equivalents	$	143,428		$	143,428	$	—	$	—
U.S. Treasury securities	6,096			6,096		—		—
Equity securities	285			285		—		—





Total assets measured at fair value	$	149,809		$	149,809	$	—	$	—

Liabilities at Fair Value:
Current:
Contingent consideration	$	(19)	(1)	$	—	$	—	$	(19)
Noncurrent:
Related-party convertible note payable at fair value (Note 14)	(461,877)			—		—		(461,877)
RIPA derivative liability (Note 13)	(25,800)			—		—		(25,800)
Warrant liabilities (Note 16)	(8,575)			—		—		(8,575)
Stock option purchase liability (Note 13)	(320)			—		—		(320)
Total liabilities measured at fair value	$	(496,591)		$	—	$	—	$	(496,591)

_______________


(1)			Contingent consideration is recorded at estimated fair value and revalued each reporting period until the related contingency is resolved. The fair value measurement is based on inputs that are unobservable and significant to the overall fair value measurement (i.e., a Level 3 measurement within the fair value hierarchy) and are reviewed periodically by management. See Note 11 “Commitments and Contingencies—Contingent Consideration Related to Business Combinations” for more information. Changes in fair value of contingent consideration were immaterial during the three and nine months ended September 30, 2025 and 2024, and were primarily due to changes in foreign currency exchange rates.

Non-Recurring Valuations

Non-financial assets and liabilities are recognized at fair value subsequent to initial recognition when they are deemed to be other-than-temporarily impaired. There were no material non-financial assets or liabilities deemed to be other-than-temporarily impaired and measured at fair value on a non-recurring basis during the three and nine months ended September 30, 2025 and 2024.

We measured the fair value of the promissory notes and the embedded conversion features as of December 10, 2024, upon debt amendments to determine the accounting treatment, using a “with and without” method. We used binomial lattice models for the “with” scenario and discounted cash flow analyses for the “without” scenario. Since certain of the factors analyzed are considered to be unobservable inputs, both the lattice model and the discounted cash flow model are considered to be a Level 3 valuation. See Note 14 “Related-Party Debt” for more information.

Property, Plant and Equipment, Net (Detail) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2025	Sep. 30, 2024	Sep. 30, 2025	Sep. 30, 2024	Dec. 31, 2024
Property Plant And Equipment [Line Items]
Gross property, plant and equipment	$ 238,848		$ 238,848		$ 236,683
Less: Accumulated depreciation and amortization	109,251		109,251		99,589
Property, plant and equipment, net	129,597		129,597		137,094
Depreciation expense related to property, plant and equipment	3,400	$ 3,900	10,100	$ 11,900
Leasehold improvements
Property Plant And Equipment [Line Items]
Gross property, plant and equipment	73,151		73,151		73,126
Equipment
Property Plant And Equipment [Line Items]
Gross property, plant and equipment	75,871		75,871		73,578
Construction in progress
Property Plant And Equipment [Line Items]
Gross property, plant and equipment	86,266		86,266		86,417
Furniture & fixtures
Property Plant And Equipment [Line Items]
Gross property, plant and equipment	1,867		1,867		1,865
Software
Property Plant And Equipment [Line Items]
Gross property, plant and equipment	$ 1,693		$ 1,693		$ 1,697

Summary of Significant Accounting Policies - Securities Excluded from the Computation of Potentially Dilutive Securities (Detail) - shares shares in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2025	Sep. 30, 2024	Sep. 30, 2025	Sep. 30, 2024
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share (in shares)	193,011	195,211	193,011	195,211
Related-party convertible notes
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share (in shares)	93,053	162,472	93,053	162,472
Outstanding third-party warrants
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share (in shares)	65,054	9,091	65,054	9,091
Outstanding stock options
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share (in shares)	24,403	15,451	24,403	15,451
Outstanding RSUs
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share (in shares)	8,863	6,559	8,863	6,559
Outstanding related-party warrants
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share (in shares)	1,638	1,638	1,638	1,638

Commitments and Contingencies - Other Commitments (Details) $ in Millions	Sep. 30, 2025 USD ($)
Conditional Contractual Commitments
Other Commitments [Line Items]
Other commitment, maximum	$ 41.2

Subsequent Events (Detail) - $ / shares	Oct. 20, 2025	Sep. 30, 2025	Dec. 31, 2024
Subsequent Event [Line Items]
Preferred Stock, Par or Stated Value Per Share		$ 0.0001
Preferred Stock, Shares Authorized		20,000,000
Common stock, shares authorized (in shares)		1,350,000,000	1,350,000,000
Common stock, par value (in dollars per share)		$ 0.0001	$ 0.0001
Subsequent Event
Subsequent Event [Line Items]
Common stock, shares authorized (in shares)	1,650,000,000
Common stock, par value (in dollars per share)	$ 0.0001

Warrant Liabilities - Warrant Valuation Assumptions (Detail) $ in Thousands	3 Months Ended
	Sep. 30, 2025 USD ($) $ / shares yr	Jun. 30, 2025 USD ($)	Mar. 31, 2025 USD ($)	Jul. 28, 2025 $ / shares yr	Apr. 09, 2025 $ / shares yr	Dec. 31, 2024 USD ($) $ / shares yr
Outstanding third-party warrants
Class of Warrant or Right [Line Items]
Fair value at issuance	$ 63,108	$ 61,823
Estimated fair value of warrants	115,160	66,957	$ 9,023			$ 8,575
Change in fair value	(14,905)	(3,889)	448
February 2023 Warrants \| Outstanding third-party warrants
Class of Warrant or Right [Line Items]
Fair value at issuance	0	0
Estimated fair value of warrants	1,727	2,492	3,969			$ 3,772
Change in fair value	$ (765)	(1,477)	197
February 2023 Warrants \| Exercise price per share
Class of Warrant or Right [Line Items]
Measurement input \| $ / shares	3.2946					3.2946
February 2023 Warrants \| Expected term
Class of Warrant or Right [Line Items]
Measurement input \| yr	0.8					1.6
February 2023 Warrants \| Expected volatility
Class of Warrant or Right [Line Items]
Measurement input	0.957					1.250
February 2023 Warrants \| Expected dividend yield
Class of Warrant or Right [Line Items]
Measurement input	0					0
February 2023 Warrants \| Risk-free interest rate
Class of Warrant or Right [Line Items]
Measurement input	0.037					0.042
July 2023 Warrants \| Outstanding third-party warrants
Class of Warrant or Right [Line Items]
Fair value at issuance	$ 0	0
Estimated fair value of warrants	2,200	3,173	5,054			$ 4,803
Change in fair value	$ (973)	(1,881)	251
July 2023 Warrants \| Exercise price per share
Class of Warrant or Right [Line Items]
Measurement input \| $ / shares	3.2946					3.2946
July 2023 Warrants \| Expected term
Class of Warrant or Right [Line Items]
Measurement input \| yr	0.8					1.6
July 2023 Warrants \| Expected volatility
Class of Warrant or Right [Line Items]
Measurement input	0.957					1.250
July 2023 Warrants \| Expected dividend yield
Class of Warrant or Right [Line Items]
Measurement input	0					0
July 2023 Warrants \| Risk-free interest rate
Class of Warrant or Right [Line Items]
Measurement input	0.037					0.042
April 2025 Warrants \| Outstanding third-party warrants
Class of Warrant or Right [Line Items]
Fair value at issuance	$ 0	61,823
Estimated fair value of warrants	54,152	61,292	0			$ 0
Change in fair value	$ (7,140)	(531)	0
April 2025 Warrants \| Exercise price per share
Class of Warrant or Right [Line Items]
Measurement input \| $ / shares	3.1010				3.1010
April 2025 Warrants \| Expected term
Class of Warrant or Right [Line Items]
Measurement input \| yr	4.5				5.0
April 2025 Warrants \| Expected volatility
Class of Warrant or Right [Line Items]
Measurement input	1.120				1.191
April 2025 Warrants \| Expected dividend yield
Class of Warrant or Right [Line Items]
Measurement input	0				0
April 2025 Warrants \| Risk-free interest rate
Class of Warrant or Right [Line Items]
Measurement input	0.036				0.040
July 2025 Warrant \| Outstanding third-party warrants
Class of Warrant or Right [Line Items]
Fair value at issuance	$ 63,108	0
Estimated fair value of warrants	57,081	0	0			$ 0
Change in fair value	$ (6,027)	$ 0	$ 0
July 2025 Warrant \| Exercise price per share
Class of Warrant or Right [Line Items]
Measurement input \| $ / shares	3.2400			3.2400
July 2025 Warrant \| Expected term
Class of Warrant or Right [Line Items]
Measurement input \| yr	4.8			5.0
July 2025 Warrant \| Expected volatility
Class of Warrant or Right [Line Items]
Measurement input	1.150			1.159
July 2025 Warrant \| Expected dividend yield
Class of Warrant or Right [Line Items]
Measurement input	0			0
July 2025 Warrant \| Risk-free interest rate
Class of Warrant or Right [Line Items]
Measurement input	0.037			0.039

Lease Arrangements - Schedule of Cash Paid for Amounts Included in Measurement of Lease Liabilities (Detail) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2025	Sep. 30, 2024
Cash Flow Operating Activities Lessee [Abstract]
Cash paid for operating leases (excluding variable lease costs)	$ 8,761	$ 7,868
Financing cash flow from finance leases	16	64
Operating cash flow from finance leases	$ 11	$ 2

Financial Instruments (Tables)

9 Months Ended

Sep. 30, 2025

Investments, Debt and Equity Securities [Abstract]

Summary of Available-for-Sale Marketable Debt Securities


	September 30, 2025

	Weighted- Average Remaining Contractual Life (in years)	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value

Current:
U.S. Treasury securities	0.4	$	197,532	$	67	$	(27)	$	197,572


	December 31, 2024
	Weighted- Average Remaining Contractual Life (in years)	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value

Current:
U.S. Treasury securities	0.3	$	6,094	$	2	$	—	$	6,096

Summary of Interest and Investment Income , Net

Interest and investment income, net consists of the following (in thousands):


	Three Months Ended September 30,				Nine Months Ended September 30,
	2025		2024		2025		2024


Investment accretion income, net	$	1,324	$	1,675	$	2,284	$	5,732
Interest income	772		638		2,110		1,631
Net realized losses on investments	(33)		(10)		(287)		(55)
Unrealized gains (losses) from equity securities	4		(505)		—		(520)
Interest and investment income, net	$	2,067	$	1,798	$	4,107	$	6,788

Warrant Liabilities (Tables)

9 Months Ended

Sep. 30, 2025

Equity [Abstract]

Schedule of Changes in Carrying Amount of Warrant Liabilities

The following table summarizes the change in carrying amount of warrant liabilities measured at fair value during the nine months ended September 30, 2025 (in thousands):


	Total		February 2023 Warrants		July 2023 Warrants		April 2025 Warrants		July 2025 Warrants


Fair value, at December 31, 2024	$	8,575	$	3,772	$	4,803	$	—	$	—

Change in fair value	448		197		251		—		—
Fair value, at March 31, 2025	9,023		3,969		5,054		—		—

Fair value at issuance	61,823		—		—		61,823		—
Change in fair value	(3,889)		(1,477)		(1,881)		(531)		—
Fair value, at June 30, 2025	66,957		2,492		3,173		61,292		—

Fair value at issuance	63,108		—		—		—		63,108
Change in fair value	(14,905)		(765)		(973)		(7,140)		(6,027)
Fair value, at September 30, 2025	$	115,160	$	1,727	$	2,200	$	54,152	$	57,081

The estimated fair value of the warrants was computed using the Black-Scholes option pricing model with the following unobservable assumptions at the following dates:


	February and July 2023 Warrants				April 2025 Warrants				July 2025 Warrants
	September 30, 2025		December 31, 2024		September 30, 2025		Issuance Date April 9, 2025		September 30, 2025		Issuance Date July 28, 2025


Exercise price per share	$3.2946		$3.2946		$3.1010		$3.1010		$3.2400		$3.2400
Expected term	0.8 years		1.6 years		4.5 years		5.0 years		4.8 years		5.0 years
Expected volatility	95.7	%	125.0	%	112.0	%	119.1	%	115.0	%	115.9	%
Expected dividend yield	—		—		—		—		—		—
Risk-free interest rate	3.7	%	4.2	%	3.6	%	4.0	%	3.7	%	3.9	%

Related-Party Debt - Interest Expense and Debt Discount (Detail) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2025	Sep. 30, 2024	Sep. 30, 2025	Sep. 30, 2024
Related Party Transaction [Line Items]
Interest expense – related party	$ 15,256	$ 29,322	$ 46,043	$ 88,567
Affiliated Entity
Related Party Transaction [Line Items]
Interest expense on related-party notes payable	15,256	23,123	46,043	70,987
Amortization of related-party notes discounts	$ 0	$ 6,199	$ 0	$ 17,580

- Definition

Amount of interest expense classified as operating and nonoperating. Includes, but is not limited to, cost of borrowing accounted for as interest expense.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
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+ Details

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

+ Details

Segment Information - Geographic Region (Detail) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2025	Sep. 30, 2024	Sep. 30, 2025	Sep. 30, 2024
Segment Reporting Information [Line Items]
Total segment revenue	$ 32,061	$ 6,106	$ 75,003	$ 7,193
U.S.
Segment Reporting Information [Line Items]
Total segment revenue	31,799	5,986	74,741	6,997
Europe
Segment Reporting Information [Line Items]
Total segment revenue	$ 262	$ 120	$ 262	$ 196

- Definition

Amount of revenue recognized from goods sold, services rendered, insurance premiums, or other activities that constitute an earning process. Includes, but is not limited to, investment and interest income before deduction of interest expense when recognized as a component of revenue, and sales and trading gain (loss).

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+ Details

Financial Statement Details (Tables)

9 Months Ended

Sep. 30, 2025

Financial Statement Details [Abstract]

Summary of Prepaid Expenses and Other Current Assets

Prepaid expenses and other current assets (including related-party amounts) consist of the following (in thousands):


	September 30, 2025		December 31, 2024


Prepaid research and development costs	$	9,734	$	5,815
Prepaid services	7,746		7,762
Prepaid software license fees	4,398		2,687
Insurance premium financing asset	2,603		1,248
Other receivables	1,683		—
Prepaid insurance	1,528		2,057
Prepaid rent	1,476		1,532
Prepaid equipment maintenance	1,266		1,448


Other	2,513		1,303
Prepaid expenses and other current assets (including amounts with related parties)	$	32,947	$	23,852

Summary of Accrued Expenses and Other Liabilities

Accrued expenses and other liabilities consist of the following (in thousands):


	September 30, 2025		December 31, 2024



Accrued bonus	$	10,299	$	10,346
Accrued professional and service fees	7,803		16,849
Accrued compensation	7,198		4,679
Accrued sales costs	6,145		530
Accrued preclinical and clinical trial costs	4,523		2,876
Accrued research and development costs	2,914		3,002


Financing obligation – current portion	2,603		1,248







Other	2,117		1,050
Accrued expenses and other liabilities	$	43,602	$	40,580

Summary of Significant Accounting Policies (Policies)

9 Months Ended

Sep. 30, 2025

Accounting Policies [Abstract]

Basis of Presentation

Principles of Consolidation

Use of Estimates

Revenue Recognition

Product Revenue, Net

Other Revenues

License Agreements with Third Parties

Concentration of Major Customers

Cost of Sales

Accounts Receivable, Net

Inventories

Contingencies

Concentration of Major Customers, Credit Risk, and Other Risks and Uncertainties

Concentration of Major Customers

Concentration of Credit Risk and Other Risks and Uncertainties

Cash, Cash Equivalents, and Restricted Cash

Cash equivalents include highly liquid investments with an original maturity of three months or less from the date of purchase.

Marketable Securities and Other Investments

Marketable Debt Securities

Marketable Equity Securities

Evaluating Investments for Other-than-Temporary Impairments

Equity Method of Accounting

Property, Plant and Equipment, Net


Buildings						39 years
Software						3 years
Laboratory equipment						5 to 7 years
Furniture & fixtures						5 years
IT equipment						3 years
Leasehold improvements						The lesser of the lease term or life of the asset

Property, Plant and Equipment, Impairment

Asset Acquisitions and Business Combinations

Common Control Transactions

Intangible Assets, Net

Patents

Patent costs, including related legal costs, are expensed as incurred and recorded in selling, general and administrative expense, on the condensed consolidated statement of operations

Cloud Computing Arrangement

Fair Value Measurements

The three tiers are defined as follows:

•Level 2—Observable inputs other than quoted prices in active markets that are observable either directly or indirectly in the marketplace for identical or similar assets and liabilities.

•Level 3—Valuations based on inputs that are unobservable and significant to the overall fair value measurement.

Collaboration Arrangements

Preclinical and Clinical Trial Accruals

Transactions with Related Parties

Lease Obligations

The depreciable life of operating right-of-use-assets and leasehold improvements is limited by the expected lease term.

Warrants

Fair Value Option Election

Income Taxes

Stock Repurchases

Revenue Interest Liability

Derivative Liabilities

Research and Development Costs

Stock-Based Compensation

Comprehensive Loss

Noncontrolling Interests

Foreign Currencies

Basic and Diluted Net Loss per Share of Common Stock

Recent Accounting Pronouncements

Application of New or Revised Accounting Standards – Adopted

Application of New or Revised Accounting Standards – Not Yet Adopted

Revenues - Additional Information (Detail) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2025	Sep. 30, 2024	Sep. 30, 2025	Sep. 30, 2024	Dec. 31, 2024
Disaggregation of Revenue [Line Items]
Revenue decrease, gross-to-net accruals	$ 6,700	$ 1,000	$ 14,800	$ 1,000
Allowances for prompt payment discounts, product returns and chargebacks	1,800		1,800
Accrued rebates, co-payment assistance and other fees	43,602		43,602		$ 40,580
Accounts Receivable, Net
Disaggregation of Revenue [Line Items]
Allowances for prompt payment discounts, product returns and chargebacks		500		500
Accrued Rebates, Co-payment Assistance and Other Fees
Disaggregation of Revenue [Line Items]
Accrued rebates, co-payment assistance and other fees	$ 5,900	$ 500	$ 5,900	$ 500

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

+ Details

Condensed Consolidated Statements of Stockholders' Deficit (Unaudited) - USD ($) $ in Thousands	Total	Stock Purchase And Option Agreement	ATM Offering Program	Total ImmunityBio Stockholders’ Deficit	Total ImmunityBio Stockholders’ Deficit Stock Purchase And Option Agreement	Total ImmunityBio Stockholders’ Deficit ATM Offering Program	Common Stock	Common Stock Stock Purchase And Option Agreement	Common Stock ATM Offering Program	Additional Paid-in Capital	Additional Paid-in Capital Stock Purchase And Option Agreement	Additional Paid-in Capital ATM Offering Program	Accumulated Deficit	Accumulated Other Comprehensive Income (Loss)	Noncontrolling Interests
Beginning balance (in shares) at Dec. 31, 2023							670,867,344
Beginning balance at Dec. 31, 2023	$ (585,937)			$ (586,987)			$ 67			$ 2,374,620			$ (2,961,684)	$ 10	$ 1,050
Increase (Decrease) in Statements of Stockholders’ Deficit [Roll Forward]
Stock-based compensation expense	8,266			8,266						8,266
Vesting of restricted stock units (RSUs) (in shares)							2,969,156
Net share settlement for RSUs vesting (in shares)							(1,117,737)
Net share settlement for RSUs vesting	(3,867)			(3,867)						(3,867)
Exercise of warrants (in shares)							4,284,648
Exercise of warrants	24,702			24,702			$ 1			24,701
Other comprehensive income (loss), net of tax	(17)			(17)										(17)
Net loss	(134,130)			(134,109)									(134,109)		(21)
Ending balance (in shares) at Mar. 31, 2024							677,003,411
Ending balance at Mar. 31, 2024	(690,983)			(692,012)			$ 68			2,403,720			(3,095,793)	(7)	1,029
Beginning balance (in shares) at Dec. 31, 2023							670,867,344
Beginning balance at Dec. 31, 2023	(585,937)			(586,987)			$ 67			2,374,620			(2,961,684)	10	1,050
Increase (Decrease) in Statements of Stockholders’ Deficit [Roll Forward]
Other comprehensive income (loss), net of tax	93
Net loss	(354,466)
Ending balance (in shares) at Sep. 30, 2024							696,831,296
Ending balance at Sep. 30, 2024	(744,162)			(745,148)			$ 70			2,570,765			(3,316,086)	103	986
Beginning balance (in shares) at Dec. 31, 2023							670,867,344
Beginning balance at Dec. 31, 2023	$ (585,937)			(586,987)			$ 67			2,374,620			(2,961,684)	10	1,050
Increase (Decrease) in Statements of Stockholders’ Deficit [Roll Forward]
Exercise of stock options											$ 7,600
Ending balance (in shares) at Dec. 31, 2024	852,904,340						852,904,340
Ending balance at Dec. 31, 2024	$ (488,129)			(489,098)			$ 85			2,884,867			(3,375,248)	1,198	969
Beginning balance (in shares) at Mar. 31, 2024							677,003,411
Beginning balance at Mar. 31, 2024	(690,983)			(692,012)			$ 68			2,403,720			(3,095,793)	(7)	1,029
Increase (Decrease) in Statements of Stockholders’ Deficit [Roll Forward]
Issuance of common stock "at the market" offering, net of commissions and offering costs (in shares)									427,368
Issuance of common stock "at the market" offering, net of commissions and offering costs			$ 3,625			$ 3,625						$ 3,625
Stock-based compensation expense	9,639			9,639						9,639
Exercise of stock options (in shares)							146,199	858,990
Exercise of stock options	429	$ 7,554		429	$ 7,554					429	$ 7,554
Vesting of restricted stock units (RSUs) (in shares)							222,578
Net share settlement for RSUs vesting (in shares)							(83,220)
Net share settlement for RSUs vesting	(496)			(496)						(496)
Exercise of warrants (in shares)							13,217,843
Exercise of warrants	107,439			107,439			$ 1			107,438
Other comprehensive income (loss), net of tax	(1)			(1)										(1)
Net loss	(134,584)			(134,564)									(134,564)		(20)
Ending balance (in shares) at Jun. 30, 2024							691,793,169
Ending balance at Jun. 30, 2024	(697,378)			(698,387)			$ 69			2,531,909			(3,230,357)	(8)	1,009
Increase (Decrease) in Statements of Stockholders’ Deficit [Roll Forward]
Stock-based compensation expense	7,489			7,489						7,489
Exercise of stock options (in shares)							162,760
Exercise of stock options	286			286						286
Vesting of restricted stock units (RSUs) (in shares)							214,875
Net share settlement for RSUs vesting (in shares)							(79,757)
Net share settlement for RSUs vesting	(299)			(299)						(299)
Exercise of warrants (in shares)							4,740,249
Exercise of warrants	31,381			31,381			$ 1			31,380
Other comprehensive income (loss), net of tax	111			111										111
Net loss	(85,752)			(85,729)									(85,729)		(23)
Ending balance (in shares) at Sep. 30, 2024							696,831,296
Ending balance at Sep. 30, 2024	$ (744,162)			(745,148)			$ 70			2,570,765			(3,316,086)	103	986
Beginning balance (in shares) at Dec. 31, 2024	852,904,340						852,904,340
Beginning balance at Dec. 31, 2024	$ (488,129)			(489,098)			$ 85			2,884,867			(3,375,248)	1,198	969
Increase (Decrease) in Statements of Stockholders’ Deficit [Roll Forward]
Stock-based compensation expense	9,537			9,537						9,537
Exercise of stock options (in shares)							110,020
Exercise of stock options	220			220						220
Vesting of restricted stock units (RSUs) (in shares)							901,713
Net share settlement for RSUs vesting (in shares)							(359,880)
Net share settlement for RSUs vesting	(1,202)			(1,202)						(1,202)
Other comprehensive income (loss), net of tax	18,758			18,758										18,758
Net loss	(129,666)			(129,646)									(129,646)		(20)
Ending balance (in shares) at Mar. 31, 2025							853,556,193
Ending balance at Mar. 31, 2025	$ (590,482)			(591,431)			$ 85			2,893,422			(3,504,894)	19,956	949
Beginning balance (in shares) at Dec. 31, 2024	852,904,340						852,904,340
Beginning balance at Dec. 31, 2024	$ (488,129)			(489,098)			$ 85			2,884,867			(3,375,248)	1,198	969
Increase (Decrease) in Statements of Stockholders’ Deficit [Roll Forward]
Exercise of stock options (in shares)	110,020
Other comprehensive income (loss), net of tax	$ 3,799
Net loss	$ (289,514)
Ending balance (in shares) at Sep. 30, 2025	984,965,179						984,965,179
Ending balance at Sep. 30, 2025	$ (523,410)			(524,319)			$ 98			3,135,288			(3,664,702)	4,997	909
Beginning balance (in shares) at Mar. 31, 2025							853,556,193
Beginning balance at Mar. 31, 2025	(590,482)			(591,431)			$ 85			2,893,422			(3,504,894)	19,956	949
Increase (Decrease) in Statements of Stockholders’ Deficit [Roll Forward]
Issuance of common stock "at the market" offering, net of commissions and offering costs (in shares)									32,854,486
Issuance of common stock "at the market" offering, net of commissions and offering costs			98,248			98,248			$ 3			98,245
Stock-based compensation expense	9,648			9,648						9,648
Vesting of restricted stock units (RSUs) (in shares)							297,223
Net share settlement for RSUs vesting (in shares)							(107,617)
Net share settlement for RSUs vesting	(322)			(322)						(322)
Other comprehensive income (loss), net of tax	(7,388)			(7,388)										(7,388)
Net loss	(92,574)			(92,555)									(92,555)		(19)
Ending balance (in shares) at Jun. 30, 2025							915,625,053
Ending balance at Jun. 30, 2025	(569,819)			(570,749)			$ 91			3,014,041			(3,597,449)	12,568	930
Increase (Decrease) in Statements of Stockholders’ Deficit [Roll Forward]
Issuance of common stock "at the market" offering, net of commissions and offering costs (in shares)									39,612,857
Issuance of common stock "at the market" offering, net of commissions and offering costs			$ 98,201			$ 98,201			$ 4			$ 98,197
Stock-based compensation expense	8,878			8,878						8,878
Vesting of restricted stock units (RSUs) (in shares)							152,801
Net share settlement for RSUs vesting (in shares)							(55,164)
Net share settlement for RSUs vesting	(151)			(151)						(151)
Other comprehensive income (loss), net of tax	(7,571)			(7,571)										(7,571)
Net loss	$ (67,274)			(67,253)									(67,253)		(21)
Ending balance (in shares) at Sep. 30, 2025	984,965,179						984,965,179
Ending balance at Sep. 30, 2025	$ (523,410)			$ (524,319)			$ 98			$ 3,135,288			$ (3,664,702)	$ 4,997	$ 909

Lease Arrangements - Summary of Future Minimum Lease Payments (Detail) - USD ($) $ in Thousands	Sep. 30, 2025	May 27, 2025	May 26, 2025	Dec. 31, 2024
Operating Leases
2025 (excluding the nine months ended September 30, 2025)	$ 2,876
2026	10,899
2027	10,224
2028	10,527
2029	9,915
2030	7,522
Thereafter	1,200
Total future minimum lease payments	53,163
Less: Interest	11,717
Present value of lease liabilities	41,446	$ 4,600	$ 600
Finance Leases
2025 (excluding the nine months ended September 30, 2025)	20
2026	79
2027	79
2028	79
2029	79
2030	34
Thereafter	0
Total future minimum lease payments	370
Less: Interest	79
Present value of lease liabilities	291
Total
2025 (excluding the nine months ended September 30, 2025)	2,896
2026	10,978
2027	10,303
2028	10,606
2029	9,994
2030	7,556
Thereafter	1,200
Total future minimum lease payments	53,533
Less: Interest	11,796
Total lease liabilities (including amounts with related parties)	$ 41,737			$ 42,289

Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2025	Sep. 30, 2024
Operating activities:
Net loss	$ (289,514)	$ (354,466)
Adjustments to reconcile net loss to net cash used in operating activities:
Change in fair value of related-party convertible note	42,582	0
Non-cash interest expense related to revenue interest liability	32,595	27,715
Stock-based compensation expense	28,063	25,394
Depreciation and amortization	11,660	13,416
Change in fair value of derivative liabilities	(7,798)	(20,084)
Change in fair value of warrant liabilities	(18,346)	(10,222)
Non-cash interest items, net	(187)	(187)
Transaction costs allocated to warrant liabilities	2,167	0
Accretion of discounts on marketable debt securities	(1,041)	(1,465)
Unrealized losses on equity securities	0	520
Amortization of related-party notes discounts	0	17,580
Other	488	146
Changes in operating assets and liabilities:
Accounts receivable	(29,656)	(4,175)
Inventories	1,569	(1,958)
Other assets	819	(74)
Accounts payable	(1,169)	47
Accrued expenses and other liabilities	1,259	606
Due to and due from related parties, net	545	540
Net cash used in operating activities	(234,558)	(306,092)
Investing activities:
Purchases of marketable debt securities, available-for-sale	(195,747)	(134,129)
Proceeds from maturities of marketable debt securities, available-for-sale	5,350	97,552
Purchases of property, plant and equipment	(2,943)	(4,777)
Software development costs	(34)	0
Proceeds from sales of marketable debt securities	0	21,021
Acquisition of a business, net of transaction costs	0	(1,000)
Cash paid for other investments	0	(747)
Net cash used in investing activities	(193,374)	(22,080)
Financing activities:
Net share settlement for RSUs vesting	(1,675)	(4,662)
Principal payments of finance leases	(16)	(64)
Proceeds from the RIPA, net of issuance costs	0	96,956
Proceeds from exercises of warrants	0	73,281
Net cash provided by financing activities	345,347	174,701
Effect of exchange rate changes on cash and cash equivalents, and restricted cash	10	(16)
Net change in cash and cash equivalents, and restricted cash	(82,575)	(153,487)
Cash and cash equivalents, and restricted cash, beginning of period	143,912	265,787
Cash and cash equivalents, and restricted cash, end of period	61,337	112,300
Reconciliation of cash and cash equivalents, and restricted cash, end of period:
Cash and cash equivalents	60,241	111,966
Restricted cash	1,096	334
Cash and cash equivalents, and restricted cash, end of period	61,337	112,300
Supplemental disclosure of cash flow information:
Interest	52,732	71,452
Income taxes	0	15
Supplemental disclosure of non-cash activities:
Initial measurement of warrants issued in connection with equity offerings accounted for as liabilities	124,931	0
Right-of-use assets obtained in exchange for operating lease liabilities	4,526	2,576
Property and equipment purchases included in accounts payable, accrued expenses and other liabilities, and due to related parties	563	1,363
Right-of-use assets obtained in exchange for finance lease liabilities	306	0
Unpaid offering costs included in accounts payable, and accrued expenses and other liabilities	228	0
Unrealized gains on marketable debt securities, net	28	86
Common stock issued pursuant to litigation settlement	4,303	12,380
Non-related Party
Adjustments to reconcile net loss to net cash used in operating activities:
Non-cash lease expense related to operating lease right-of-use assets	2,660	2,332
Changes in operating assets and liabilities:
Prepaid expenses and other current assets	(9,403)	684
Operating lease liabilities	(2,820)	(1,728)
Related-Party
Adjustments to reconcile net loss to net cash used in operating activities:
Change in fair value of related-party convertible note	42,582	0
Non-cash lease expense related to operating lease right-of-use assets	2,034	1,809
Changes in operating assets and liabilities:
Prepaid expenses and other current assets	1,484	(314)
Operating lease liabilities	(2,549)	(2,208)
Stock Options, Other
Financing activities:
Proceeds from exercises of stock options	220	715
Private Placement and At the Market Offerings
Financing activities:
Proceeds from equity offerings, net of issuance costs	346,818	3,625
Stock Purchase And Option Agreement
Financing activities:
Proceeds from exercises of stock options	$ 0	$ 4,850

Subsequent Events	9 Months Ended
Subsequent Events	Sep. 30, 2025
Subsequent Events [Abstract]
Subsequent Events	Subsequent Event Increase in Shares of Common Stock Authorized for Issuance On October 20, 2025, ImmunityBio, Inc. filed a DEF 14C with the SEC to inform its stockholders of an action taken by its Board of Directors and by the written consent of stockholders representing a majority of the voting power of its common stock to amend its Amended and Restated Certificate of Incorporation to increase the number of authorized shares of common stock from 1.350 billion shares of common stock, $0.0001 par value per share, to 1.650 billion shares of common stock, $0.0001 par value per share. The number of shares of preferred stock, $0.0001 par value per share, that the company is authorized to issue remains unchanged at 20.0 million shares. The company expects the amendment to take effect in November 2025.

Inventories (Tables)

9 Months Ended

Sep. 30, 2025

Inventory Disclosure [Abstract]

Statement of Inventories

Inventories consist of the following (in thousands):


	September 30, 2025		December 31, 2024



Work-in-progress	$	4,434	$	7,505
Finished goods	2,269		767
Inventories	$	6,703	$	8,272

Revenue Interest Purchase Agreement

9 Months Ended

Sep. 30, 2025

Revenue Interest Purchase Agreement [Abstract]

Revenue Interest Purchase Agreement

Revenue Interest Liability

On December 29, 2023, we entered into the RIPA with Infinity and Oberland. Pursuant to the RIPA, Oberland acquired certain initial Revenue Interests from us for a gross purchase price of $200.0 million paid on closing, less $7.5 million of issuance costs. Oberland had the option to purchase additional Revenue Interests from us in exchange for a $100.0 million Second Payment upon satisfaction of certain conditions in the RIPA, including receipt of approval from the FDA of our BLA for ANKTIVA on or before June 30, 2024.

In April 2024, the FDA approved our product ANKTIVA and as a result, on May 13, 2024 Oberland purchased additional Revenue Interests from us for a gross purchase price of $100.0 million, less $3.1 million of issuance costs. The issuance costs incurred are being amortized to interest expense over the estimated term of the debt.

As consideration for the aforementioned payments, Oberland has the right to receive quarterly Revenue Interest Payments from us based on, among other things, a certain percentage of our net sales during such quarter, which are tiered payments ranging from 4.5% to 10.0% (before funding of the Second Payment, 3.0% to 7.0%) of the company’s worldwide net sales, excluding those in China.

If the aggregate Revenue Interest Payments made to Oberland as of December 31, 2029 (Test Date) equal or exceed the Cumulative Purchaser Payments ($300.0 million) as of that date, the initially tiered revenue interest rate will be decreased to a single rate of 2.25% (before the funding of the Second Payment, 1.50%) of the company’s worldwide net sales, excluding those in China. If the aggregate Revenue Interest Payments made to Oberland as of the Test Date are less than the aggregate amount of Cumulative Purchaser Payments as of the Test Date, then following the Test Date the initially tiered revenue interest rate will increase to a rate that, had such increased rate applied during the period from December 29, 2023 through December 31, 2029, it would have resulted in Oberland receiving aggregate Revenue Interest Payments (excluding certain payments detailed in the RIPA) equal to the Cumulative Purchaser Payments as of the Test Date. In addition, if aggregate Revenue Interest Payments made to Oberland as of the Test Date are less than the aggregate amount of Cumulative Purchaser Payments as of the Test Date, then the company must make the True-Up Payment.

Oberland’s rights to receive Revenue Interest Payments under the RIPA shall terminate when Oberland has received payments (including any True-Up Payment) equal to 195.0% of the then Cumulative Purchaser Payments unless the RIPA is terminated prior to such date (subject to certain Call/Put Option scenarios as described below). If Oberland has not received total payments (including any True-Up Payment) equal to 195.0% of the then Cumulative Purchaser Payments on or before the twelfth anniversary of the RIPA, then the company shall be obligated to pay to Oberland an amount equal to 195.0% of the then Cumulative Purchaser Payments less the aggregate payments (including any True-Up Payments) made as of such date.

The company’s obligations under the RIPA are guaranteed by certain of its subsidiaries meeting materiality thresholds set forth in the RIPA. To secure the company’s obligations under the RIPA and the subsidiary guarantors’ obligations under the guarantees, each of the company and the subsidiary guarantors has granted a security interest in substantially all its assets, subject to certain exceptions and limitations.

The RIPA contains affirmative and negative covenants and events of default, including covenants and restrictions that, among other things, restrict our ability to incur additional liens, incur additional indebtedness, make loans and investments, enter into transactions with affiliates, engage in mergers and acquisitions, engage in asset sales and exclusive licensing arrangements, and declare dividends to our stockholders, in each case, subject to certain exceptions set forth in the RIPA. As of September 30, 2025, the company was in compliance with all covenants.

The RIPA is considered a sale of future revenues and is accounted for as long-term debt recorded at amortized cost using the effective interest rate method. The company imputes interest expense associated with this liability using the effective interest rate method. The effective interest rate is calculated based on the rate that would enable the debt to be repaid in full over the anticipated life of the arrangement. The interest rate on this liability may vary during the term of the agreement depending on a number of factors, including the level of forecasted net sales. The company evaluates the interest rate quarterly based on its current net sales forecasts utilizing the prospective method. A significant increase or decrease in actual or forecasted net sales may materially impact the revenue interest liability, embedded derivative liabilities, other income (expense), net, and the time period for repayment.

On December 10, 2024, the company entered into an amendment to the RIPA to add additional conditions to the payment of certain existing indebtedness. Such amendment did not have an impact on the valuation of the revenue interest liability or the embedded derivative liabilities related to the RIPA.

During the three and nine months ended September 30, 2025, we recorded $12.3 million and $39.2 million of interest expense, respectively, related to this arrangement. During the three and nine months ended September 30, 2024, we recorded $10.9 million and $28.2 million of interest expense, respectively, related to this arrangement.

The following table summarizes the revenue interest liability activity during the nine months ended September 30, 2025 (in thousands):



Revenue interest liability, at December 31, 2024	$	284,404


Interest expense recognized	39,241
Revenue interest payment	(6,825)
Accrued revenue interest payment	(675)
Revenue interest liability, at September 30, 2025	$	316,145

Embedded Derivative Liabilities

RIPA Derivative Liability

Under the RIPA, the company has a Call Option to terminate the RIPA and repurchase the Revenue Interests at any time upon advance written notice, subject to certain limitations set forth in the RIPA. Additionally, Oberland has a Put Option enabling them to terminate the RIPA and to require the company to repurchase the Revenue Interests upon enumerated events, such as a bankruptcy event, failure to make a payment, an uncured material breach, default in certain third-party agreements, a breach or default under any subordination agreements with respect to indebtedness to existing stockholders, or subordinated notes during certain time periods, judgments in excess of certain amounts against the company, a material adverse effect, the loss of regulatory approval of our product candidates or a change of control.

The required purchase price with respect to the Call Option and/or Put Option, as applicable, shall be (a) 120.0% of the Cumulative Purchaser Payments as of such date, if Oberland exercises the Put Option (other than in connection with a change of control) on or prior to the first anniversary the Closing Date, (b) 135.0% of the Cumulative Purchaser Payments as of such date, if the Put Option or the Call Option is exercised in connection with a change of control on or prior to the date that is eighteen (18) months after the Closing Date, and (c) in all other cases, (i) 175.0% of the Cumulative Purchaser Payments as of such date, if the Put Option or the Call Option is exercised no later than the date that is thirty six (36) months after the Closing Date, and (ii) 195.0% of the Cumulative Purchaser Payments as of such date, if the Put Option or the Call Option is exercised later than the date that is thirty six (36) months after the Closing Date, minus, in each case, the total payments made to Oberland on or prior to such date.

The aforementioned Call and Put Options are considered embedded derivatives requiring bifurcation as a single compound derivative instrument. The company estimated the fair value of the derivative liability using a “with-and-without” method. The “with-and-without” methodology involves valuing the whole instrument on an as-is basis and then valuing the instrument without the individual embedded derivative. The difference between the entire instrument with the embedded derivative compared to the instrument without the embedded derivative is the fair value of the derivative liability.

The company recorded $34.5 million for the initial fair value of the derivative liability upon the closing of the initial $200.0 million Revenue Interests acquired by Oberland. The company recorded an incremental $6.2 million for the fair value of the derivative liability upon the closing of the additional $100.0 million Revenue Interests acquired by Oberland in May 2024. The initial and incremental fair value allocated to the derivative liability is recorded against the RIPA as a debt discount, which is being amortized in interest expense, on the condensed consolidated statement of operations over the expected term of the debt using the effective interest method. Such embedded derivative is classified in derivative liabilities, on the condensed consolidated balance sheet. The derivative is subsequently remeasured at fair value each reporting period using a Monte Carlo Simulation valuation technique, with the change in fair value being recorded in change in fair value of derivative liabilities, on the condensed consolidated statement of operations.

The estimated probability and timing of underlying events triggering the exercisability of the Put Option contained in the RIPA, forecasted cash flows and the discount rate are significant unobservable inputs used to determine the estimated fair value of the entire instrument with the embedded derivative. As of September 30, 2025 and December 31, 2024, the discount rate used for valuation of the derivative liability was 9.6% and 10.4%, respectively.

The change in fair value of the derivative liability is as follows (in thousands):




Fair value, at December 31, 2024	$	25,800
Change in fair value	(5,560)
Fair value, at March 31, 2025	20,240

Change in fair value	(1,940)
Fair value, at June 30, 2025	18,300
Change in fair value	(300)
Fair value, at September 30, 2025	$	18,000

Stock Purchase and Option Agreement

On December 29, 2023 and in connection with the RIPA, we entered into a SPOA with Oberland. Under this agreement, Oberland had an option to purchase up to $10.0 million of our common stock, at a price per share to be determined by reference to the 30-day trailing volume weighted-average price of our common stock, calculated from the date of exercise. The option is exercisable by Oberland at any time until the earliest of (i) December 29, 2028, (ii) a change of control of the company, or (iii) a sale of substantially all of the company’s assets. Among other limitations, the option may only be exercised to the extent that the common stock issuable pursuant to such exercise would not exceed 19.9% of the common stock outstanding immediately after giving effect to such exercise.

This stock purchase option was considered as a derivative liability estimated at fair value at issuance. The initial $200.0 million received pursuant to the RIPA and $10.0 million received pursuant to the SPOA were allocated among the resulting financial instruments on a relative fair value basis, with $197.1 million allocated to the debt under the RIPA, $12.0 million allocated to the common stock issued under the SPOA, and $0.8 million allocated to the stock purchase option as of December 31, 2023.

In April 2024, Oberland exercised part of their option and purchased 858,990 shares of our common stock at an exercise price of $5.8208 per share generating net proceeds of approximately $4.9 million. In relation to this transaction, we recorded $7.6 million in additional paid-in capital, on the consolidated statement of stockholders’ deficit during the year ended December 31, 2024. Following such exercise, approximately $5.0 million remains available for future exercise under the SPOA as of September 30, 2025. This option expires on December 29, 2028.

This stock purchase option is classified in derivative liabilities, on the condensed consolidated balance sheet at its fair value and is subsequently remeasured at fair value each reporting period, with the change in fair value being recorded in change in fair value of derivative liabilities, on the condensed consolidated statement of operations.

The estimated fair value of the stock option purchase liability was computed using a Monte Carlo Simulation valuation technique which calculated exercise price and discounted back to a present value at the risk-free rate with the following unobservable assumptions at the following dates:



	September 30, 2025		December 31, 2024

Expected volatility	120.5	%	127.0	%
Risk-free rate	3.6	%	4.3	%

The change in fair value of the stock option purchase liability is as follows (in thousands):




Fair value, at December 31, 2024	$	320
Change in fair value	(18)
Fair value, at March 31, 2025	302

Change in fair value	9
Fair value, at June 30, 2025	311
Change in fair value	11
Fair value, at September 30, 2025	$	322

- Definition

The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 8A
-Publisher FASB
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org/1943274/2147477092/405-40-50-1

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
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-Name Accounting Standards Codification
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Reference 12: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 470
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-URI https://asc.fasb.org/470/tableOfContent

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 835
-SubTopic 30
-Name Accounting Standards Codification
-Section 45
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482925/835-30-45-2

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
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-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1I

+ Details

Financial Statement Details - Accrued Expenses and Other Liabilities (Detail) - USD ($) $ in Thousands	Sep. 30, 2025	Dec. 31, 2024
Financial Statement Details [Abstract]
Accrued bonus	$ 10,299	$ 10,346
Accrued professional and service fees	7,803	16,849
Accrued compensation	7,198	4,679
Accrued sales costs	6,145	530
Accrued preclinical and clinical trial costs	4,523	2,876
Accrued research and development costs	2,914	3,002
Financing obligation – current portion	2,603	1,248
Other	2,117	1,050
Accrued expenses and other liabilities	$ 43,602	$ 40,580

Collaboration and License Agreements and Acquisition - Collaboration Agreements - Additional Information (Detail) - Amyris Joint Venture - USD ($)	Sep. 30, 2025	Dec. 31, 2021
Research and Development Arrangements with Federal Government [Line Items]
Advances to support operations	$ 0	$ 1,000,000
Amyris, Inc.
Research and Development Arrangements with Federal Government [Line Items]
Advances to support operations		$ 1,000,000

Related-Party Debt - Mandatory Prepayment Feature (Detail) - Convertible Note - Affiliated Entity - USD ($) $ in Thousands	Sep. 30, 2025	Dec. 31, 2024	Dec. 31, 2023
$505 Million Promissory Note, December 2023, Tranche 2
Related Party Transaction [Line Items]
Prepayment and accrued interest upon specified transaction	$ 50,000
Principal Amount			$ 380,000
$505 Million Promissory Note, December 2024
Related Party Transaction [Line Items]
Principal Amount	505,000	$ 505,000
Face amount	$ 505,000	$ 505,000

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

+ Details

Stock-Based Compensation - Stock Option Activity (Detail) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended	9 Months Ended
	Mar. 31, 2025	Sep. 30, 2025	Dec. 31, 2024
Number of Options
Outstanding, beginning balance (in shares)	15,407,588	15,407,588
Granted (in shares)		11,070,428
Exercised (in shares)		(110,020)
Forfeited/expired (in shares)		(1,965,135)
Outstanding, ending balance (in shares)		24,402,861
Vested and exercisable (in shares)		9,704,498	8,038,537
Weighted- Average Exercise Price
Outstanding, beginning balance (in dollars per share)	$ 8.00	$ 8.00
Granted (in dollars per share)		3.35
Exercised (in dollars per share)		2.00
Forfeited/expired (in dollars per share)		19.82
Outstanding, ending balance (in dollars per share)		4.97
Vested and exercisable (in dollars per share)		$ 6.69
Aggregate Intrinsic Value
Outstanding, beginning balance	$ 90	$ 90
Outstanding, ending balance		26
Vested and exercisable		$ 26
Weighted- Average Remaining Contractual Life (in years)
Outstanding	7 years 1 month 6 days	8 years 2 months 12 days
Vested and exercisable		6 years 9 months 18 days

Financial Statement Details

9 Months Ended

Sep. 30, 2025

Financial Statement Details [Abstract]

Financial Statement Details

Prepaid Expenses and Other Current Assets

Prepaid expenses and other current assets (including related-party amounts) consist of the following (in thousands):


	September 30, 2025		December 31, 2024


Prepaid research and development costs	$	9,734	$	5,815
Prepaid services	7,746		7,762
Prepaid software license fees	4,398		2,687
Insurance premium financing asset	2,603		1,248
Other receivables	1,683		—
Prepaid insurance	1,528		2,057
Prepaid rent	1,476		1,532
Prepaid equipment maintenance	1,266		1,448


Other	2,513		1,303
Prepaid expenses and other current assets (including amounts with related parties)	$	32,947	$	23,852

Convertible Note Receivable

In 2016, we executed a convertible promissory note pursuant to which we advanced Riptide a principal amount of $5.0 million. The note bears interest at a per annum rate of five percent (5%). Concurrent with the transaction, we entered into an exclusive license agreement with Riptide to obtain worldwide exclusive rights, with the right to sublicense, certain know-how related to RP-182, RP-233 and RP-183. We are required to pay a single-digit royalty on net sales of the licensed products on a country-by-country basis. Pursuant to the license agreement, we are also required to make cash milestone payments upon successful completion of certain clinical, regulatory and commercial milestones up to an aggregate amount of $47.0 million for the first three indications of the licensed product with a maximum payment amount of $100.0 million.

In 2019, we entered into a first amendment to the convertible promissory note with Riptide. Under the agreement, we extended the maturity of the promissory note to the earlier of (a) the later of (i) the completion of non-clinical IND enabling studies by the company, or (ii) December 31, 2020; and (b) when we accelerate the maturity of the note upon the occurrence of an event of default. No other terms and conditions of the promissory note were modified. Concurrently, we also entered into a first amendment to the exclusive license agreement with Riptide and extended the achievement dates for certain clinical trial milestones related to the licensed products. The convertible note receivable balance was $7.3 million and $7.1 million, which included accrued interest of $2.3 million and $2.1 million as of September 30, 2025 and December 31, 2024, respectively.

Accrued Expenses and Other Liabilities

Accrued expenses and other liabilities consist of the following (in thousands):


	September 30, 2025		December 31, 2024



Accrued bonus	$	10,299	$	10,346
Accrued professional and service fees	7,803		16,849
Accrued compensation	7,198		4,679
Accrued sales costs	6,145		530
Accrued preclinical and clinical trial costs	4,523		2,876
Accrued research and development costs	2,914		3,002


Financing obligation – current portion	2,603		1,248







Other	2,117		1,050
Accrued expenses and other liabilities	$	43,602	$	40,580

Stockholders’ Deficit	9 Months Ended
Stockholders’ Deficit	Sep. 30, 2025
Equity [Abstract]
Stockholders’ Deficit	Stockholders’ Deficit Stock Repurchases During the nine months ended September 30, 2025 and 2024, no shares of our common stock were repurchased under the company’s 2015 Share Repurchase Program. As of September 30, 2025, $18.3 million remained authorized to use for share repurchases under the program. Shelf Registration Statements During 2023, we filed a $750.0 million shelf registration statement with the SEC on Form S-3 for the offering and sale of equity and equity-linked securities, including common stock, preferred stock, debt securities, depositary shares, warrants to purchase common stock, preferred stock or debt securities, subscription rights, purchase contracts, and units. As of September 30, 2025, we had $565.6 million available for use under this shelf. In April 2024, we filed a shelf registration statement with the SEC on Form S-3ASR pursuant to which we may, from time to time, sell an indeterminate amount of our common stock, preferred stock, debt securities, depositary shares, warrants, subscription rights, purchase contracts, or units, and an associated prospectus related to the ATM. Open Market Sale Agreement In April 2021, we entered into the ATM under which we may offer and sell, from time to time at our sole discretion, shares of our common stock through our sales agent. We pay our sales agent a commission of up to 3.0% of the gross sales proceeds of any shares of our common stock sold through them under the ATM and also have provided them with customary indemnification and contribution rights. During the three and nine months ended September 30, 2025, we received net proceeds totaling $98.2 million and $196.4 million, respectively, from the issuance of shares under the ATM. During the three months ended September 30, 2024, there was no activity under the ATM. During the nine months ended September 30, 2024, we received net proceeds totaling $3.6 million from the issuance of shares under the ATM. As of September 30, 2025, we had $95.3 million available for future stock issuances under the ATM. We are not obligated to sell any shares and may at any time suspend solicitation and offers under the ATM. The ATM may be terminated by us at any time given written notice to the sales agent for any reason or by the sales agent at any time by giving written notice to us for any reason or immediately under certain circumstances and shall automatically terminate upon the issuance and sale of all of the shares. Registered Direct Offerings April 2025 On April 7, 2025, we entered into a securities purchase agreement with an institutional investor for the purchase and sale of 29,024,768 shares of our common stock, as well as warrants that allows such investor to purchase an additional 29,024,768 shares of common stock at an exercise price of $3.1010 per share, for a purchase price of $2.5840 per share and accompanying warrant. This transaction generated net proceeds of approximately $74.8 million, after deducting offering costs of $0.2 million, of which $0.1 million was allocated to the sale of our common stock and recorded in additional paid-in capital, on the condensed consolidated statement of stockholders’ deficit during the three months ended June 30, 2025. July 2025 On July 28, 2025, we entered into a securities purchase agreement with institutional investors for the purchase and sale of 29,629,632 shares of our common stock, as well as warrants that allows such investors to purchase an additional 29,629,632 shares of common stock at an exercise price of $3.240 per share, for a purchase price of $2.700 per share and accompanying warrant. This transaction generated net proceeds of approximately $75.4 million, after deducting placement agent fees and offering costs totaling $4.6 million, of which $2.6 million was allocated to the sale of our common stock and recorded in additional paid-in capital, on the condensed consolidated statement of stockholders’ deficit during the three months ended September 30, 2025.

- Definition

The entire disclosure for equity.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 8A
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480434/815-10-50-8A

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-13

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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-Paragraph 14
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-14

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477968/946-235-50-2

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
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-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477968/946-235-50-2

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 505
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
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-URI https://asc.fasb.org/1943274/2147478448/946-505-50-6

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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-SubTopic 40
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Subparagraph (a)
-Publisher FASB
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
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-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.3-04)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480008/505-10-S99-1

Reference 10: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 505
-Name Accounting Standards Codification
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-URI https://asc.fasb.org/505/tableOfContent

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
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-URI https://asc.fasb.org/1943274/2147481112/505-10-50-13

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (g)
-Publisher FASB
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Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (i)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-13

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
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-Paragraph 14
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-14

Reference 15: http://www.xbrl.org/2003/role/disclosureRef
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Reference 18: http://www.xbrl.org/2003/role/disclosureRef
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Reference 19: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
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-Name Accounting Standards Codification
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-18

+ Details

Related-Party Debt (Tables)

9 Months Ended

Sep. 30, 2025

Summary of Related-Party Debt

Our related-party debt is summarized below (in thousands):

Balances as of September 30, 2025

Fair Value

Maturity
Year

Interest
Rate

Principal
Amount

Amount

Leveling

Related-Party Convertible Note at Fair Value:

$505 million December 2024 Promissory Note

2027

Term

SOFR

+8.0%

505,000

500,804

Level 3

Balances as of December 31, 2024

Fair Value

Maturity
Year

Interest
Rate

Principal
Amount

Amount

Leveling

Related-Party Convertible Note at Fair Value:

$505 million December 2024 Promissory Note

2027

Term

SOFR

+8.0%

505,000

461,877

Level 3

Schedule of Unobservable Assumptions



	September 30, 2025		December 31, 2024

Expected volatility	120.5	%	127.0	%
Risk-free rate	3.6	%	4.3	%


	Immediately After the Amendment on December 10, 2024		December 31, 2024		September 30, 2025

Binomial lattice model:
Expected market yield	18.7	%	19.3	%	11.8	%
Expected volatility	115.1	%	125.6	%	87.5	%
Risk-free rate	4.1	%	4.3	%	3.6	%

Schedule of Financial Assets and Liabilities Measured at Fair Value on Recurring Basis

Financial assets and liabilities measured at fair value on a recurring basis are summarized below (in thousands):


	Fair Value Measurements at September 30, 2025
	(Unaudited)
	Total			Level 1		Level 2		Level 3

Assets at Fair Value:
Current:
Cash and cash equivalents	$	60,241		$	60,241	$	—	$	—
U.S. Treasury securities	197,572			197,572		—		—
Equity securities	—			—		—		—
Noncurrent:
Restricted cash	1,096			1,096		—		—
Total assets measured at fair value	$	258,909		$	258,909	$	—	$	—

Liabilities at Fair Value:
Current:
Contingent consideration	$	(22)	(1)	$	—	$	—	$	(22)
Noncurrent:
Related-party convertible note payable at fair value (Note 14)	(500,804)			—		—		(500,804)
Warrant liabilities (Note 16)	(115,160)			—		—		(115,160)
RIPA derivative liability (Note 13)	(18,000)			—		—		(18,000)
Stock option purchase liability (Note 13)	(322)			—		—		(322)
Total liabilities measured at fair value	$	(634,308)		$	—	$	—	$	(634,308)


	Fair Value Measurements at December 31, 2024
	Total			Level 1		Level 2		Level 3

Assets at Fair Value:
Current:
Cash and cash equivalents	$	143,428		$	143,428	$	—	$	—
U.S. Treasury securities	6,096			6,096		—		—
Equity securities	285			285		—		—





Total assets measured at fair value	$	149,809		$	149,809	$	—	$	—

Liabilities at Fair Value:
Current:
Contingent consideration	$	(19)	(1)	$	—	$	—	$	(19)
Noncurrent:
Related-party convertible note payable at fair value (Note 14)	(461,877)			—		—		(461,877)
RIPA derivative liability (Note 13)	(25,800)			—		—		(25,800)
Warrant liabilities (Note 16)	(8,575)			—		—		(8,575)
Stock option purchase liability (Note 13)	(320)			—		—		(320)
Total liabilities measured at fair value	$	(496,591)		$	—	$	—	$	(496,591)

_______________


(1)			Contingent consideration is recorded at estimated fair value and revalued each reporting period until the related contingency is resolved. The fair value measurement is based on inputs that are unobservable and significant to the overall fair value measurement (i.e., a Level 3 measurement within the fair value hierarchy) and are reviewed periodically by management. See Note 11 “Commitments and Contingencies—Contingent Consideration Related to Business Combinations” for more information. Changes in fair value of contingent consideration were immaterial during the three and nine months ended September 30, 2025 and 2024, and were primarily due to changes in foreign currency exchange rates.

The change in fair value of the stock option purchase liability is as follows (in thousands):




Fair value, at December 31, 2024	$	320
Change in fair value	(18)
Fair value, at March 31, 2025	302

Change in fair value	9
Fair value, at June 30, 2025	311
Change in fair value	11
Fair value, at September 30, 2025	$	322

The change in the fair value of this note was as follows (in thousands):





Fair value, at December 31, 2024	$	461,877
Change in fair value of related-party convertible note	42,582
Change in fair value of related-party convertible note related to instrument-specific credit risk	(18,742)
Fair value, at March 31, 2025	485,717
Change in fair value of related-party convertible note	(1,169)
Change in fair value of related-party convertible note related to instrument-specific credit risk	7,536
Fair value, at June 30, 2025	492,084
Change in fair value of related-party convertible note	1,169
Change in fair value of related-party convertible note related to instrument-specific credit risk	7,551
Fair value, at September 30, 2025	$	500,804

Summary of Future Contractual Obligations of Related Party Debt

The following table summarizes the estimated future contractual obligations of our related-party debt as of September 30, 2025 (in thousands):


	Principal Payments		Interest Payments (1)	Total


2025 (excluding the nine months ended September 30, 2025)	$	—		$	15,255	$	15,255
2026	—			60,526		60,526
2027	505,000			60,526		565,526
Total	$	505,000		$	136,307	$	641,307

_______________

(1)

Interest payments on our promissory note are calculated based on Term SOFR plus the contractual spread per the loan agreement. The weighted-average interest rate on our promissory note as of September 30, 2025 was 11.99%.

Summary of Interest Expense

Interest expense consists of the following (in thousands):


	Three Months Ended September 30,				Nine Months Ended September 30,
	2025		2024		2025		2024


Interest expense on related-party notes payable	$	15,256	$	23,123	$	46,043	$	70,987
Amortization of related-party notes discounts	—		6,199		—		17,580

Interest expense – related party	$	15,256	$	29,322	$	46,043	$	88,567

Stock-Based Compensation

9 Months Ended

Sep. 30, 2025

Share-Based Payment Arrangement [Abstract]

Stock-Based Compensation

2025 Equity Incentive Plan

On June 18, 2025, our stockholders voted to approve the 2025 Plan, which replaced the 2015 Plan in its entirety. No further awards will be made under the 2015 Plan, but the 2015 Plan will continue to govern awards previously granted under it. The 2025 Plan permits the grant of incentive stock options, within the meaning of Section 422 of the Code, to the company’s employees and the grant of non-statutory stock options, stock appreciation rights, restricted stock, restricted stock units, and Performance Awards (as defined in the 2025 Plan) to the company’s employees, directors and consultants. A total of 46,088,027 shares were reserved for issuance pursuant to the 2025 Plan. In addition, the shares reserved for issuance under the 2025 Plan also included shares subject to stock options or similar awards granted under the 2015 Plan that expire or terminate without having been exercised in full and shares issued pursuant to awards granted under the 2015 Plan that are forfeited to or repurchased by the company (provided that the maximum number of shares that may be added to the 2025 Plan pursuant to this provision is 32,359,674 shares). As of September 30, 2025, approximately 46,920,885 shares were available for future grants under the 2025 Plan.

Stock-Based Compensation

The following table presents stock-based compensation included on the condensed consolidated statements of operations (in thousands):


	Three Months Ended September 30,				Nine Months Ended September 30,
	2025		2024		2025		2024


Stock-based compensation expense:
Stock options	$	5,048	$	3,993	$	15,863	$	11,599
RSUs	3,830		3,496		12,200		13,795
	$	8,878	$	7,489	$	28,063	$	25,394
Stock-based compensation expense in operating expenses:
Research and development	$	2,756	$	1,818	$	7,829	$	8,960
Selling, general and administrative	6,122		5,671		20,234		16,434
	$	8,878	$	7,489	$	28,063	$	25,394

Stock Options

The following table summarizes stock option activity and related information during the nine months ended September 30, 2025:


	Number of Options	Weighted- Average Exercise Price		Aggregate Intrinsic Value (in thousands)		Weighted- Average Remaining Contractual Life (in years)

Outstanding at December 31, 2024	15,407,588	$	8.00	$	90	7.1
Granted	11,070,428	$	3.35
Exercised	(110,020)	$	2.00
Forfeited/expired	(1,965,135)	$	19.82
Outstanding at September 30, 2025	24,402,861	$	4.97	$	26	8.2
Vested and exercisable at September 30, 2025	9,704,498	$	6.69	$	26	6.8

As of September 30, 2025, the unrecognized compensation cost related to outstanding stock options was $36.9 million, which is expected to be recognized over a remaining weighted-average period of 2.0 years.

During the nine months ended September 30, 2025 and 2024, the total intrinsic value of stock options exercised was $0.1 million and $0.9 million, respectively. During the nine months ended September 30, 2025 and 2024, cash proceeds received from stock option exercises were $0.2 million and $0.7 million, respectively.

As of December 31, 2024, a total of 8,038,537 vested and exercisable shares were outstanding.

The fair value of stock options issued was estimated at the date of grant using the Black-Scholes option pricing model with the following weighted-average assumptions:


	Nine Months Ended September 30, 2025


Expected term	5.96 years
Risk-free interest rate	4.3	%
Expected volatility	120.4	%
Expected dividend yield	—
Weighted-average grant date fair value	$2.93

The expected term was estimated using the average of the contractual term and the weighted-average vesting term of the options. The risk-free interest rate was based on the U.S. Treasury’s rates for U.S. Treasury zero-coupon bonds with maturities similar to those of the expected term of the award being valued. The expected volatility was estimated based on the historical volatility of our common stock. The expected dividend yield was based on our expectation of not paying dividends for the foreseeable future.

Restricted Stock Units

The following table summarizes RSU activity during the nine months ended September 30, 2025:


	Number of Units	Weighted- Average Grant Date Fair Value

Nonvested balance at December 31, 2024	5,945,421	$	11.41
Granted	4,604,609	$	3.33
Vested	(1,351,737)	$	5.65
Forfeited/canceled	(335,454)	$	9.44
Nonvested balance at September 30, 2025	8,862,839	$	8.16

As of September 30, 2025, there was $27.1 million of unrecognized stock-based compensation expense related to RSUs that is expected to be recognized over a weighted-average period of 1.8 years. During the nine months ended September 30, 2025 and 2024, the total fair value of RSUs vested was $4.3 million and $12.4 million, respectively.

RSUs awarded to employees and consultants of affiliated companies are accounted for as stock-based compensation in accordance with FASB ASU 2018-07, Compensation—Stock Compensation (Topic 718), as the compensation was in exchange for continued support or services expected to be provided to the company over the vesting periods under the NantWorks shared services agreement discussed in Note 15 “Related-Party Agreements.” We have evaluated the associated benefit of these awards to the affiliated companies under common control and determined that the benefit is limited to the retention of their employees. We estimated such benefit at the grant date fair value of $4.0 million. During the nine months ended September 30, 2025 and 2024, we recorded $0.1 million of deemed dividends, in additional paid-in capital, on the condensed consolidated balance sheets, with a corresponding credit to stock-based compensation expense, on the condensed consolidated statement of operations.

Related-Party Warrants

A total of 1,638,000 warrants issued to an affiliate of Dr. Soon-Shiong with an exercise price of $3.24 per share were outstanding as of September 30, 2025 and December 31, 2024. The fair value of $18.0 million assigned to the warrants will be recognized in equity upon achievement of a performance-based vesting condition pertaining to building manufacturing capacity to support supply requirements for ANKTIVA (which has not yet been satisfied). The warrants become exercisable 30 days following the achievement of the performance-based vesting condition (the initial exercise date) and expire on the 10th anniversary of the initial exercise date.

Collaboration and License Agreements and Acquisition - Acquisition - Additional Information (Detail)	Feb. 14, 2022 USD ($) ft² renewal_option employee	Sep. 30, 2025 USD ($)	May 27, 2025
Asset Acquisition [Line Items]
Optional extended lease term			5 years
Minimum
Asset Acquisition [Line Items]
Initial term of lease arrangement		2 years
Optional extended lease term		1 year
Maximum
Asset Acquisition [Line Items]
Initial term of lease arrangement		10 years
Optional extended lease term		10 years
Dunkirk Facility
Asset Acquisition [Line Items]
Number of square foot of facility leased \| ft²	409,000
Annual lease payment	$ 2.00
Initial term of lease arrangement	10 years
Number of lease renewal options \| renewal_option	1
Optional extended lease term	10 years
Commitment to spend, operational expenses, initial lease term	$ 1,520,000,000
Commitment to spend, operational expenses, renewal lease term	$ 1,500,000,000
Commitment to hire, number of employees, first five years \| employee	450
Commitment to hire, number of employees, first two and a half years \| employee	300
Dunkirk Facility \| State Of New York \| Minimum
Asset Acquisition [Line Items]
Government funding for leasehold build-out		$ 8,000,000
Dunkirk Facility \| State Of New York \| Maximum
Asset Acquisition [Line Items]
Government funding for leasehold build-out		$ 10,000,000

Summary of Significant Accounting Policies - Additional Information (Detail) - USD ($) $ in Thousands		3 Months Ended		9 Months Ended
	May 13, 2024	Sep. 30, 2025	Sep. 30, 2024	Sep. 30, 2025	Sep. 30, 2024	Dec. 31, 2024	Dec. 29, 2023
Accounting Policies [Line Items]
Accumulated deficit		$ 3,664,702		$ 3,664,702		$ 3,375,248
Net cash used in operating activities				234,558	$ 306,092
Change in fair value of related-party convertible note related to instrument-specific credit risk		(7,551)	$ 0	3,655	0
Total revenue		32,061	6,106	75,003	7,193
Assets		518,987		518,987		382,933
Liabilities		1,042,397		$ 1,042,397		871,062
GlobeImmune, Inc.
Accounting Policies [Line Items]
Contractual annual interest rate on advances to noncontrolling interests				5.00%
Total revenue		0	0	$ 0	0
Operating expenses		100	$ 100	200	$ 200
Assets		1,400		1,400
Liabilities		$ 0		$ 0		$ 0
GlobeImmune, Inc.
Accounting Policies [Line Items]
Percentage of ownership interest		69.10%		69.10%		69.10%
Advances To Related Party \| Affiliated Entity \| GlobeImmune, Inc. \| Maximum
Accounting Policies [Line Items]
Advances to noncontrolling interest holders				$ 6,000
Due from related parties		$ 0		0		$ 0
Convertible Note \| $505 Million Promissory Note, December 2024 \| Affiliated Entity
Accounting Policies [Line Items]
Face amount		505,000		505,000		505,000
Change in fair value of related-party convertible note related to instrument-specific credit risk		(7,600)		$ 3,700
Convertible Note \| $505 Million Promissory Note, December 2023 \| Affiliated Entity
Accounting Policies [Line Items]
Face amount						$ 505,000
Top Four Customers \| Revenue Benchmark \| Customer Concentration Risk
Accounting Policies [Line Items]
Concentration risk, percentage				96.00%
Largest Customer \| Revenue Benchmark \| Customer Concentration Risk
Accounting Policies [Line Items]
Concentration risk, percentage				41.00%
Second Largest Customer \| Revenue Benchmark \| Customer Concentration Risk
Accounting Policies [Line Items]
Concentration risk, percentage				20.00%
Third Largest Customer \| Revenue Benchmark \| Customer Concentration Risk
Accounting Policies [Line Items]
Concentration risk, percentage				18.00%
Fourth Largest Customer \| Revenue Benchmark \| Customer Concentration Risk
Accounting Policies [Line Items]
Concentration risk, percentage				17.00%
Revenue Interest Purchase Agreement
Accounting Policies [Line Items]
Upfront payment received							$ 200,000
Purchase agreement milestone, received	$ 100,000
Stock Purchase And Option Agreement
Accounting Policies [Line Items]
Available for future stock issuance		$ 5,000		$ 5,000			$ 10,000

Warrant Liabilities - Additional Information (Detail) - USD ($) $ / shares in Units, $ in Thousands			3 Months Ended		9 Months Ended
	Jul. 28, 2025	Apr. 07, 2025	Sep. 30, 2025	Jun. 30, 2025	Sep. 30, 2025	Dec. 31, 2024	Jul. 25, 2023	Jul. 20, 2023	Feb. 15, 2023	Dec. 12, 2022
Class of Warrant or Right [Line Items]
Number of warrants exercised (in shares)			0		0
Number of warrants outstanding (in shares)			65,053,571		65,053,571	6,399,171
Offering costs	$ 4,600	$ 200
Outstanding third-party warrants
Class of Warrant or Right [Line Items]
Fair value at issuance			$ 63,108	$ 61,823
Registered Direct Offering
Class of Warrant or Right [Line Items]
Number of shares sold (in shares)	29,629,632	29,024,768
Offering costs	$ 2,600	$ 100
Outstanding third-party warrants
Class of Warrant or Right [Line Items]
Fair value at issuance	63,100	61,800
Outstanding third-party warrants \| Registered Direct Offering
Class of Warrant or Right [Line Items]
Offering costs	$ 2,000	$ 100
February 2023 Warrants
Class of Warrant or Right [Line Items]
Number of warrants issued (in shares)									14,072,615
Exercise price of warrants (in dollars per share)							$ 3.2946		$ 4.2636
Warrants, expiration term									2 years
February 2023 Warrants \| Outstanding third-party warrants
Class of Warrant or Right [Line Items]
Fair value at issuance			0	0
July 2023 Warrants
Class of Warrant or Right [Line Items]
Number of warrants issued (in shares)								14,569,296
Exercise price of warrants (in dollars per share)								$ 3.2946
July 2023 Warrants \| Outstanding third-party warrants
Class of Warrant or Right [Line Items]
Fair value at issuance			0	0
April 2025 Warrants
Class of Warrant or Right [Line Items]
Number of warrants issued (in shares)		29,024,768
Exercise price of warrants (in dollars per share)		$ 3.1010
April 2025 Warrants \| Outstanding third-party warrants
Class of Warrant or Right [Line Items]
Fair value at issuance			0	61,823
April 2025 Warrants \| Registered Direct Offering
Class of Warrant or Right [Line Items]
Number of warrants issued (in shares)		29,024,768
Exercise price of warrants (in dollars per share)		$ 3.1010
December 2022 Warrants [Member]
Class of Warrant or Right [Line Items]
Number of warrants issued (in shares)										9,090,909
Exercise price of warrants (in dollars per share)										$ 6.60
July 2025 Warrant
Class of Warrant or Right [Line Items]
Number of warrants issued (in shares)	29,629,632
Exercise price of warrants (in dollars per share)	$ 3.240
July 2025 Warrant \| Outstanding third-party warrants
Class of Warrant or Right [Line Items]
Fair value at issuance			$ 63,108	$ 0
July 2025 Warrant \| Registered Direct Offering
Class of Warrant or Right [Line Items]
Number of warrants issued (in shares)	29,629,632
Exercise price of warrants (in dollars per share)	$ 3.24

Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	Sep. 30, 2025
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

Related-Party Debt

9 Months Ended

Sep. 30, 2025

Related-Party Debt

Our related-party debt is summarized below (in thousands):

Balances as of September 30, 2025

Fair Value

Maturity
Year

Interest
Rate

Principal
Amount

Amount

Leveling

Related-Party Convertible Note at Fair Value:

$505 million December 2024 Promissory Note

2027

Term

SOFR

+8.0%

505,000

500,804

Level 3

Balances as of December 31, 2024

Fair Value

Maturity
Year

Interest
Rate

Principal
Amount

Amount

Leveling

Related-Party Convertible Note at Fair Value:

$505 million December 2024 Promissory Note

2027

Term

SOFR

+8.0%

505,000

461,877

Level 3

$505 million December 2024 Promissory Note

On December 10, 2024, in connection with an equity offering, the company and Nant Capital entered into a second amended and restated promissory note. Pursuant to the terms of the second amended and restated promissory note, Tranche 1 of the December 2023 Promissory Note with a principal amount of $125.0 million and Tranche 2 of the December 2023 Promissory Note with a principal amount of $380.0 million were combined into one convertible promissory note with a principal amount of $505.0 million with a maturity date of December 31, 2027. The $505.0 million December 2024 Promissory Note bears an interest rate of Term SOFR plus 8.0% per annum, payable on a quarterly basis. Pursuant to the terms of the second amended and restated promissory note, the noteholder, in its sole discretion, may convert all of the outstanding principal amount into shares of common stock at a conversion price of $5.4270 per share. In addition, the noteholder can request up to $50.0 million of the outstanding principal amount and accrued interest to be repaid upon consummation of a specified transaction. Also, on December 10, 2024, the company received a written notice from Nant Capital, the holder of the $30.0 million March 2023 Promissory Note due on December 31, 2025 and the $200.0 million September 2023 Promissory Note due on September 11, 2026 of its election to convert the entire outstanding principal and accrued interest of such promissory notes into shares of the company’s common stock (the Converted Promissory Notes). As of December 10, 2024, the total outstanding principal amount and accrued and unpaid interest due under the Converted Promissory Notes were converted into shares of the company’s common stock.

Since the $505.0 million December 2024 Promissory Note, together with the Converted Promissory Notes, were executed contemporaneously and in contemplation with one another with entities under common control, the company evaluated these transactions collectively as a single unit of account to accurately capture the economics of the transactions. The company determined the fair value of the conversion feature before and after the above transactions to assess whether there is a substantial change in fair value. The company used binomial lattice models for the “with” scenario and discounted cash flow model for the “without” scenario. The company determined that the fair value of the conversion feature before modification is substantially different than the fair value after modification, and as such, these transactions were accounted for as debt extinguishment in accordance with ASC 470-50. Under this model, the company calculated a gain on debt extinguishment of $10.4 million, which represents the difference between the: (a) fair value of the December 2024 Promissory Note and the reacquisition price of the Converted Promissory Notes on the date of conversion; and (b) carrying value of the extinguished debt, net of any unamortized related party notes discounts plus, the debt premium previously recognized in additional paid-in capital, on the consolidated statement of stockholders’ deficit as a result of the December 29, 2023 Debt Extinguishment. Since the debt was obtained from entities under common control, such gain on extinguishment was recorded in additional paid-in capital, on the consolidated statement of stockholders’ deficit.

Due to the conversion of the Converted Promissory Notes, the company also recorded $188.5 million in additional paid-in capital, on the consolidated statement of stockholders’ deficit as of December 31, 2024. This represents the difference between the reacquisition price of the Converted Promissory Notes on the date of conversion and the debt premium previously recognized in additional paid-in capital, on the consolidated statement of stockholders’ deficit as a result of the December 29, 2023 Debt Extinguishment.

The company elected the fair value option for recognizing the $505.0 million December 2024 Promissory Note under ASC 825-10-15-4. Under the FVO election, the note was initially measured at estimated fair value upon issuance and is remeasured at estimated fair value on a recurring basis at each reporting period date. The estimated fair value of the convertible note was computed with unobservable assumptions such as expected market yield, volatility and risk-free rate.


	Immediately After the Amendment on December 10, 2024		December 31, 2024		September 30, 2025

Binomial lattice model:
Expected market yield	18.7	%	19.3	%	11.8	%
Expected volatility	115.1	%	125.6	%	87.5	%
Risk-free rate	4.1	%	4.3	%	3.6	%

The change in the fair value of this note was as follows (in thousands):





Fair value, at December 31, 2024	$	461,877
Change in fair value of related-party convertible note	42,582
Change in fair value of related-party convertible note related to instrument-specific credit risk	(18,742)
Fair value, at March 31, 2025	485,717
Change in fair value of related-party convertible note	(1,169)
Change in fair value of related-party convertible note related to instrument-specific credit risk	7,536
Fair value, at June 30, 2025	492,084
Change in fair value of related-party convertible note	1,169
Change in fair value of related-party convertible note related to instrument-specific credit risk	7,551
Fair value, at September 30, 2025	$	500,804

Mandatory Prepayment Feature

The embedded derivative related to a contingently exercisable prepayment feature, which allows the noteholder to request up to a $50.0 million prepayment and accrued interest upon occurrence of a specified transaction (defined in the promissory note) was recorded as a derivative liability on the consolidated balance sheet and measured at fair value prior to the second amended and restated promissory note. The fair value of the derivative liability was determined at each period end using the “with-and-without” method, which assessed the likelihood and timing of a specified transaction that if triggered could have resulted in a repayment. Changes in the fair value of the derivative liability were reported in change in fair value of derivative liabilities, on the condensed consolidated statement of operations.

Since the company elected the fair value option to account for the $505.0 million December 2024 Promissory Note, the embedded derivative is no longer required to be recorded separately but is considered when estimating the fair value of the $505.0 million December 2024 Promissory Note.

The following table summarizes the estimated future contractual obligations of our related-party debt as of September 30, 2025 (in thousands):


	Principal Payments		Interest Payments (1)	Total


2025 (excluding the nine months ended September 30, 2025)	$	—		$	15,255	$	15,255
2026	—			60,526		60,526
2027	505,000			60,526		565,526
Total	$	505,000		$	136,307	$	641,307

_______________

(1)

Interest expense consists of the following (in thousands):


	Three Months Ended September 30,				Nine Months Ended September 30,
	2025		2024		2025		2024


Interest expense on related-party notes payable	$	15,256	$	23,123	$	46,043	$	70,987
Amortization of related-party notes discounts	—		6,199		—		17,580

Interest expense – related party	$	15,256	$	29,322	$	46,043	$	88,567

In connection with the RIPA transaction, the outstanding related-party convertible note was subordinated to the RIPA payment obligations.

Related-Party Agreements

We conduct business with several affiliates under written agreements and informal arrangements. Below is a summary of outstanding balances and a description of significant relationships (in thousands):


	September 30, 2025		December 31, 2024


Due from related party–Brink	$	18	$	59
Due from related party–NantWorks	—		161
Due from related parties–Various	—		73
Total due from related parties	$	18	$	293

Due to related party–NantWorks	$	285	$	—
Due to related party–Duley Road	128		134
Due to related party–the Clinic	30		21
Due to related parties–Various	—		18
Total due to related parties	$	443	$	173

Our Founder, Executive Chairman and Global Chief Scientific and Medical Officer also founded and has a controlling interest in NantWorks, which is a collection of companies in the healthcare and technology space. As described below, we have entered into arrangements with NantWorks, and certain affiliates of NantWorks, to facilitate the development of new immunotherapies for our product pipeline. Affiliates of NantWorks are also affiliates of the company due to the common control by and/or common ownership interest of our Founder, Executive Chairman, Global Chief Scientific and Medical Officer, and principal stockholder.

NantWorks, LLC

Shared Services Agreement

Under the amended and restated shared services agreement with NantWorks dated as of June 2016, but effective as of August 2015, NantWorks, a related party, provides corporate, general and administrative, certain research and development, and other support services to us, and we provide certain of such services to them. The receiving party is charged for the services at cost plus reasonable allocations of employee benefits, facilities, and other direct or fairly allocated indirect costs that relate to the employees providing the services. During the three months ended September 30, 2025 and 2024, we recorded $0.6 million and $0.7 million, respectively, in selling, general and administrative – related parties expense, and $0.1 million and $0.9 million of expense reimbursements, respectively, under this arrangement in research and development – related parties expense, on the condensed consolidated statements of operations. During the nine months ended September 30, 2025 and 2024, we recorded $1.4 million and $1.7 million, respectively, in selling, general and administrative – related parties expense, and $0.7 million and $2.2 million of expense reimbursements, respectively, under this arrangement in research and development – related parties expense, on the condensed consolidated statements of operations. These amounts exclude certain general and administrative expenses provided by third-party vendors directly for our benefit, which were reimbursed to NantWorks based on those vendors’ invoiced amounts without markup by NantWorks.

As of September 30, 2025 and December 31, 2024, we had a payable of $0.3 million and a receivable of $0.2 million, respectively, for all agreements with NantWorks, which are included in due to/due from related parties, on the condensed consolidated balance sheets. We also recorded $1.0 million and $3.0 million of prepaid expenses for various services that we expect will be passed through to the company from NantWorks as of September 30, 2025 and December 31, 2024, respectively, which are included in prepaid expenses – related parties, on the condensed consolidated balance sheets.

Facility License Agreement

In 2015, we entered into a facility license agreement with NantWorks for approximately 9,500 rentable square feet of office space in Culver City, California, which was converted to a research and development laboratory and a cGMP manufacturing facility. In 2020, we amended this agreement to extend the term of this license agreement through December 31, 2021. Commencing January 1, 2022, the license fee increased by 3% to approximately $56,120 per month.

On May 6, 2022, we amended our facility license agreement with NantWorks to expand the licensed premises by 36,830 rentable square feet to an aggregate total of 46,330 rentable square feet. Effective May 1, 2022, the license fee is approximately $273,700 per month, which is subject to a 3% increase commencing on January 1 of each year. The space continues to be rented on a month-to-month basis, which can be terminated by either party with at least 30 days’ prior written notice to the other party. We recorded license fee expense for this facility totaling $0.9 million during the three months ended September 30, 2025 and 2024, and $2.7 million and $2.6 million during the nine months ended September 30, 2025 and 2024, respectively, in research and development – related parties expense, on the condensed consolidated statements of operations.

Immuno-Oncology Clinic, Inc.

We have entered into multiple agreements with the Clinic to conduct clinical trials related to certain of our product candidates. The Clinic is a related party as it is owned by an officer of the company and NantWorks manages the administrative operations of the Clinic.

In 2021, we completed a review of alternative structures that could support our more complex clinical trial requirements and made a decision to explore a potential transition of clinical trials at the Clinic to a new structure (including contracting with a new, non-affiliated professional corporation) to be determined and agreed upon by all parties. We continue discussions with potential partners around such alternative structures.

Related to clinical trial and transition services provided by the Clinic, we recorded $0.6 million and $0.7 million during the three months ended September 30, 2025 and 2024, respectively, and $1.8 million and $2.1 million, respectively, during the nine months ended September 30, 2025 and 2024 in research and development – related parties expense, on the condensed consolidated statements of operations. As of September 30, 2025 and December 31, 2024, we owed the Clinic an immaterial amount, which are included in due to related parties, on the condensed consolidated balance sheets.

NantBio, Inc.

In August 2018, we entered into a supply agreement with NCSC, a 100% owned subsidiary of NantBio. Under this agreement, we agreed to supply VivaBioCell’s proprietary GMP-in-a-Box bioreactors and related consumables, made according to specifications mutually agreed to with both companies. The agreement had an initial term of five years and renews automatically for successive one-year terms unless terminated by either party in the event of material default upon prior written notice of such default and the failure of the defaulting party to remedy the default within 30 days of the delivery of such notice, or upon 90 days’ prior written notice by NCSC.

During the three and nine months ended September 30, 2025 and 2024, we recognized no revenue. As of September 30, 2025 and December 31, 2024, we recorded no deferred revenue for bioreactors that were delivered but not installed in accrued expenses and other liabilities, on the condensed consolidated balance sheets.

605 Doug St, LLC

In 2016, we entered into a lease agreement with 605 Doug St, LLC, an entity owned by our Founder, Executive Chairman and Global Chief Scientific and Medical Officer, for approximately 24,250 rentable square feet in El Segundo, California, which has been converted to a research and development laboratory and a cGMP manufacturing facility. The lease term was from July 2016 through July 2023. In June 2023, we exercised the option to extend the lease for one additional three-year term through July 2026. The base rent is approximately $72,385 per month, with annual increases of 3% that began in July 2017. We recorded lease expense for this facility of $0.3 million during the three months ended September 30, 2025 and 2024, and $0.7 million during the nine months ended September 30, 2025 and 2024 in research and development – related parties expense, on the condensed consolidated statements of operations.

Duley Road, LLC

In 2017, we entered into a lease agreement with Duley Road, a related party that is indirectly controlled by our Founder, Executive Chairman and Global Chief Scientific and Medical Officer, for approximately 11,980 rentable square feet of office and cGMP manufacturing facility space in El Segundo, California. The lease term was originally from February 2017 through October 2024. We had and continue to have the option to extend the initial term for two consecutive five-year periods through October 2034. The base rent is approximately $40,700 per month, with annual increases of 3%. Effective October 3, 2023, we exercised the first option to extend the lease for one additional five-year term through October 31, 2029.

Effective in January 2019, we entered into two lease agreements with Duley Road for a second building located in El Segundo, California. The first lease is for the first floor of the building with approximately 5,650 rentable square feet. The lease has a seven-year term that commenced in September 2019. The second lease is for the second floor of the building with approximately 6,488 rentable square feet. The lease has a seven-year term that commenced in July 2019. Both floors of the building are used for research and development and office space. We have options to extend the initial terms of both leases for two consecutive five-year periods through 2036. The base rent for the two leases is approximately $35,800 per month, with annual increases of 3%.

During the three months ended September 30, 2025 and 2024, we recorded rent expense for these leases totaling $0.2 million in research and development – related parties expense, on the condensed consolidated statements of operations. During the nine months ended September 30, 2025 and 2024, we recorded rent expense for these leases totaling $0.7 million in research and development – related parties expense, on the condensed consolidated statements of operations. As of September 30, 2025 and December 31, 2024, we recorded $0.1 million of lease-related payables to Duley Road in due to related parties, on the condensed consolidated balance sheets.

605 Nash, LLC

In February 2021, but effective on January 1, 2021, we entered into a lease agreement with 605 Nash, a related party, whereby we leased approximately 6,883 rentable square feet (the Initial Premises) in a two-story mixed-use building containing approximately 64,643 rentable square feet at 605-607 Nash Street in El Segundo, California. This facility is used primarily for pharmaceutical development and manufacturing purposes. The lease term commenced in January 2021 and was originally set to expire in December 2027 and included an option to extend the lease for one three-year term through December 2030. The base rent is approximately $20,300 per month with an annual increase of 3% on January 1 of each year during the initial term, and, if applicable, during the option term. In addition, under the agreement, we are required to pay our share of estimated property taxes and operating expenses.

In May 2021, but effective on April 1, 2021, we entered into an amendment to our Initial Premises lease with 605 Nash. The amendment expanded the leased square feet by approximately 57,760 rentable square feet (the Expansion Premises). The lease term of the Expansion Premises commenced in April 2021 and expires in March 2028, whereby the company has one option to extend the initial term for three years. Per the terms of the amendment, the term of the Initial Premises lease was extended for an additional three months and now expires on March 31, 2028. Base rent for the Expansion Premises is approximately $170,400 per month with annual increases of 3% on April 1 of each year. We are responsible for the buildout of the facility space and associated costs.

We recorded rent expense for the Initial and Expansion Premises leases totaling $0.5 million during the three months ended September 30, 2025 and 2024, and $1.6 million during the nine months ended September 30, 2025 and 2024 in research and development – related parties expense, on the condensed consolidated statements of operations.

420 Nash, LLC

On September 27, 2021, we entered into a lease agreement with 420 Nash, LLC, a related party, whereby we leased an approximately 19,125 rentable square foot property located at 420 Nash Street, El Segundo, California, to be used primarily for the warehousing and storage of drug manufacturing supplies, products and equipment, and ancillary office space.

Under the terms of the lease agreement, the lease term began on October 1, 2021 and expires on September 30, 2026. The base rent is approximately $38,250 per month with an annual increase of 3% on October 1 of each year beginning in 2022 during the initial term. The company is responsible for the payment of real property taxes, repairs and maintenance, improvements, insurance, and operating expenses during the term of the lease.

The company has options to extend the lease term for two additional consecutive periods of five years each. At the beginning of each option term, the initial monthly base rent will be adjusted to market rent (as defined in the lease agreement) with an annual increase of 3% during the option term. We have included the first option to extend the lease term for five years as part of the initial term of the lease as it is reasonably certain that we will exercise the option, which implies lease expiration in September 2031. We recorded rent expense of $0.1 million for this lease during the three months ended September 30, 2025 and 2024, and $0.4 million during the nine months ended September 30, 2025 and 2024 in research and development – related parties expense, on the condensed consolidated statements of operations.

- Definition

The entire disclosure for related party transactions. Examples of related party transactions include transactions between (a) a parent company and its subsidiary; (b) subsidiaries of a common parent; (c) and entity and its principal owners; and (d) affiliates.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483326/850-10-50-1

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480990/946-20-50-2

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 5
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480990/946-20-50-5

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480990/946-20-50-6

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 235
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477968/946-235-50-2

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 235
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477968/946-235-50-2

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.6-07(2)(g)(3))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479134/946-220-S99-1

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
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-Name Accounting Standards Codification
-Section S99
-Paragraph 1
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-URI https://asc.fasb.org/1943274/2147479134/946-220-S99-1

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org/850/tableOfContent

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483326/850-10-50-6

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
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-Section 50
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-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483326/850-10-50-1

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
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-Section 50
-Paragraph 1
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483326/850-10-50-1

+ Details

Inventories (Details) - USD ($) $ in Thousands	Sep. 30, 2025	Dec. 31, 2024
Inventory Disclosure [Abstract]
Work-in-progress	$ 4,434	$ 7,505
Finished goods	2,269	767
Inventories	$ 6,703	$ 8,272

Revenues

9 Months Ended

Sep. 30, 2025

Revenue from Contract with Customer [Abstract]

Revenues

As discussed in Note 2 “Summary of Significant Accounting Policies,” revenues are recognized in accordance with ASC 606. The following table presents our disaggregated revenue for the periods presented (in thousands):


	Three Months Ended September 30,				Nine Months Ended September 30,
	2025		2024		2025		2024


Product revenue, net	$	31,780	$	5,954	$	74,710	$	6,944
Other revenues	281		152		293		249
Total revenue	$	32,061	$	6,106	$	75,003	$	7,193

Product Revenue, Net

During the three and nine months ended September 30, 2025 and 2024, our only source of product revenue has been from U.S. sales of ANKTIVA, which we began shipping to customers in May 2024.

During the three and nine months ended September 30, 2025, approximately $6.7 million and $14.8 million of gross-to-net adjustments have been recorded as a reduction of revenue on the condensed consolidated statement of operations, respectively. As of September 30, 2025, approximately $1.8 million of allowances for prompt payment discounts, product returns and chargebacks were included in accounts receivable, net, and approximately $5.9 million related to accrued rebates, co-payment assistance and other fees were included in accrued expenses and other liabilities, on the condensed consolidated balance sheet.

During the three and nine months ended September 30, 2024, approximately $1.0 million of gross-to-net accruals have been recorded as a reduction to revenue on the condensed consolidated statements of operations. As of September 30, 2024, approximately $0.5 million of allowances for prompt payment discounts, product returns and chargebacks were included in accounts receivable, net, and approximately $0.5 million related to accrued rebates, co-payment assistance and other fees were included in accrued expenses and other liabilities on the condensed consolidated balance sheet.

- Definition

The entire disclosure of revenue from contract with customer to transfer good or service and to transfer nonfinancial asset. Includes, but is not limited to, disaggregation of revenue, credit loss recognized from contract with customer, judgment and change in judgment related to contract with customer, and asset recognized from cost incurred to obtain or fulfill contract with customer. Excludes insurance and lease contracts.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 7
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-7

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 9
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-9

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 10
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-10

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 15
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-15

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-12

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-12

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-12

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-12

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-12

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (b)(2)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-13

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Name Accounting Standards Codification
-Topic 606
-Publisher FASB
-URI https://asc.fasb.org/606/tableOfContent

+ Details

Financial Statement Details - Additional Information (Detail) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2025	Dec. 31, 2024	Dec. 31, 2016
Financial Statement Details [Line Items]
Convertible note receivable	$ 7,317	$ 7,130
Riptide Bioscience, Inc.
Financial Statement Details [Line Items]
Convertible note receivable	$ 7,300	7,100	$ 5,000
Investment interest rate	5.00%
Collaboration agreements, milestone payment	$ 47,000
Interest receivable	2,300	$ 2,100
Riptide Bioscience, Inc. \| Maximum
Financial Statement Details [Line Items]
Milestone payment, amount	$ 100,000

- Definition

Rate of interest on investment.

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Topic 946
-SubTopic 210
-Name Accounting Standards Codification
-Section 55
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477439/946-210-55-1

Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481800/320-10-50-2

Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 5
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481800/320-10-50-5

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
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-Name Accounting Standards Codification
-Section S99
-Paragraph 2
-Subparagraph (SX 210.12-12A(Column A)(Footnote 2))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477271/946-320-S99-2

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 320
-Name Accounting Standards Codification
-Section S99
-Paragraph 2
-Subparagraph (SX 210.12-12A(Column A)(Footnote 3))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477271/946-320-S99-2

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 320
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.12-12(Column A)(Footnote 2))
-Publisher FASB
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 320
-Name Accounting Standards Codification
-Section S99
-Paragraph 6
-Subparagraph (SX 210.12-14(Column A)(Footnote 2))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477271/946-320-S99-6

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 320
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.12-12(Column A)(Footnote 4))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477271/946-320-S99-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 320
-Name Accounting Standards Codification
-Section S99
-Paragraph 3
-Subparagraph (SX 210.12-12B(Column A)(Footnote 3))
-Publisher FASB
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
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Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 320
-Name Accounting Standards Codification
-Section S99
-Paragraph 6
-Subparagraph (SX 210.12-14(Column A)(Footnote 3))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477271/946-320-S99-6

+ Details

Lease Arrangements - Components of Lease Expense (Detail) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2025	Sep. 30, 2024	Sep. 30, 2025	Sep. 30, 2024
Leases [Abstract]
Operating lease costs	$ 2,635	$ 2,558	$ 7,941	$ 7,583
Short-term lease costs	1,092	1,069	3,444	3,196
Finance lease costs (including right-of-use asset amortization and interest expense)	23	18	31	59
Variable lease costs	762	969	2,532	2,882
Total lease expense	$ 4,512	$ 4,614	$ 13,948	$ 13,720

Financial Instruments - Interest and Investment Income (Loss), Net (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2025	Sep. 30, 2024	Sep. 30, 2025	Sep. 30, 2024
Investments, Debt and Equity Securities [Abstract]
Interest income	$ 772	$ 638	$ 2,110	$ 1,631
Investment accretion income, net	1,324	1,675	2,284	5,732
Unrealized gains (losses) from equity securities	4	(505)	0	(520)
Net realized losses on investments	(33)	(10)	(287)	(55)
Interest and investment income, net	$ 2,067	$ 1,798	$ 4,107	$ 6,788

- Definition

Amount of unrealized gain (loss) on investment in debt and equity securities.

+ References + Details

Warrant Liabilities

9 Months Ended

Sep. 30, 2025

Equity [Abstract]

Warrant Liabilities

The company issued warrants through RDOs. In the event of certain fundamental transactions involving the company, the holders of the warrants may require the company to make a payment based on a Black-Scholes valuation, using specified inputs that are not considered indexed to the company’s stock in accordance with ASC 815. Therefore, we classified the warrants as a liability at their fair value determined using the Black-Scholes option pricing model. The warrants issued by the company are summarized below:

December 2022 Warrants

In connection with the December 12, 2022 RDO, the company issued 9,090,909 warrants with an exercise price of $6.60 per share. These warrants were classified as a liability at their fair value upon issuance. The warrants became immediately exercisable on December 12, 2022 and expired in full on December 12, 2024.

February 2023 Warrants

In connection with the February 15, 2023 RDO, the company issued 14,072,615 warrants with an exercise price of $4.2636 per share. These warrants were classified as a liability at their fair value upon issuance. The warrants became immediately exercisable on February 17, 2023 and were to expire two years after the initial issuance date. On July 25, 2023, the company amended the terms of the warrant, reducing the exercise price of the warrants from $4.2636 per share to $3.2946 per share and extending the expiration date of the warrants until July 24, 2026.

July 2023 Warrants

In connection with the July 20, 2023 RDO, the company issued 14,569,296 warrants with an exercise price of $3.2946 per share. These warrants were classified as a liability at their fair value upon issuance. These warrants became immediately exercisable on July 25, 2023 and expire on July 24, 2026.

April 2025 Warrants

In connection with the April 7, 2025 RDO, the company issued 29,024,768 warrants with an exercise price of $3.1010 per share. These warrants became immediately exercisable on April 9, 2025 and expire on April 9, 2030. The fair value of warrants was estimated at $61.8 million at the issuance date. Of the total offering costs, $0.1 million were allocated to the warrants and recorded in other expense, net, on the condensed consolidated statement of operations on the date of the transaction.

July 2025 Warrants

In connection with the July 28, 2025 RDO, the company issued 29,629,632 warrants with an exercise price of $3.24 per share. These warrants became immediately exercisable on July 28, 2025 and expire on July 28, 2030. The fair value of warrants was estimated at $63.1 million at the issuance date. Of the total offering costs, $2.0 million were allocated to the warrants and recorded in other expense, net, on the condensed consolidated statement of operations on the date of the transaction.

Warrant Liabilities

The following table summarizes the change in carrying amount of warrant liabilities measured at fair value during the nine months ended September 30, 2025 (in thousands):


	Total		February 2023 Warrants		July 2023 Warrants		April 2025 Warrants		July 2025 Warrants


Fair value, at December 31, 2024	$	8,575	$	3,772	$	4,803	$	—	$	—

Change in fair value	448		197		251		—		—
Fair value, at March 31, 2025	9,023		3,969		5,054		—		—

Fair value at issuance	61,823		—		—		61,823		—
Change in fair value	(3,889)		(1,477)		(1,881)		(531)		—
Fair value, at June 30, 2025	66,957		2,492		3,173		61,292		—

Fair value at issuance	63,108		—		—		—		63,108
Change in fair value	(14,905)		(765)		(973)		(7,140)		(6,027)
Fair value, at September 30, 2025	$	115,160	$	1,727	$	2,200	$	54,152	$	57,081

Warrant Exercises

During the three and nine months ended September 30, 2025, there were no warrant exercises pursuant to the 2023 and 2025 warrant agreements. As of September 30, 2025 and December 31, 2024, a total of 65,053,571 warrants and 6,399,171 warrants were outstanding, respectively.

Warrant Valuation Assumptions

The estimated fair value of the warrants was computed using the Black-Scholes option pricing model with the following unobservable assumptions at the following dates:


	February and July 2023 Warrants				April 2025 Warrants				July 2025 Warrants
	September 30, 2025		December 31, 2024		September 30, 2025		Issuance Date April 9, 2025		September 30, 2025		Issuance Date July 28, 2025


Exercise price per share	$3.2946		$3.2946		$3.1010		$3.1010		$3.2400		$3.2400
Expected term	0.8 years		1.6 years		4.5 years		5.0 years		4.8 years		5.0 years
Expected volatility	95.7	%	125.0	%	112.0	%	119.1	%	115.0	%	115.9	%
Expected dividend yield	—		—		—		—		—		—
Risk-free interest rate	3.7	%	4.2	%	3.6	%	4.0	%	3.7	%	3.9	%

The expected term is the time remaining until the expiration of the warrants. The expected average volatility was estimated based on the historical and implied volatility of our common stock. The expected dividend yield was based on our expectation of not paying dividends for the foreseeable future. The risk-free interest rate was based on the U.S. Treasury’s rates for U.S. Treasury zero-coupon bonds with maturities similar to those of the expected term of the award being valued.

Revenue Interest Purchase Agreement (Tables)

9 Months Ended

Sep. 30, 2025

Revenue Interest Purchase Agreement [Abstract]

Summary of Revenue Interest Liability Activity

The following table summarizes the revenue interest liability activity during the nine months ended September 30, 2025 (in thousands):



Revenue interest liability, at December 31, 2024	$	284,404


Interest expense recognized	39,241
Revenue interest payment	(6,825)
Accrued revenue interest payment	(675)
Revenue interest liability, at September 30, 2025	$	316,145

Change in Fair Value of Derivative Liabilities

The change in fair value of the derivative liability is as follows (in thousands):




Fair value, at December 31, 2024	$	25,800
Change in fair value	(5,560)
Fair value, at March 31, 2025	20,240

Change in fair value	(1,940)
Fair value, at June 30, 2025	18,300
Change in fair value	(300)
Fair value, at September 30, 2025	$	18,000

Schedule of Unobservable Assumptions



	September 30, 2025		December 31, 2024

Expected volatility	120.5	%	127.0	%
Risk-free rate	3.6	%	4.3	%


	Immediately After the Amendment on December 10, 2024		December 31, 2024		September 30, 2025

Binomial lattice model:
Expected market yield	18.7	%	19.3	%	11.8	%
Expected volatility	115.1	%	125.6	%	87.5	%
Risk-free rate	4.1	%	4.3	%	3.6	%

Change in Fair Value of Stock Option Purchase Liability

Financial assets and liabilities measured at fair value on a recurring basis are summarized below (in thousands):


	Fair Value Measurements at September 30, 2025
	(Unaudited)
	Total			Level 1		Level 2		Level 3

Assets at Fair Value:
Current:
Cash and cash equivalents	$	60,241		$	60,241	$	—	$	—
U.S. Treasury securities	197,572			197,572		—		—
Equity securities	—			—		—		—
Noncurrent:
Restricted cash	1,096			1,096		—		—
Total assets measured at fair value	$	258,909		$	258,909	$	—	$	—

Liabilities at Fair Value:
Current:
Contingent consideration	$	(22)	(1)	$	—	$	—	$	(22)
Noncurrent:
Related-party convertible note payable at fair value (Note 14)	(500,804)			—		—		(500,804)
Warrant liabilities (Note 16)	(115,160)			—		—		(115,160)
RIPA derivative liability (Note 13)	(18,000)			—		—		(18,000)
Stock option purchase liability (Note 13)	(322)			—		—		(322)
Total liabilities measured at fair value	$	(634,308)		$	—	$	—	$	(634,308)


	Fair Value Measurements at December 31, 2024
	Total			Level 1		Level 2		Level 3

Assets at Fair Value:
Current:
Cash and cash equivalents	$	143,428		$	143,428	$	—	$	—
U.S. Treasury securities	6,096			6,096		—		—
Equity securities	285			285		—		—





Total assets measured at fair value	$	149,809		$	149,809	$	—	$	—

Liabilities at Fair Value:
Current:
Contingent consideration	$	(19)	(1)	$	—	$	—	$	(19)
Noncurrent:
Related-party convertible note payable at fair value (Note 14)	(461,877)			—		—		(461,877)
RIPA derivative liability (Note 13)	(25,800)			—		—		(25,800)
Warrant liabilities (Note 16)	(8,575)			—		—		(8,575)
Stock option purchase liability (Note 13)	(320)			—		—		(320)
Total liabilities measured at fair value	$	(496,591)		$	—	$	—	$	(496,591)

_______________


(1)			Contingent consideration is recorded at estimated fair value and revalued each reporting period until the related contingency is resolved. The fair value measurement is based on inputs that are unobservable and significant to the overall fair value measurement (i.e., a Level 3 measurement within the fair value hierarchy) and are reviewed periodically by management. See Note 11 “Commitments and Contingencies—Contingent Consideration Related to Business Combinations” for more information. Changes in fair value of contingent consideration were immaterial during the three and nine months ended September 30, 2025 and 2024, and were primarily due to changes in foreign currency exchange rates.

The change in fair value of the stock option purchase liability is as follows (in thousands):




Fair value, at December 31, 2024	$	320
Change in fair value	(18)
Fair value, at March 31, 2025	302

Change in fair value	9
Fair value, at June 30, 2025	311
Change in fair value	11
Fair value, at September 30, 2025	$	322

The change in the fair value of this note was as follows (in thousands):





Fair value, at December 31, 2024	$	461,877
Change in fair value of related-party convertible note	42,582
Change in fair value of related-party convertible note related to instrument-specific credit risk	(18,742)
Fair value, at March 31, 2025	485,717
Change in fair value of related-party convertible note	(1,169)
Change in fair value of related-party convertible note related to instrument-specific credit risk	7,536
Fair value, at June 30, 2025	492,084
Change in fair value of related-party convertible note	1,169
Change in fair value of related-party convertible note related to instrument-specific credit risk	7,551
Fair value, at September 30, 2025	$	500,804

Related-Party Agreements - Summary of Outstanding Balances of Related-Party Agreements (Detail) - Related-Party - USD ($) $ in Thousands	Sep. 30, 2025	Dec. 31, 2024
Related Party Transaction [Line Items]
Due from related parties	$ 18	$ 293
Accounts payable	443	173
NantWorks
Related Party Transaction [Line Items]
Due from related parties	0	161
Accounts payable	285	0
Brink Biologics, Inc.
Related Party Transaction [Line Items]
Due from related parties	18	59
Immuno-Oncology Clinic, Inc.
Related Party Transaction [Line Items]
Accounts payable	30	21
Duley Road, LLC
Related Party Transaction [Line Items]
Accounts payable	128	134
Various
Related Party Transaction [Line Items]
Due from related parties	0	73
Accounts payable	$ 0	$ 18

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

+ Details

Property, Plant and Equipment, Net

9 Months Ended

Sep. 30, 2025

Property, Plant and Equipment [Abstract]

Property, Plant and Equipment, Net

Property, plant and equipment, net, consist of the following (in thousands):


	September 30, 2025		December 31, 2024


Leasehold improvements	$	73,151	$	73,126
Equipment	75,871		73,578
Construction in progress	86,266		86,417
Furniture & fixtures	1,867		1,865
Software	1,693		1,697
Gross property, plant and equipment	238,848		236,683
Less: Accumulated depreciation and amortization	109,251		99,589
Property, plant and equipment, net	$	129,597	$	137,094

During the three months ended September 30, 2025 and 2024, depreciation expense related to property, plant and equipment totaled $3.4 million and $3.9 million, respectively, and $10.1 million and $11.9 million during the nine months ended September 30, 2025 and 2024, respectively.

Lease Arrangements (Tables)

9 Months Ended

Sep. 30, 2025

Leases [Abstract]

Summary of Supplemental Balance Sheet Information Related to Leases

Supplemental balance sheet information related to our leases is as follows (in thousands):


	Classification	September 30, 2025		December 31, 2024

Assets
Operating lease assets (including amounts with related parties)	Operating lease right-of-use assets	$	33,195	$	33,363
Finance lease assets	Other assets	286		—
Total lease assets (including amounts with related parties)		$	33,481	$	33,363

Liabilities
Current:
Operating lease liabilities (including amounts with related parties)	Operating lease liabilities	$	7,316	$	7,466
Finance lease liabilities	Accrued expenses and other liabilities	50		—
Noncurrent:
Operating lease liabilities (including amounts with related parties)	Operating lease liabilities, less current portion	34,130		34,823
Finance lease liabilities	Other liabilities	241		—
Total lease liabilities (including amounts with related parties)		$	41,737	$	42,289

Summary of Information Regarding Leases

Information regarding our lease terms is as follows:


	September 30, 2025		December 31, 2024


Weighted-average remaining lease term:
Operating leases	4.9 years		4.8 years
Finance leases	4.7 years		—
Weighted-average discount rate:
Operating leases	11.1	%	9.9	%
Finance leases	11.6	%	—	%

The components of lease expense consist of the following (in thousands):


	Three Months Ended September 30,				Nine Months Ended September 30,
	2025		2024		2025		2024


Operating lease costs	$	2,635	$	2,558	$	7,941	$	7,583
Short-term lease costs	1,092		1,069		3,444		3,196
Finance lease costs (including right-of-use asset amortization and interest expense)	23		18		31		59
Variable lease costs	762		969		2,532		2,882
Total lease expense	$	4,512	$	4,614	$	13,948	$	13,720

Cash paid for amounts included in the measurement of lease liabilities is as follows (in thousands):


	Nine Months Ended September 30,
	2025		2024


Cash paid for operating leases (excluding variable lease costs)	$	8,761	$	7,868
Financing cash flow from finance leases	16		64
Operating cash flow from finance leases	11		2

Summary of Future Minimum Lease Payments

Future minimum lease payments as of September 30, 2025, including $11.5 million related to options to extend lease terms that are reasonably certain of being exercised, are presented in the following table (in thousands). Common area maintenance costs and taxes are not included in these payments.


Years ending December 31:	Operating Leases		Finance Leases		Total

2025 (excluding the nine months ended September 30, 2025)	$	2,876	$	20	$	2,896
2026	10,899		79		10,978
2027	10,224		79		10,303
2028	10,527		79		10,606
2029	9,915		79		9,994
2030	7,522		34		7,556
Thereafter	1,200		—		1,200
Total future minimum lease payments	53,163		370		53,533
Less: Interest	11,717		79		11,796


Present value of lease liabilities	$	41,446	$	291	$	41,737

Summary of Significant Accounting Policies - Earnings Per Share (Detail) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2025	Sep. 30, 2024	Sep. 30, 2025	Sep. 30, 2024
Net loss per ImmunityBio common share – basic
Net loss attributable to ImmunityBio common stockholders	$ (67,253)	$ (85,729)	$ (289,454)	$ (354,402)
Weighted-average number of common shares outstanding - basic (in shares)	946,601	695,895	896,335	685,261
Net loss per ImmunityBio common share – basic (in dollars per share)	$ (0.07)	$ (0.12)	$ (0.32)	$ (0.52)
Net loss per ImmunityBio common share – diluted
Net loss attributable to ImmunityBio common stockholders	$ (67,253)	$ (85,729)	$ (289,454)	$ (354,402)
Add: Decrease in fair value of warrant liabilities	0	(14,505)	0	(10,553)
Numerator for net loss per ImmunityBio common share – diluted	$ (67,253)	$ (100,234)	$ (289,454)	$ (364,955)
Weighted-average number of common shares outstanding - basic (in shares)	946,601	695,895	896,335	685,261
Add: Dilutive effect of assumed conversion of convertible note (in shares)	0	2,066	0	3,679
Denominator for net loss per ImmunityBio common share - diluted (in shares)	946,601	697,961	896,335	688,939
Net loss per ImmunityBio common share - diluted (in dollars per share)	$ (0.07)	$ (0.14)	$ (0.32)	$ (0.53)

Commitments and Contingencies - Litigation - Additional Information (Detail) - Salzman Litigation - USD ($) $ in Thousands		3 Months Ended
	Jun. 16, 2025	Jun. 30, 2025	Mar. 31, 2025	Dec. 31, 2024
Litigation [Line Items]
Loss on litigation settlement	$ 10,500
Loss Contingency Accrual				$ 10,500
Proceeds from insurance claim			$ 6,000
Payments for legal settlement expenses		$ 4,500	$ 6,000

Revenue Interest Purchase Agreement - Additional Information (Detail)			1 Months Ended		3 Months Ended				9 Months Ended		12 Months Ended
	May 13, 2024 USD ($)	Dec. 29, 2023 USD ($)	May 31, 2024 USD ($)	Apr. 30, 2024 USD ($) $ / shares shares	Sep. 30, 2025 USD ($)	Mar. 31, 2025 USD ($)	Sep. 30, 2024 USD ($)	Jun. 30, 2024 USD ($)	Sep. 30, 2025 USD ($) shares	Sep. 30, 2024 USD ($)	Dec. 31, 2024 USD ($)	Dec. 31, 2029 USD ($)
Deferred Revenue Arrangement [Line Items]
Embedded derivative liability					$ 18,322,000				$ 18,322,000		$ 26,120,000
Exercise of stock options (in shares) \| shares									110,020
Exercise of stock options						$ 220,000	$ 286,000	$ 429,000
Additional Paid-in Capital
Deferred Revenue Arrangement [Line Items]
Exercise of stock options						$ 220,000	286,000	429,000
Stock Purchase And Option Agreement
Deferred Revenue Arrangement [Line Items]
Available for future stock issuance		$ 10,000,000			5,000,000				$ 5,000,000
Sale of stock (in dollars per share) \| $ / shares				$ 5.8208
Purchase price allocation		$ 12,000,000
Exercise of stock options (in shares) \| shares				858,990
Proceeds from stock options exercised				$ 4,900,000					0	$ 4,850,000
Exercise of stock options								7,554,000
Stock Purchase And Option Agreement \| Additional Paid-in Capital
Deferred Revenue Arrangement [Line Items]
Exercise of stock options								$ 7,554,000			7,600,000
Maximum \| Stock Purchase And Option Agreement
Deferred Revenue Arrangement [Line Items]
Percent of common stock outstanding after option exercise, maximum		19.90%
Revenue Interest Purchase Agreement
Deferred Revenue Arrangement [Line Items]
Upfront payment received		$ 200,000,000
Debt issuance costs	$ 3,100,000	7,500,000
Purchase agreement milestone		$ 100,000,000
Purchase agreement milestone, received	$ 100,000,000.0
Revenue interest purchase agreement, payment received percentage		195.00%
Interest expense recognized					$ 12,300,000		$ 10,900,000		$ 39,241,000	$ 28,200,000
Embedded derivative liability											$ 34,500,000
Embedded contingent derivative liability related to Second Payment			$ 6,200,000
Carrying value of debt		$ 197,100,000
Revenue Interest Purchase Agreement \| Forecast
Deferred Revenue Arrangement [Line Items]
Cumulative purchaser payments												$ 300,000,000
Revenue Interest Purchase Agreement \| Embedded Derivative Financial Instruments \| Measurement Input, Discount Rate
Deferred Revenue Arrangement [Line Items]
Measurement input					0.096				0.096		0.104
Revenue Interest Purchase Agreement \| Stock Purchase And Option Agreement \| Fair Value, Stock Purchase Option, Revenue Interest Purchase Agreement
Deferred Revenue Arrangement [Line Items]
Purchase price allocation		$ 800,000
Revenue Interest Purchase Agreement \| Within 12 Months of Closing Date
Deferred Revenue Arrangement [Line Items]
Required purchase price, as a percent		1.200
Revenue Interest Purchase Agreement \| 12 to 18 Months From Closing Date
Deferred Revenue Arrangement [Line Items]
Required purchase price, as a percent		1.350
Revenue Interest Purchase Agreement \| 18 to 36 Months From Closing Date
Deferred Revenue Arrangement [Line Items]
Required purchase price, as a percent		1.750
Revenue Interest Purchase Agreement \| Later Than 36 Months from Closing Date
Deferred Revenue Arrangement [Line Items]
Required purchase price, as a percent		1.950
Revenue Interest Purchase Agreement \| Initial Payment \| Forecast
Deferred Revenue Arrangement [Line Items]
Revenue interest purchase agreement, tiered revenue interest rate percentage												1.50%
Revenue Interest Purchase Agreement \| Initial Payment \| Minimum
Deferred Revenue Arrangement [Line Items]
Payments as a percentage of net sales		3.00%
Revenue Interest Purchase Agreement \| Initial Payment \| Maximum
Deferred Revenue Arrangement [Line Items]
Payments as a percentage of net sales		7.00%
Revenue Interest Purchase Agreement \| Second Payment \| Forecast
Deferred Revenue Arrangement [Line Items]
Revenue interest purchase agreement, tiered revenue interest rate percentage												2.25%
Revenue Interest Purchase Agreement \| Second Payment \| Minimum
Deferred Revenue Arrangement [Line Items]
Payments as a percentage of net sales		4.50%
Revenue Interest Purchase Agreement \| Second Payment \| Maximum
Deferred Revenue Arrangement [Line Items]
Payments as a percentage of net sales		10.00%

Fair Value Measurements (Tables)

9 Months Ended

Sep. 30, 2025

Fair Value Disclosures [Abstract]

Schedule of Financial Assets and Liabilities Measured at Fair Value on Recurring Basis

Financial assets and liabilities measured at fair value on a recurring basis are summarized below (in thousands):


	Fair Value Measurements at September 30, 2025
	(Unaudited)
	Total			Level 1		Level 2		Level 3

Assets at Fair Value:
Current:
Cash and cash equivalents	$	60,241		$	60,241	$	—	$	—
U.S. Treasury securities	197,572			197,572		—		—
Equity securities	—			—		—		—
Noncurrent:
Restricted cash	1,096			1,096		—		—
Total assets measured at fair value	$	258,909		$	258,909	$	—	$	—

Liabilities at Fair Value:
Current:
Contingent consideration	$	(22)	(1)	$	—	$	—	$	(22)
Noncurrent:
Related-party convertible note payable at fair value (Note 14)	(500,804)			—		—		(500,804)
Warrant liabilities (Note 16)	(115,160)			—		—		(115,160)
RIPA derivative liability (Note 13)	(18,000)			—		—		(18,000)
Stock option purchase liability (Note 13)	(322)			—		—		(322)
Total liabilities measured at fair value	$	(634,308)		$	—	$	—	$	(634,308)


	Fair Value Measurements at December 31, 2024
	Total			Level 1		Level 2		Level 3

Assets at Fair Value:
Current:
Cash and cash equivalents	$	143,428		$	143,428	$	—	$	—
U.S. Treasury securities	6,096			6,096		—		—
Equity securities	285			285		—		—





Total assets measured at fair value	$	149,809		$	149,809	$	—	$	—

Liabilities at Fair Value:
Current:
Contingent consideration	$	(19)	(1)	$	—	$	—	$	(19)
Noncurrent:
Related-party convertible note payable at fair value (Note 14)	(461,877)			—		—		(461,877)
RIPA derivative liability (Note 13)	(25,800)			—		—		(25,800)
Warrant liabilities (Note 16)	(8,575)			—		—		(8,575)
Stock option purchase liability (Note 13)	(320)			—		—		(320)
Total liabilities measured at fair value	$	(496,591)		$	—	$	—	$	(496,591)

_______________


(1)			Contingent consideration is recorded at estimated fair value and revalued each reporting period until the related contingency is resolved. The fair value measurement is based on inputs that are unobservable and significant to the overall fair value measurement (i.e., a Level 3 measurement within the fair value hierarchy) and are reviewed periodically by management. See Note 11 “Commitments and Contingencies—Contingent Consideration Related to Business Combinations” for more information. Changes in fair value of contingent consideration were immaterial during the three and nine months ended September 30, 2025 and 2024, and were primarily due to changes in foreign currency exchange rates.

The change in fair value of the stock option purchase liability is as follows (in thousands):




Fair value, at December 31, 2024	$	320
Change in fair value	(18)
Fair value, at March 31, 2025	302

Change in fair value	9
Fair value, at June 30, 2025	311
Change in fair value	11
Fair value, at September 30, 2025	$	322

The change in the fair value of this note was as follows (in thousands):





Fair value, at December 31, 2024	$	461,877
Change in fair value of related-party convertible note	42,582
Change in fair value of related-party convertible note related to instrument-specific credit risk	(18,742)
Fair value, at March 31, 2025	485,717
Change in fair value of related-party convertible note	(1,169)
Change in fair value of related-party convertible note related to instrument-specific credit risk	7,536
Fair value, at June 30, 2025	492,084
Change in fair value of related-party convertible note	1,169
Change in fair value of related-party convertible note related to instrument-specific credit risk	7,551
Fair value, at September 30, 2025	$	500,804

Stock-Based Compensation (Tables)

9 Months Ended

Sep. 30, 2025

Share-Based Payment Arrangement [Abstract]

Summary of Stock-Based Compensation Expense Included on Statements of Operations

The following table presents stock-based compensation included on the condensed consolidated statements of operations (in thousands):


	Three Months Ended September 30,				Nine Months Ended September 30,
	2025		2024		2025		2024


Stock-based compensation expense:
Stock options	$	5,048	$	3,993	$	15,863	$	11,599
RSUs	3,830		3,496		12,200		13,795
	$	8,878	$	7,489	$	28,063	$	25,394
Stock-based compensation expense in operating expenses:
Research and development	$	2,756	$	1,818	$	7,829	$	8,960
Selling, general and administrative	6,122		5,671		20,234		16,434
	$	8,878	$	7,489	$	28,063	$	25,394

Summary of Stock Option Activity under Equity Plans

The following table summarizes stock option activity and related information during the nine months ended September 30, 2025:


	Number of Options	Weighted- Average Exercise Price		Aggregate Intrinsic Value (in thousands)		Weighted- Average Remaining Contractual Life (in years)

Outstanding at December 31, 2024	15,407,588	$	8.00	$	90	7.1
Granted	11,070,428	$	3.35
Exercised	(110,020)	$	2.00
Forfeited/expired	(1,965,135)	$	19.82
Outstanding at September 30, 2025	24,402,861	$	4.97	$	26	8.2
Vested and exercisable at September 30, 2025	9,704,498	$	6.69	$	26	6.8

Schedule of Valuation Assumptions Under Black-Scholes Option Pricing Model

The fair value of stock options issued was estimated at the date of grant using the Black-Scholes option pricing model with the following weighted-average assumptions:


	Nine Months Ended September 30, 2025


Expected term	5.96 years
Risk-free interest rate	4.3	%
Expected volatility	120.4	%
Expected dividend yield	—
Weighted-average grant date fair value	$2.93

Summary of RSU Activity under Equity Plans

The following table summarizes RSU activity during the nine months ended September 30, 2025:


	Number of Units	Weighted- Average Grant Date Fair Value

Nonvested balance at December 31, 2024	5,945,421	$	11.41
Granted	4,604,609	$	3.33
Vested	(1,351,737)	$	5.65
Forfeited/canceled	(335,454)	$	9.44
Nonvested balance at September 30, 2025	8,862,839	$	8.16

Stock-Based Compensation - 2025 Equity Incentive plan (Details) - shares	Sep. 30, 2025	Jun. 18, 2025
2025 Equity Incentive Plan
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Stock reserved for issuance under award plan (in shares)		46,088,027
Common stock reserved for future grants (in shares)	46,920,885
2015 Equity Incentive Plan
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Maximum number of shares that may be added to the 2025 Plan from the prior plan (in shares)		32,359,674

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (f)(2)
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-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
-Section 50
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-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

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-Topic 718
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-Name Accounting Standards Codification
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-Paragraph 1D
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480483/718-10-35-1D

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-URI https://asc.fasb.org/1943274/2147480483/718-10-35-3

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-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

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+ Details

Goodwill and Intangible Assets, Net (Details) - USD ($) $ in Thousands	1 Months Ended	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2025	Sep. 30, 2024	Sep. 30, 2025	Sep. 30, 2024	Dec. 31, 2024
Total definite-lived intangible assets
Gross carrying amount		$ 20,951		$ 20,951
Accumulated amortization		(7,422)		(7,422)		$ (5,864)
Net carrying amount		13,529		13,529
Indefinite-lived intangible assets
Goodwill, gross		910		910		910
Goodwill, net		910		910		910
IPR&D, gross		36		36		489
IPR&D, Net		36		36		489
Total indefinite-lived assets, gross		946		946		1,399
Total indefinite-lived assets, net		946		946		1,399
Goodwill and intangible assets, gross		21,897		21,897		21,797
Accumulated Amortization		(7,422)		(7,422)		(5,864)
Goodwill and intangible assets, net		14,475		14,475		15,933
Business combination, goodwill		910		910		$ 910
Finite-Lived Intangible Assets, Net, Amortization Expense, Fiscal Year Maturity [Abstract]
2025 (excluding the nine months ended September 30, 2025)		538		538
2026		2,150		2,150
2027		2,150		2,150
2028		2,150		2,150
2029		2,150		2,150
2030		2,095		2,095
Thereafter		2,296		2,296
Net carrying amount		13,529		13,529
Acquisition of Workforce and Office Equipment
Indefinite-lived intangible assets
Business combination, consideration transferred	$ 1,000
Goodwill impairment		$ 0		$ 0
Office equipment
Indefinite-lived intangible assets
Business combination, fair value of net assets	100		$ 100		$ 100
Acquisition of Workforce
Indefinite-lived intangible assets
Goodwill, net	900		900		900
Business combination, goodwill	$ 900		900		900
Favorable Leasehold Rights
Total definite-lived intangible assets
Weighted average life (in years)		6 years 4 months 24 days		6 years 4 months 24 days		7 years 1 month 6 days
Gross carrying amount		$ 20,398		$ 20,398		$ 20,398
Accumulated amortization		(7,394)		(7,394)		(5,864)
Net carrying amount		13,004		13,004		14,534
Indefinite-lived intangible assets
Accumulated Amortization		(7,394)		(7,394)		(5,864)
Amortization expense		500	500	1,500	1,500
Impairment of intangible assets		0	0	0	0
Finite-Lived Intangible Assets, Net, Amortization Expense, Fiscal Year Maturity [Abstract]
Net carrying amount		$ 13,004		$ 13,004		14,534
Developed Technology
Total definite-lived intangible assets
Weighted average life (in years)		4 years 9 months 18 days		4 years 9 months 18 days
Gross carrying amount		$ 553		$ 553
Accumulated amortization		(28)		(28)
Net carrying amount		525		525		500
Indefinite-lived intangible assets
Accumulated Amortization		(28)		(28)
Amortization expense		0
Impairment of intangible assets		$ 0	$ 0	0	$ 0
Acquired intangible assets, estimated useful life		5 years
Finite-Lived Intangible Assets, Net, Amortization Expense, Fiscal Year Maturity [Abstract]
Net carrying amount		$ 525		$ 525		$ 500

Related-Party Agreements - Additional Information (Detail)							1 Months Ended				3 Months Ended		9 Months Ended
	Oct. 03, 2023 renewal_option	May 01, 2022 USD ($) ft²	Jan. 01, 2022 USD ($)	Oct. 01, 2021 USD ($) ft² renewal_option	Apr. 01, 2021 USD ($) ft² renewal_option	Jan. 01, 2021 USD ($) ft² renewal_option	Jun. 30, 2023 renewal_option	Jan. 31, 2019 USD ($) ft² renewal_option lease	Feb. 28, 2017 USD ($) ft² renewal_option	Sep. 30, 2016 USD ($) ft²	Sep. 30, 2025 USD ($)	Sep. 30, 2024 USD ($)	Sep. 30, 2025 USD ($)	Sep. 30, 2024 USD ($)	May 27, 2025	Dec. 31, 2024 USD ($)	Jul. 31, 2019	Aug. 31, 2018	Dec. 31, 2015 ft²
Related Party Transaction [Line Items]
Accounts receivable, net											$ 32,016,000		$ 32,016,000			$ 2,360,000
Extended lease term															5 years
Related-Party
Related Party Transaction [Line Items]
Selling, general and administrative											774,000	$ 825,000	1,927,000	$ 1,931,000
Research and development expense											2,571,000	2,024,000	7,635,000	6,350,000
Accounts payable											443,000		443,000			173,000
NantWorks \| Related-Party
Related Party Transaction [Line Items]
Accounts payable											285,000		285,000			0
Number of square foot of facility leased \| ft²		46,330																	9,500
Percentage of annual increases of base rent		3.00%	3.00%
Base rent - monthly		$ 273,700	$ 56,120
Expansion of licensed premises (in square feet) \| ft²		36,830
NantWorks \| Related-Party \| Research and development expense
Related Party Transaction [Line Items]
Lease expense											900,000	900,000	2,700,000	2,600,000
NantWorks \| Related-Party \| Shared Services Agreement
Related Party Transaction [Line Items]
Selling, general and administrative											600,000	700,000	1,400,000	1,700,000
Accounts payable											300,000		300,000
Accounts receivable, net																200,000
Prepaid expenses											1,000,000		1,000,000			3,000,000
NantWorks \| Related-Party \| Shared Services Agreement \| Reimbursements
Related Party Transaction [Line Items]
Research and development expense											100,000	900,000	700,000	2,200,000
Immuno-Oncology Clinic, Inc. \| Related-Party
Related Party Transaction [Line Items]
Research and development expense											600,000	700,000	1,800,000	2,100,000
Accounts payable											0		0			0
NantBio \| Related-Party \| NCSC
Related Party Transaction [Line Items]
Initial term of supply agreement																		5 years
Deferred revenue											0		0			0
NantBio \| Related-Party \| NantCancerStemCell
Related Party Transaction [Line Items]
Revenue recognized											0	0
605 Nash, LLC \| Related-Party
Related Party Transaction [Line Items]
Total area of real estate property \| ft²						64,643
605 Nash, LLC \| Related-Party \| Initial Premises
Related Party Transaction [Line Items]
Number of square foot of facility leased \| ft²						6,883
Percentage of annual increases of base rent						3.00%
Base rent - monthly						$ 20,300
Options to extend number of terms \| renewal_option						1
Extended lease term						3 years
605 Nash, LLC \| Related-Party \| Expansion Premises
Related Party Transaction [Line Items]
Number of square foot of facility leased \| ft²					57,760
Percentage of annual increases of base rent					3.00%
Base rent - monthly					$ 170,400
Options to extend number of terms \| renewal_option					1
Extended lease term					3 years
605 Nash, LLC \| Related-Party \| Research and development expense \| Initial and Expansion Premises
Related Party Transaction [Line Items]
Lease expense											500,000	500,000	1,600,000	1,600,000
420 Nash, LLC \| Related-Party
Related Party Transaction [Line Items]
Number of square foot of facility leased \| ft²				19,125
Percentage of annual increases of base rent				3.00%
Base rent - monthly				$ 38,250
Options to extend number of terms \| renewal_option				2
Extended lease term				5 years
420 Nash, LLC \| Related-Party \| Research and development expense
Related Party Transaction [Line Items]
Lease expense											100,000	100,000	400,000	400,000
605 Doug St, LLC \| Related-Party
Related Party Transaction [Line Items]
Number of square foot of facility leased \| ft²										24,250
Percentage of annual increases of base rent										3.00%
Base rent - monthly										$ 72,385
Options to extend number of terms \| renewal_option							1
Extended lease term							3 years
605 Doug St, LLC \| Related-Party \| Research and development expense
Related Party Transaction [Line Items]
Lease expense											300,000	300,000	700,000	700,000
Duley Road, LLC \| Related-Party
Related Party Transaction [Line Items]
Number of square foot of facility leased \| ft²									11,980
Percentage of annual increases of base rent								3.00%	3.00%
Base rent - monthly								$ 35,800	$ 40,700
Lease expense											200,000	$ 200,000	700,000	$ 700,000
Options to extend number of terms \| renewal_option	1							2	2
Extended lease term	5 years							5 years	5 years
Number of leases \| lease								2
Duley Road, LLC \| Related-Party \| Due to related parties
Related Party Transaction [Line Items]
Lease-related payables											$ 100,000		$ 100,000			$ 100,000
Duley Road, LLC \| Related-Party \| September 2019 Lease
Related Party Transaction [Line Items]
Number of square foot of facility leased \| ft²								5,650
Duley Road, LLC \| Related-Party \| July 2019 Lease
Related Party Transaction [Line Items]
Number of square foot of facility leased \| ft²								6,488
Initial term of lease arrangement																	7 years

Fair Value Measurements - Financial Assets and Liabilities Measured at Fair Value on Recurring Basis (Detail) - Fair Value, Measurements, Recurring - USD ($) $ in Thousands	Sep. 30, 2025	Dec. 31, 2024
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Assets measured at fair value	$ 258,909	$ 149,809
Liabilities measured at fair value	(634,308)	(496,591)
Level 1
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Assets measured at fair value	258,909	149,809
Liabilities measured at fair value	0	0
Level 2
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Assets measured at fair value	0	0
Liabilities measured at fair value	0	0
Level 3
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Assets measured at fair value	0	0
Liabilities measured at fair value	(634,308)	(496,591)
Current Assets \| Cash and cash equivalents
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Assets measured at fair value	60,241	143,428
Current Assets \| Cash and cash equivalents \| Level 1
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Assets measured at fair value	60,241	143,428
Current Assets \| Cash and cash equivalents \| Level 2
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Assets measured at fair value	0	0
Current Assets \| Cash and cash equivalents \| Level 3
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Assets measured at fair value	0	0
Current Assets \| U.S. Treasury securities
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Assets measured at fair value	197,572	6,096
Current Assets \| U.S. Treasury securities \| Level 1
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Assets measured at fair value	197,572	6,096
Current Assets \| U.S. Treasury securities \| Level 2
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Assets measured at fair value	0	0
Current Assets \| U.S. Treasury securities \| Level 3
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Assets measured at fair value	0	0
Current Assets \| Equity securities
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Assets measured at fair value	0	285
Current Assets \| Equity securities \| Level 1
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Assets measured at fair value	0	285
Current Assets \| Equity securities \| Level 2
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Assets measured at fair value	0	0
Current Assets \| Equity securities \| Level 3
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Assets measured at fair value	0	0
Noncurrent Assets \| Restricted cash
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Assets measured at fair value	1,096
Noncurrent Assets \| Restricted cash \| Level 1
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Assets measured at fair value	1,096
Noncurrent Assets \| Restricted cash \| Level 2
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Assets measured at fair value	0
Noncurrent Assets \| Restricted cash \| Level 3
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Assets measured at fair value	0
Current Liabilities \| Contingent consideration
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Liabilities measured at fair value	(22)	(19)
Current Liabilities \| Level 1 \| Contingent consideration
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Liabilities measured at fair value	0	0
Current Liabilities \| Level 2 \| Contingent consideration
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Liabilities measured at fair value	0	0
Current Liabilities \| Level 3 \| Contingent consideration
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Liabilities measured at fair value	(22)	(19)
Noncurrent Liabilities \| Related-party convertible note payable at fair value
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Liabilities measured at fair value	(500,804)	(461,877)
Noncurrent Liabilities \| RIPA derivative liability
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Liabilities measured at fair value	(18,000)	(25,800)
Noncurrent Liabilities \| Warrant liabilities
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Liabilities measured at fair value	(115,160)	(8,575)
Noncurrent Liabilities \| Stock option purchase liability
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Liabilities measured at fair value	(322)	(320)
Noncurrent Liabilities \| Level 1 \| Related-party convertible note payable at fair value
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Liabilities measured at fair value	0	0
Noncurrent Liabilities \| Level 1 \| RIPA derivative liability
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Liabilities measured at fair value	0	0
Noncurrent Liabilities \| Level 1 \| Warrant liabilities
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Liabilities measured at fair value	0	0
Noncurrent Liabilities \| Level 1 \| Stock option purchase liability
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Liabilities measured at fair value	0	0
Noncurrent Liabilities \| Level 2 \| Related-party convertible note payable at fair value
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Liabilities measured at fair value	0	0
Noncurrent Liabilities \| Level 2 \| RIPA derivative liability
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Liabilities measured at fair value	0	0
Noncurrent Liabilities \| Level 2 \| Warrant liabilities
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Liabilities measured at fair value	0	0
Noncurrent Liabilities \| Level 2 \| Stock option purchase liability
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Liabilities measured at fair value	0	0
Noncurrent Liabilities \| Level 3 \| Related-party convertible note payable at fair value
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Liabilities measured at fair value	(500,804)	(461,877)
Noncurrent Liabilities \| Level 3 \| RIPA derivative liability
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Liabilities measured at fair value	(18,000)	(25,800)
Noncurrent Liabilities \| Level 3 \| Warrant liabilities
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Liabilities measured at fair value	(115,160)	(8,575)
Noncurrent Liabilities \| Level 3 \| Stock option purchase liability
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Liabilities measured at fair value	$ (322)	$ (320)

Summary of Significant Accounting Policies - Estimated Useful Lives of Property, Plant and Equipment (Detail)	Sep. 30, 2025
Buildings
Property Plant And Equipment [Line Items]
Useful life	39 years
Software
Property Plant And Equipment [Line Items]
Useful life	3 years
Laboratory equipment \| Minimum
Property Plant And Equipment [Line Items]
Useful life	5 years
Laboratory equipment \| Maximum
Property Plant And Equipment [Line Items]
Useful life	7 years
Furniture & fixtures
Property Plant And Equipment [Line Items]
Useful life	5 years
IT equipment
Property Plant And Equipment [Line Items]
Useful life	3 years

Stock-Based Compensation - Weighted-average Assumption Related to Employee Stock Options (Detail) - Stock options	9 Months Ended
	Sep. 30, 2025 $ / shares
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Expected term	5 years 11 months 15 days
Risk-free interest rate	4.30%
Expected volatility	120.40%
Expected dividend yield	0.00%
Weighted-average grant date fair value (in dollars per share)	$ 2.93

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

+ Details

Lease Arrangements

9 Months Ended

Sep. 30, 2025

Leases [Abstract]

Lease Arrangements

We lease property in multiple facilities across the U.S. and Italy, including facilities located in El Segundo, CA and the Dunkirk Facility in upstate New York. Substantially all of our operating lease right-of-use assets and operating lease liabilities relate to facilities leases. All of our finance leases are related to equipment rentals. See Note 15 “Related-Party Agreements” for more information about our related-party leases.

Our leases generally have initial terms ranging from two to ten years and often include one or more options to renew. These renewal terms can extend the lease term from one to ten years and are included in the lease term when it is reasonably certain that we will exercise the option.

Supplemental balance sheet information related to our leases is as follows (in thousands):


	Classification	September 30, 2025		December 31, 2024

Assets
Operating lease assets (including amounts with related parties)	Operating lease right-of-use assets	$	33,195	$	33,363
Finance lease assets	Other assets	286		—
Total lease assets (including amounts with related parties)		$	33,481	$	33,363

Liabilities
Current:
Operating lease liabilities (including amounts with related parties)	Operating lease liabilities	$	7,316	$	7,466
Finance lease liabilities	Accrued expenses and other liabilities	50		—
Noncurrent:
Operating lease liabilities (including amounts with related parties)	Operating lease liabilities, less current portion	34,130		34,823
Finance lease liabilities	Other liabilities	241		—
Total lease liabilities (including amounts with related parties)		$	41,737	$	42,289

Information regarding our lease terms is as follows:


	September 30, 2025		December 31, 2024


Weighted-average remaining lease term:
Operating leases	4.9 years		4.8 years
Finance leases	4.7 years		—
Weighted-average discount rate:
Operating leases	11.1	%	9.9	%
Finance leases	11.6	%	—	%

The components of lease expense consist of the following (in thousands):


	Three Months Ended September 30,				Nine Months Ended September 30,
	2025		2024		2025		2024


Operating lease costs	$	2,635	$	2,558	$	7,941	$	7,583
Short-term lease costs	1,092		1,069		3,444		3,196
Finance lease costs (including right-of-use asset amortization and interest expense)	23		18		31		59
Variable lease costs	762		969		2,532		2,882
Total lease expense	$	4,512	$	4,614	$	13,948	$	13,720

Cash paid for amounts included in the measurement of lease liabilities is as follows (in thousands):


	Nine Months Ended September 30,
	2025		2024


Cash paid for operating leases (excluding variable lease costs)	$	8,761	$	7,868
Financing cash flow from finance leases	16		64
Operating cash flow from finance leases	11		2


Years ending December 31:	Operating Leases		Finance Leases		Total

2025 (excluding the nine months ended September 30, 2025)	$	2,876	$	20	$	2,896
2026	10,899		79		10,978
2027	10,224		79		10,303
2028	10,527		79		10,606
2029	9,915		79		9,994
2030	7,522		34		7,556
Thereafter	1,200		—		1,200
Total future minimum lease payments	53,163		370		53,533
Less: Interest	11,717		79		11,796


Present value of lease liabilities	$	41,446	$	291	$	41,737

On May 27, 2025, we entered into an amendment to an existing operating lease of office space, which was initially scheduled to expire on December 31, 2025. We executed the first option to extend the lease through December 31, 2030, with no changes to any of the other terms of the lease. We have a second option to extend the lease for an additional five years. Management has identified this extension as a reassessment event as we elected to exercise the lease extension option, which was previously determined that it was not reasonably certain to do so. We reassessed the discount rate at the remeasurement date, at 11.8% and we remeasured the operating lease right-of-use asset and operating lease liability on our condensed consolidated balance sheet based on the reassessed discount rate, remaining lease term and lease payments. We determined that the lease extension has no effect on the classification of the lease. In addition, we also determined that the second option to extend the lease is not reasonably certain to be exercised.

Prior to the extension, the remaining lease liability amounted to $0.6 million. On the date of the extension, we determined that the value of the new operating lease right-of-use asset and operating lease liability was $4.6 million, respectively. As such, as of June 30, 2025, the company recorded an increase in lease liability of $4.0 million because of the lease extension.

There have been no other material changes related to our existing lease agreements from those disclosed in Note 10 “Lease Arrangements” of the “Notes to Consolidated Financial Statements” that appears in Part II, Item 8. “Financial Statements and Supplementary Data” of our Annual Report filed with the SEC on March 3, 2025.

Lease Arrangements

Supplemental balance sheet information related to our leases is as follows (in thousands):


	Classification	September 30, 2025		December 31, 2024

Assets
Operating lease assets (including amounts with related parties)	Operating lease right-of-use assets	$	33,195	$	33,363
Finance lease assets	Other assets	286		—
Total lease assets (including amounts with related parties)		$	33,481	$	33,363

Liabilities
Current:
Operating lease liabilities (including amounts with related parties)	Operating lease liabilities	$	7,316	$	7,466
Finance lease liabilities	Accrued expenses and other liabilities	50		—
Noncurrent:
Operating lease liabilities (including amounts with related parties)	Operating lease liabilities, less current portion	34,130		34,823
Finance lease liabilities	Other liabilities	241		—
Total lease liabilities (including amounts with related parties)		$	41,737	$	42,289

Information regarding our lease terms is as follows:


	September 30, 2025		December 31, 2024


Weighted-average remaining lease term:
Operating leases	4.9 years		4.8 years
Finance leases	4.7 years		—
Weighted-average discount rate:
Operating leases	11.1	%	9.9	%
Finance leases	11.6	%	—	%

The components of lease expense consist of the following (in thousands):


	Three Months Ended September 30,				Nine Months Ended September 30,
	2025		2024		2025		2024


Operating lease costs	$	2,635	$	2,558	$	7,941	$	7,583
Short-term lease costs	1,092		1,069		3,444		3,196
Finance lease costs (including right-of-use asset amortization and interest expense)	23		18		31		59
Variable lease costs	762		969		2,532		2,882
Total lease expense	$	4,512	$	4,614	$	13,948	$	13,720

Cash paid for amounts included in the measurement of lease liabilities is as follows (in thousands):


	Nine Months Ended September 30,
	2025		2024


Cash paid for operating leases (excluding variable lease costs)	$	8,761	$	7,868
Financing cash flow from finance leases	16		64
Operating cash flow from finance leases	11		2


Years ending December 31:	Operating Leases		Finance Leases		Total

2025 (excluding the nine months ended September 30, 2025)	$	2,876	$	20	$	2,896
2026	10,899		79		10,978
2027	10,224		79		10,303
2028	10,527		79		10,606
2029	9,915		79		9,994
2030	7,522		34		7,556
Thereafter	1,200		—		1,200
Total future minimum lease payments	53,163		370		53,533
Less: Interest	11,717		79		11,796


Present value of lease liabilities	$	41,446	$	291	$	41,737

Condensed Consolidated Statements of Comprehensive Loss (Unaudited) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2025	Sep. 30, 2024	Sep. 30, 2025	Sep. 30, 2024
Statement of Comprehensive Income [Abstract]
Net loss	$ (67,274)	$ (85,752)	$ (289,514)	$ (354,466)
Other comprehensive (loss) income, net of income taxes:
Change in fair value of related-party convertible note related to instrument-specific credit risk	(7,551)	0	3,655	0
Net unrealized gains (losses) on available-for-sale securities	10	39	(259)	31
Reclassification of net realized gains on available-for-sale securities included in net loss	33	10	287	55
Foreign currency translation adjustments	(63)	62	116	7
Total other comprehensive (loss) income	(7,571)	111	3,799	93
Comprehensive loss	(74,845)	(85,641)	(285,715)	(354,373)
Less: Comprehensive loss attributable to noncontrolling interests	21	23	60	64
Comprehensive loss attributable to ImmunityBio common stockholders	$ (74,824)	$ (85,618)	$ (285,655)	$ (354,309)

Summary of Significant Accounting Policies (Tables)

9 Months Ended

Sep. 30, 2025

Accounting Policies [Abstract]

Schedule of Estimated Useful Lives of Property, Plant and Equipment

Depreciation of property, plant and equipment is calculated using the straight-line method over the estimated useful lives of the assets, as follows:


Buildings						39 years
Software						3 years
Laboratory equipment						5 to 7 years
Furniture & fixtures						5 years
IT equipment						3 years
Leasehold improvements						The lesser of the lease term or life of the asset

Property, plant and equipment, net, consist of the following (in thousands):


	September 30, 2025		December 31, 2024


Leasehold improvements	$	73,151	$	73,126
Equipment	75,871		73,578
Construction in progress	86,266		86,417
Furniture & fixtures	1,867		1,865
Software	1,693		1,697
Gross property, plant and equipment	238,848		236,683
Less: Accumulated depreciation and amortization	109,251		99,589
Property, plant and equipment, net	$	129,597	$	137,094

Schedule of Basic and Diluted Loss Per Common Share

The following table reflects the calculation of basic and diluted loss per common share (in thousands, except per share amounts):


	Three Months Ended September 30,				Nine Months Ended September 30,
	2025		2024		2025		2024


Net loss per ImmunityBio common share – basic
Numerator:
Net loss attributable to ImmunityBio common stockholders	$	(67,253)	$	(85,729)	$	(289,454)	$	(354,402)
Denominator:
Weighted-average number of common shares outstanding – basic	946,601		695,895		896,335		685,261
Net loss per ImmunityBio common share – basic	$	(0.07)	$	(0.12)	$	(0.32)	$	(0.52)

Net loss per ImmunityBio common share – diluted
Numerator:
Net loss attributable to ImmunityBio common stockholders	$	(67,253)	$	(85,729)	$	(289,454)	$	(354,402)
Add: Decrease in fair value of warrant liabilities	—		(14,505)		—		(10,553)

Numerator for net loss per ImmunityBio common share – diluted	$	(67,253)	$	(100,234)	$	(289,454)	$	(364,955)
Denominator:
Weighted-average number of common shares outstanding – basic	946,601		695,895		896,335		685,261
Add: Dilutive effect of assumed exercise of “in-the-money” third-party warrants	—		2,066		—		3,679
Denominator for net loss per ImmunityBio common share – diluted	946,601		697,961		896,335		688,939
Net loss per ImmunityBio common share – diluted	$	(0.07)	$	(0.14)	$	(0.32)	$	(0.53)

Summary of Securities Excluded from the Computation of Potentially Dilutive Securities

The following table details the number of shares of common stock underlying those securities that were excluded from the computation of weighted-average number of common shares outstanding – diluted (shares in thousands):


	Three Months Ended September 30,		Nine Months Ended September 30,
	2025	2024	2025	2024


Related-party convertible notes	93,053	162,472	93,053	162,472
Outstanding third-party warrants	65,054	9,091	65,054	9,091
Outstanding stock options	24,403	15,451	24,403	15,451
Outstanding RSUs	8,863	6,559	8,863	6,559
Outstanding related-party warrants	1,638	1,638	1,638	1,638
Total	193,011	195,211	193,011	195,211

Condensed Consolidated Statements of Stockholders' Deficit (Unaudited) (Parenthetical) - USD ($) $ in Thousands	3 Months Ended
	Sep. 30, 2025	Jun. 30, 2025	Jun. 30, 2024
ATM Offering Program
Commissions and offering costs	$ 2,345	$ 2,403	$ 660
Issuance of common stock "at the market" offering, net of commissions and offering costs	$ 98,201	$ 98,248	$ 3,625
ATM Offering Program \| Common Stock
Issuance of common stock "at the market" offering, net of commissions and offering costs (in shares)	39,612,857	32,854,486	427,368
Issuance of common stock "at the market" offering, net of commissions and offering costs	$ 4	$ 3
ATM Offering Program \| Additional Paid-in Capital
Issuance of common stock "at the market" offering, net of commissions and offering costs	98,197	98,245	$ 3,625
ATM Offering Program \| Total ImmunityBio Stockholders’ Deficit
Issuance of common stock "at the market" offering, net of commissions and offering costs	98,201	98,248	3,625
Stock Purchase And Option Agreement
Commissions and offering costs			$ 150
Registered Direct Offering
Commissions and offering costs	2,566	127
Issuance of common stock "at the market" offering, net of commissions and offering costs	$ 14,326	$ 13,051
Registered Direct Offering \| Common Stock
Issuance of common stock "at the market" offering, net of commissions and offering costs (in shares)	29,629,632	29,024,768
Issuance of common stock "at the market" offering, net of commissions and offering costs	$ 3	$ 3
Registered Direct Offering \| Additional Paid-in Capital
Issuance of common stock "at the market" offering, net of commissions and offering costs	14,323	13,048
Registered Direct Offering \| Total ImmunityBio Stockholders’ Deficit
Issuance of common stock "at the market" offering, net of commissions and offering costs	$ 14,326	$ 13,051

- Definition

Equity impact of the value of new stock issued during the period. Includes shares issued in an initial public offering or a secondary public offering.

+ References + Details

Collaboration and License Agreements and Acquisition	9 Months Ended
Collaboration and License Agreements and Acquisition	Sep. 30, 2025
Research and Development [Abstract]
Collaboration and License Agreements and Acquisition	Collaboration and License Agreements and Acquisition Collaboration Agreement Amyris Joint Venture In 2021, ImmunityBio and Amyris entered into a 50:50 joint venture arrangement and formed a new limited liability company to conduct the business of the joint venture. The purpose of the joint venture was to accelerate commercialization of a next-generation COVID-19 vaccine utilizing an RNA vaccine-platform. As part of the limited liability agreement, Amyris contributed $1.0 million in cash and rights to its license agreement with AAHI for an RNA platform for the field of COVID-19. ImmunityBio contributed $1.0 million in cash and priority access to its manufacturing capacity for the joint venture product. Both parties agreed to enter into a separate manufacturing and supply agreement and a sublicense agreement following the execution of the joint venture agreement. The joint venture agreement stipulates the initial terms for equal representation in the management of the newly-formed joint venture. The joint venture is managed by a board of directors consisting of four directors: two appointed by the company and two appointed by Amyris. Both parties agreed to make additional capital contributions in cash, in proportion to their respective interests, as determined by the board of directors of the joint venture. We considered the joint venture entity as a VIE and determined that we are not the primary beneficiary of the VIE. We account for our investment in the joint venture using the equity method of accounting. We are not obligated to fund the joint venture’s potential future losses. In August 2023, Amyris announced that it filed for Chapter 11 bankruptcy protection. The Amyris bankruptcy case remains ongoing, and there can be no assurance that we will receive any recovery on account of our claims against Amyris, including for Amyris’ portion of expenses incurred by the joint venture. As of September 30, 2025, the carrying amount of our equity investment in the joint venture was zero. License Agreements 3M IPC and AAHI License Agreement We have licensed rights to 3M-052, a synthetic TLR7/8 agonist, 3M-052 formulations and related technology from 3M IPC and its affiliates and AAHI. In 2021 we obtained nonexclusive rights in the field of SARS-CoV-2 and in June 2022 we modified those rights and expanded the scope of the license to include (1) SARS-CoV-2 and other infectious diseases including malaria, HIV, tuberculosis, hookworm and varicella zoster on an exclusive basis in countries other than low- and middle-income countries, and (2) oncology applications, when used in combination with our proprietary technology and/or IL-15 receptor superagonist. In consideration for the license, we agreed to make certain periodic license payments, including $2.25 million each year through June 2025. We have also agreed to make payments upon the achievement of certain regulatory milestone events and tiered royalties ranging from the low to high single-digits as a percentage of net sales. Beginning in April 2026, the annual minimum licensing payment is $1.0 million, which can be credited against any royalty payments due under this agreement. During the three months ended September 30, 2025 and 2024, we recorded $0.6 million in research and development expense, on the condensed consolidated statements of operations. During the nine months ended September 30, 2025 and 2024, we recorded $1.7 million in research and development expense, on the condensed consolidated statements of operations. AAHI Agreements In 2021, ImmunityBio and AAHI entered into several agreements, including an RNA vaccine platform license agreement, an adjuvant formulation license agreement, and a sponsored research agreement (collectively, the “AAHI Agreements”). ImmunityBio is no longer pursuing development of the AAHI RNA platform and related technology it had licensed from AAHI in 2021. During the second half of 2024, the parties reached an agreement whereby ImmunityBio would owe no future payments to AAHI under the AAHI Agreements, ImmunityBio would return the licenses to AAHI, the AAHI Agreements were terminated, and each party mutually released and had no continuing obligations to the other. With respect to the license agreements, we recorded $1.4 million and $4.2 million in research and development expense, on the condensed consolidated statements of operations during the three and nine months ended September 30, 2024, respectively. We recorded no expense during the three and nine months ended September 30, 2025 related to these agreements. With respect to the sponsored research agreement, we recorded $0.8 million, in research and development expense, on the condensed consolidated statement of operations during the nine months ended September 30, 2024. We recorded no expense during the three and nine months ended September 30, 2025 and three months ended September 30, 2024 related to this agreement. Acquisition Dunkirk Facility Leasehold Interest On February 14, 2022, we completed the acquisition of the Dunkirk Facility (approximately 409,000 rentable square feet) from Athenex. We believe this facility has the potential to provide us with a state-of-the-art biotech production center that will substantially expand and diversify our existing manufacturing capacity in the U.S. and the ability to scale production associated with certain of our product candidates. The company accounted for the transaction as an asset acquisition because the Dunkirk Facility’s integrated set of assets and activities does not meet the definition of a business. Upon the closing of the Dunkirk transaction, the company became the tenant of the Dunkirk Facility under the Fort Schuyler Management Corporation Lease, dated October 1, 2021 and as amended as of the February 14, 2022 closing date (as amended, the Dunkirk Lease), with the FSMC as landlord. The Dunkirk Facility, as well as certain equipment, is owned by the FSMC and is leased to us under the Dunkirk Lease. Our annual lease payment will be $2.00 per year for an initial 10-year term, with one option to renew the lease under substantially the same terms and conditions for an additional 10-year term. As part of the transaction, we assumed certain of Athenex’s obligations under various third-party agreements (the Facility Agreements), subject to the terms and conditions of the purchase agreement by and between the company and Athenex dated as of January 7, 2022, and committed to spend an aggregate of $1.52 billion on operational expenses during the initial term, and an additional $1.50 billion on operational expenses if we elect to renew the lease for one additional 10-year term. We also committed to hiring 450 employees at the Dunkirk Facility within the first five years following the Commencement Date, with 300 such employees to be hired within the first 2.5 years following the Commencement Date. We are eligible for certain sales-tax exemption savings during the development of the Dunkirk Facility, and certain property tax savings over the next 20 years, subject to certain terms and conditions, including performance of certain of the obligations described above. Failure to satisfy the obligations over the lease term may give rise to certain rights and remedies of governmental authorities including, for example, termination of the Dunkirk Lease and other Facility Agreements and potential recoupment of a percentage of the grant funding received by Athenex for construction of the facility and other benefits received, subject to the terms and conditions of the applicable agreements. We believe that the Dunkirk Facility has construction needs that may require approximately 12 to 18 months to complete in order for it to be used as intended, and which needs remain as a result of an ongoing dispute with the Dunkirk Facility’s general contractor and a stay in resolving the dispute related to Athenex’s ongoing bankruptcy proceedings, as described below. In addition, and related to the delayed completion of the facility, in November 2024 we received written notice from our landlord alleging non-compliance with the initial employee headcount requirement of our lease for the Dunkirk Facility. While we are seeking to resolve this matter expeditiously, there can be no assurance that we will succeed in doing so, and we may lose access to the Dunkirk Facility. Although we believe that governmental funding will assist in funding a portion of the further buildout of the Dunkirk Facility, which we estimate to be approximately $8.0 million to $10.0 million of governmental funding remaining available as of September 30, 2025, there can be no assurance as to the final acceptance and timing of the requests for governmental funding that we submit, and we will need to plan and fund most of the additional buildout of, and purchase additional equipment for, the Dunkirk Facility in connection with our planned full operations. In addition, any future governmental funding will be subject to the eligibility of submitted expenses, as well as our compliance with the obligations that we are subject to pursuant to the agreements with parties regarding the Dunkirk Facility as described above. Further, on May 14, 2023, Athenex, together with certain of its subsidiaries, filed voluntary petitions for relief under Chapter 11 of the United States Bankruptcy Court for the Southern District of Texas (the Athenex Proceedings). We do not know what, if any, impact the Athenex Proceedings will have on any portion of the potential governmental funding remaining for the Dunkirk Facility.

Lease Arrangements - Summary of Information Regarding Leases (Detail)	Sep. 30, 2025	May 27, 2025	Dec. 31, 2024
Leases [Abstract]
Weighted average remaining lease term, operating leases	4 years 10 months 24 days		4 years 9 months 18 days
Weighted average remaining lease term, finance leases	4 years 8 months 12 days		0 years
Weighted average discount rate, operating leases	11.10%	11.80%	9.90%
Weighted average discount rate, finance leases	11.60%		0.00%

Revenue Interest Purchase Agreement - Stock Option Purchase Liability (Detail) - Stock Purchase And Option Agreement - USD ($) $ in Thousands	3 Months Ended
	Sep. 30, 2025	Jun. 30, 2025	Mar. 31, 2025
Revenue Recognition, Milestone Method [Line Items]
Fair value, beginning of period	$ 311	$ 302	$ 320
Change in fair value	11	9	(18)
Fair value, end of period	$ 322	$ 311	$ 302

Lease Arrangements - Supplemental Balance Sheet Information (Detail) - USD ($) $ in Thousands	Sep. 30, 2025	Dec. 31, 2024
Lessee Lease Description [Line Items]
Operating lease assets (including amounts with related parties)	$ 33,195	$ 33,363
Finance Lease, Right-of-Use Asset, after Accumulated Amortization	$ 286	$ 0
Finance Lease, Right-of-Use Asset, Statement of Financial Position [Extensible Enumeration]	Other assets	Other assets
Total lease assets (including amounts with related parties)	$ 33,481	$ 33,363
Operating lease liabilities (including amounts with related parties)	7,316	7,466
Finance Lease, Liability, Current	$ 50	$ 0
Finance Lease, Liability, Current, Statement of Financial Position [Extensible Enumeration]	Accrued expenses and other liabilities	Accrued expenses and other liabilities
Operating lease liabilities, less current portion	$ 34,130	$ 34,823
Finance Lease, Liability, Noncurrent	$ 241	$ 0
Finance Lease, Liability, Noncurrent, Statement of Financial Position [Extensible Enumeration]	Other liabilities	Other liabilities
Total lease liabilities (including amounts with related parties)	$ 41,737	$ 42,289
Non-related Party
Lessee Lease Description [Line Items]
Operating lease assets (including amounts with related parties)	$ 19,273	$ 17,407
Operating Lease, Right-of-Use Asset, Statement of Financial Position [Extensible Enumeration]	Operating lease assets (including amounts with related parties)	Operating lease assets (including amounts with related parties)
Operating lease liabilities (including amounts with related parties)	$ 3,770	$ 4,005
Operating Lease, Liability, Current, Statement of Financial Position [Extensible Enumeration]	Operating lease liabilities (including amounts with related parties)	Operating lease liabilities (including amounts with related parties)
Operating lease liabilities, less current portion	$ 19,805	$ 17,864
Operating Lease, Liability, Noncurrent, Statement of Financial Position [Extensible Enumeration]	Operating lease liabilities, less current portion	Operating lease liabilities, less current portion
Related-Party
Lessee Lease Description [Line Items]
Operating lease assets (including amounts with related parties)	$ 13,922	$ 15,956
Operating Lease, Right-of-Use Asset, Statement of Financial Position [Extensible Enumeration]	Operating lease assets (including amounts with related parties)	Operating lease assets (including amounts with related parties)
Operating lease liabilities (including amounts with related parties)	$ 3,546	$ 3,461
Operating Lease, Liability, Current, Statement of Financial Position [Extensible Enumeration]	Operating lease liabilities (including amounts with related parties)	Operating lease liabilities (including amounts with related parties)
Operating lease liabilities, less current portion	$ 14,325	$ 16,959
Operating Lease, Liability, Noncurrent, Statement of Financial Position [Extensible Enumeration]	Operating lease liabilities, less current portion	Operating lease liabilities, less current portion

Financial Instruments - Available-for-Sale Marketable Debt Securities (Detail) - Current Assets - U.S. Treasury securities - USD ($) $ in Thousands	Sep. 30, 2025	Dec. 31, 2024
Schedule Of Available For Sale Securities [Line Items]
Weighted average remaining contractual life (in years)	4 months 24 days	3 months 18 days
Amortized cost	$ 197,532	$ 6,094
Gross unrealized gains	67	2
Gross Unrealized Losses	(27)	0
Fair Value	$ 197,572	$ 6,096

- Definition

Amount of investment in debt security measured at fair value with change in fair value recognized in other comprehensive income (available-for-sale).

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
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Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (bbb)(2)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (bbb)(1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 4: http://www.xbrl.org/2003/role/exampleRef
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-SubTopic 10
-Topic 825
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482881/825-10-55-10

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 825
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 1A
-Publisher FASB
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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-Paragraph 11
-Subparagraph (b)
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 825
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-Name Accounting Standards Codification
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-Paragraph 11
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 825
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Reference 9: http://www.xbrl.org/2003/role/exampleRef
-Topic 825
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Reference 10: http://www.xbrl.org/2003/role/exampleRef
-Topic 820
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Reference 11: http://www.xbrl.org/2003/role/exampleRef
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Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
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Reference 13: http://www.xbrl.org/2003/role/disclosureRef
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-Section 50
-Paragraph 2
-Subparagraph (aa)
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Reference 14: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 1
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481830/320-10-45-1

Reference 15: http://www.xbrl.org/2003/role/disclosureRef
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Reference 16: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
-Section 45
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-Publisher FASB
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+ Details

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

+ Details

Related-Party Debt - Unobservable Assumptions (Detail) - Convertible Note - $505 Million Promissory Note, December 2024 - Affiliated Entity - Valuation Technique, Binomial Lattice Model	Sep. 30, 2025	Dec. 31, 2024	Dec. 10, 2024
Measurement Input, Market Yield
Related Party Transaction [Line Items]
Measurement input	0.118	0.193	0.187
Measurement Input, Volatility
Related Party Transaction [Line Items]
Measurement input	0.875	1.256	1.151
Measurement Input, Risk-Free Rate
Related Party Transaction [Line Items]
Measurement input	0.036	0.043	0.041

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

+ Details

Description of Business	9 Months Ended
Description of Business	Sep. 30, 2025
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Description of Business	Description of Business In these notes to unaudited condensed consolidated financial statements, the terms “ImmunityBio,” “the company,” “we,” “us,” and “our” refer to ImmunityBio, Inc. and its subsidiaries. Our Business ImmunityBio is a vertically-integrated commercial-stage biotechnology company developing next-generation therapies that bolster the natural immune system to defeat cancers and infectious diseases. The company’s range of immunotherapy and cell therapy platforms, alone and together, act to drive and sustain an immune response with the goal of creating durable and safe protection against disease. Designated an FDA Breakthrough Therapy, ANKTIVA is the first FDA-approved immunotherapy for non-muscle invasive bladder cancer CIS that activates NK cells, T cells, and memory T cells for a long-duration response. The company is applying its science and platforms to treating cancers, including the development of potential cancer vaccines, as well as developing immunotherapies and cell therapies that we believe sharply reduce or eliminate the need for standard high-dose chemotherapy. These platforms and their associated product candidates are designed to be more effective, accessible, and easily administered than current standards of care in oncology and infectious diseases. Our platforms and their associated product and product candidates are designed to attack cancer and infectious pathogens by activating both the innate immune system, including NK cells, dendritic cells, and macrophages, as well as the adaptive immune system comprising B and T cells, in an orchestrated manner. The goal of this potentially best-in-class approach is to generate immunogenic cell death thereby eliminating rogue cells from the body whether they are cancerous or virally-infected. Our ultimate goal is to overcome the limitations of current treatments, such as CPIs, by turning immunologically cold, MHC-deficient tumors hot and/or reducing the need for standard high-dose chemotherapy in cancer by employing a coordinated approach to establish “immunological memory” that confers long-term benefit for the patient. Our proprietary platforms for the development of biologic products and product candidates include: (i) cytokine fusion proteins, (ii) vaccine vectors, and (iii) cell therapies. Specifically, our core clinical focus is on bladder and lung cancers with additional clinical efforts in prostate and colorectal cancers, hematologic malignancies and GBM, which are among the most frequent and lethal cancer types, and where there are high failure rates for existing standards of care or no available effective treatment. ANKTIVA was approved by the FDA in 2024 for use in the U.S. with BCG for the treatment of adult patients with BCG-unresponsive non-muscle invasive bladder cancer with CIS with or without papillary tumors. We began commercial distribution of our approved product in the U.S. during May 2024. In July 2025, the MHRA granted marketing authorization in the UK for ANKTIVA in combination with BCG for the treatment of adult patients with BCG-unresponsive NMIBC with CIS with or without papillary tumors. This is the first marketing approval outside the U.S. for ANKTIVA.

Commitments and Contingencies - Contingent Consideration Related to Business Combinations - Additional Information (Detail) - USD ($) $ in Millions	1 Months Ended	9 Months Ended	12 Months Ended
	Apr. 30, 2015	Sep. 30, 2025	Dec. 31, 2017
Altor BioScience Corporation \| Contingent Value Rights Payable, Sales Milestone
Business Combination [Line Items]
Potential contingent value rights to be earned			$ 304.0
Minimum net sales milestone for contingent value rights payable			$ 1,000.0
Altor BioScience Corporation \| Contingent Value Rights Payable, Sales Milestone \| Dr. Soon-Shiong and Related Party
Business Combination [Line Items]
Potential contingent value rights to be earned		$ 139.8
Altor BioScience Corporation \| Contingent Value Rights Payable, Sales Milestone \| Altor Stockholders
Business Combination [Line Items]
Potential contingent value rights to be earned		164.2
VivaBioCell
Business Combination [Line Items]
Ownership percentage acquired	100.00%
Business combination, consideration transferred	$ 0.7
Maximum milestone payment due if certain conditions are met		$ 2.3

Property, Plant and Equipment, Net (Tables)

9 Months Ended

Sep. 30, 2025

Property, Plant and Equipment [Abstract]

Summary of Property, Plant and Equipment, Net

Depreciation of property, plant and equipment is calculated using the straight-line method over the estimated useful lives of the assets, as follows:


Buildings						39 years
Software						3 years
Laboratory equipment						5 to 7 years
Furniture & fixtures						5 years
IT equipment						3 years
Leasehold improvements						The lesser of the lease term or life of the asset

Property, plant and equipment, net, consist of the following (in thousands):


	September 30, 2025		December 31, 2024


Leasehold improvements	$	73,151	$	73,126
Equipment	75,871		73,578
Construction in progress	86,266		86,417
Furniture & fixtures	1,867		1,865
Software	1,693		1,697
Gross property, plant and equipment	238,848		236,683
Less: Accumulated depreciation and amortization	109,251		99,589
Property, plant and equipment, net	$	129,597	$	137,094

Condensed Consolidated Statements of Operations (Unaudited) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2025	Sep. 30, 2024	Sep. 30, 2025	Sep. 30, 2024
Total revenue	$ 32,061	$ 6,106	$ 75,003	$ 7,193
Operating costs and expenses
Cost of sales	177	0	371	0
Total operating costs and expenses	87,691	86,359	266,347	281,975
Loss from operations	(55,630)	(80,253)	(191,344)	(274,782)
Other income (expense), net
Interest and investment income, net	2,067	1,798	4,107	6,788
Change in fair value of related-party convertible note			(42,582)	0
Interest expense related to revenue interest liability	(12,302)	(10,925)	(39,241)	(28,154)
Change in fair value of derivative liabilities	289	1,614	7,798	20,084
Change in fair value of warrant liabilities	14,905	31,324	18,346	10,222
Other (expense) income, net	(187)	12	(506)	(25)
Total other expense, net	(11,679)	(5,499)	(98,170)	(79,684)
Loss before income taxes and noncontrolling interests	(67,309)	(85,752)	(289,514)	(354,466)
Income tax benefit	35	0	0	0
Net loss	(67,274)	(85,752)	(289,514)	(354,466)
Net loss attributable to noncontrolling interests, net of tax	(21)	(23)	(60)	(64)
Net loss attributable to ImmunityBio common stockholders	$ (67,253)	$ (85,729)	$ (289,454)	$ (354,402)
Net loss per ImmunityBio common share – basic (in dollars per share)	$ (0.07)	$ (0.12)	$ (0.32)	$ (0.52)
Net loss per ImmunityBio common share - diluted (in dollars per share)	$ (0.07)	$ (0.14)	$ (0.32)	$ (0.53)
Weighted-average number of common shares used in computing net loss per share – basic (in shares)	946,601	695,895	896,335	685,261
Weighted-average number of common shares used in computing net loss per share – diluted (in shares)	946,601	697,961	896,335	688,939
Reportable Segment
Total revenue	$ 32,061	$ 6,106	$ 75,003	$ 7,193
Operating costs and expenses
Cost of sales	177	0	371	0
Research and development	51,232	50,443	154,702	154,923
Selling, general and administrative	36,282	35,916	111,274	127,052
Loss from operations	(55,630)	(80,253)	(191,344)	(274,782)
Other income (expense), net
Interest and investment income, net	2,067	1,798	4,107	6,788
Interest expense (including amounts with related parties)	(15,282)	(29,322)	(46,092)	(88,599)
Interest expense related to revenue interest liability	(12,302)	(10,925)	(39,241)	(28,154)
Change in fair value of derivative liabilities	289	1,614	7,798	20,084
Change in fair value of warrant liabilities	14,905	31,324	18,346	10,222
Other (expense) income, net	(187)	12	(506)	(25)
Total other expense, net	(11,679)	(5,499)	(98,170)	(79,684)
Loss before income taxes and noncontrolling interests	(67,309)	(85,752)	(289,514)	(354,466)
Income tax benefit	35	0	0	0
Net loss	(67,274)	(85,752)	(289,514)	(354,466)
Net loss attributable to noncontrolling interests, net of tax	(21)	(23)	(60)	(64)
Net loss attributable to ImmunityBio common stockholders	(67,253)	(85,729)	(289,454)	(354,402)
Non-related Party
Operating costs and expenses
Research and development	48,661	48,419	147,067	148,573
Selling, general and administrative	35,508	35,091	109,347	125,121
Other income (expense), net
Interest expense (including amounts with related parties)	(26)	0	(49)	(32)
Related-Party
Operating costs and expenses
Research and development	2,571	2,024	7,635	6,350
Selling, general and administrative	774	825	1,927	1,931
Other income (expense), net
Change in fair value of related-party convertible note	(1,169)	0	(42,582)	0
Interest expense (including amounts with related parties)	(15,256)	(29,322)	(46,043)	(88,567)
Related-Party \| Reportable Segment
Other income (expense), net
Change in fair value of related-party convertible note	(1,169)	0	(42,582)	0
Product revenue, net
Total revenue	31,780	5,954	74,710	6,944
Other revenues
Total revenue	$ 281	$ 152	$ 293	$ 249

Related-Party Agreements

9 Months Ended

Sep. 30, 2025

Related-Party Agreements

Related-Party Debt

Our related-party debt is summarized below (in thousands):

Balances as of September 30, 2025

Fair Value

Maturity
Year

Interest
Rate

Principal
Amount

Amount

Leveling

Related-Party Convertible Note at Fair Value:

$505 million December 2024 Promissory Note

2027

Term

SOFR

+8.0%

505,000

500,804

Level 3

Balances as of December 31, 2024

Fair Value

Maturity
Year

Interest
Rate

Principal
Amount

Amount

Leveling

Related-Party Convertible Note at Fair Value:

$505 million December 2024 Promissory Note

2027

Term

SOFR

+8.0%

505,000

461,877

Level 3

$505 million December 2024 Promissory Note


	Immediately After the Amendment on December 10, 2024		December 31, 2024		September 30, 2025

Binomial lattice model:
Expected market yield	18.7	%	19.3	%	11.8	%
Expected volatility	115.1	%	125.6	%	87.5	%
Risk-free rate	4.1	%	4.3	%	3.6	%

The change in the fair value of this note was as follows (in thousands):





Fair value, at December 31, 2024	$	461,877
Change in fair value of related-party convertible note	42,582
Change in fair value of related-party convertible note related to instrument-specific credit risk	(18,742)
Fair value, at March 31, 2025	485,717
Change in fair value of related-party convertible note	(1,169)
Change in fair value of related-party convertible note related to instrument-specific credit risk	7,536
Fair value, at June 30, 2025	492,084
Change in fair value of related-party convertible note	1,169
Change in fair value of related-party convertible note related to instrument-specific credit risk	7,551
Fair value, at September 30, 2025	$	500,804

Mandatory Prepayment Feature

The following table summarizes the estimated future contractual obligations of our related-party debt as of September 30, 2025 (in thousands):


	Principal Payments		Interest Payments (1)	Total


2025 (excluding the nine months ended September 30, 2025)	$	—		$	15,255	$	15,255
2026	—			60,526		60,526
2027	505,000			60,526		565,526
Total	$	505,000		$	136,307	$	641,307

_______________

(1)

Interest expense consists of the following (in thousands):


	Three Months Ended September 30,				Nine Months Ended September 30,
	2025		2024		2025		2024


Interest expense on related-party notes payable	$	15,256	$	23,123	$	46,043	$	70,987
Amortization of related-party notes discounts	—		6,199		—		17,580

Interest expense – related party	$	15,256	$	29,322	$	46,043	$	88,567

In connection with the RIPA transaction, the outstanding related-party convertible note was subordinated to the RIPA payment obligations.

Related-Party Agreements


	September 30, 2025		December 31, 2024


Due from related party–Brink	$	18	$	59
Due from related party–NantWorks	—		161
Due from related parties–Various	—		73
Total due from related parties	$	18	$	293

Due to related party–NantWorks	$	285	$	—
Due to related party–Duley Road	128		134
Due to related party–the Clinic	30		21
Due to related parties–Various	—		18
Total due to related parties	$	443	$	173

NantWorks, LLC

Shared Services Agreement

Facility License Agreement

Immuno-Oncology Clinic, Inc.

NantBio, Inc.

605 Doug St, LLC

Duley Road, LLC

605 Nash, LLC

420 Nash, LLC

- Definition

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483326/850-10-50-1

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
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-URI https://asc.fasb.org/1943274/2147480990/946-20-50-2

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org/1943274/2147480990/946-20-50-5

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
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-URI https://asc.fasb.org/1943274/2147480990/946-20-50-6

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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-Paragraph 2
-Subparagraph (e)
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-URI https://asc.fasb.org/1943274/2147477968/946-235-50-2

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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-Section S99
-Paragraph 1
-Subparagraph (SX 210.6-07(2)(g)(3))
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
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-URI https://asc.fasb.org/850/tableOfContent

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
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-Name Accounting Standards Codification
-Section 50
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483326/850-10-50-6

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
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-URI https://asc.fasb.org/1943274/2147483326/850-10-50-1

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483326/850-10-50-1

+ Details

Cover Page - shares	9 Months Ended
Cover Page - shares	Sep. 30, 2025	Oct. 30, 2025
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Sep. 30, 2025
Document Transition Report	false
Entity File Number	001-37507
Entity Registrant Name	IMMUNITYBIO, INC.
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	43-1979754
Entity Address, Address Line One	3530 John Hopkins Court
Entity Address, City or Town	San Diego
Entity Address, State or Province	CA
Entity Address, Postal Zip Code	92121
City Area Code	844
Local Phone Number	696-5235
Title of 12(b) Security	Common Stock, par value $0.0001 per share
Trading Symbol	IBRX
Security Exchange Name	NASDAQ
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		984,965,179
Amendment Flag	false
Document Fiscal Year Focus	2025
Document Fiscal Period Focus	Q3
Entity Central Index Key	0001326110
Current Fiscal Year End Date	--12-31

Inventories

9 Months Ended

Sep. 30, 2025

Inventory Disclosure [Abstract]

Inventories

Inventories consist of the following (in thousands):


	September 30, 2025		December 31, 2024



Work-in-progress	$	4,434	$	7,505
Finished goods	2,269		767
Inventories	$	6,703	$	8,272

We began capitalizing inventory costs associated with ANKTIVA after receiving FDA approval in April 2024 when it was determined that the inventory had a probable future economic benefit.

Inventory is stated at the lower of cost or net realizable value and consists of raw materials, work-in-progress and finished goods. Cost is determined using a standard cost method, which approximates actual cost, and assumes a FIFO flow of goods. Inventory that is used for clinical development purposes is expensed in research and development expense, on the condensed consolidated statement of operations when consumed.

The work-in-progress materials consists of bulk drug substance and drug product, which have a multi-year shelf life. When the bulk drug substance is manufactured into ANKTIVA drug product, those goods have a shelf life of three years from the date of manufacture. The work-in-progress drug product gets converted to finished goods at the time of labeling. Our expectation is to sell finished goods at least twelve months prior to expiration. Due to our long manufacturing lead time, it was necessary to build up inventory in support of ANKTIVA forecasted sales. As a result of being in the early stages of the ANKTIVA product launch, the company is continuing to evaluate the length of its operating cycle.

On a quarterly basis, the company analyzes its inventory levels for excess quantities and obsolescence (expiration), taking into account factors such as historical and anticipated future sales compared to quantities on hand and the remaining shelf life. As of September 30, 2025, we determined that a reserve related to ANKTIVA inventory for excess quantities and obsolescence was not required. During the nine months ended September 30, 2025, the company has not recorded any inventory write downs.

Lease Arrangements - Additional Information (Detail) - USD ($) $ in Thousands		9 Months Ended
	Jun. 30, 2025	Sep. 30, 2025	May 27, 2025	May 26, 2025	Dec. 31, 2024
Lessee Lease Description [Line Items]
Optional extended lease term			5 years
Operating lease payments related to options to extend lease terms		$ 11,500
Weighted average discount rate, operating leases		11.10%	11.80%		9.90%
Operating lease liabilities		$ 41,446	$ 4,600	$ 600
Increase in operating lease liabilities	$ 4,000
Minimum
Lessee Lease Description [Line Items]
Initial term of lease arrangement		2 years
Optional extended lease term		1 year
Maximum
Lessee Lease Description [Line Items]
Initial term of lease arrangement		10 years
Optional extended lease term		10 years

Stock-Based Compensation - RSUs Activity (Detail) - Outstanding RSUs	9 Months Ended
	Sep. 30, 2025 $ / shares shares
Number of Units
Nonvested, beginning balance (in units) \| shares	5,945,421
Granted (in units) \| shares	4,604,609
Vested (in units) \| shares	(1,351,737)
Forfeited/canceled (in units) \| shares	(335,454)
Nonvested, ending balance (in units) \| shares	8,862,839
Weighted- Average Grant Date Fair Value
Nonvested, beginning balance (in dollars per share) \| $ / shares	$ 11.41
Granted (in dollars per share) \| $ / shares	3.33
Vested (in dollars per share) \| $ / shares	5.65
Forfeited/canceled (in dollars per share) \| $ / shares	9.44
Nonvested, ending balance (in dollars per share) \| $ / shares	$ 8.16

Income Taxes	9 Months Ended
Income Taxes	Sep. 30, 2025
Income Tax Disclosure [Abstract]
Income Taxes	Income Taxes We are subject to U.S. federal income tax, as well as income tax in California, other states and certain foreign jurisdictions. Except for state franchise taxes, the company has not been required to pay significant U.S. federal and state income taxes because of current and accumulated NOLs. The company computes its quarterly income tax provision using a forecasted annual effective tax rate and adjusts for any discrete items arising during the quarter. An immaterial tax benefit was provided for losses incurred in the U.S. and certain foreign jurisdictions because those losses are offset by a full valuation allowance. During the three and nine months ended September 30, 2025, we recorded an immaterial amount of income tax benefit and no income tax benefit (expense), respectively, on the condensed consolidated statements of operations. We recorded no income tax benefit (expense) during the three and nine months ended September 30, 2024. The effective tax rates for the three and nine months ended September 30, 2025 and 2024 differed from the U.S. federal statutory rate of 21%, primarily due to our history of losses and a valuation allowance on the company’s deferred tax assets. Our federal returns for tax years 2021 through 2024 remain open to examination, and our state returns remain subject to examination for tax years 2020 through 2024. NOL carryforwards and tax credits are still subject to examination in the year they are used. No income tax returns are currently under examination by taxing authorities. On July 4, 2025, the OBBB Act was enacted in the U.S. The OBBB Act includes significant provisions, such as the permanent extension of certain expiring provisions of the TCJA, modifications to the international tax framework, and the restoration of favorable tax treatment for certain business provisions. The legislation has multiple effective dates, with certain provisions effective in 2025 and others implemented through 2027. The company has evaluated the OBBB Act and estimated the impact to the consolidated financial statements will not be adverse. We will continue to evaluate the full impact of these legislative changes as additional guidance becomes available.

- Definition

The entire disclosure for income tax.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 942
-SubTopic 740
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477617/942-740-50-1

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
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-Name Accounting Standards Codification
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-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480738/235-10-S50-1

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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-Section 50
-Paragraph 1
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478822/944-740-50-1

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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-Section 50
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-12

Reference 5: http://www.xbrl.org/2003/role/exampleRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 231
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482663/740-10-55-231

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
-Section 50
-Paragraph 12C
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-12C

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
-Section 50
-Paragraph 12B
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-12B

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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-SubTopic 270
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477891/740-270-50-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
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-URI https://asc.fasb.org/1943274/2147479360/740-10-S99-1

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
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-Section 50
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Reference 11: http://www.xbrl.org/2003/role/disclosureRef
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Reference 12: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org/740/tableOfContent

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
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Reference 14: http://www.xbrl.org/2003/role/disclosureRef
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-Publisher FASB
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Reference 15: http://www.xbrl.org/2003/role/disclosureRef
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482603/740-30-50-2

+ Details

Revenue Interest Purchase Agreement - Unobservable Assumptions (Detail) - $ / shares	Sep. 30, 2025	Dec. 31, 2024
Expected volatility
Revenue Recognition, Milestone Method [Line Items]
Stock option liability, measurement input	1.205	1.270
Risk-free interest rate
Revenue Recognition, Milestone Method [Line Items]
Stock option liability, measurement input	0.036	0.043

Stockholders' Deficit - Additional Information (Detail) - USD ($) $ / shares in Units, $ in Millions			1 Months Ended	3 Months Ended	9 Months Ended
	Jul. 28, 2025	Apr. 07, 2025	Apr. 30, 2021	Sep. 30, 2025	Sep. 30, 2025	Sep. 30, 2024	Feb. 28, 2023
Class Of Stock [Line Items]
Payment of offering costs	$ 4.6	$ 0.2
April 2025 Warrants
Class Of Stock [Line Items]
Number of shares available for purchase (in shares)		29,024,768
Exercise price of warrants (in dollars per share)		$ 3.1010
July 2025 Warrant
Class Of Stock [Line Items]
Number of shares available for purchase (in shares)	29,629,632
Exercise price of warrants (in dollars per share)	$ 3.240
February 2023 Shelf Registration Statement
Class Of Stock [Line Items]
Maximum offering							$ 750.0
Common stock, value available for future stock issuance				$ 565.6	$ 565.6
ATM Offering Program
Class Of Stock [Line Items]
Sale of stock issued in transaction				98.2	196.4	$ 3.6
ATM, amount available for future issuances				95.3	$ 95.3
ATM Offering Program \| Maximum
Class Of Stock [Line Items]
Percentage of sales agent commission			3.00%
Registered Direct Offering
Class Of Stock [Line Items]
Number of shares sold (in shares)	29,629,632	29,024,768
Payment of offering costs	$ 2.6	$ 0.1
Registered Direct Offering \| April 2025 Warrants
Class Of Stock [Line Items]
Sale of stock issued in transaction		$ 74.8
Sale of stock (in dollars per share)		$ 2.5840
Number of shares available for purchase (in shares)		29,024,768
Exercise price of warrants (in dollars per share)		$ 3.1010
Registered Direct Offering \| July 2025 Warrant
Class Of Stock [Line Items]
Sale of stock issued in transaction	$ 75.4
Sale of stock (in dollars per share)	$ 2.700
Number of shares available for purchase (in shares)	29,629,632
Exercise price of warrants (in dollars per share)	$ 3.24
2015 Share Repurchase Plan
Class Of Stock [Line Items]
Repurchase of common stock, shares (in shares)					0	0
Remaining authorized repurchase amount				$ 18.3	$ 18.3

Goodwill and Intangible Assets, Net

9 Months Ended

Sep. 30, 2025

Goodwill and Intangible Assets Disclosure [Abstract]

Goodwill and Intangible Assets, Net

Intangible assets, net and goodwill are as follows at the dates indicated (in thousands):


	September 30, 2025

	Weighted- Average Life (in years)	Gross Carrying Amount		Accumulated Amortization		Net Carrying Amount

Definite-lived:
Favorable leasehold rights	6.4	$	20,398	$	(7,394)	$	13,004
Developed technology	4.8	553		(28)		525
Total definite-lived assets		20,951		(7,422)		13,529

Indefinite-lived:
Goodwill		910		—		910
In-process software development		36		—		36
Total indefinite-lived assets		946		—		946
Goodwill and intangible assets, net		$	21,897	$	(7,422)	$	14,475


	December 31, 2024
	Weighted- Average Life (in years)	Gross Carrying Amount		Accumulated Amortization		Net Carrying Amount

Definite-lived: Favorable leasehold rights	7.1	$	20,398	$	(5,864)	$	14,534
Indefinite-lived:
Goodwill		910		—		910
IPR&D		489		—		489
Total indefinite-lived assets		1,399		—		1,399
Goodwill and intangible assets, net		$	21,797	$	(5,864)	$	15,933

Definite-Lived Intangible Assets

Favorable leasehold rights

In connection with the acquisition of the Dunkirk Facility in 2022, we acquired definite-lived intangibles consisting of favorable leasehold rights.

We recorded amortization expense of our favorable leasehold rights totaling $0.5 million during the three months ended September 30, 2025 and 2024, respectively, and $1.5 million during the nine months ended September 30, 2025 and 2024, respectively, in research and development expense, on the condensed consolidated statements of operations. No impairments were recorded during the three and nine months ended September 30, 2025 and 2024.

Developed technology

In connection with the acquisition of VBC in 2015, we acquired IPR&D that was initially recognized at fair value on the acquisition date. As of June 30, 2025, we reported the IPR&D as an indefinite-lived asset on the condensed consolidated balance sheet. During the three months ended September 30, 2025, the R&D efforts were deemed complete, and therefore we assigned an estimated useful life of five years to the developed technology. During the three months ended September 30, 2025, we recorded an immaterial amount of amortization expense of our developed technology in research and development expense, on the condensed consolidated statements of operations. As of September 30, 2025 and December 31, 2024, the company had developed technology intangible assets of $0.5 million. No impairments were recorded during the three and nine months ended September 30, 2025 and 2024.

Indefinite-Lived Intangible Assets

Goodwill

In September 2024, we entered into an asset purchase agreement with an unrelated party pursuant to which the company acquired the rights to hire its workforce and purchase certain office equipment in exchange for consideration of $1.0 million, net of transaction costs. The transaction was accounted for as a business combination. The fair value of the acquired identifiable net assets was $0.1 million. We recognized the remaining $0.9 million as goodwill. No goodwill impairment was recognized during the three and nine months ended September 30, 2025.

Future amortization expense associated with our definite-lived intangible assets, net is as follows (in thousands):


Years ending December 31:	Definite-lived Intangible Assets

2025 (excluding the nine months ended September 30, 2025)	$	538
2026	2,150
2027	2,150
2028	2,150
2029	2,150
2030	2,095
Thereafter	2,296
Total	$	13,529