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Stock-Based Compensation - Stock Based Compensation Expenses Related to Statement of Operations (Detail) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items]
Stock-based compensation expense	$ 8,518	$ 9,648	$ 16,687	$ 19,185
Stock-based compensation expense capitalized into inventory	0	0	300	0
Income Statement Location: us-gaap:ResearchAndDevelopmentExpense
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items]
Stock-based compensation expense	2,355	2,761	4,660	5,073
Income Statement Location: us-gaap:SellingGeneralAndAdministrativeExpense
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items]
Stock-based compensation expense	6,163	6,887	12,027	14,112
Stock options
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items]
Stock-based compensation expense	4,974	4,992	9,764	10,815
RSUs
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items]
Stock-based compensation expense	$ 3,544	$ 4,656	$ 6,923	$ 8,370

Financial Instruments - Additional Information (Detail) - USD ($) $ in Thousands	1 Months Ended	6 Months Ended
	Mar. 31, 2026	Jun. 30, 2026	Jun. 30, 2025
Debt and Equity Securities, FV-NI [Line Items]
Cash paid for securities		$ 10,000	$ 0
Equity Method Investment, Nonconsolidated Investee
Debt and Equity Securities, FV-NI [Line Items]
Cash paid for securities	$ 10,000
Other assets		$ 10,000

- 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

Description of Business	6 Months Ended
Description of Business	Jun. 30, 2026
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, Inc. is a biotechnology company focused on innovating, developing, and commercializing next-generation immunotherapies designed to activate the patient’s immune system and deliver durable protection against cancer and infectious diseases. Our approach harnesses both the adaptive and innate immune systems with the goal of restoring immune function and generating lasting immunological memory in patients. At the core of our strategy is the Cancer BioShield platform, which is designed to stimulate critical lymphocytes, including natural killer (NK) cells, cytotoxic T cells, and memory T cells via our proprietary IL-15 superagonist, ANKTIVA. Our Cancer BioShield platform is anchored by this antibody-cytokine fusion protein and is complemented by a portfolio that includes adenovirus-vectored vaccines, allogeneic (off-the-shelf) and autologous NK-cell therapies, and additional immunomodulators intended to promote immunogenic cell death and support durable immune responses while potentially reducing reliance on high-dose chemo-radiation therapy.

Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025
Operating activities:
Net loss	$ (863,187)	$ (222,240)
Adjustments to reconcile net loss to net cash used in operating activities:
Change in fair value of warrant liabilities	339,603	(3,441)
Change in fair value of related-party convertible note	332,589	41,413
Non-cash interest expense related to revenue interest liability	19,598	23,285
Stock-based compensation expense	16,687	19,185
Depreciation and amortization	8,787	7,709
Write-off of convertible note receivable	7,442	0
Accretion of discounts on marketable debt securities, available-for-sale	(3,798)	(63)
Realized gain on instrument-specific credit risk	(1,425)	0
Change in fair value of derivative liabilities	(416)	(7,509)
Non-cash interest items, net	(62)	(124)
Transaction costs allocated to warrant liabilities	0	104
Other	(218)	453
Changes in operating assets and liabilities:
Accounts receivable	(10,901)	(19,766)
Inventories	(3,971)	1,632
Other assets	(716)	1,143
Accounts payable	3,654	223
Accrued expenses and other liabilities	11,700	(4,210)
Due to and due from related parties, net	1,165	44
Net cash used in operating activities	(141,853)	(165,651)
Investing activities:
Purchases of marketable debt securities, available-for-sale	(303,309)	(15,161)
Proceeds from maturities of marketable debt securities, available-for-sale	119,682	5,350
Proceeds from sales of marketable debt securities, available-for-sale	59,834	0
Cash paid for other equity securities	(10,000)	0
Purchases of property, plant and equipment	(5,292)	(2,202)
Software development costs	(34)	0
Net cash used in investing activities	(139,119)	(12,013)
Financing activities:
Proceeds from the RIPA, net of issuance costs	74,946	0
Proceeds from exercises of warrants	53,542	0
Net share settlement for RSUs vesting	(7,313)	(1,524)
Principal payments on premium financing	(1,754)	0
Proceeds from borrowings	61	0
Principal payments of finance leases	(25)	(4)
Net cash provided by financing activities	268,369	171,828
Effect of exchange rate changes on cash and cash equivalents, and restricted cash	119	66
Net change in cash and cash equivalents, and restricted cash	(12,484)	(5,770)
Cash and cash equivalents, and restricted cash, beginning of period	89,431	143,912
Cash and cash equivalents, and restricted cash, end of period	76,947	138,142
Reconciliation of cash and cash equivalents, and restricted cash, end of period:
Cash and cash equivalents	75,670	137,658
Restricted cash (included in Other Assets)	1,277	484
Cash and cash equivalents, and restricted cash, end of period	76,947	138,142
Supplemental disclosure of cash flow information:
Interest	40,078	34,458
Income taxes	5	0
Non-cash investing and financing activities:
Conversion of related-party convertible note into equity	35,332	0
Issuance of common stock upon vesting of RSUs	17,265	3,884
Right-of-use assets obtained in exchange for operating lease liabilities	1,721	4,526
Property and equipment purchases included in accounts payable, accrued expenses and due to related parties	2,382	1,304
Unrealized losses on marketable debt securities, net	(336)	(15)
Unpaid offering costs included in accounts payable and accrued expenses	125	118
Initial measurement of warrants issued in connection with equity offerings accounted for as liabilities	0	61,823
Right-of-use assets obtained in exchange for finance lease liabilities	0	307
Private Placement and At the Market Offerings
Financing activities:
Proceeds from equity offerings, net of issuance costs	147,275	173,136
Options, Excluding Stock Purchase and Option Agreement
Financing activities:
Proceeds from exercises of stock options	1,637	220
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	1,954	1,830
Changes in operating assets and liabilities:
Prepaid expenses and other current assets	2,727	(3,825)
Operating lease liabilities	(2,076)	(1,908)
Related-Party
Adjustments to reconcile net loss to net cash used in operating activities:
Change in fair value of related-party convertible note	332,589	41,413
Non-cash lease expense related to operating lease right-of-use assets	1,506	1,336
Changes in operating assets and liabilities:
Prepaid expenses and other current assets	(579)	746
Operating lease liabilities	$ (1,916)	$ (1,668)

Segment Information - Geographic Region (Detail) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
Segment Reporting [Line Items]
Total segment revenue	$ 51,240	$ 26,425	$ 95,446	$ 42,942
U.S.
Segment Reporting [Line Items]
Total segment revenue	50,722	26,425	94,904	42,942
Europe
Segment Reporting [Line Items]
Total segment revenue	$ 518	$ 0	$ 542	$ 0

- 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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-Name Accounting Standards Codification
-Section 50
-Paragraph 15
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-15

+ Details

Related-Party Debt - Change in Carrying Value (Detail) - Convertible Note - December 2024 Convertible Promissory Note - Affiliated Entity - USD ($) $ in Thousands	3 Months Ended
	Jun. 30, 2026	Mar. 31, 2026
Long-Term Debt, Fair Value Disclosure [Roll Forward]
Fair value, beginning balance	$ 678,386	$ 477,093
Change in fair value of related-party convertible note	95,964	236,625
Conversion to common stock		(35,332)
Fair value, ending balance	$ 774,350	$ 678,386

- 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

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

Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 825
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 10
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482907/825-10-50-10

Reference 3: http://www.xbrl.org/2003/role/exampleRef
-Topic 825
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 10
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482881/825-10-55-10

Reference 4: http://www.xbrl.org/2003/role/exampleRef
-Topic 825
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Reference 5: http://www.xbrl.org/2009/role/commonPracticeRef
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-Section 50
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482907/825-10-50-11

Reference 6: http://www.xbrl.org/2009/role/commonPracticeRef
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-Paragraph 11
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Reference 7: http://www.xbrl.org/2009/role/commonPracticeRef
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Reference 8: http://www.xbrl.org/2009/role/commonPracticeRef
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-Section 50
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Reference 9: 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 10: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 825
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 28
-Subparagraph (c)(1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482907/825-10-50-28

+ Details

Warrant Liabilities - Additional Information (Detail) - $ / shares	1 Months Ended	3 Months Ended
	Aug. 04, 2026	Jun. 30, 2026	Mar. 31, 2026	Jun. 30, 2025
Class of Warrant or Right [Line Items]
Number of warrants exercised (in shares)		0	17,191,435	0
Subsequent Event \| February And July 2023 Warrants
Class of Warrant or Right [Line Items]
Number of warrants exercised (in shares)	6,399,171
Exercise price of warrants (in dollars per share)	$ 3.2946

Stock-Based Compensation - RSUs Activity (Detail) - Outstanding RSUs	6 Months Ended
	Jun. 30, 2026 $ / shares shares
Number of Units
Nonvested, beginning balance (in units) \| shares	8,127,668
Granted (in units) \| shares	320,048
Vested (in units) \| shares	(2,271,063)
Forfeited/canceled (in units) \| shares	(245,573)
Nonvested, ending balance (in units) \| shares	5,931,080
Weighted- Average Grant Date Fair Value
Nonvested, beginning balance (in dollars per share) \| $ / shares	$ 6.56
Granted (in dollars per share) \| $ / shares	7.42
Vested (in dollars per share) \| $ / shares	3.98
Forfeited/canceled (in dollars per share) \| $ / shares	4.48
Nonvested, ending balance (in dollars per share) \| $ / shares	$ 7.68

Fair Value Measurements - Financial Assets and Liabilities Measured at Fair Value on Recurring Basis (Detail) - USD ($) $ in Thousands	Jun. 30, 2026	Dec. 31, 2025
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Cash and cash equivalents	$ 75,670	$ 88,334
U.S. Treasury securities	281,701	154,484
Restricted cash	1,277	1,097
Total assets measured at fair value	358,648	243,915
Contingent consideration	(21)	(22)
Related-party convertible note payable at fair value	(774,350)	(477,093)
Warrant liabilities	(352,383)	(84,417)
RIPA derivative liabililty	(23,700)	(19,400)
Stock option purchase liability	(306)	(322)
Total liabilities measured at fair value	(1,150,760)	(581,254)
Level 1
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Cash and cash equivalents	75,670	88,334
U.S. Treasury securities	281,701	154,484
Restricted cash	1,277	1,097
Total assets measured at fair value	358,648	243,915
Contingent consideration	0	0
Related-party convertible note payable at fair value	0	0
Warrant liabilities	0	0
RIPA derivative liabililty	0	0
Stock option purchase liability	0	0
Total liabilities measured at fair value	0	0
Level 2
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Cash and cash equivalents	0	0
U.S. Treasury securities	0	0
Restricted cash	0	0
Total assets measured at fair value	0	0
Contingent consideration	0	0
Related-party convertible note payable at fair value	0	0
Warrant liabilities	0	0
RIPA derivative liabililty	0	0
Stock option purchase liability	0	0
Total liabilities measured at fair value	0	0
Level 3
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Cash and cash equivalents	0	0
U.S. Treasury securities	0	0
Restricted cash	0	0
Total assets measured at fair value	0	0
Contingent consideration	(21)	(22)
Related-party convertible note payable at fair value	(774,350)	(477,093)
Warrant liabilities	(352,383)	(84,417)
RIPA derivative liabililty	(23,700)	(19,400)
Stock option purchase liability	(306)	(322)
Total liabilities measured at fair value	$ (1,150,760)	$ (581,254)

Fair Value Measurements

6 Months Ended

Jun. 30, 2026

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 June 30, 2026
	Total			Level 1		Level 2		Level 3

Assets at Fair Value:
Current:
Cash and cash equivalents	$	75,670		$	75,670	$	—	$	—
U.S. Treasury securities	281,701			281,701		—		—




Noncurrent:
Restricted cash	1,277			1,277		—		—

Total assets measured at fair value	$	358,648		$	358,648	$	—	$	—

Liabilities at Fair Value:
Current:
Contingent consideration	$	(21)	(1)	$	—	$	—	$	(21)
Noncurrent:
Related-party convertible note payable at fair value (Note 11)	(774,350)			—		—		(774,350)
Warrant liabilities (Note 13)	(352,383)			—		—		(352,383)
RIPA derivative liability (Note 10)	(23,700)			—		—		(23,700)
Stock option purchase liability (Note 10)	(306)			—		—		(306)
Total liabilities measured at fair value	$	(1,150,760)		$	—	$	—	$	(1,150,760)


	Fair Value Measurements at December 31, 2025
	Total			Level 1		Level 2		Level 3

Assets at Fair Value:
Current:
Cash and cash equivalents	$	88,334		$	88,334	$	—	$	—
U.S. Treasury securities	154,484			154,484		—		—




Noncurrent:
Restricted cash	1,097			1,097		—		—

Total assets measured at fair value	$	243,915		$	243,915	$	—	$	—

Liabilities at Fair Value:
Current:
Contingent consideration	$	(22)	(1)	$	—	$	—	$	(22)
Noncurrent:
Related-party convertible note payable at fair value (Note 11)	(477,093)			—		—		(477,093)
Warrant liabilities (Note 13)	(84,417)			—		—		(84,417)
RIPA derivative liability (Note 10)	(19,400)			—		—		(19,400)
Stock option purchase liability (Note 10)	(322)			—		—		(322)
Total liabilities measured at fair value	$	(581,254)		$	—	$	—	$	(581,254)

_______________


(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 8 “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 six months ended June 30, 2026 and 2025, 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 six months ended June 30, 2026 and 2025.

Earnings Per Share

6 Months Ended

Jun. 30, 2026

Earnings Per Share [Abstract]

Earnings Per Share

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 June 30,				Six Months Ended June 30,
	2026		2025		2026		2025


Net loss per ImmunityBio common share – basic and diluted
Numerator:
Net loss attributable to ImmunityBio common stockholders	$	(230,378)	$	(92,555)	$	(863,160)	$	(222,201)
Denominator:
Weighted-average number of common shares outstanding – basic and diluted	1,050,070		888,216		1,038,536		870,786
Net loss per ImmunityBio common share – basic and diluted	$	(0.22)	$	(0.10)	$	(0.83)	$	(0.26)

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 June 30,		Six Months Ended June 30,
	2026	2025	2026	2025


Related-party convertible note	88,447	93,053	88,447	93,053
Outstanding third-party warrants	47,862	35,424	47,862	35,424
Outstanding stock options	23,559	25,931	23,559	25,931
Outstanding RSUs	5,931	9,055	5,931	9,055
Outstanding related-party warrants	1,638	1,638	1,638	1,638
Total	167,437	165,101	167,437	165,101

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 10 “Revenue Interest Purchase Agreement” for more information.

Revenues (Tables)

6 Months Ended

Jun. 30, 2026

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 June 30,				Six Months Ended June 30,
	2026		2025		2026		2025

Product revenue, net	$	50,672	$	26,421	$	94,839	$	42,930
Other revenues	568		4		607		12
Total revenue	$	51,240	$	26,425	$	95,446	$	42,942

Revenues - Additional Information (Detail) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025	Dec. 31, 2025
Disaggregation of Revenue [Line Items]
Revenue increase (decrease), gross-to-net accruals	$ (10,700)	$ 4,900	$ (19,200)	$ (8,100)
Allowances for prompt payment discounts, product returns and chargebacks	4,000		4,000		$ 2,000
Accrued rebates, co-payment assistance and other fees	55,671		55,671		46,838
Accrued Rebates, Co-payment Assistance and Other Fees
Disaggregation of Revenue [Line Items]
Accrued rebates, co-payment assistance and other fees	$ 9,800		$ 9,800		$ 6,300

- 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 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 5
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-5

Reference 3: http://www.xbrl.org/2003/role/exampleRef
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-Name Accounting Standards Codification
-Section 55
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-URI https://asc.fasb.org/1943274/2147479777/606-10-55-91

Reference 4: http://www.xbrl.org/2003/role/exampleRef
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Reference 6: http://www.xbrl.org/2003/role/exampleRef
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-Subparagraph (d)
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-Name Accounting Standards Codification
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-Paragraph 91
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Reference 9: http://www.xbrl.org/2003/role/exampleRef
-Topic 606
-SubTopic 10
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-Section 55
-Paragraph 91
-Subparagraph (g)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479777/606-10-55-91

+ Details

Revenue Interest Purchase Agreement (Tables)

6 Months Ended

Jun. 30, 2026

Revenue Interest Purchase Agreement [Abstract]

Summary of Revenue Interest Liability Activity

The following table summarizes the revenue interest liability activity during the six months ended June 30, 2026 (in thousands):



Revenue interest liability, at December 31, 2025	$	324,615
Proceeds from Third Payment, net of issuance costs	74,946
Interest expense recognized	31,063

Revenue interest payment	(10,838)
Embedded contingent derivative liability related to Third Payment	(4,700)
Revenue interest liability, at June 30, 2026	$	415,086

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, 2025	$	19,400
Embedded contingent derivative liability related to Third Payment	4,700
Change in fair value	(1,100)
Fair value, at March 31, 2026	23,000

Change in fair value	700
Fair value, at June 30, 2026	$	23,700

Schedule of Unobservable Assumptions

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



	June 30, 2026		December 31, 2025

Expected volatility	105.9	%	119.7	%

The estimated fair value of the convertible note was computed using the following unobservable inputs at the following dates:


	June 30, 2026		December 31, 2025

Binomial lattice model:
Expected market yield	17.4	%	14.8	%
Expected volatility	77.5	%	87.5	%

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 June 30, 2026
	Total			Level 1		Level 2		Level 3

Assets at Fair Value:
Current:
Cash and cash equivalents	$	75,670		$	75,670	$	—	$	—
U.S. Treasury securities	281,701			281,701		—		—




Noncurrent:
Restricted cash	1,277			1,277		—		—

Total assets measured at fair value	$	358,648		$	358,648	$	—	$	—

Liabilities at Fair Value:
Current:
Contingent consideration	$	(21)	(1)	$	—	$	—	$	(21)
Noncurrent:
Related-party convertible note payable at fair value (Note 11)	(774,350)			—		—		(774,350)
Warrant liabilities (Note 13)	(352,383)			—		—		(352,383)
RIPA derivative liability (Note 10)	(23,700)			—		—		(23,700)
Stock option purchase liability (Note 10)	(306)			—		—		(306)
Total liabilities measured at fair value	$	(1,150,760)		$	—	$	—	$	(1,150,760)


	Fair Value Measurements at December 31, 2025
	Total			Level 1		Level 2		Level 3

Assets at Fair Value:
Current:
Cash and cash equivalents	$	88,334		$	88,334	$	—	$	—
U.S. Treasury securities	154,484			154,484		—		—




Noncurrent:
Restricted cash	1,097			1,097		—		—

Total assets measured at fair value	$	243,915		$	243,915	$	—	$	—

Liabilities at Fair Value:
Current:
Contingent consideration	$	(22)	(1)	$	—	$	—	$	(22)
Noncurrent:
Related-party convertible note payable at fair value (Note 11)	(477,093)			—		—		(477,093)
Warrant liabilities (Note 13)	(84,417)			—		—		(84,417)
RIPA derivative liability (Note 10)	(19,400)			—		—		(19,400)
Stock option purchase liability (Note 10)	(322)			—		—		(322)
Total liabilities measured at fair value	$	(581,254)		$	—	$	—	$	(581,254)

_______________


(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 8 “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 six months ended June 30, 2026 and 2025, 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, 2025	$	322
Change in fair value	(8)
Fair value, at March 31, 2026	314

Change in fair value	(8)
Fair value, at June 30, 2026	$	306

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




Fair value, at December 31, 2025	$	477,093
Change in fair value of related-party convertible note	236,625



Conversion to common stock	(35,332)
Fair value, at March 31, 2026	678,386
Change in fair value of related-party convertible note	95,964

Fair value, at June 30, 2026	$	774,350

Segment Information (Tables)

6 Months Ended

Jun. 30, 2026

Segment Reporting [Abstract]

Segment Reporting, Reconciliation of Profit (Loss) by Segment to Consolidated

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


	Three Months Ended June 30,				Six Months Ended June 30,
	2026		2025		2026		2025

Total revenue	$	51,240	$	26,425	$	95,446	$	42,942
Cost of sales	298		136		536		194
Gross profit	50,942		26,289		94,910		42,748
Operating expenses
External research and development expense (including amounts with related parties) (1)	10,424		8,552		30,506		14,063
Internal research and development expense (including amounts with related parties): (2)
Personnel-related costs	26,602		23,632		52,452		46,697
Equipment, depreciation, and facility costs	13,410		13,111		26,998		26,303
Other research and development costs	10,380		9,941		18,849		16,407
Total internal research and development expense	50,392		46,684		98,299		89,407
Total research and development expense (including amounts with related parties)	60,816		55,236		128,805		103,470
Selling, general and administrative (including amounts with related parties)	51,823		42,338		97,593		74,992

Total operating expenses	112,639		97,574		226,398		178,462
Loss from operations	(61,697)		(71,285)		(131,488)		(135,714)
Other income (expense), net
Interest and investment income, net	3,155		1,153		5,469		2,040
Change in fair value of related-party convertible note	(95,964)		1,169		(332,589)		(41,413)
Change in fair value of warrant liabilities	(44,190)		3,889		(339,603)		3,441
Interest expense related to revenue interest liability	(17,192)		(13,405)		(31,063)		(26,939)
Interest expense (including amounts with related parties)	(14,052)		(15,479)		(28,645)		(30,810)
Change in fair value of derivative liabilities	(692)		1,931		416		7,509

Other income (expense), net	242		(278)		(5,675)		(319)
Total other expense, net	(168,693)		(21,020)		(731,690)		(86,491)
Loss before income taxes and noncontrolling interests	(230,390)		(92,305)		(863,178)		(222,205)
Income tax expense	—		(269)		(9)		(35)
Net loss	(230,390)		(92,574)		(863,187)		(222,240)
Net loss attributable to noncontrolling interests, net of tax	(12)		(19)		(27)		(39)
Net loss attributable to ImmunityBio common stockholders	$	(230,378)	$	(92,555)	$	(863,160)	$	(222,201)

_______________


(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 June 30,				Six Months Ended June 30,
	2026		2025		2026		2025

U.S.	$	50,722	$	26,425	$	94,904	$	42,942
Europe	518		—		542		—
Total segment revenue	$	51,240	$	26,425	$	95,446	$	42,942

Warrant Liabilities (Tables)

6 Months Ended

Jun. 30, 2026

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 six months ended June 30, 2026 (in thousands):


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


Fair value, at December 31, 2025	$	84,417	$	230	$	293	$	41,476	$	42,418
Change in fair value	295,413		13,115		16,704		109,408		156,186
Warrant exercises	(71,637)		—		—		(60,737)		(10,900)
Fair value, at March 31, 2026	308,193		13,345		16,997		90,147		187,704


Change in fair value	44,190		2,061		2,625		12,836		26,668
Fair value, at June 30, 2026	$	352,383	$	15,406	$	19,622	$	102,983	$	214,372

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


	February and July 2023 Warrants				April 2025 Warrants				July 2025 Warrants
	June 30, 2026		December 31, 2025		June 30, 2026		December 31, 2025		June 30, 2026		December 31, 2025


Exercise price per share	$3.2946		$3.2946		$3.1010		$3.1010		$3.2400		$3.2400
Expected term	0.1 years		0.6 years		3.8 years		4.3 years		4.1 years		4.6 years
Expected average volatility	67.0	%	60.9	%	117.6	%	113.5	%	116.6	%	110.7	%
Expected dividend yield	—		—		—		—		—		—
Risk-free interest rate	3.7	%	3.5	%	4.1	%	3.6	%	4.1	%	3.7	%

Schedule of Stockholders' Equity Note, Warrants or Rights

The following table summarizes warrant exercise activity during the six months ended June 30, 2026:


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


Warrants outstanding, at December 31, 2025	65,053,571	2,814,523	3,584,648	29,024,768	29,629,632
Warrant exercises	(17,191,435)	—	—	(15,524,768)	(1,666,667)
Warrants outstanding, at March 31, 2026	47,862,136	2,814,523	3,584,648	13,500,000	27,962,965
Warrant exercises	—	—	—	—	—
Warrants outstanding, at June 30, 2026	47,862,136	2,814,523	3,584,648	13,500,000	27,962,965

Related-Party Debt (Tables)

6 Months Ended

Jun. 30, 2026

Summary of Related-Party Debt

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

Balance as of June 30, 2026

Fair Value

Maturity
Year

Interest
Rate

Principal
Amount

Amount

Leveling

December 2024 Convertible Promissory Note

2027

Term

SOFR

+8.0%

480,000

774,350

Level 3

Balance as of December 31, 2025

Fair Value

Maturity
Year

Interest
Rate

Principal
Amount

Amount

Leveling

December 2024 Convertible Promissory Note

2027

Term

SOFR

+8.0%

505,000

477,093

Level 3

Schedule of Unobservable Assumptions



	June 30, 2026		December 31, 2025

Expected volatility	105.9	%	119.7	%

The estimated fair value of the convertible note was computed using the following unobservable inputs at the following dates:


	June 30, 2026		December 31, 2025

Binomial lattice model:
Expected market yield	17.4	%	14.8	%
Expected volatility	77.5	%	87.5	%

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 June 30, 2026
	Total			Level 1		Level 2		Level 3

Assets at Fair Value:
Current:
Cash and cash equivalents	$	75,670		$	75,670	$	—	$	—
U.S. Treasury securities	281,701			281,701		—		—




Noncurrent:
Restricted cash	1,277			1,277		—		—

Total assets measured at fair value	$	358,648		$	358,648	$	—	$	—

Liabilities at Fair Value:
Current:
Contingent consideration	$	(21)	(1)	$	—	$	—	$	(21)
Noncurrent:
Related-party convertible note payable at fair value (Note 11)	(774,350)			—		—		(774,350)
Warrant liabilities (Note 13)	(352,383)			—		—		(352,383)
RIPA derivative liability (Note 10)	(23,700)			—		—		(23,700)
Stock option purchase liability (Note 10)	(306)			—		—		(306)
Total liabilities measured at fair value	$	(1,150,760)		$	—	$	—	$	(1,150,760)


	Fair Value Measurements at December 31, 2025
	Total			Level 1		Level 2		Level 3

Assets at Fair Value:
Current:
Cash and cash equivalents	$	88,334		$	88,334	$	—	$	—
U.S. Treasury securities	154,484			154,484		—		—




Noncurrent:
Restricted cash	1,097			1,097		—		—

Total assets measured at fair value	$	243,915		$	243,915	$	—	$	—

Liabilities at Fair Value:
Current:
Contingent consideration	$	(22)	(1)	$	—	$	—	$	(22)
Noncurrent:
Related-party convertible note payable at fair value (Note 11)	(477,093)			—		—		(477,093)
Warrant liabilities (Note 13)	(84,417)			—		—		(84,417)
RIPA derivative liability (Note 10)	(19,400)			—		—		(19,400)
Stock option purchase liability (Note 10)	(322)			—		—		(322)
Total liabilities measured at fair value	$	(581,254)		$	—	$	—	$	(581,254)

_______________


(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 8 “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 six months ended June 30, 2026 and 2025, 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, 2025	$	322
Change in fair value	(8)
Fair value, at March 31, 2026	314

Change in fair value	(8)
Fair value, at June 30, 2026	$	306

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




Fair value, at December 31, 2025	$	477,093
Change in fair value of related-party convertible note	236,625



Conversion to common stock	(35,332)
Fair value, at March 31, 2026	678,386
Change in fair value of related-party convertible note	95,964

Fair value, at June 30, 2026	$	774,350

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 June 30, 2026 (in thousands):


	Principal Payments		Interest Payments (1)	Total


2026 (excluding the six months ended June 30, 2026)	$	—		$	28,372	$	28,372
2027	480,000			56,282		536,282

Total	$	480,000		$	84,654	$	564,654

_______________

(1)

Interest payments on our convertible promissory note are calculated based on Term SOFR plus the contractual spread per the loan agreement. The interest rate on our convertible promissory note as of June 30, 2026 was 11.73%.

Summary of Interest Expense

Interest expense consists of the following (in thousands):


	Three Months Ended June 30,				Six Months Ended June 30,
	2026		2025		2026		2025


Interest expense on related-party convertible note	$	14,032	$	15,474	$	28,591	$	30,787

Earnings Per Share - Basic and Diluted Net loss Per Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
Net loss per ImmunityBio common share – basic and diluted
Net loss attributable to ImmunityBio common stockholders	$ (230,378)	$ (92,555)	$ (863,160)	$ (222,201)
Net loss attributable to ImmunityBio common stockholders	$ (230,378)	$ (92,555)	$ (863,160)	$ (222,201)
Weighted-average number of common shares outstanding - basic (in shares)	1,050,070	888,216	1,038,536	870,786
Weighted-average number of common shares used in computing net loss per share – diluted (in shares)	1,050,070	888,216	1,038,536	870,786
Net loss per ImmunityBio common share – basic (in dollars per share)	$ (0.22)	$ (0.10)	$ (0.83)	$ (0.26)
Net loss per ImmunityBio common share - diluted (in dollars per share)	$ (0.22)	$ (0.10)	$ (0.83)	$ (0.26)

- Definition

The amount of net income (loss) for the period per each share of common stock or unit outstanding during the reporting period.

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+ Details

- Definition

The amount of net income (loss) for the period available to each share of common stock or common unit outstanding during the reporting period and to each share or unit that would have been outstanding assuming the issuance of common shares or units for all dilutive potential common shares or units outstanding during the reporting period.

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Reference 26: http://www.xbrl.org/2003/role/disclosureRef
-Topic 260
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 7
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482689/260-10-45-7

Reference 27: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
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-Section 65
-Paragraph 4
-Subparagraph (f)(4)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481538/470-20-65-4

+ Details

- Definition

Amount, after deduction of tax, noncontrolling interests, dividends on preferred stock and participating securities; of income (loss) available to common shareholders.

+ References

+ Details

- Definition

Amount, after deduction of tax, noncontrolling interests, dividends on preferred stock and participating securities, and addition from assumption of issuance of common shares for dilutive potential common shares; of income (loss) available to common shareholders.

+ References + Details

Summary of Significant Accounting Policies	6 Months Ended
Summary of Significant Accounting Policies	Jun. 30, 2026
Accounting Policies [Abstract]
Summary of Significant Accounting Policies	Summary of Significant Accounting Policies Significant Accounting Policies Our significant accounting policies are described in Note 2 “Summary of Significant Accounting Policies” 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 February 23, 2026, except as updated herein and the adoption of new accounting standards during the six months ended June 30, 2026. Management is currently evaluating the recently issued, but not yet effective accounting pronouncements. 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 February 23, 2026. 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 and its wholly-owned subsidiaries, and one non-wholly owned subsidiary. 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. 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. Convertible Note Receivable As of March 31, 2026, a convertible promissory note’s maturity condition was deemed unlikely to be satisfied. Accordingly, we wrote off the convertible note receivable and all accrued and unpaid interest, and recorded a $7.4 million charge in other expense, net, on the condensed consolidated statement of operations during the six months ended June 30, 2026. Liquidity As of June 30, 2026, the company had an accumulated deficit of $4.6 billion. We also had negative cash flows from operations of $141.9 million during the six months ended June 30, 2026. The company will need to obtain additional financing to fund our future operations, including the 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. We expect to take some time to generate sufficient revenue from our approved product to offset expenses. 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 global 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, including 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. Recent Accounting Pronouncements Application of New or Revised Accounting Standards – Adopted 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 adopted this ASU on January 1, 2026 with no impact 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 adopted this ASU on January 1, 2026 with no impact on our condensed consolidated financial statements. We will apply the practical expedient in our future credit loss analyses. Application of New or Revised Accounting Standards – Not Yet Adopted 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 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. In December 2025, the FASB issued ASU 2025-11, Interim Reporting (Topic 270): Narrow-Scope Improvements, which is intended to improve the navigability of the guidance in ASC270 and clarifies that the topic applies when an entity provides interim financial statements and notes in accordance with GAAP. The ASU is effective for interim reporting periods within annual reporting periods beginning after December 15, 2027, 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 six months ended June 30, 2026 did not, or are not expected to, have a material effect on our condensed consolidated financial statements.

Financial Instruments (Tables)

6 Months Ended

Jun. 30, 2026

Investments, Debt and Equity Securities [Abstract]

Summary of Available-for-Sale Marketable Debt Securities

As of June 30, 2026 and December 31, 2025, the remaining contractual maturities, 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):


	June 30, 2026

	Remaining Contractual Maturities	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value

U.S. Treasury securities	0.4	$	281,936	$	—	$	(235)	$	281,701


	December 31, 2025

	Remaining Contractual Maturities	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value

U.S. Treasury securities	0.4	$	154,383	$	101	$	—	$	154,484

Debt Securities, Available-for-Sale, Unrealized Loss Position, Fair Value

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):


	June 30, 2026
	Less than 12 months				More than 12 months
	Estimated Fair Value		Gross Unrealized Losses		Estimated Fair Value		Gross Unrealized Losses

U.S. Treasury securities	$	281,701	$	(235)	$	—	$	—

Summary of Significant Accounting Policies - Additional Information (Detail) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Dec. 31, 2025
Accounting Policies [Abstract]
Write-off of convertible note receivable	$ 7,442	$ 0
Accumulated deficit	4,589,806		$ 3,726,646
Net cash used in operating activities	$ 141,853	$ 165,651

- Definition

Amount of accumulated undistributed earnings (deficit).

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
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+ Details

Financial Instruments - Accumulated Unrealized Losses on Marketable Debt Securities in Continuous Loss Position (Detail) - U.S. Treasury securities $ in Thousands	Jun. 30, 2026 USD ($)
Schedule Of Available For Sale Securities [Line Items]
Less than 12 months, Estimated Fair Value	$ 281,701
Less than 12 months, Gross Unrealized Losses	(235)
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.

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+ Details

Summary of Significant Accounting Policies (Policies)	6 Months Ended
Summary of Significant Accounting Policies (Policies)	Jun. 30, 2026
Accounting Policies [Abstract]
Basis of Presentation	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 February 23, 2026. These interim financials are not necessarily indicative of results expected for the full fiscal year.
Principles of Consolidation	Principles of Consolidation The accompanying unaudited condensed consolidated financial statements include the accounts of the company and its wholly-owned subsidiaries, and one non-wholly owned subsidiary. 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.
Use of Estimates	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.
Recent Accounting Pronouncements	Recent Accounting Pronouncements Application of New or Revised Accounting Standards – Adopted 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 adopted this ASU on January 1, 2026 with no impact 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 adopted this ASU on January 1, 2026 with no impact on our condensed consolidated financial statements. We will apply the practical expedient in our future credit loss analyses. Application of New or Revised Accounting Standards – Not Yet Adopted 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 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. In December 2025, the FASB issued ASU 2025-11, Interim Reporting (Topic 270): Narrow-Scope Improvements, which is intended to improve the navigability of the guidance in ASC270 and clarifies that the topic applies when an entity provides interim financial statements and notes in accordance with GAAP. The ASU is effective for interim reporting periods within annual reporting periods beginning after December 15, 2027, 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 six months ended June 30, 2026 did not, or are not expected to, have a material effect on our condensed consolidated financial statements.

- Definition

Disclosure of accounting policy for the use of estimates in the preparation of financial statements in conformity with generally accepted accounting principles.

+ References

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

Related-Party Debt - Unobservable Assumptions (Detail) - Convertible Note - December 2024 Convertible Promissory Note - Affiliated Entity - Valuation Technique, Binomial Lattice Model	Jun. 30, 2026	Dec. 31, 2025
Expected market yield
Related Party Transaction [Line Items]
Measurement input	0.174	0.148
Expected volatility
Related Party Transaction [Line Items]
Measurement input	0.775	0.875

- 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 - Interest Expense and Debt Discount (Detail) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
Affiliated Entity
Related Party Transaction [Line Items]
Interest expense on related-party notes payable	$ 14,032	$ 15,474	$ 28,591	$ 30,787

- 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

Income Taxes	6 Months Ended
Income Taxes	Jun. 30, 2026
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. No 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 six months ended June 30, 2026, we recorded an immaterial amount, respectively, and during the three and six months ended June 30, 2025, we recorded $0.3 million and an immaterial amount, respectively, in income tax expense, on the condensed consolidated statement of operations. The effective tax rates for the three and six months ended June 30, 2026 and 2025 differed from the U.S. federal statutory rate of 21%, primarily due to a valuation allowance on the company’s deferred tax assets. Our federal returns for tax years 2022 through 2024 remain open to examination, and our state returns remain subject to examination for tax years 2021 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.

- Definition

The entire disclosure for income tax.

+ References

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

Earnings Per Share (Tables)

6 Months Ended

Jun. 30, 2026

Earnings Per Share [Abstract]

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 June 30,				Six Months Ended June 30,
	2026		2025		2026		2025


Net loss per ImmunityBio common share – basic and diluted
Numerator:
Net loss attributable to ImmunityBio common stockholders	$	(230,378)	$	(92,555)	$	(863,160)	$	(222,201)
Denominator:
Weighted-average number of common shares outstanding – basic and diluted	1,050,070		888,216		1,038,536		870,786
Net loss per ImmunityBio common share – basic and diluted	$	(0.22)	$	(0.10)	$	(0.83)	$	(0.26)

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 June 30,		Six Months Ended June 30,
	2026	2025	2026	2025


Related-party convertible note	88,447	93,053	88,447	93,053
Outstanding third-party warrants	47,862	35,424	47,862	35,424
Outstanding stock options	23,559	25,931	23,559	25,931
Outstanding RSUs	5,931	9,055	5,931	9,055
Outstanding related-party warrants	1,638	1,638	1,638	1,638
Total	167,437	165,101	167,437	165,101

Related-Party Debt - Mandatory Prepayment Feature (Detail) $ in Millions	Dec. 10, 2024 USD ($)
Convertible Note \| December 2024 Convertible Promissory Note \| Affiliated Entity
Related Party Transaction [Line Items]
Prepayment and accrued interest upon specified transaction	$ 50.0

- 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

+ Details

Commitments and Contingencies - Additional Information (Detail)			1 Months Ended		6 Months Ended	12 Months Ended
	Nov. 05, 2025 USD ($)	Dec. 27, 2022 $ / shares	Dec. 31, 2025 USD ($) employee	Apr. 30, 2015 USD ($)	Jun. 30, 2026 USD ($)	Dec. 31, 2017 USD ($)	Feb. 14, 2022 ft²
Business Combination [Line Items]
Operating lease right-of-use assets, net			$ 33,010,000		$ 31,271,000
Operating lease liabilities					38,711,000
Commercial milestone commitments					40,800,000
SRS/Altor Shareholder CVR Arbitration \| Pending Litigation
Business Combination [Line Items]
Additional merger consideration (in dollar per share) \| $ / shares		$ 2.00
Estimated liability	$ 164,200,000
Settlement interest	$ 50,000,000.0
Dunkirk Facility
Business Combination [Line Items]
Number of square foot of facility leased \| ft²							409,000
Annual lease payment			500,000
Option to purchase, amount			1.00
Operating lease right-of-use assets, net			1,400,000
Operating lease liabilities			1,400,000
Commitment to spend, operational expenses, initial lease term			1,520,000,000
Commitment to spend, operational expenses, renewal lease term			55,000,000.0
Cumulative capital spending			40,000,000.0
Annual operating spending			$ 5,000,000.0
Headcount hiring target \| employee			100
Initial term of lease arrangement			3 years
Headcount hiring target, exercise option \| employee			450
Term without written consent			5 years
Altor BioScience Corporation \| Contingent Value Rights Payable, Sales Milestone
Business Combination [Line Items]
Potential contingent value rights to be earned						$ 304,000,000.0
Minimum net sales milestone for contingent value rights payable						1,000,000,000.0
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					139,800,000
Altor BioScience Corporation \| Contingent Value Rights Payable, Sales Milestone \| Altor Stockholders
Business Combination [Line Items]
Potential contingent value rights to be earned					164,200,000
Altor BioScience Corporation \| Contingent Value Rights Obligation, Regulatory Milestone
Business Combination [Line Items]
Potential contingent value rights to be earned						$ 304,000,000.0
Altor BioScience Corporation \| Contingent Value Rights Obligation, Regulatory Milestone \| Dr. Soon-Shiong and Related Party
Business Combination [Line Items]
Potential contingent value rights to be earned					139,800,000
VivaBioCell
Business Combination [Line Items]
Ownership percentage acquired				100.00%
Business combination, consideration transferred				$ 700,000
Maximum milestone payment due if certain conditions are met					$ 2,300,000

Lease Arrangements

6 Months Ended

Jun. 30, 2026

Leases [Abstract]

Lease Arrangements

We lease property in multiple facilities across the U.S., Italy, and Ireland, 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 are related to facilities leases. Our finance leases are related to equipment rentals. See Note 12 “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	June 30, 2026		December 31, 2025

Assets
Operating lease assets (including amounts with related parties)	Operating lease right-of-use assets	$	31,271	$	33,010
Finance lease assets	Other assets	240		271
Total lease assets (including amounts with related parties)		$	31,511	$	33,281

Liabilities
Current:
Operating lease liabilities (including amounts with related parties)	Operating lease liabilities	$	7,508	$	7,535
Finance lease liabilities	Accrued expenses and other liabilities	55		52
Noncurrent:
Operating lease liabilities (including amounts with related parties)	Operating lease liabilities, less current portion	31,203		33,447
Finance lease liabilities	Other liabilities	199		227
Total lease liabilities (including amounts with related parties)		$	38,965	$	41,261

Information regarding our lease terms is as follows:


	June 30, 2026		December 31, 2025


Weighted-average remaining lease term:
Operating leases	4.3 years		4.6 years
Finance leases	3.9 years		4.4 years
Weighted-average discount rate:
Operating leases	11.1	%	11.1	%
Finance leases	11.6	%	11.6	%

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


	Six Months Ended June 30,
	2026		2025


Cash paid for operating leases (excluding variable lease costs)	$	6,312	$	5,855
Financing cash flow from finance leases	25		4
Operating cash flow from finance leases	14		3

Future minimum lease payments as of June 30, 2026, including $13.0 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

2026 (excluding the six months ended June 30, 2026)	$	5,607	$	40	$	5,647
2027	11,175		79		11,254
2028	11,349		79		11,428
2029	10,221		79		10,300
2030	7,837		34		7,871
2031	1,523		—		1,523
Thereafter	458		—		458
Total future minimum lease payments	48,170		311		48,481
Less: Interest	9,459		57		9,516


Present value of lease liabilities	$	38,711	$	254	$	38,965

There have been no 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 February 23, 2026.

Lease Arrangements

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




	Classification	June 30, 2026		December 31, 2025

Assets
Operating lease assets (including amounts with related parties)	Operating lease right-of-use assets	$	31,271	$	33,010
Finance lease assets	Other assets	240		271
Total lease assets (including amounts with related parties)		$	31,511	$	33,281

Liabilities
Current:
Operating lease liabilities (including amounts with related parties)	Operating lease liabilities	$	7,508	$	7,535
Finance lease liabilities	Accrued expenses and other liabilities	55		52
Noncurrent:
Operating lease liabilities (including amounts with related parties)	Operating lease liabilities, less current portion	31,203		33,447
Finance lease liabilities	Other liabilities	199		227
Total lease liabilities (including amounts with related parties)		$	38,965	$	41,261

Information regarding our lease terms is as follows:


	June 30, 2026		December 31, 2025


Weighted-average remaining lease term:
Operating leases	4.3 years		4.6 years
Finance leases	3.9 years		4.4 years
Weighted-average discount rate:
Operating leases	11.1	%	11.1	%
Finance leases	11.6	%	11.6	%

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


	Six Months Ended June 30,
	2026		2025


Cash paid for operating leases (excluding variable lease costs)	$	6,312	$	5,855
Financing cash flow from finance leases	25		4
Operating cash flow from finance leases	14		3


Years Ending December 31:	Operating Leases		Finance Leases		Total

2026 (excluding the six months ended June 30, 2026)	$	5,607	$	40	$	5,647
2027	11,175		79		11,254
2028	11,349		79		11,428
2029	10,221		79		10,300
2030	7,837		34		7,871
2031	1,523		—		1,523
Thereafter	458		—		458
Total future minimum lease payments	48,170		311		48,481
Less: Interest	9,459		57		9,516


Present value of lease liabilities	$	38,711	$	254	$	38,965

Inventories (Details) - USD ($) $ in Thousands	Jun. 30, 2026	Dec. 31, 2025
Inventory Disclosure [Abstract]
Work-in-progress	$ 16,679	$ 12,524
Finished goods	1,682	1,894
Inventories	18,361	14,418
Inventory on hand	600	1,100
Allowance for inventory reserve	$ 200	$ 200

Revenue Interest Purchase Agreement - Stock Option Purchase Liability (Detail) - USD ($) $ in Thousands		3 Months Ended
	Dec. 29, 2023	Jun. 30, 2026	Mar. 31, 2026
Revenue Interest Purchase Agreement
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Fair value, beginning of period		$ 23,000	$ 19,400
Change in fair value		700	(1,100)
Fair value, end of period		23,700	23,000
Purchase price allocation	$ 197,100
Stock Purchase And Option Agreement
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Fair value, beginning of period		314	322
Change in fair value		(8)	(8)
Fair value, end of period		$ 306	$ 314
Sale of stock issued in transaction	10,000
Purchase price allocation	$ 12,000

Lease Arrangements - Schedule of Cash Paid for Amounts Included in Measurement of Lease Liabilities (Detail) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025
Cash Flow Operating Activities Lessee [Abstract]
Cash paid for operating leases (excluding variable lease costs)	$ 6,312	$ 5,855
Financing cash flow from finance leases	25	4
Operating cash flow from finance leases	$ 14	$ 3

Revenue Interest Purchase Agreement - Derivative Instruments (Detail) - Revenue Interest Purchase Agreement - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2026	Mar. 31, 2026	Jun. 30, 2026
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Fair value, beginning of period	$ 23,000	$ 19,400	$ 19,400
Embedded contingent derivative liability related to Second Payment		4,700	4,700
Change in fair value	700	(1,100)
Fair value, end of period	$ 23,700	$ 23,000	$ 23,700

Lease Arrangements - Supplemental Balance Sheet Information (Detail) - USD ($) $ in Thousands	Jun. 30, 2026	Dec. 31, 2025
Lessee Lease Description [Line Items]
Operating lease assets (including amounts with related parties)	$ 31,271	$ 33,010
Finance lease assets	$ 240	$ 271
Finance Lease, Right-of-Use Asset, Statement of Financial Position [Extensible Enumeration]	Other assets	Other assets
Total lease assets (including amounts with related parties)	$ 31,511	$ 33,281
Operating lease liabilities (including amounts with related parties)	7,508	7,535
Finance lease liabilities	$ 55	$ 52
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	$ 31,203	$ 33,447
Finance lease liabilities	$ 199	$ 227
Finance Lease, Liability, Noncurrent, Statement of Financial Position [Extensible Enumeration]	Other liabilities	Other liabilities
Total lease liabilities (including amounts with related parties)	$ 38,965	$ 41,261
Non-related Party
Lessee Lease Description [Line Items]
Operating lease assets (including amounts with related parties)	$ 19,575	$ 19,808
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)	$ 4,885	$ 4,291
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	$ 18,783	$ 19,732
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)	$ 11,696	$ 13,202
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)	$ 2,623	$ 3,244
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	$ 12,420	$ 13,715
Operating Lease, Liability, Noncurrent, Statement of Financial Position [Extensible Enumeration]	Operating lease liabilities, less current portion	Operating lease liabilities, less current portion

Commitments and Contingencies	6 Months Ended
Commitments and Contingencies	Jun. 30, 2026
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 June 30, 2026, 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 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. Post-hearing submissions concluded in February 2026. The arbitration tribunal issued its award (the “Award”) on July 1, 2026. The Award denied all claims and counterclaims, declined to award damages or specific performance, and ordered that the parties should bear their own fees and costs. We intend to seek confirmation of the Award in the appropriate judicial forum. SRS/Altor Shareholder CVR Arbitration 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 the successful regulatory approval of a BLA by the FDA, or foreign equivalent, for ANKTIVA by December 31, 2022, and $304.0 million of contingent consideration upon calendar-year worldwide net sales of ANKTIVA exceeding $1.0 billion prior to December 31, 2026. As of June 30, 2026, Dr. Soon-Shiong, our Founder, Executive Chairman and Global Chief Scientific and Medical Officer, and his related party hold approximately $139.8 million of FDA approval CVRs and $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. Because the FDA did not approve our BLA on or before December 31, 2022, the first CVR milestone was not met. On December 27, 2022, Shareholder Representative Services, LLC (SRS), in its capacity as shareholder representative on behalf of former Altor BioScience Corp. shareholders, sent the company’s subsidiary NantCell a notice of claims relating to the regulatory milestone CVR. The notice of claims asserted that SRS was exploring, and might pursue, claims on behalf of Altor shareholders for additional merger consideration in the amount of the $2.00 per share milestone payment under the regulatory CVR milestone. The notice stated that any such claim would be based on NantCell’s alleged failure to use commercially reasonable efforts to secure FDA approval of ANKTIVA on or before December 31, 2022. In a separate October 2022 letter, SRS requested that NantCell preserve all documents and information relating to its efforts to achieve milestones set forth in the regulatory milestone CVR, and requested that the company provide certain categories of documents under the information-sharing provisions of the CVR agreement. After the company provided many of the requested documents, on September 29, 2023, SRS filed a demand for arbitration with JAMS, seeking to compel the company to produce additional documents identified in its October 2022 letter relating to its efforts to obtain FDA approval for ANKTIVA. The arbitration demand did not include any claims beyond SRS’s claim that it had a right to obtain additional documents, and sought a ruling that the company was obligated to provide additional documents. After the arbitrator issued a preliminary ruling regarding the scope of the company’s obligation to provide information under the CVR Agreements, the company produced additional documents responsive to SRS’s requests. On August 27, 2025, several months after SRS’s document-access claim had been resolved, SRS requested leave to amend its JAMS arbitration demand to state a claim for breach of contract. SRS’s proposed amended demand alleged that the company and NantCell had failed to exercise commercially reasonable efforts to obtain FDA approval ANKTIVA on or before December 31, 2022. The JAMS arbitrator presiding over the document-access arbitration denied SRS’s motion for leave to amend its claims, and on September 26, 2025, the parties filed a joint stipulation asking that the JAMS document-access arbitration be closed. After SRS’s motion for leave to amend was denied, on September 26, 2025, SRS sent the company a further notice of claims and essentially the same arbitration demand, asserting that the company had breached its obligations to exercise commercially reasonable efforts to achieve FDA approval of ANKTIVA on or before December 31, 2022. SRS’s arbitration demand seeks relief in the form of payment, in the amount of approximately $164.2 million plus interest exceeding $50.0 million, to former Altor shareholders not affiliated with Dr. Soon-Shiong. SRS filed its most recent arbitration demand with JAMS on November 5, 2025. The company filed its response on November 19, 2025, and an arbitrator was appointed on January 16, 2026. The arbitration hearing has been scheduled to begin on January 25, 2027, and the parties are currently engaged in discovery. It remains too early to evaluate the likely outcome of the case or to estimate any range of potential loss. We believe the company exercised commercially reasonable efforts in its pursuit of FDA approval of ANKTIVA, and that the claims asserted against the company lack merit. Securities Class Action On March 26, 2026, a putative securities class action complaint, captioned Douglas v. ImmunityBio, Inc. et al., No. 2:26-cv-03261, was filed in the U.S. District Court for the Central District of California against the company and our Executive Chairman, asserting violations of Sections 10(b) and 20(a) of the Exchange Act stemming from the company’s receipt of a warning letter from the FDA’s OPDP regarding a television advertisement (which never aired) and a podcast interview. The complaint alleges that the statements made in the television advertisement and podcast were knowingly and materially false and misleading. The complaint seeks unspecified damages and attorneys’ fees and costs. On July 15, 2026, the court appointed a lead plaintiff. The company intends to defend the case vigorously. The company is unable to estimate a range of loss, if any, that could result were there to be an adverse final decision in this action. If an unfavorable outcome were to occur, it is possible that the impact could be material to the company’s results of operations in the period(s) in which any such outcome becomes probable and estimable. Shareholder Derivative Actions On April 17, 2026, a shareholder derivative complaint, captioned Davies v. ImmunityBio, Inc. et al., No. 2:26-cv-04130, was filed in the U.S. District Court for the Central District of California. On April 21, 2026, a second derivative complaint, captioned Mody v. ImmunityBio, Inc. et al., No. 2:26-cv-04245, was filed in the same court. Both lawsuits name the company, our Executive Chairman, and every member our Board of Directors as defendants. The plaintiffs, suing derivatively on behalf of ImmunityBio, allege that the company’s directors and officers breached their fiduciary duties by making, permitting, or failing to prevent the same alleged misstatements identified in the securities complaint, and that, as a result, the company has suffered financial losses, potential financial exposure in the related securities lawsuit, reputational damage, and legal and regulatory costs. The complaints seek unspecified damages from the individual defendants to the company for damages sustained by the company, enhancements to the company’s corporate governance and internal procedures, and attorneys’ fees and costs. On June 29, 2026, the court entered a stipulated order that consolidated the Davies and Mody actions and stayed the consolidated derivative action through the motion to dismiss phase of the related securities lawsuit. Dunkirk Facility Leasehold Interest In 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 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. 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 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. In December 2025, we entered into a second amendment to the Dunkirk Lease (the “second amendment”). Under the second amendment, the annual lease payment was increased to $0.5 million for a revised lease term through December 31, 2028. The company has the option to purchase the Dunkirk Facility at $1.00 on either January 1, 2028, or January 1, 2029. The second amendment was accounted for as a modification of a single lease contract. The lease is classified as an operating lease. As of December 31, 2025, we recognized an operating right-of-use lease asset and lease liability of $1.4 million, respectively, on the consolidated balance sheet. See Note 9 “Lease Arrangements” for more information. The second amendment also removed the original spending obligations assumed from Athenex totaling $1.52 billion and replaced them with a series of spending targets totaling $55.0 million, including minimum of $40.0 million cumulative capital spending to be complied through December 31, 2028, and minimum of $5.0 million of annual operating spending to be complied from 2026 to 2028. As of June 30, 2026, we are in compliance with the requirements of such targets. We also agreed to meet certain headcount targets by hiring at least 100 full-time employees by the end of the three-year term of the amended lease. If the option to purchase is exercised, we are required to hire at least 450 full-time employees by December 31, 2032 through December 31, 2033; and we are prohibited from conveying the premises for a five-year period without obtaining the prior written consent of FSMC and Empire State Development. Commitments During the six months ended June 30, 2026, 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 2027 and beyond based on royalties on potential future net sales or 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 June 30, 2026, the maximum amount that may be payable related to the various development, regulatory, and commercial milestones commitments is $40.8 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.

Cover Page - shares	6 Months Ended
Cover Page - shares	Jun. 30, 2026	Jul. 31, 2026
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Jun. 30, 2026
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		1,059,836,273
Amendment Flag	false
Document Fiscal Year Focus	2026
Document Fiscal Period Focus	Q2
Entity Central Index Key	0001326110
Current Fiscal Year End Date	--12-31

License Agreement - License Agreements - Additional Information (Detail) - 3M IPC and AAHI License Agreement - License Agreement Terms - 2022 - USD ($) $ in Thousands	1 Months Ended	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
Licensing Agreement [Line Items]
Periodic license payments, annual	$ 2,250
Annual minimum licensing payment	$ 1,000
Research and development expense		$ 400	$ 600	$ 1,000	$ 1,100

Related-Party Debt

6 Months Ended

Jun. 30, 2026

Related-Party Debt

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

Balance as of June 30, 2026

Fair Value

Maturity
Year

Interest
Rate

Principal
Amount

Amount

Leveling

December 2024 Convertible Promissory Note

2027

Term

SOFR

+8.0%

480,000

774,350

Level 3

Balance as of December 31, 2025

Fair Value

Maturity
Year

Interest
Rate

Principal
Amount

Amount

Leveling

December 2024 Convertible Promissory Note

2027

Term

SOFR

+8.0%

505,000

477,093

Level 3

December 2024 Convertible 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 December 2024 Convertible 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. The company may prepay the outstanding promissory note, at any time, in whole or in part, without penalty. Upon receipt of a written notice of prepayment from the company, the noteholder has the option to convert the outstanding principal amount to be prepaid and the accrued and unpaid interest thereon into shares of the company’s common stock at the same 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.

On January 23, 2026, the company entered into an amendment to the December 2024 Convertible Promissory Note to provide the holder with the optional right to convert any portion of the outstanding principal amount into shares of the company’s common stock at any time prior to the maturity date. In accordance with ASC 470-50, the company concluded that the amendment did not represent a substantial modification of the December 2024 Convertible Promissory Note, and the note was not accounted for as an extinguishment and continues to be measured at fair value.

On March 31, 2026, Nant Capital converted $25.0 million of the principal of the December 2024 Convertible Promissory Note into 4,606,596 shares of common stock at a conversion price of $5.4270 per share. Upon conversion, the company derecognized the converted principal at its fair value of $35.3 million and recognized the par value of shares issued in common stock and the remaining excess in additional paid-in capital, on both the condensed consolidated balance sheet and the condensed consolidated statement of stockholders’ deficit. The company did not recognize any gain or loss upon conversion since the December 2024 Convertible Promissory Note is accounted for under the fair value option in accordance with ASC 825.

In connection with the conversion, during the three months ended March 31, 2026, the company reclassified $1.4 million of change in fair value related to instrument-specific credit risk that was previously recorded in accumulated other comprehensive income, on the condensed consolidated statement of stockholders’ deficit, to other expense, net, on the condensed consolidated statement of operations. This reclassification represents the portion of the cumulative change in fair value attributable to instrument-specific credit risk related to the converted principal amount.

As of June 30, 2026, the remaining principal balance of the December 2024 Convertible Promissory Note was $480.0 million.

The company elected the fair value option for recognizing the December 2024 Convertible Promissory Note under ASC 825. 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 using the following unobservable inputs at the following dates:


	June 30, 2026		December 31, 2025

Binomial lattice model:
Expected market yield	17.4	%	14.8	%
Expected volatility	77.5	%	87.5	%

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




Fair value, at December 31, 2025	$	477,093
Change in fair value of related-party convertible note	236,625



Conversion to common stock	(35,332)
Fair value, at March 31, 2026	678,386
Change in fair value of related-party convertible note	95,964

Fair value, at June 30, 2026	$	774,350

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 condensed consolidated balance sheet and measured at fair value prior to the second amended and restated promissory note.

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

The following table summarizes the estimated future contractual obligations of our related-party debt as of June 30, 2026 (in thousands):


	Principal Payments		Interest Payments (1)	Total


2026 (excluding the six months ended June 30, 2026)	$	—		$	28,372	$	28,372
2027	480,000			56,282		536,282

Total	$	480,000		$	84,654	$	564,654

_______________

(1)

Interest expense consists of the following (in thousands):


	Three Months Ended June 30,				Six Months Ended June 30,
	2026		2025		2026		2025


Interest expense on related-party convertible note	$	14,032	$	15,474	$	28,591	$	30,787

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

Related-Party Agreements

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 June 30, 2026 and 2025, we recorded $1.0 million and $0.3 million, respectively, in selling, general and administrative – related parties, and $0.1 million of expense reimbursements under this arrangement in research and development – related parties, on the condensed consolidated statements of operations. During the six months ended June 30, 2026 and 2025, we recorded $2.1 million and $0.8 million, respectively, in selling, general and administrative – related parties expense, and $0.3 million and $0.5 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 immaterial 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 June 30, 2026 and December 31, 2025, we had a payable of $0.9 million and $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 $0.9 million and $0.7 million of prepaid expenses for various services that we expect will be passed through to the company from NantWorks as of June 30, 2026 and December 31, 2025, 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 office space in Culver City, California, which was converted to a research and development laboratory and a cGMP manufacturing facility. We recorded license fee expense for this facility totaling $0.9 million during the three months ended June 30, 2026 and 2025, and $1.8 million during the six months ended June 30, 2026 and 2025, respectively, in research and development – related parties expense, on the condensed consolidated statements of operations.

Related-Party Leases

The company leases certain assets under operating leases with certain entities controlled by NantWorks and its affiliates or subsidiaries. Right-of-use assets for related-party operating leases totaled $11.7 million and $13.2 million, and the associated operating lease liabilities totaled $15.0 million and $17.0 million, as of June 30, 2026 and December 31, 2025, respectively. The company recorded operating lease expense totaling $1.1 million during the three months ended June 30, 2026 and 2025, and $2.3 million during the six months ended June 30, 2026 and 2025, respectively. Related-party leases were classified as either selling, general and administrative – related parties or research and development – related parties, on the condensed consolidated statements of operations, depending on the use of the facility.

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.

Related to clinical trial and transition services provided by the Clinic, we recorded $1.0 million and $0.7 million during the three months ended June 30, 2026 and 2025, respectively, and $2.2 million and $1.2 million, respectively, during the six months ended June 30, 2026 and 2025 in research and development – related parties expense, on the condensed consolidated statements of operations.

As of June 30, 2026 and December 31, 2025, we owed the Clinic $0.4 million and $0.1 million, respectively, which is included in due to related parties, on the condensed consolidated balance sheets.

- 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

+ Details

Segment Information - Additional Information (Details) - segment	3 Months Ended	6 Months Ended
	Jun. 30, 2026	Jun. 30, 2026
Segment Reporting [Line Items]
Number of operating segments		1
Number of reportable segments		1
Top Four Customers \| Revenue Benchmark \| Customer Concentration Risk
Segment Reporting [Line Items]
Concentration risk, percentage	90.00%	92.00%
Largest Customer \| Revenue Benchmark \| Customer Concentration Risk
Segment Reporting [Line Items]
Concentration risk, percentage	42.00%	42.00%
Second Largest Customer \| Revenue Benchmark \| Customer Concentration Risk
Segment Reporting [Line Items]
Concentration risk, percentage	22.00%	21.00%
Third Largest Customer \| Revenue Benchmark \| Customer Concentration Risk
Segment Reporting [Line Items]
Concentration risk, percentage	16.00%	15.00%
Fourth Largest Customer \| Revenue Benchmark \| Customer Concentration Risk
Segment Reporting [Line Items]
Concentration risk, percentage	10.00%	14.00%

Lease Arrangements - Additional Information (Detail) $ in Millions	6 Months Ended
	Jun. 30, 2026 USD ($)
Lessee Lease Description [Line Items]
Operating lease payments related to options to extend lease terms	$ 13.0
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

6 Months Ended

Jun. 30, 2026

Share-Based Payment Arrangement [Abstract]

Stock-Based Compensation

2025 Equity Incentive Plan

As of June 30, 2026, approximately 48.2 million 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 June 30,				Six Months Ended June 30,
	2026		2025		2026		2025


Stock-based compensation expense:
Stock options	$	4,974	$	4,992	$	9,764	$	10,815
RSUs	3,544		4,656		6,923		8,370
	$	8,518	$	9,648	$	16,687	$	19,185
Stock-based compensation expense in operating expenses:
Research and development	$	2,355	$	2,761	$	4,660	$	5,073
Selling, general and administrative	6,163		6,887		12,027		14,112
	$	8,518	$	9,648	$	16,687	$	19,185

Stock-based compensation expense capitalized into inventory totaled $— during the three months ended June 30, 2026 and $0.3 million during the six months ended June 30, 2026. There was no stock-based compensation expense capitalized into inventory during the three and six months ended June 30, 2025. Capitalized stock-based compensation is recognized as an expense in cost of sales when the related product is sold.

Stock Options

The following table summarizes stock option activity and related information during the six months ended June 30, 2026:


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

Outstanding at December 31, 2025	23,932,504	$	4.97	$	17	7.9
Granted	393,600	$	7.25
Exercised	(409,276)	$	4.00
Forfeited/expired	(358,043)	$	5.13
Outstanding at June 30, 2026	23,558,785	$	5.03	$	100,928	7.5
Vested and exercisable at June 30, 2026	14,788,581	$	5.68	$	58,501	6.9

As of June 30, 2026, the unrecognized compensation cost related to outstanding stock options was $23.2 million, which is expected to be recognized over a remaining weighted-average period of 1.4 years.

During the six months ended June 30, 2026 and 2025, the total intrinsic value of stock options exercised was $1.8 million and $0.1 million, respectively. During the six months ended June 30, 2026 and 2025, cash proceeds received from stock option exercises were $1.6 million and $0.2 million, respectively.

As of December 31, 2025, a total of 9,657,097 vested and exercisable shares were outstanding.

Restricted Stock Units

The following table summarizes RSU activity during the six months ended June 30, 2026:


	Number of Units	Weighted- Average Grant Date Fair Value

Nonvested balance at December 31, 2025	8,127,668	$	6.56
Granted	320,048	$	7.42
Vested	(2,271,063)	$	3.98
Forfeited/canceled	(245,573)	$	4.48
Nonvested balance at June 30, 2026	5,931,080	$	7.68

As of June 30, 2026, there was $16.9 million of unrecognized stock-based compensation expense related to RSUs that is expected to be recognized over a weighted-average period of 1.4 years. During the six months ended June 30, 2026 and 2025, the total fair value of RSUs vested was $17.3 million and $3.9 million, respectively.

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 June 30, 2026 and December 31, 2025. 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.

Revenues - Disaggregation of Revenue (Detail) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
Disaggregation of Revenue [Line Items]
Total revenue	$ 51,240	$ 26,425	$ 95,446	$ 42,942
Product revenue, net
Disaggregation of Revenue [Line Items]
Total revenue	50,672	26,421	94,839	42,930
Other revenues
Disaggregation of Revenue [Line Items]
Total revenue	$ 568	$ 4	$ 607	$ 12

- 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

- Definition

Amount, excluding tax collected from customer, of revenue from satisfaction of performance obligation by transferring promised good or service to customer. Tax collected from customer is tax assessed by governmental authority that is both imposed on and concurrent with specific revenue-producing transaction, including, but not limited to, sales, use, value added and excise.

+ References

+ Details

Financial Instruments - Available-for-Sale Marketable Debt Securities (Detail) - U.S. Treasury securities - USD ($) $ in Thousands	Jun. 30, 2026	Dec. 31, 2025
Schedule Of Available For Sale Securities [Line Items]
Remaining Contractual Maturities (in years)	4 months 24 days	4 months 24 days
Amortized cost	$ 281,936	$ 154,383
Gross unrealized gains	0	101
Gross Unrealized Losses	(235)	0
Fair Value	$ 281,701	$ 154,484

- Definition

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

+ References

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

+ References

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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 Agreements

6 Months Ended

Jun. 30, 2026

Related-Party Agreements

Related-Party Debt

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

Balance as of June 30, 2026

Fair Value

Maturity
Year

Interest
Rate

Principal
Amount

Amount

Leveling

December 2024 Convertible Promissory Note

2027

Term

SOFR

+8.0%

480,000

774,350

Level 3

Balance as of December 31, 2025

Fair Value

Maturity
Year

Interest
Rate

Principal
Amount

Amount

Leveling

December 2024 Convertible Promissory Note

2027

Term

SOFR

+8.0%

505,000

477,093

Level 3

December 2024 Convertible Promissory Note

As of June 30, 2026, the remaining principal balance of the December 2024 Convertible Promissory Note was $480.0 million.


	June 30, 2026		December 31, 2025

Binomial lattice model:
Expected market yield	17.4	%	14.8	%
Expected volatility	77.5	%	87.5	%

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




Fair value, at December 31, 2025	$	477,093
Change in fair value of related-party convertible note	236,625



Conversion to common stock	(35,332)
Fair value, at March 31, 2026	678,386
Change in fair value of related-party convertible note	95,964

Fair value, at June 30, 2026	$	774,350

Mandatory Prepayment Feature

The following table summarizes the estimated future contractual obligations of our related-party debt as of June 30, 2026 (in thousands):


	Principal Payments		Interest Payments (1)	Total


2026 (excluding the six months ended June 30, 2026)	$	—		$	28,372	$	28,372
2027	480,000			56,282		536,282

Total	$	480,000		$	84,654	$	564,654

_______________

(1)

Interest expense consists of the following (in thousands):


	Three Months Ended June 30,				Six Months Ended June 30,
	2026		2025		2026		2025


Interest expense on related-party convertible note	$	14,032	$	15,474	$	28,591	$	30,787

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

Related-Party Agreements

NantWorks, LLC

Shared Services Agreement

Facility License Agreement

Related-Party Leases

Immuno-Oncology Clinic, Inc.

As of June 30, 2026 and December 31, 2025, we owed the Clinic $0.4 million and $0.1 million, respectively, which is included in due to related parties, on the condensed consolidated balance sheets.

- Definition

+ References

+ Details

Inventories (Tables)

6 Months Ended

Jun. 30, 2026

Inventory Disclosure [Abstract]

Statement of Inventories

Inventories consist of the following (in thousands):




	June 30, 2026		December 31, 2025


Work-in-progress	$	16,679	$	12,524
Finished goods	1,682		1,894


Inventories	$	18,361	$	14,418

Inventories

6 Months Ended

Jun. 30, 2026

Inventory Disclosure [Abstract]

Inventories

Inventories consist of the following (in thousands):




	June 30, 2026		December 31, 2025


Work-in-progress	$	16,679	$	12,524
Finished goods	1,682		1,894


Inventories	$	18,361	$	14,418

As of June 30, 2026 and December 31, 2025, the company had $0.6 million and $1.1 million, respectively, of inventory on hand that was produced prior to regulatory approvals. This inventory was expensed in research and development expense on the condensed consolidated statements of operations, as the future economic benefit was not probable. 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 that is used for clinical development purposes is expensed in research and development expense, on the condensed consolidated statement of operations when consumed. The company’s long-term inventories, net consist of work-in-process and finished goods that are expected to be sold or consumed beyond 12 months.

As of June 30, 2026 and December 31, 2025, the allowance for inventory reserve was $0.2 million.

Related-Party Debt - Estimated Material Contractual Obligations Related to Related-Party Promissory Notes (Detail) - Affiliated Entity - Convertible Note $ in Thousands	Jun. 30, 2026 USD ($)
Related Party Transaction [Line Items]
Effective interest rate	11.73%
Related Party Notes
Related Party Transaction [Line Items]
2026 (excluding the six months ended June 30, 2026)	$ 28,372
2027	536,282
Total	564,654
Principal Payments
Related Party Transaction [Line Items]
2026 (excluding the six months ended June 30, 2026)	0
2027	480,000
Total	480,000
Interest Payments
Related Party Transaction [Line Items]
2026 (excluding the six months ended June 30, 2026)	28,372
2027	56,282
Total	$ 84,654

Segment Information - Net Loss For Reportable Segment (Detail) - USD ($) $ in Thousands	3 Months Ended				6 Months Ended
	Jun. 30, 2026	Mar. 31, 2026	Jun. 30, 2025	Mar. 31, 2025	Jun. 30, 2026	Jun. 30, 2025
Segment Reporting [Line Items]
Total revenue	$ 51,240		$ 26,425		$ 95,446	$ 42,942
Cost of sales	298		136		536	194
Loss from operations	(61,697)		(71,285)		(131,488)	(135,714)
Impairment of intangible assets
Interest and investment income, net	3,155		1,153		5,469	2,040
Change in fair value of related-party convertible note					(332,589)	(41,413)
Change in fair value of warrant liabilities	(44,190)		3,889		(339,603)	3,441
Interest expense related to revenue interest liability	(17,192)		(13,405)		(31,063)	(26,939)
Change in fair value of derivative liabilities	(692)		1,931		416	7,509
Other income (expense), net	242		(278)		(5,675)	(319)
Total other expense, net	(168,693)		(21,020)		(731,690)	(86,491)
Loss before income taxes and noncontrolling interest	(230,390)		(92,305)		(863,178)	(222,205)
Income tax expense	0		(269)		(9)	(35)
Net loss	(230,390)	$ (632,797)	(92,574)	$ (129,666)	(863,187)	(222,240)
Net loss attributable to noncontrolling interests, net of tax	(12)		(19)		(27)	(39)
Net loss attributable to ImmunityBio common stockholders	(230,378)		(92,555)		(863,160)	(222,201)
Reportable Segment
Segment Reporting [Line Items]
Total revenue	51,240		26,425		95,446	42,942
Cost of sales	298		136		536	194
Gross profit	50,942		26,289		94,910	42,748
External research and development expense (including amounts with related parties)	10,424		8,552		30,506	14,063
Personnel-related costs	26,602		23,632		52,452	46,697
Equipment, depreciation, and facility costs	13,410		13,111		26,998	26,303
Other research and development costs	10,380		9,941		18,849	16,407
Total internal research and development expense	50,392		46,684		98,299	89,407
Total research and development expense (including amounts with related parties)	60,816		55,236		128,805	103,470
Selling, general and administrative (including amounts with related parties)	51,823		42,338		97,593	74,992
Total operating costs and expenses	112,639		97,574		226,398	178,462
Loss from operations	(61,697)		(71,285)		(131,488)	(135,714)
Impairment of intangible assets
Interest and investment income, net	3,155		1,153		5,469	2,040
Change in fair value of related-party convertible note	(95,964)		1,169		(332,589)	(41,413)
Change in fair value of warrant liabilities	(44,190)		3,889		(339,603)	3,441
Interest expense related to revenue interest liability	(17,192)		(13,405)		(31,063)	(26,939)
Interest expense	(14,052)		(15,479)		(28,645)	(30,810)
Change in fair value of derivative liabilities	(692)		1,931		416	7,509
Other income (expense), net	242		(278)		(5,675)	(319)
Total other expense, net	(168,693)		(21,020)		(731,690)	(86,491)
Loss before income taxes and noncontrolling interest	(230,390)		(92,305)		(863,178)	(222,205)
Income tax expense	0		(269)		(9)	(35)
Net loss	(230,390)		(92,574)		(863,187)	(222,240)
Net loss attributable to noncontrolling interests, net of tax	(12)		(19)		(27)	(39)
Net loss attributable to ImmunityBio common stockholders	$ (230,378)		$ (92,555)		$ (863,160)	$ (222,201)

Lease Arrangements - Summary of Information Regarding Leases (Detail)	Jun. 30, 2026	Dec. 31, 2025
Leases [Abstract]
Weighted average remaining lease term, operating leases	4 years 3 months 18 days	4 years 7 months 6 days
Weighted average remaining lease term, finance leases	3 years 10 months 24 days	4 years 4 months 24 days
Weighted average discount rate, operating leases	11.10%	11.10%
Weighted average discount rate, finance leases	11.60%	11.60%

Related-Party Agreements - Additional Information (Detail) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025	Dec. 31, 2025
Related Party Transaction [Line Items]
Operating lease right-of-use assets, net	$ 31,271		$ 31,271		$ 33,010
Operating lease liabilities	38,711		38,711
Related-Party
Related Party Transaction [Line Items]
Selling, general and administrative	1,197	$ 476	2,506	$ 1,153
Research and development expense	3,126	2,806	6,345	5,064
Total due to related parties	1,549		1,549		403
Operating lease right-of-use assets, net	11,696		11,696		13,202
NantWorks \| Related-Party \| Income Statement Location: us-gaap:ResearchAndDevelopmentExpense
Related Party Transaction [Line Items]
Lease expense	900	900	1,800	1,800
NantWorks \| Related-Party \| Shared Services Agreement
Related Party Transaction [Line Items]
Selling, general and administrative	1,000	300	2,100	800
Total due to related parties	900		900		200
Prepaid expenses	900		900		700
NantWorks \| Related-Party \| Shared Services Agreement \| Reimbursements
Related Party Transaction [Line Items]
Research and development expense	100	100	300	500
Immuno-Oncology Clinic, Inc. \| Related-Party
Related Party Transaction [Line Items]
Research and development expense	1,000	700	2,200	1,200
Total due to related parties	400		400		100
NantWorks \| Related-Party
Related Party Transaction [Line Items]
Lease expense	1,100	$ 1,100	2,300	$ 2,300
Operating lease right-of-use assets, net	11,700		11,700		13,200
Operating lease liabilities	$ 15,000		$ 15,000		$ 17,000

Lease Arrangements - Summary of Future Minimum Lease Payments (Detail) - USD ($) $ in Thousands	Jun. 30, 2026	Dec. 31, 2025
Operating Leases
2026 (excluding the six months ended June 30, 2026)	$ 5,607
2027	11,175
2028	11,349
2029	10,221
2030	7,837
2031	1,523
Thereafter	458
Total future minimum lease payments	48,170
Less: Interest	9,459
Present value of lease liabilities	38,711
Finance Leases
2026 (excluding the six months ended June 30, 2026)	40
2027	79
2028	79
2029	79
2030	34
2031	0
Thereafter	0
Total future minimum lease payments	311
Less: Interest	57
Present value of lease liabilities	254
Total
2026 (excluding the six months ended June 30, 2026)	5,647
2027	11,254
2028	11,428
2029	10,300
2030	7,871
2031	1,523
Thereafter	458
Total future minimum lease payments	48,481
Less: Interest	9,516
Total lease liabilities (including amounts with related parties)	$ 38,965	$ 41,261

Revenue Interest Purchase Agreement - Additional Information (Detail)				1 Months Ended	3 Months Ended				6 Months Ended		12 Months Ended
	Mar. 30, 2026 USD ($)	May 13, 2024 USD ($)	Dec. 29, 2023 USD ($) $ / shares	Apr. 30, 2024 USD ($) $ / shares shares	Jun. 30, 2026 USD ($)	Mar. 31, 2026 USD ($)	Jun. 30, 2025 USD ($)	Mar. 31, 2025 USD ($)	Jun. 30, 2026 USD ($) shares	Jun. 30, 2025 USD ($)	Dec. 31, 2024 USD ($)	Dec. 31, 2029 USD ($)	Dec. 31, 2025 USD ($)	May 03, 2024 USD ($)
Deferred Revenue Arrangement [Line Items]
Embedded derivative liability					$ 24,006,000				$ 24,006,000				$ 19,722,000
Exercise of stock options (in shares) \| shares									409,276
Exercise of stock options					666,000	$ 971,000		$ 220,000
Additional Paid-in Capital
Deferred Revenue Arrangement [Line Items]
Exercise of stock options					666,000	971,000		$ 220,000
Stock Purchase And Option Agreement
Deferred Revenue Arrangement [Line Items]
Available for future stock issuance					5,000,000.0				$ 5,000,000.0
Sale of stock, additional purchase option			$ 10,000,000.0
Sale of stock (in dollars per share) \| $ / shares			$ 4.1103	$ 5.8208
Purchase price allocation			$ 12,000,000.0
Exercise of stock options (in shares) \| shares				858,990
Proceeds from stock options exercised				$ 4,900,000
Stock Purchase And Option Agreement \| Additional Paid-in Capital
Deferred Revenue Arrangement [Line Items]
Exercise of stock options											$ 7,600,000
Revenue Interest Purchase Agreement
Deferred Revenue Arrangement [Line Items]
Upfront payment received			200,000,000.0
Debt issuance costs	$ 100,000	$ 3,100,000	7,500,000
Purchase agreement milestone			$ 100,000,000.0
Purchase agreement milestone, received	75,000,000.0	$ 100,000,000.0
Revenue interest purchase agreement, payment received percentage			195.00%
Interest expense recognized					$ 17,200,000		$ 13,400,000		31,063,000	$ 26,900,000
Embedded derivative liability	4,700,000		$ 34,500,000											$ 6,200,000
Embedded contingent derivative liability related to Second Payment						$ 4,700,000			$ 4,700,000
Purchase price allocation			197,100,000
Payments of Financing Costs	$ 100,000
Revenue Interest Purchase Agreement \| Forecast
Deferred Revenue Arrangement [Line Items]
Cumulative purchaser payments												$ 375,000,000.0
Revenue Interest Purchase Agreement \| Embedded Derivative Financial Instruments \| Measurement Input, Discount Rate
Deferred Revenue Arrangement [Line Items]
Measurement input					0.133				0.133				0.117
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 \| Third Payment \| Forecast
Deferred Revenue Arrangement [Line Items]
Revenue interest purchase agreement, tiered revenue interest rate percentage												2.8125%
Revenue Interest Purchase Agreement \| Third Payment \| Minimum
Deferred Revenue Arrangement [Line Items]
Payments as a percentage of net sales	5.625%
Revenue Interest Purchase Agreement \| Third Payment \| Maximum
Deferred Revenue Arrangement [Line Items]
Payments as a percentage of net sales	12.50%
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%
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%

Condensed Consolidated Balance Sheets (Unaudited) - USD ($) $ in Thousands	Jun. 30, 2026	Dec. 31, 2025
Current assets:
Cash and cash equivalents	$ 75,670	$ 88,334
Marketable securities	281,701	154,484
Accounts receivable, net	53,472	42,571
Inventories	1,940	910
Total current assets	438,980	314,875
Property, plant and equipment, net	114,223	114,264
Goodwill and intangible assets, net	11,836	13,953
Long-term inventories, net	16,421	13,508
Convertible note receivable	0	7,380
Operating lease right-of-use assets, net	31,271	33,010
Total assets	628,504	501,898
LIABILITIES AND STOCKHOLDERS’ DEFICIT
Accrued expenses and other liabilities	55,671	46,838
Operating lease liabilities	7,508	7,535
Total current liabilities	76,727	61,754
Revenue interest liability	415,086	324,615
Operating lease liabilities, less current portion	31,203	33,447
Derivative liabilities	24,006	19,722
Warrant liabilities	352,383	84,417
Other liabilities	510	424
Total liabilities	1,674,265	1,001,472
Commitments and Contingencies (Note 8)
Stockholders’ deficit:
Common Stock, $0.0001 par value; 1,650,000,000 shares authorized as of June 30, 2026 and December 31, 2025; 1,053,221,645 and 1,011,800,008 shares issued and outstanding as of June 30, 2026 and December 31, 2025, respectively; excluding treasury stock, 163,800 shares outstanding as of June 30, 2026 and December 31, 2025	105	101
Additional paid-in capital	3,515,788	3,197,120
Accumulated deficit	(4,589,806)	(3,726,646)
Accumulated other comprehensive income	27,284	28,956
Total ImmunityBio stockholders’ deficit	(1,046,629)	(500,469)
Noncontrolling interests	868	895
Total stockholders’ deficit	(1,045,761)	(499,574)
Total liabilities and stockholders’ deficit	628,504	501,898
Related-Party
Current assets:
Due from related parties	27	46
Prepaid expenses and other current assets	1,348	769
Operating lease right-of-use assets, net	11,696	13,202
Other assets	378	378
LIABILITIES AND STOCKHOLDERS’ DEFICIT
Accounts payable	1,549	403
Operating lease liabilities	2,623	3,244
Related-party convertible note payable, at fair value	774,350	477,093
Operating lease liabilities, less current portion	12,420	13,715
Non-related Party
Current assets:
Prepaid expenses and other current assets	24,822	27,761
Operating lease right-of-use assets, net	19,575	19,808
Other assets	15,395	4,530
LIABILITIES AND STOCKHOLDERS’ DEFICIT
Accounts payable	11,999	6,978
Operating lease liabilities	4,885	4,291
Operating lease liabilities, less current portion	$ 18,783	$ 19,732

Revenue Interest Purchase Agreement - Unobservable Assumptions (Detail) - $ / shares	Jun. 30, 2026	Dec. 31, 2025
Expected average volatility
Disaggregation of Revenue [Line Items]
Stock option liability, measurement input	1.059	1.197

- 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

Warrant Liabilities - Warrant Exercises (Details) - shares	3 Months Ended
	Jun. 30, 2026	Mar. 31, 2026	Jun. 30, 2025
Class of Warrant or Right, Outstanding [Roll Forward]
Warrants outstanding, beginning of period (in shares)	47,862,136	65,053,571
Warrant exercises (in shares)	0	(17,191,435)	0
Warrants outstanding, end of period (in shares)	47,862,136	47,862,136
February 2023 Warrants
Class of Warrant or Right, Outstanding [Roll Forward]
Warrants outstanding, beginning of period (in shares)	2,814,523	2,814,523
Warrant exercises (in shares)	0	0
Warrants outstanding, end of period (in shares)	2,814,523	2,814,523
July 2023 Warrants
Class of Warrant or Right, Outstanding [Roll Forward]
Warrants outstanding, beginning of period (in shares)	3,584,648	3,584,648
Warrant exercises (in shares)	0	0
Warrants outstanding, end of period (in shares)	3,584,648	3,584,648
April 2025 Warrants
Class of Warrant or Right, Outstanding [Roll Forward]
Warrants outstanding, beginning of period (in shares)	13,500,000	29,024,768
Warrant exercises (in shares)	0	(15,524,768)
Warrants outstanding, end of period (in shares)	13,500,000	13,500,000
July 2025 Warrants
Class of Warrant or Right, Outstanding [Roll Forward]
Warrants outstanding, beginning of period (in shares)	27,962,965	29,629,632
Warrant exercises (in shares)	0	(1,666,667)
Warrants outstanding, end of period (in shares)	27,962,965	27,962,965

Condensed Consolidated Statements of Operations (Unaudited) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
Statement [Line Items]
Total revenue	$ 51,240	$ 26,425	$ 95,446	$ 42,942
Operating costs and expenses
Cost of sales	298	136	536	194
Total operating costs and expenses	112,937	97,710	226,934	178,656
Loss from operations	(61,697)	(71,285)	(131,488)	(135,714)
Other income (expense), net
Interest and investment income, net	3,155	1,153	5,469	2,040
Change in fair value of related-party convertible note			(332,589)	(41,413)
Change in fair value of warrant liabilities	(44,190)	3,889	(339,603)	3,441
Interest expense related to revenue interest liability	(17,192)	(13,405)	(31,063)	(26,939)
Change in fair value of derivative liabilities	(692)	1,931	416	7,509
Other income (expense), net	242	(278)	(5,675)	(319)
Total other expense, net	(168,693)	(21,020)	(731,690)	(86,491)
Loss before income taxes and noncontrolling interest	(230,390)	(92,305)	(863,178)	(222,205)
Income tax expense	0	(269)	(9)	(35)
Net loss	(230,390)	(92,574)	(863,187)	(222,240)
Net loss attributable to noncontrolling interests, net of tax	(12)	(19)	(27)	(39)
Net loss attributable to ImmunityBio common stockholders	$ (230,378)	$ (92,555)	$ (863,160)	$ (222,201)
Net loss per ImmunityBio common share – basic (in dollars per share)	$ (0.22)	$ (0.10)	$ (0.83)	$ (0.26)
Net loss per ImmunityBio common share - diluted (in dollars per share)	$ (0.22)	$ (0.10)	$ (0.83)	$ (0.26)
Weighted-average number of common shares used in computing net loss per share – basic (in shares)	1,050,070	888,216	1,038,536	870,786
Weighted-average number of common shares used in computing net loss per share – diluted (in shares)	1,050,070	888,216	1,038,536	870,786
Non-related Party
Operating costs and expenses
Research and development	$ 57,690	$ 52,430	$ 122,460	$ 98,406
Selling, general and administrative	50,626	41,862	95,087	73,839
Other income (expense), net
Interest expense	(20)	(5)	(54)	(23)
Related-Party
Operating costs and expenses
Research and development	3,126	2,806	6,345	5,064
Selling, general and administrative	1,197	476	2,506	1,153
Other income (expense), net
Change in fair value of related-party convertible note	(95,964)	1,169	(332,589)	(41,413)
Interest expense	(14,032)	(15,474)	(28,591)	(30,787)
Product revenue, net
Statement [Line Items]
Total revenue	50,672	26,421	94,839	42,930
Other revenues
Statement [Line Items]
Total revenue	$ 568	$ 4	$ 607	$ 12

License Agreement	6 Months Ended
License Agreement	Jun. 30, 2026
Research and Development [Abstract]
License Agreement	License Agreement 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. As of June 30, 2026, no such sales have been made and no such regulatory milestone events have been achieved. 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 June 30, 2026 and 2025, we recorded $0.4 million and $0.6 million, respectively, in research and development expense, on the condensed consolidated statements of operations. During the six months ended June 30, 2026 and 2025, we recorded $1.0 million and $1.1 million, respectively, in research and development expense, on the condensed consolidated statements of operations.

Stock-Based Compensation - Stock Option Activity (Detail) $ / shares in Units, $ in Thousands	6 Months Ended	12 Months Ended
	Jun. 30, 2026 USD ($) $ / shares shares	Dec. 31, 2025 USD ($) $ / shares shares
Number of Options
Outstanding, beginning balance (in shares) \| shares	23,932,504
Granted (in shares) \| shares	393,600
Exercised (in shares) \| shares	(409,276)
Forfeited/expired (in shares) \| shares	(358,043)
Outstanding, ending balance (in shares) \| shares	23,558,785	23,932,504
Vested and exercisable (in shares) \| shares	14,788,581	9,657,097
Weighted- Average Exercise Price
Outstanding, beginning balance (in dollars per share) \| $ / shares	$ 4.97
Granted (in dollars per share) \| $ / shares	7.25
Exercised (in dollars per share) \| $ / shares	4.00
Forfeited/expired (in dollars per share) \| $ / shares	5.13
Outstanding, ending balance (in dollars per share) \| $ / shares	5.03	$ 4.97
Vested and exercisable (in dollars per share) \| $ / shares	$ 5.68
Aggregate Intrinsic Value
Outstanding, beginning balance \| $	$ 17
Outstanding, ending balance \| $	100,928	$ 17
Vested and exercisable \| $	$ 58,501
Weighted- Average Remaining Contractual Life (in years)
Outstanding	7 years 6 months	7 years 10 months 24 days
Vested and exercisable	6 years 10 months 24 days

Earnings Per Share - Securities Excluded from the Computation of Potentially Dilutive Securities (Detail) - shares shares in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share (in shares)	167,437	165,101	167,437	165,101
Related-party convertible note
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share (in shares)	88,447	93,053	88,447	93,053
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)	47,862	35,424	47,862	35,424
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)	23,559	25,931	23,559	25,931
Outstanding RSUs
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share (in shares)	5,931	9,055	5,931	9,055
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

Financial Instruments

6 Months Ended

Jun. 30, 2026

Investments, Debt and Equity Securities [Abstract]

Financial Instruments

Investments in Marketable Debt Securities


	June 30, 2026

	Remaining Contractual Maturities	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value

U.S. Treasury securities	0.4	$	281,936	$	—	$	(235)	$	281,701


	December 31, 2025

	Remaining Contractual Maturities	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value

U.S. Treasury securities	0.4	$	154,383	$	101	$	—	$	154,484

As of June 30, 2026 and December 31, 2025, all contractual maturities of marketable debt securities were 12 months or less.

During the six months ended June 30, 2026 and 2025, we evaluated our marketable debt securities and determined that unrealized losses resulted from changes in interest rates and market spreads after purchase. U.S. Treasury securities are issued, guaranteed, or otherwise supported by the U.S. government. Accordingly, the company does not consider these unrealized losses to be credit-related, and an allowance for credit losses is not necessary.

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):


	June 30, 2026
	Less than 12 months				More than 12 months
	Estimated Fair Value		Gross Unrealized Losses		Estimated Fair Value		Gross Unrealized Losses

U.S. Treasury securities	$	281,701	$	(235)	$	—	$	—

Investment in Other Equity Securities

In March 2026, the company entered into a stock purchase agreement with an unrelated party to purchase preferred stock of the investee for cash consideration of $10.0 million. The preferred stock can be converted into common stock upon certain optional and mandatory conversion features. In addition, we have the priority in liquidation in the event of dissolution or winding up, and contingent redemption rights upon merger, consolidation, sale of substantially all assets or change of control. We elected to apply the measurement alternative under ASC 321 pursuant to which we measure our investment at cost, less impairment. As of June 30, 2026, we held an investment of $10.0 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 six months ended June 30, 2026.

Stockholders’ Deficit	6 Months Ended
Stockholders’ Deficit	Jun. 30, 2026
Equity [Abstract]
Stockholders’ Deficit	Stockholders’ Deficit Stock Repurchases During the six months ended June 30, 2026 and 2025, no shares of our common stock were repurchased under the company’s 2015 Share Repurchase Program. As of June 30, 2026, $18.3 million remained authorized to use for share repurchases under the program. Shelf Registration Statement In 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 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. In December 2025, we filed a prospectus supplement to our shelf registration statement in connection with entering into an amendment to the ATM to increase the amount available for future stock issuances under the ATM to $500.0 million. During the three and six months ended June 30, 2026, we received net proceeds totaling $45.1 million and $147.2 million, respectively, from the issuance of shares under the ATM. During the three and six months ended June 30, 2025, we received net proceeds totaling $98.2 million from the issuance of shares under the ATM. As of June 30, 2026, we had $349.2 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. Conversion of Promissory Note into Common Stock On March 31, 2026, Nant Capital converted $25.0 million of the principal of the December 2024 Convertible Promissory Note into 4,606,596 shares of common stock. See Note 11 “Related-Party Debt” for more information. Warrant Exercises During the six months ended June 30, 2026, certain institutional holders of the April 2025 and July 2025 warrants exercised their rights to purchase our common stock. See Note 13 “Warrant Liabilities” for more information. During the three months ended June 30, 2026, there were no exercises pursuant to the 2023 and 2025 warrant agreements. During the three and six months ended June 30, 2025, there were no exercises pursuant to the 2023 and 2025 warrant agreements. 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 our common stock. See Note 10 “Revenue Interest Purchase Agreement” for more information.

- Definition

The entire disclosure for equity.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 20
-Name Accounting Standards Codification
-Section S50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479951/505-20-S50-1

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 20
-Name Accounting Standards Codification
-Section S25
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479982/505-20-S25-1

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-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 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section S50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480070/505-10-S50-1

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-3

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section S45
-Paragraph 3
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480100/505-10-S45-3

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section S45
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480100/505-10-S45-2

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (g)
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+ Details

Related-Party Debt - December 2024 Convertible Promissory Note (Detail) - USD ($) $ / shares in Units, $ in Thousands		3 Months Ended			6 Months Ended		12 Months Ended
	Dec. 10, 2024	Jun. 30, 2026	Mar. 31, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025	Dec. 31, 2025	Dec. 31, 2023
Related Party Transaction [Line Items]
Conversion of related-party convertible note into equity					$ 35,332	$ 0
Reclassification of change in fair value related to instrument-specific credit risk		$ 0		$ 0	1,425	$ 0
Promissory Note \| $505 Million Promissory Note, December 2023, Tranche 1 \| Affiliated Entity
Related Party Transaction [Line Items]
Principal Amount								$ 125,000
Convertible Note \| $505 Million Promissory Note, December 2023, Tranche 2 \| Affiliated Entity
Related Party Transaction [Line Items]
Principal Amount								$ 380,000
Convertible Note \| December 2024 Convertible Promissory Note \| Affiliated Entity
Related Party Transaction [Line Items]
Principal Amount		480,000			480,000		$ 505,000
Face amount	$ 505,000	$ 480,000			$ 480,000
Interest rate spread	8.00%				8.00%		8.00%
Conversion price (in dollars per share)	$ 5.4270		$ 5.4270
Prepayment and accrued interest upon specified transaction	$ 50,000
Carrying value of debt			$ 25,000
Debt converted, shares issued (in shares)			4,606,596
Conversion of related-party convertible note into equity			$ 35,300
Reclassification of change in fair value related to instrument-specific credit risk			$ 1,400

Stock-Based Compensation (Tables)

6 Months Ended

Jun. 30, 2026

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 June 30,				Six Months Ended June 30,
	2026		2025		2026		2025


Stock-based compensation expense:
Stock options	$	4,974	$	4,992	$	9,764	$	10,815
RSUs	3,544		4,656		6,923		8,370
	$	8,518	$	9,648	$	16,687	$	19,185
Stock-based compensation expense in operating expenses:
Research and development	$	2,355	$	2,761	$	4,660	$	5,073
Selling, general and administrative	6,163		6,887		12,027		14,112
	$	8,518	$	9,648	$	16,687	$	19,185

Summary of Stock Option Activity under Equity Plans

The following table summarizes stock option activity and related information during the six months ended June 30, 2026:


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

Outstanding at December 31, 2025	23,932,504	$	4.97	$	17	7.9
Granted	393,600	$	7.25
Exercised	(409,276)	$	4.00
Forfeited/expired	(358,043)	$	5.13
Outstanding at June 30, 2026	23,558,785	$	5.03	$	100,928	7.5
Vested and exercisable at June 30, 2026	14,788,581	$	5.68	$	58,501	6.9

Summary of RSU Activity under Equity Plans

The following table summarizes RSU activity during the six months ended June 30, 2026:


	Number of Units	Weighted- Average Grant Date Fair Value

Nonvested balance at December 31, 2025	8,127,668	$	6.56
Granted	320,048	$	7.42
Vested	(2,271,063)	$	3.98
Forfeited/canceled	(245,573)	$	4.48
Nonvested balance at June 30, 2026	5,931,080	$	7.68

Lease Arrangements (Tables)

6 Months Ended

Jun. 30, 2026

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	June 30, 2026		December 31, 2025

Assets
Operating lease assets (including amounts with related parties)	Operating lease right-of-use assets	$	31,271	$	33,010
Finance lease assets	Other assets	240		271
Total lease assets (including amounts with related parties)		$	31,511	$	33,281

Liabilities
Current:
Operating lease liabilities (including amounts with related parties)	Operating lease liabilities	$	7,508	$	7,535
Finance lease liabilities	Accrued expenses and other liabilities	55		52
Noncurrent:
Operating lease liabilities (including amounts with related parties)	Operating lease liabilities, less current portion	31,203		33,447
Finance lease liabilities	Other liabilities	199		227
Total lease liabilities (including amounts with related parties)		$	38,965	$	41,261

Summary of Information Regarding Leases

Information regarding our lease terms is as follows:


	June 30, 2026		December 31, 2025


Weighted-average remaining lease term:
Operating leases	4.3 years		4.6 years
Finance leases	3.9 years		4.4 years
Weighted-average discount rate:
Operating leases	11.1	%	11.1	%
Finance leases	11.6	%	11.6	%

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


	Six Months Ended June 30,
	2026		2025


Cash paid for operating leases (excluding variable lease costs)	$	6,312	$	5,855
Financing cash flow from finance leases	25		4
Operating cash flow from finance leases	14		3

Summary of Future Minimum Lease Payments, Operating


Years Ending December 31:	Operating Leases		Finance Leases		Total

2026 (excluding the six months ended June 30, 2026)	$	5,607	$	40	$	5,647
2027	11,175		79		11,254
2028	11,349		79		11,428
2029	10,221		79		10,300
2030	7,837		34		7,871
2031	1,523		—		1,523
Thereafter	458		—		458
Total future minimum lease payments	48,170		311		48,481
Less: Interest	9,459		57		9,516


Present value of lease liabilities	$	38,711	$	254	$	38,965

Summary of Future Minimum Lease Payments, Finance


Years Ending December 31:	Operating Leases		Finance Leases		Total

2026 (excluding the six months ended June 30, 2026)	$	5,607	$	40	$	5,647
2027	11,175		79		11,254
2028	11,349		79		11,428
2029	10,221		79		10,300
2030	7,837		34		7,871
2031	1,523		—		1,523
Thereafter	458		—		458
Total future minimum lease payments	48,170		311		48,481
Less: Interest	9,459		57		9,516


Present value of lease liabilities	$	38,711	$	254	$	38,965

Stock-Based Compensation - Additional Information (Detail) - USD ($) $ / shares in Units, $ in Millions	6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Mar. 31, 2026	Dec. 31, 2025
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Vested and exercisable (in shares)	14,788,581			9,657,097
Number of warrants outstanding (in shares)	47,862,136		47,862,136	65,053,571
Stock options
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Unrecognized compensation cost related to unvested stock options	$ 23.2
Weighted-average period for recognition	1 year 4 months 24 days
Aggregate intrinsic value of stock options exercised	$ 1.8	$ 0.1
Proceeds from stock options exercised	$ 1.6	0.2
RSUs
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Weighted-average period for recognition	1 year 4 months 24 days
Unrecognized compensation cost related to non-vested stock options	$ 16.9
Aggregate intrinsic value, vested	$ 17.3	$ 3.9
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]
Common stock reserved for future grants (in shares)	48,200,000

Related-Party Debt - Summary of Related-Party Promissory Notes (Detail) - USD ($) $ in Thousands		6 Months Ended	12 Months Ended
	Dec. 10, 2024	Jun. 30, 2026	Dec. 31, 2025
Related Party Transaction [Line Items]
Amount		$ 774,350	$ 477,093
Level 3
Related Party Transaction [Line Items]
Amount		$ 774,350	$ 477,093
Convertible Note \| December 2024 Convertible Promissory Note \| Affiliated Entity
Related Party Transaction [Line Items]
Interest rate spread	8.00%	8.00%	8.00%
Principal Amount		$ 480,000	$ 505,000
Convertible Note \| December 2024 Convertible Promissory Note \| Affiliated Entity \| Level 3
Related Party Transaction [Line Items]
Amount		$ 774,350	$ 477,093

- 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

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
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-Name Accounting Standards Codification
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Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef
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-Publisher FASB
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Reference 4: http://www.xbrl.org/2009/role/commonPracticeRef
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Reference 6: http://www.xbrl.org/2009/role/commonPracticeRef
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Reference 7: http://www.xbrl.org/2009/role/commonPracticeRef
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Reference 9: http://www.xbrl.org/2009/role/commonPracticeRef
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-Name Accounting Standards Codification
-Section 50
-Paragraph 2E
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2E

+ 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

Earnings Per Share - Additional Information (Details) $ in Millions	Jun. 30, 2026 USD ($)
Stock Purchase And Option Agreement
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Available for future stock issuance	$ 5.0

Revenues

6 Months Ended

Jun. 30, 2026

Revenue from Contract with Customer [Abstract]

Revenues

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


	Three Months Ended June 30,				Six Months Ended June 30,
	2026		2025		2026		2025

Product revenue, net	$	50,672	$	26,421	$	94,839	$	42,930
Other revenues	568		4		607		12
Total revenue	$	51,240	$	26,425	$	95,446	$	42,942

Product Revenue, Net

During the three and six months ended June 30, 2026 and 2025, our product revenue was generated from U.S. sales of ANKTIVA.

During the three and six months ended June 30, 2026, approximately $10.7 million and $19.2 million, respectively, of gross-to-net adjustments have been recorded as a reduction of revenue on the condensed consolidated statements of operations. As of June 30, 2026 and December 31, 2025, approximately $4.0 million and $2.0 million, respectively, of allowances for prompt payment discounts, product returns and chargebacks were included in accounts receivable, net, and approximately $9.8 million and $6.3 million, respectively, related to accrued rebates, co-payment assistance and other fees were included in accrued expenses and other liabilities, on the condensed consolidated balance sheets.

During the three and six months ended June 30, 2025, approximately $4.9 million and $8.1 million, respectively, of gross-to-net adjustments have been recorded as a reduction of revenue on the condensed consolidated statements of operations.

- 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

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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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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

Condensed Consolidated Statements of Stockholders' Deficit (Unaudited) (Parenthetical) - USD ($) $ in Thousands	3 Months Ended
	Jun. 30, 2026	Mar. 31, 2026	Jun. 30, 2025
ATM Offering Program
Statement [Line Items]
Commissions	$ 1,040	$ 2,353
Offering costs	137	148
Commissions and offering costs			$ 2,403
Issuance of common stock/equity offering, net of commissions and offering costs	$ 45,059	$ 102,091	$ 98,248
ATM Offering Program \| Common Stock
Statement [Line Items]
Issuance of common stock/equity offering, net of commissions and offering costs (in shares)	5,624,053	12,280,637	32,854,486
Issuance of common stock/equity offering, net of commissions and offering costs	$ 1	$ 1	$ 3
ATM Offering Program \| Additional Paid-in Capital
Statement [Line Items]
Issuance of common stock/equity offering, net of commissions and offering costs	45,058	102,090	98,245
ATM Offering Program \| Total ImmunityBio Stockholders’ Deficit
Statement [Line Items]
Issuance of common stock/equity offering, net of commissions and offering costs	$ 45,059	$ 102,091	98,248
Registered Direct Offering
Statement [Line Items]
Offering costs			127
Issuance of common stock/equity offering, net of commissions and offering costs			$ 13,051
Registered Direct Offering \| Common Stock
Statement [Line Items]
Issuance of common stock/equity offering, net of commissions and offering costs (in shares)			29,024,768
Issuance of common stock/equity offering, net of commissions and offering costs			$ 3
Registered Direct Offering \| Additional Paid-in Capital
Statement [Line Items]
Issuance of common stock/equity offering, net of commissions and offering costs			13,048
Registered Direct Offering \| Total ImmunityBio Stockholders’ Deficit
Statement [Line Items]
Issuance of common stock/equity offering, net of commissions and offering costs			$ 13,051

Condensed Consolidated Statements of Stockholders' Deficit (Unaudited) - USD ($) $ in Thousands	Total	ATM Offering Program	Registered Direct Offering	Total ImmunityBio Stockholders’ Deficit	Total ImmunityBio Stockholders’ Deficit ATM Offering Program	Total ImmunityBio Stockholders’ Deficit Registered Direct Offering	Common Stock	Common Stock ATM Offering Program	Common Stock Registered Direct Offering	Additional Paid-in Capital	Additional Paid-in Capital ATM Offering Program	Additional Paid-in Capital Registered Direct Offering	Accumulated Deficit	Accumulated Other Comprehensive Income	Noncontrolling Interests
Beginning balance (in shares) at Dec. 31, 2024							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 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
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]
Other comprehensive income (loss), net of tax	11,370
Net loss	(222,240)
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
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/equity offering, net of commissions and offering costs (in shares)								32,854,486	29,024,768
Issuance of common stock/equity offering, net of commissions and offering costs		$ 98,248	$ 13,051		$ 98,248	$ 13,051		$ 3	$ 3		$ 98,245	$ 13,048
Stock-based compensation expense	9,648			9,648						9,648
Vesting of 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
Beginning balance (in shares) at Dec. 31, 2025	1,011,800,008						1,011,800,008
Beginning balance at Dec. 31, 2025	$ (499,574)			(500,469)			$ 101			3,197,120			(3,726,646)	28,956	895
Increase (Decrease) in Statements of Stockholders’ Deficit [Roll Forward]
Issuance of common stock/equity offering, net of commissions and offering costs (in shares)								12,280,637
Issuance of common stock/equity offering, net of commissions and offering costs		102,091			102,091			$ 1			102,090
Conversion of related-party convertible notes (in shares)							4,606,596
Conversion of related-party convertible note	35,332			35,332						35,332
Stock-based compensation expense	8,169			8,169						8,169
Exercise of stock options (in shares)							233,749
Exercise of stock options	971			971						971
Vesting of RSUs (in shares)							2,144,738
Net share settlement for RSUs vesting (in shares)							(916,017)
Net share settlement for RSUs vesting	(6,994)			(6,994)						(6,994)
Exercise of warrants (in shares)							17,191,435
Exercise of warrants	125,179			125,179			$ 2			125,177
Other comprehensive income (loss), net of tax	(1,503)			(1,503)										(1,503)
Net loss	(632,797)			(632,782)									(632,782)		(15)
Ending balance (in shares) at Mar. 31, 2026							1,047,341,146
Ending balance at Mar. 31, 2026	$ (869,126)			(870,006)			$ 104			3,461,865			(4,359,428)	27,453	880
Beginning balance (in shares) at Dec. 31, 2025	1,011,800,008						1,011,800,008
Beginning balance at Dec. 31, 2025	$ (499,574)			(500,469)			$ 101			3,197,120			(3,726,646)	28,956	895
Increase (Decrease) in Statements of Stockholders’ Deficit [Roll Forward]
Exercise of stock options (in shares)	409,276
Other comprehensive income (loss), net of tax	$ (1,672)
Net loss	$ (863,187)
Ending balance (in shares) at Jun. 30, 2026	1,053,221,645						1,053,221,645
Ending balance at Jun. 30, 2026	$ (1,045,761)			(1,046,629)			$ 105			3,515,788			(4,589,806)	27,284	868
Beginning balance (in shares) at Mar. 31, 2026							1,047,341,146
Beginning balance at Mar. 31, 2026	(869,126)			(870,006)			$ 104			3,461,865			(4,359,428)	27,453	880
Increase (Decrease) in Statements of Stockholders’ Deficit [Roll Forward]
Issuance of common stock/equity offering, net of commissions and offering costs (in shares)								5,624,053
Issuance of common stock/equity offering, net of commissions and offering costs		$ 45,059			$ 45,059			$ 1			$ 45,058
Stock-based compensation expense	8,518			8,518						8,518
Exercise of stock options (in shares)							175,527
Exercise of stock options	666			666						666
Vesting of RSUs (in shares)							126,325
Net share settlement for RSUs vesting (in shares)							(45,406)
Net share settlement for RSUs vesting	(319)			(319)						(319)
Other comprehensive income (loss), net of tax	(169)			(169)										(169)
Net loss	$ (230,390)			(230,378)									(230,378)		(12)
Ending balance (in shares) at Jun. 30, 2026	1,053,221,645						1,053,221,645
Ending balance at Jun. 30, 2026	$ (1,045,761)			$ (1,046,629)			$ 105			$ 3,515,788			$ (4,589,806)	$ 27,284	$ 868

Stockholders' Deficit - Additional Information (Detail) - USD ($) $ in Millions	3 Months Ended			6 Months Ended		12 Months Ended
	Jun. 30, 2026	Mar. 31, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025	Dec. 31, 2021	Dec. 31, 2025
Class Of Stock [Line Items]
Number of warrants exercised (in shares)	0	17,191,435	0
Convertible Note \| December 2024 Convertible Promissory Note \| Affiliated Entity
Class Of Stock [Line Items]
Carrying value of debt		$ 25.0
Debt converted, shares issued (in shares)		4,606,596
ATM Offering Program
Class Of Stock [Line Items]
Proceeds from equity offerings, net of issuance costs	$ 45.1		$ 98.2	$ 147.2	$ 98.2
2023 and 2025 Warrants
Class Of Stock [Line Items]
Number of warrants exercised (in shares)					0
ATM Offering Program
Class Of Stock [Line Items]
ATM, amount available for future issuances							$ 500.0
Common stock, value available for future stock issuance	349.2			$ 349.2
ATM Offering Program \| Maximum
Class Of Stock [Line Items]
Percentage of sales agent commission						3.00%
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

Condensed Consolidated Balance Sheets (Unaudited) (Parenthetical) - $ / shares	Jun. 30, 2026	Dec. 31, 2025
Statement of Financial Position [Abstract]
Common stock, par value (in dollars per share)	$ 0.0001	$ 0.0001
Common stock, shares authorized (in shares)	1,650,000,000	1,650,000,000
Common stock, shares issued (in shares)	1,053,221,645	1,011,800,008
Common stock, shares outstanding (in shares)	1,053,221,645	1,011,800,008
Treasury stock, common shares (in shares)	163,800	163,800

- Definition

Number of shares of common stock outstanding. Common stock represent the ownership interest in a corporation.

+ References

+ Details

Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	Jun. 30, 2026
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

Segment Information

6 Months Ended

Jun. 30, 2026

Segment Reporting [Abstract]

Segment Information

We operate in one operating segment, and therefore have one reportable segment, focused on innovating, developing, and commercializing next-generation immunotherapies designed to activate the patient’s immune system and deliver durable protection against cancer and 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) and loss from operations 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.

Concentration of Major Customers

During the three months ended June 30, 2026, approximately 90% of our total gross revenue was from our top four customers, which accounted for 42%, 22%, 16%, and 10% of our total revenue, respectively. During the six months ended June 30, 2026, approximately 92% of our total gross revenue was from our top four customers, which accounted for 42%, 21%, 15%, and 14% of our total revenue, respectively.

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


	Three Months Ended June 30,				Six Months Ended June 30,
	2026		2025		2026		2025

Total revenue	$	51,240	$	26,425	$	95,446	$	42,942
Cost of sales	298		136		536		194
Gross profit	50,942		26,289		94,910		42,748
Operating expenses
External research and development expense (including amounts with related parties) (1)	10,424		8,552		30,506		14,063
Internal research and development expense (including amounts with related parties): (2)
Personnel-related costs	26,602		23,632		52,452		46,697
Equipment, depreciation, and facility costs	13,410		13,111		26,998		26,303
Other research and development costs	10,380		9,941		18,849		16,407
Total internal research and development expense	50,392		46,684		98,299		89,407
Total research and development expense (including amounts with related parties)	60,816		55,236		128,805		103,470
Selling, general and administrative (including amounts with related parties)	51,823		42,338		97,593		74,992

Total operating expenses	112,639		97,574		226,398		178,462
Loss from operations	(61,697)		(71,285)		(131,488)		(135,714)
Other income (expense), net
Interest and investment income, net	3,155		1,153		5,469		2,040
Change in fair value of related-party convertible note	(95,964)		1,169		(332,589)		(41,413)
Change in fair value of warrant liabilities	(44,190)		3,889		(339,603)		3,441
Interest expense related to revenue interest liability	(17,192)		(13,405)		(31,063)		(26,939)
Interest expense (including amounts with related parties)	(14,052)		(15,479)		(28,645)		(30,810)
Change in fair value of derivative liabilities	(692)		1,931		416		7,509

Other income (expense), net	242		(278)		(5,675)		(319)
Total other expense, net	(168,693)		(21,020)		(731,690)		(86,491)
Loss before income taxes and noncontrolling interests	(230,390)		(92,305)		(863,178)		(222,205)
Income tax expense	—		(269)		(9)		(35)
Net loss	(230,390)		(92,574)		(863,187)		(222,240)
Net loss attributable to noncontrolling interests, net of tax	(12)		(19)		(27)		(39)
Net loss attributable to ImmunityBio common stockholders	$	(230,378)	$	(92,555)	$	(863,160)	$	(222,201)

_______________


(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 June 30,				Six Months Ended June 30,
	2026		2025		2026		2025

U.S.	$	50,722	$	26,425	$	94,904	$	42,942
Europe	518		—		542		—
Total segment revenue	$	51,240	$	26,425	$	95,446	$	42,942

- Definition

The entire disclosure for segment reporting.

+ References

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+ Details

Revenue Interest Purchase Agreement

6 Months Ended

Jun. 30, 2026

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.

On December 10, 2024, we entered into a First 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.

On March 30, 2026, we entered into a Second Amendment to the RIPA. Pursuant to the amendment, Infinity and Oberland acquired additional revenue interests for a gross purchase price of $75.0 million (the Third Payment). The amendment was accounted for as a debt modification. Issuance costs paid to the debt issuer totaling $0.1 million were capitalized as a debt discount against the RIPA and will be recognized in interest expense, on the condensed consolidated statement of operations over the expected term of the debt using the effective interest method. Third-party issuance costs totaling $0.1 million were recorded in operations in selling, general and administrative expense, on the condensed consolidated statement of operations.

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 5.625% to 12.50% (before funding of the Third Payment, 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 ($375.0 million) as of that date, the initially tiered revenue interest rate will be decreased to a single rate of 2.8125% (before the funding of the Third Payment, 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 June 30, 2026, 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.

During the three and six months ended June 30, 2026, we recorded $17.2 million and $31.1 million, respectively, of interest expense related to this arrangement. During the three and six months ended June 30, 2025, we recorded $13.4 million and $26.9 million, respectively, of interest expense related to this arrangement.

The following table summarizes the revenue interest liability activity during the six months ended June 30, 2026 (in thousands):



Revenue interest liability, at December 31, 2025	$	324,615
Proceeds from Third Payment, net of issuance costs	74,946
Interest expense recognized	31,063

Revenue interest payment	(10,838)
Embedded contingent derivative liability related to Third Payment	(4,700)
Revenue interest liability, at June 30, 2026	$	415,086

Embedded Derivative Liabilities

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.

Certain 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, and recorded an incremental $4.7 million for the fair value upon the closing of the additional $75.0 million funding in March 2026. 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 embedded 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 June 30, 2026 and December 31, 2025, the discount rate used for valuation of the derivative liability was 13.3% and 11.7%, respectively.

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


Fair value, at December 31, 2025	$	19,400
Embedded contingent derivative liability related to Third Payment	4,700
Change in fair value	(1,100)
Fair value, at March 31, 2026	23,000

Change in fair value	700
Fair value, at June 30, 2026	$	23,700

Stock Purchase and Option Agreement

In connection with the RIPA, we entered into a SPOA with Oberland pursuant to which we sold an aggregate of approximately $10.0 million of our common stock at $4.1103 per share in a private placement. Oberland also had an option to purchase up to an additional $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.

This stock purchase option was classified 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 June 30, 2026. 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.



	June 30, 2026		December 31, 2025

Expected volatility	105.9	%	119.7	%

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


Fair value, at December 31, 2025	$	322
Change in fair value	(8)
Fair value, at March 31, 2026	314

Change in fair value	(8)
Fair value, at June 30, 2026	$	306

- 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
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+ Details

Subsequent Event	6 Months Ended
Subsequent Event	Jun. 30, 2026
Subsequent Events [Abstract]
Subsequent Event	Subsequent Event Warrant Exercises Subsequent to June 30, 2026, institutional holders exercised a total of 6,399,171 warrants pursuant to the February and July 2023 warrant agreements at an exercise price of $3.2946 per share resulting in the issuance of 6,399,171 shares of the company’s common stock for proceeds totaling $21.1 million. As of August 4, 2026, no warrants remain outstanding under the February and July 2023 warrant agreements.

Condensed Consolidated Statements of Comprehensive Loss (Unaudited) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
Statement of Comprehensive Income [Abstract]
Net loss	$ (230,390)	$ (92,574)	$ (863,187)	$ (222,240)
Other comprehensive (loss) income, net of income taxes:
Reclassification of realized gain on instrument-specific credit risk	0	0	(1,425)	0
Net unrealized losses on available-for-sale securities	(191)	(5)	(379)	(269)
Reclassification of net realized gains on available-for-sale securities included in net loss	35	1	43	254
Change in fair value of related-party convertible note related to instrument-specific credit risk	0	(7,536)	0	11,206
Foreign currency translation adjustments	(13)	152	89	179
Total other comprehensive (loss) income	(169)	(7,388)	(1,672)	11,370
Comprehensive loss	(230,559)	(99,962)	(864,859)	(210,870)
Less: Comprehensive loss attributable to noncontrolling interests	12	19	27	39
Comprehensive loss attributable to ImmunityBio common stockholders	$ (230,547)	$ (99,943)	$ (864,832)	$ (210,831)

Income Taxes - Additional Information (Detail) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
Income Tax Disclosure [Abstract]
Income tax expense (benefit)	$ 0	$ 269	$ 9	$ 35

- Definition

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

+ References

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-SubTopic 20
-Topic 740
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482659/740-20-45-2

Reference 17: http://www.xbrl.org/2003/role/disclosureRef
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(h))
-SubTopic 10
-Topic 235
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480678/235-10-S99-1

+ Details

Subsequent Event (Detail) - USD ($) $ / shares in Units, $ in Thousands	1 Months Ended	3 Months Ended			6 Months Ended
	Aug. 04, 2026	Jun. 30, 2026	Mar. 31, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025	Dec. 31, 2025
Subsequent Event [Line Items]
Number of warrants exercised (in shares)		0	17,191,435	0
Proceeds from exercises of warrants					$ 53,542	$ 0
Number of warrants outstanding (in shares)		47,862,136	47,862,136		47,862,136		65,053,571
Subsequent Event \| February And July 2023 Warrants
Subsequent Event [Line Items]
Number of warrants exercised (in shares)	6,399,171
Exercise price of warrants exercised (in dollars per share)	$ 3.2946
Shares issued (in shares)	6,399,171
Proceeds from exercises of warrants	$ 21,100
Number of warrants outstanding (in shares)	0

- Definition

Number of new stock issued during the period.

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-2

Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 505
-SubTopic 10
-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 3: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section S50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480070/505-10-S50-1

Reference 4: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section S45
-Paragraph 3
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480100/505-10-S45-3

Reference 5: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section S45
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480100/505-10-S45-2

Reference 6: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 210
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02(28))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480566/210-10-S99-1

Reference 7: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 942
-SubTopic 210
-Name Accounting Standards Codification
-Section S45
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477657/942-210-S45-1

Reference 8: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 942
-SubTopic 210
-Name Accounting Standards Codification
-Section S50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478478/942-210-S50-1

Reference 9: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 942
-SubTopic 210
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.9-03(20))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478546/942-210-S99-1

Reference 10: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 942
-SubTopic 210
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.9-03(19))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478546/942-210-S99-1

Reference 11: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 210
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02(29))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480566/210-10-S99-1

Reference 12: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 210
-SubTopic 10
-Name Accounting Standards Codification
-Section S50
-Paragraph 11
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480657/210-10-S50-11

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 505
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478448/946-505-50-2

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 3
-Subparagraph (SX 210.6-09(4)(b))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479134/946-220-S99-3

Reference 15: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 3
-Subparagraph (SX 210.6-03(i)(1))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479886/946-10-S99-3

+ Details

Fair Value Measurements (Tables)

6 Months Ended

Jun. 30, 2026

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 June 30, 2026
	Total			Level 1		Level 2		Level 3

Assets at Fair Value:
Current:
Cash and cash equivalents	$	75,670		$	75,670	$	—	$	—
U.S. Treasury securities	281,701			281,701		—		—




Noncurrent:
Restricted cash	1,277			1,277		—		—

Total assets measured at fair value	$	358,648		$	358,648	$	—	$	—

Liabilities at Fair Value:
Current:
Contingent consideration	$	(21)	(1)	$	—	$	—	$	(21)
Noncurrent:
Related-party convertible note payable at fair value (Note 11)	(774,350)			—		—		(774,350)
Warrant liabilities (Note 13)	(352,383)			—		—		(352,383)
RIPA derivative liability (Note 10)	(23,700)			—		—		(23,700)
Stock option purchase liability (Note 10)	(306)			—		—		(306)
Total liabilities measured at fair value	$	(1,150,760)		$	—	$	—	$	(1,150,760)


	Fair Value Measurements at December 31, 2025
	Total			Level 1		Level 2		Level 3

Assets at Fair Value:
Current:
Cash and cash equivalents	$	88,334		$	88,334	$	—	$	—
U.S. Treasury securities	154,484			154,484		—		—




Noncurrent:
Restricted cash	1,097			1,097		—		—

Total assets measured at fair value	$	243,915		$	243,915	$	—	$	—

Liabilities at Fair Value:
Current:
Contingent consideration	$	(22)	(1)	$	—	$	—	$	(22)
Noncurrent:
Related-party convertible note payable at fair value (Note 11)	(477,093)			—		—		(477,093)
Warrant liabilities (Note 13)	(84,417)			—		—		(84,417)
RIPA derivative liability (Note 10)	(19,400)			—		—		(19,400)
Stock option purchase liability (Note 10)	(322)			—		—		(322)
Total liabilities measured at fair value	$	(581,254)		$	—	$	—	$	(581,254)

_______________


(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 8 “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 six months ended June 30, 2026 and 2025, 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, 2025	$	322
Change in fair value	(8)
Fair value, at March 31, 2026	314

Change in fair value	(8)
Fair value, at June 30, 2026	$	306

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




Fair value, at December 31, 2025	$	477,093
Change in fair value of related-party convertible note	236,625



Conversion to common stock	(35,332)
Fair value, at March 31, 2026	678,386
Change in fair value of related-party convertible note	95,964

Fair value, at June 30, 2026	$	774,350

Warrant Liabilities - Warrant Valuation Assumptions (Detail)	Jun. 30, 2026 $ / shares yr	Dec. 31, 2025 $ / shares yr
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	0.1	0.6
February 2023 Warrants \| Expected average volatility
Class of Warrant or Right [Line Items]
Measurement input	0.670	0.609
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	0.035
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	0.1	0.6
July 2023 Warrants \| Expected average volatility
Class of Warrant or Right [Line Items]
Measurement input	0.670	0.609
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	0.035
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	3.8	4.3
April 2025 Warrants \| Expected average volatility
Class of Warrant or Right [Line Items]
Measurement input	1.176	1.135
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	0.041	0.036
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	4.1	4.6
July 2025 Warrant \| Expected average volatility
Class of Warrant or Right [Line Items]
Measurement input	1.166	1.107
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	0.041	0.037

Revenue Interest Purchase Agreement - Summary of the Revenue Interest Liability Activity (Detail) - USD ($) $ in Thousands	3 Months Ended			6 Months Ended
	Jun. 30, 2026	Mar. 31, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
Long-Term Debt [Roll Forward]
Revenue interest liability, beginning balance		$ 324,615		$ 324,615
Proceeds from Third Payment, net of issuance costs				74,946	$ 0
Revenue interest liability, ending balance	$ 415,086			415,086
Revenue Interest Purchase Agreement
Long-Term Debt [Roll Forward]
Revenue interest liability, beginning balance		324,615		324,615
Proceeds from Third Payment, net of issuance costs				74,946
Interest expense recognized	17,200		$ 13,400	31,063	$ 26,900
Revenue interest payment				(10,838)
Embedded contingent derivative liability related to Third Payment		$ (4,700)		(4,700)
Revenue interest liability, ending balance	$ 415,086			$ 415,086

Warrant Liabilities - Carrying Amount (Detail) - Outstanding third-party warrants - USD ($) $ in Thousands	3 Months Ended
	Jun. 30, 2026	Mar. 31, 2026
Fair Value of Warrants, Carrying Amount [Roll Forward]
Fair value, beginning of period	$ 308,193	$ 84,417
Change in fair value	44,190	295,413
Warrant exercises		(71,637)
Fair value, end of period	352,383	308,193
February 2023 Warrants
Fair Value of Warrants, Carrying Amount [Roll Forward]
Fair value, beginning of period	13,345	230
Change in fair value	2,061	13,115
Warrant exercises		0
Fair value, end of period	15,406	13,345
July 2023 Warrants
Fair Value of Warrants, Carrying Amount [Roll Forward]
Fair value, beginning of period	16,997	293
Change in fair value	2,625	16,704
Warrant exercises		0
Fair value, end of period	19,622	16,997
April 2025 Warrants
Fair Value of Warrants, Carrying Amount [Roll Forward]
Fair value, beginning of period	90,147	41,476
Change in fair value	12,836	109,408
Warrant exercises		(60,737)
Fair value, end of period	102,983	90,147
July 2025 Warrants
Fair Value of Warrants, Carrying Amount [Roll Forward]
Fair value, beginning of period	187,704	42,418
Change in fair value	26,668	156,186
Warrant exercises		(10,900)
Fair value, end of period	$ 214,372	$ 187,704

Warrant Liabilities

6 Months Ended

Jun. 30, 2026

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 proceeds from issuance of common stock and warrants are allocated to warrants based on its fair value. The warrants issued by the company are summarized below:

Warrant Liabilities

The following table summarizes the change in carrying amount of warrant liabilities measured at fair value during the six months ended June 30, 2026 (in thousands):


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


Fair value, at December 31, 2025	$	84,417	$	230	$	293	$	41,476	$	42,418
Change in fair value	295,413		13,115		16,704		109,408		156,186
Warrant exercises	(71,637)		—		—		(60,737)		(10,900)
Fair value, at March 31, 2026	308,193		13,345		16,997		90,147		187,704


Change in fair value	44,190		2,061		2,625		12,836		26,668
Fair value, at June 30, 2026	$	352,383	$	15,406	$	19,622	$	102,983	$	214,372

Warrant Exercises

The following table summarizes warrant exercise activity during the six months ended June 30, 2026:


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


Warrants outstanding, at December 31, 2025	65,053,571	2,814,523	3,584,648	29,024,768	29,629,632
Warrant exercises	(17,191,435)	—	—	(15,524,768)	(1,666,667)
Warrants outstanding, at March 31, 2026	47,862,136	2,814,523	3,584,648	13,500,000	27,962,965
Warrant exercises	—	—	—	—	—
Warrants outstanding, at June 30, 2026	47,862,136	2,814,523	3,584,648	13,500,000	27,962,965

Subsequent to June 30, 2026, institutional holders exercised a total of 6,399,171 warrants pursuant to the February and July 2023 warrant agreements at an exercise price of $3.2946. See Note 19 “Subsequent Event” for more information.

Warrant Valuation Assumptions

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


	February and July 2023 Warrants				April 2025 Warrants				July 2025 Warrants
	June 30, 2026		December 31, 2025		June 30, 2026		December 31, 2025		June 30, 2026		December 31, 2025


Exercise price per share	$3.2946		$3.2946		$3.1010		$3.1010		$3.2400		$3.2400
Expected term	0.1 years		0.6 years		3.8 years		4.3 years		4.1 years		4.6 years
Expected average volatility	67.0	%	60.9	%	117.6	%	113.5	%	116.6	%	110.7	%
Expected dividend yield	—		—		—		—		—		—
Risk-free interest rate	3.7	%	3.5	%	4.1	%	3.6	%	4.1	%	3.7	%

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. The significant unobservable inputs used in the warrant valuation are the expected term and the expected average volatility.