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ImmunityBio, Inc. has submitted its 10-Q filing for the quarterly period ended September 30, 2024.
The filing includes financial statements for the quarter, showing a net loss of $85,752,000, compared to a net loss of $95,642,000 in the same quarter the previous year. The decrease in net loss is attributed to increased revenue from the commercial launch of ANKTIVA.
Product revenue for the quarter was $5,954,000, driven by sales of ANKTIVA, which was approved by the FDA in April 2024. Other revenues for the quarter were $152,000, primarily from bioreactor and consumable sales.
Research and development expenses for the quarter were $50,443,000, up from $48,402,000 in the previous year. The increase is due to higher personnel-related costs and other research and development expenses.
Selling, general, and administrative expenses increased to $35,916,000 from $31,816,000, primarily due to higher consulting costs and personnel expenses.
The company reported a total revenue of $6,106,000 for the quarter, compared to $82,000 in the previous year, reflecting the commercial launch of ANKTIVA.
Interest and investment income, net, was $1,798,000, up from $35,000 in the previous year, primarily due to accretion income on marketable debt securities.
Interest expense, including amounts with related parties, decreased to $29,322,000 from $35,021,000, while interest expense related to the revenue interest liability was $10,925,000.
The company had cash and cash equivalents, and marketable securities of $130,367,000 as of September 30, 2024, compared to $267,353,000 as of December 31, 2023.
ImmunityBio acknowledges its dependence on additional funding to continue operations and to commercialize its approved product, ANKTIVA, and other product candidates.
The filing also details various financial agreements, including a revenue interest purchase agreement with Oberland Capital Management LLC and related-party promissory notes.
ImmunityBio continues to focus on the commercialization of ANKTIVA and the development of its other product candidates, with ongoing clinical trials in multiple indications.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the ImmunityBio Inc. quarterly 10-Q report dated November 12, 2024. To report an error, please email earnings@qz.com.