ImmunityBio, Inc.

Previous wording

•our expectations regarding our ability to utilize the Phase 1/2 aNK, haNK®, taNK, and NK-CAR (t-haNK™) clinical trials data to support the development of our product candidates, including our NK-CAR (t-haNK), MSC, and M-ceNK™ product candidates; the timing or likelihood of regulatory filings or other actions and related regulatory authority responses in the U.S. and jurisdictions outside of the U.S., including any planned meetings, investigational new drug, BLA, NDA or marketing authorization application or similar filings or pursuit of accelerated regulatory approval pathways or orphan drug status and Breakthrough Therapy, Fast Track or RMAT designations and any designation’s impact on BLA submission filing or approval timing and or approval probability;

Current wording

•the timing or likelihood of regulatory filings or other actions and related regulatory authority responses in the U.S. and jurisdictions outside of the U.S., including any planned meetings, investigational new drug, BLA, NDA or marketing authorization application or similar filings or pursuit of accelerated regulatory approval pathways or orphan drug status and Breakthrough Therapy, Fast Track or RMAT designations and any designation’s impact on BLA submission filing or approval timing and or approval probability;

Previous wording

ANKTIVA is approved or authorized in five regulatory jurisdictions, expanding its global footprint to 34 countries, for use in combination with BCG for the treatment of adult patients with BCG-unresponsive NMIBC with CIS, with or without papillary tumors. ANKTIVA has also received marketing authorization from the EDE and accelerated conditional approval from the SFDA in combination with checkpoint therapy for adult patients with metastatic NSCLC whose disease has progressed following standard-of-care therapy. Other than as set forth in such specific approved label, our product candidates, including N-803, are investigational agents that are restricted by federal law to investigational use only, and safety and efficacy have not been established by any agency, including, without limitation, the FDA.

Current wording

ANKTIVA has also been approved by the FDA and received marketing authorization from the EDE for use in combination with BCG for the treatment of adult patients with BCG-unresponsive NMIBC with high-grade papillary-only tumors and has also received marketing authorization from the EDE and accelerated conditional approval from the SFDA in combination with checkpoint therapy for adult patients with metastatic NSCLC whose disease has progressed following standard-of-care therapy.

Previous wording

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.

Current wording

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 receptor 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.

Previous wording

ANKTIVA is our lead biological product and a first-in-class IL-15 receptor superagonist antibody-cytokine fusion protein. We are commercializing ANKTIVA for the treatment of BCG-unresponsive NMIBC with CIS, with or without papillary tumors.

Current wording

ANKTIVA is our lead biological product and a first-in-class IL-15 receptor superagonist antibody-cytokine fusion protein. We are commercializing ANKTIVA for BCG-unresponsive NMIBC. ANKTIVA in combination with BCG was initially approved by the FDA in April 2024 for the treatment of adult patients with BCG-unresponsive NMIBC with CIS, with or without papillary tumors. On October 14, 2026, the FDA approved our sBLA expanding the approved indication for ANKTIVA in combination with BCG to include adult patients with BCG-unresponsive NMIBC. This expanded indication now includes adult patients with BCG-unresponsive NMIBC with high-grade papillary-only tumors.

Previous wording

We are seeking to expand development of ANKTIVA in combination with current standard-of-care therapies across multiple solid and liquid tumor indications including:

Current wording

We are seeking to increase international approvals of our existing U.S. label and expand the development of ANKTIVA in combination with current standard-of-care therapies across multiple solid and liquid tumor indications including:

Previous wording

In addition, ANKTIVA has been selected by the NCI for evaluation in a cancer prevention study in patients with Lynch syndrome, and we are evaluating the combination of ANKTIVA with other agents in colorectal cancer. The company is also supporting an ongoing EAP for rBCG to help address U.S. supply constraints. We are also establishing or conducting trials in multiple myeloma, HCC, and triple-negative breast cancer.

Current wording

In addition, ANKTIVA has been selected by the NCI for evaluation in a cancer prevention study in patients with Lynch syndrome, and we are evaluating the combination of ANKTIVA with other agents in colorectal cancer. The company is also supporting an ongoing EAP for rBCG to help address U.S. supply constraints. We are also establishing or conducting trials in multiple myeloma, hepatocellular carcinoma, and triple-negative breast cancer.

Previous wording

•Q2 2026 net product revenue of $50.7 million, up 92% year-over-year and 15% sequentially from Q1 2026, marking the eighth consecutive quarter of sequential revenue growth since the commercial launch of ANKTIVA, driven by continued adoption among U.S. urologists and strong market access

Current wording

•Q3 2026 net product revenue of $48.7 million, up 53% year-over-year, driven by continued adoption among U.S. urologists and strong market access

Previous wording

•Bladder Cancer: BCG-unresponsive NMIBC with CIS, with or without papillary tumors (approved), BCG-unresponsive papillary (PDUFA target action date (January 6, 2027)), BCG-naïve NMIBC

Current wording

•Bladder Cancer: BCG-unresponsive NMIBC with CIS, with or without papillary tumors (approved), BCG-unresponsive NMIBC with high-grade papillary-only tumors (approved), BCG-naïve NMIBC, and MIBC

Previous wording

Product revenue, net increased $24.3 million during the three months ended June 30, 2026, as compared to the three months ended June 30, 2025, due to an increase in sales of ANKTIVA.

Current wording

Product revenue, net increased $17.0 million during the three months ended September 30, 2026, as compared to the three months ended September 30, 2025, due to an increase in sales of ANKTIVA.

Previous wording

Other revenues increased $0.6 million during the three months ended June 30, 2026, as compared to the three months ended June 30, 2025, primarily due to increased bioreactor and related consumable product sales.

Current wording

Other revenues decreased $0.2 million during the three months ended September 30, 2026, as compared to the three months ended September 30, 2025, primarily due to decreased bioreactor and related consumable product sales, and decreased license royalty income.

Previous wording

Cost of sales increased $0.2 million during the three months ended June 30, 2026, as compared to the three months ended June 30, 2025. Cost of sales consists primarily of third-party manufacturing, distribution, and overhead costs. All costs associated with the production of ANKTIVA prior to receiving regulatory approval were expensed inresearch and development expense, on the condensed consolidated statement of operations in the period incurred and therefore are not reflected in cost of sales. As a result, our initial product gross margin is higher as our pre-launch inventory costs are not included in the cost of sales. We expect the cost of sales for ANKTIVA to increase and product gross margin to normalize in relation to product revenues as we deplete these inventories.

Current wording

Cost of sales increased $1.1 million during the three months ended September 30, 2026, as compared to the three months ended September 30, 2025, primarily due to an increase in inventory write-offs and increased sales of ANKTIVA. Cost of sales consists primarily of third-party manufacturing, distribution, and overhead costs, and may include charges for excess and obsolete inventory reserves and inventory write-offs. All costs associated with the production of ANKTIVA prior to receiving regulatory approval were expensed inresearch and development expense, on the condensed consolidated statement of operations in the period incurred and therefore are not reflected in cost of sales. As a result, our initial product gross margin is higher as our pre-launch inventory costs are not included in the cost of sales. We expect the cost of sales for ANKTIVA to increase and product gross margin to normalize in relation to product revenues as we deplete these inventories.

Previous wording

Research and development expense increased $5.6 million during the three months ended June 30, 2026, as compared to the three months ended June 30, 2025. The following table summarizes our research and development expense during the three months ended June 30, 2026 and 2025, together with the changes in those items (in thousands):

Current wording

Research and development expense increased $20.3 million during the three months ended September 30, 2026, as compared to the three months ended September 30, 2025. The following table summarizes our research and development expense during the three months ended September 30, 2026 and 2025, together with the changes in those items (in thousands):

Previous wording

•a $1.9 million increase in external research and development expenses, driven by higher clinical trial expenses, and external manufacturing costs, partially offset by lower regulatory expenses and lower external testing expenses;

Current wording

•a $16.6 million increase in external research and development expenses, driven by higher clinical trial expenses, higher consulting fees, and higher contract manufacturing expenses;

Previous wording

•a $3.0 million increase in personnel-related costs, primarily due to higher salaries and benefits driven by increased headcount;

Current wording

•a $5.2 million increase in personnel-related costs, primarily due to higher salaries and benefits, and recruitment costs driven by increased headcount; and

Previous wording

•a $2.4 million increase in other research and development costs, primarily attributable to higher distribution costs driven by higher clinical trial activities, and higher software license fees due to new subscriptions, partially offset by decreased research agreement expenses.

Current wording

•a $2.4 million decrease in other research and development costs, primarily due to decreased material supply purchases, and increased capitalization of overhead costs into inventory, partially offset by increased software license fees.

Previous wording

•a $3.5 million increase in professional service expenses that was primarily attributable to an increase in consulting fees driven by commercialization and marketing related services, and an increase in audit and tax fees, partially offset by a decrease in legal expenses;

Current wording

•a $7.5 million increase in professional services expenses that was primarily attributable to an increase in legal expenses, and an increase in consulting fees driven by commercialization and marketing related services, partially offset by a decrease in audit and tax fees;

Previous wording

•a $4.8 million increase in personnel-related costs including salaries and benefits, commissions, recruiting and training expenses, and travel expenses due to growing sales and marketing activities, partially offset by a decrease in stock-based compensation;

Current wording

•a $6.2 million increase in personnel-related costs, including salaries and benefits, recruiting and training expenses, travel expenses, and stock-based compensation expense due to growth in sales and marketing activities and expansion into new markets;

Previous wording

•a $3.4 million increase in commercial-related expenses that was primarily driven by higher marketing related expenses and higher distribution costs as a result of continued commercialization development and sales growth;

Current wording

•a $3.0 million increase in commercial-related expenses that was primarily driven by higher marketing related expenses and higher distribution costs as a result of continued commercialization development and sales growth;

Previous wording

•a $0.6 million increase in equipment expenses that was primarily due to increased software license fees, and higher IT equipment purchase costs; and

Current wording

•a $0.3 million increase in equipment expenses that was primarily due to increased IT equipment purchase costs.

Previous wording

Other income (expense), net consists primarily of interest and investment income, interest expense, unrealized gains and losses from investments in equity securities, changes in fair value of warrant liabilities, derivative liabilities, and convertible notes, realized gains and losses on debt and equity securities, warrant issuance costs, write-off of a convertible note receivable, and gains and losses on foreign currency transactions.

Current wording

Other income (expense), net consists primarily of interest and investment income, interest expense, unrealized gains and losses from investments in equity securities, changes in fair value of warrant liabilities, derivative liabilities, and convertible notes, realized gains and losses on debt and equity securities, warrant issuance costs, write-off of a convertible note receivable, and gains (losses) on foreign currency transactions.

Previous wording

Total other expense, net, increased $147.7 million during the three months ended June 30, 2026, as compared to the three months ended June 30, 2025, primarily attributable to the following:

Current wording

Total other expense, net, increased $94.9 million during the three months ended September 30, 2026, as compared to the three months ended September 30, 2025, primarily attributable to the following:

Previous wording

•an increase of $97.1 million from the change in fair value of a related-party convertible note driven by the revaluation loss of $96.0 million associated with the increase in our common stock price during the three months ended June 30, 2026, as compared to the revaluation gain of $1.1 million during the three months ended June 30, 2025;

Current wording

•an increase of $59.4 million from the change in fair value of a related-party convertible note driven by the revaluation loss of $60.6 million associated with the increase in our common stock price during the three months ended September 30, 2026, as compared to the revaluation loss of $1.2 million during the three months ended September 30, 2025;

Previous wording

•an increase of $3.8 million in interest expense related to the revenue interest liability as a result of the increased RIPA debt principal balance;

Current wording

•an increase of $5.1 million in interest expense related to the revenue interest liability as a result of the increased revenue interest liability principal balance;

Previous wording

•an increase of $2.6 million from the change in fair value of derivative liabilities driven by recurring fair value adjustments at the end of each reporting period; partially offset by

Current wording

•an increase of $1.8 million from the change in fair value of derivative liabilities driven by recurring fair value adjustments at the end of each reporting period; partially offset by

Previous wording

•an increase of $3.4 million in interest and investment income, net, driven by a higher outstanding balance of treasury security holdings; and

Current wording

•an increase of $1.1 million in interest and investment income, net, driven by a higher outstanding balance of treasury security holdings and an increase in interest rates;

Previous wording

•a decrease of $1.4 million in interest expense due to the lower December 2024 Convertible Promissory Note balance, coupled with a decreased interest rate driven by a lower Term SOFR; and

Current wording

•a decrease of $0.6 million in interest expense due to the lower December 2024 Convertible Promissory Note balance, partially offset by an increase in interest rates; and

Previous wording

Product revenue, net increased $51.9 million during the six months ended June 30, 2026, as compared to the six months ended June 30, 2025, due to an increase in sales of ANKTIVA.

Current wording

Product revenue, net increased $68.9 million during the nine months ended September 30, 2026, as compared to the nine months ended September 30, 2025, due to an increase in sales of ANKTIVA.

Previous wording

Other revenues increased $0.6 million during the six months ended June 30, 2026, as compared to the six months ended June 30, 2025, primarily due to increased bioreactor and related consumable product sales.

Current wording

Other revenues increased $0.4 million during the nine months ended September 30, 2026, as compared to the nine months ended September 30, 2025, primarily due to increased bioreactor and related consumable product sales, and increased license royalty income.

Previous wording

Cost of sales increased $0.3 million during the six months ended June 30, 2026, as compared to the six months ended June 30, 2025. Cost of sales consists primarily of third-party manufacturing, distribution, and overhead costs. All costs associated with the production of ANKTIVA prior to receiving regulatory approval were expensed in research and development expense, on the condensed consolidated statement of operations in the period incurred and therefore are not reflected in cost of sales. As a result, our initial product gross margin is higher as our pre-launch inventory costs are not included in the cost of sales. We expect the cost of sales for ANKTIVA to increase and product gross margin to normalize in relation to product revenues as we deplete these inventories.

Current wording

Cost of sales increased $1.5 million during the nine months ended September 30, 2026, as compared to the nine months ended September 30, 2025, primarily due to an increase in inventory write-offs and increased sales of ANKTIVA. Cost of sales consists primarily of third-party manufacturing, distribution, and overhead costs, and may include charges for excess and obsolete inventory reserves and inventory write-offs. All costs associated with the production of ANKTIVA prior to receiving regulatory approval were expensed in research and development expense, on the condensed consolidated statement of operations in the period incurred and therefore are not reflected in cost of sales. As a result, our initial product gross margin is higher as our pre-launch inventory costs are not included in the cost of sales. We expect the cost of sales for ANKTIVA to increase and product gross margin to normalize in relation to product revenues as we deplete these inventories.

Previous wording

Research and development expense increased $25.3 million during the six months ended June 30, 2026, as compared to the six months ended June 30, 2025. The following table summarizes our research and development expense during the six months ended June 30, 2026 and 2025, together with the changes in those items (in thousands):

Current wording

Research and development expense increased $45.6 million during the nine months ended September 30, 2026, as compared to the nine months ended September 30, 2025. The following table summarizes our research and development expense during the nine months ended September 30, 2026 and 2025, together with the changes in those items (in thousands):

Previous wording

•a $16.4 million increase in external research and development expenses, primarily due to higher clinical trial expenses, contract manufacturing expenses, and consulting costs, partially offset by lower regulatory expenses;

Current wording

•a $33.0 million increase in external research and development expenses, primarily due to higher clinical trial expenses, contract manufacturing expenses, and consulting costs, partially offset by lower regulatory expenses;

Previous wording

•a $5.8 million increase in personnel-related costs, primarily due to increased salaries, recruiting costs, travel expenses, and decreased net shared service benefits, partially offset by decreased stock-based compensation expenses;

Current wording

•an $11.0 million increase in personnel-related costs, primarily due to increased salaries, recruiting costs, travel expenses, and decreased net shared service benefits, partially offset by decreased stock-based compensation expenses;

Previous wording

•a $0.3 million increase in equipment, depreciation, and facility costs, primarily due to higher depreciation expenses and lease expenses driven by the Dunkirk Lease amendment, and higher facility security costs, partially offset by lower building repair expenses; and

Current wording

•a $1.6 million increase in equipment, depreciation, and facility costs, primarily due to increased facility security costs, higher depreciation expenses and lease expenses driven by the Dunkirk Lease amendment, increased software purchases, equipment purchases and repairs, and increased common area maintenance costs, partially offset by decreased building repair costs; and

Previous wording

•a $0.4 million increase in other research and development costs, primarily due to higher distribution costs, and higher software license fees, partially offset by fewer supplies and materials purchases, and lower research agreement expenses.

Current wording

•an immaterial change in other research and development costs.

Previous wording

•an $11.6 million increase in professional service expenses that was primarily attributable to increased legal expenses, increased consulting fees driven by commercialization and marketing related services, and higher audit and tax fees;

Current wording

•a $19.1 million increase in professional services expenses, primarily attributable to increased legal expenses, increased consulting fees driven by commercialization and marketing-related services, and higher audit and tax fees;

Previous wording

•a $2.7 million increase in personnel-related costs including salaries and benefits, commissions, recruiting and training expenses, and travel expenses due to growing sales and marketing activities, partially offset by a decrease in stock-based compensation;

Current wording

•an $11.0 million increase in personnel-related costs, including salaries and benefits, commissions, recruiting and training expenses, and travel expenses due to growth in sales and marketing activities and expansion into new markets, partially offset by a decrease in stock-based compensation expense;

Previous wording

•a $2.1 million increase in commercial-related expenses that was primarily driven by higher marketing expenses and higher distribution costs as a result of continued commercialization development and sales growth;

Current wording

•a $6.5 million increase in commercial-related expenses, primarily driven by higher marketing related expenses and higher distribution costs as a result of continued commercialization development and sales growth;

Previous wording

•a $1.6 million increase in other expenses that was primarily attributable to a reduction in net shared service benefits, and an increase in depreciation and amortization expenses; and

Current wording

•a $2.1 million increase in other expenses that was primarily attributable to a reduction in net shared service benefits, an increase in depreciation and amortization expenses, and increases in other miscellaneous items; and

Previous wording

•a $1.2 million increase in equipment expenses that was primarily due to increased software license fees, software purchases, and IT equipment purchases.

Current wording

•a $1.6 million increase in equipment expenses that was primarily due to increased IT equipment purchases, software license fees, and software purchases.

Previous wording

Total other expense, net, increased $645.2 million during the six months ended June 30, 2026, as compared to the six months ended June 30, 2025, primarily attributable to the following:

Current wording

Total other expense, net, increased $740.1 million during the nine months ended September 30, 2026, as compared to the nine months ended September 30, 2025, primarily attributable to the following: