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SAN DIEGO, CA - ImmunityBio, Inc. (NASDAQ:IBRX), a biotechnology company specializing in biological products, announced a change in its certifying accountant, as disclosed in a recent 8-K filing with the Securities and Exchange Commission (SEC). On Monday, the company’s Audit Committee approved the dismissal of Ernst & Young LLP (EY) as its independent registered public accounting firm.
The decision to part ways with EY was not due to any disagreements on accounting principles, practices, financial statement disclosure, or auditing scope or procedure. The reports from EY for the fiscal years ending December 31, 2024, and 2023 were unqualified and did not contain any adverse opinions or disclaimers. Furthermore, there were no reportable events during those fiscal years or the interim period up to March 13, 2025. InvestingPro subscribers can access detailed financial health scores and 8 additional key insights about ImmunityBio’s performance and outlook.
Concurrently, ImmunityBio appointed Deloitte & Touche LLP (Deloitte) as its new independent registered public accounting firm for the fiscal year ending December 31, 2025. The selection of Deloitte is subject to the completion of customary client acceptance procedures. Prior to this engagement, ImmunityBio had not consulted Deloitte on any issues that would require disclosure under the SEC’s regulations.
Ernst & Young provided a letter, dated March 17, 2025, to the SEC, confirming their agreement with the statements made by ImmunityBio in the 8-K filing. This letter is included as Exhibit 16.1 in the filing.
This change in the company’s auditor comes as ImmunityBio continues to develop its portfolio of biological products. With annual revenue of $14.74 million and analysts anticipating sales growth, the company faces both opportunities and challenges in its development trajectory. The company, headquartered in San Diego, California, operates under the organization name 03 Life Sciences and has previously undergone name changes from NantKwest , Inc., Conkwest, Inc., and ZelleRx Corp.
The information provided in this article is based on ImmunityBio’s recent SEC filing.
In other recent news, ImmunityBio, Inc. reported impressive fourth-quarter earnings, surpassing analyst expectations. The company posted an adjusted loss of $0.09 per share, better than the anticipated loss of $0.17 per share. Revenue for the quarter reached $7.2 million, a significant increase from zero the previous year, exceeding the consensus forecast of $6.16 million. This revenue growth was largely attributed to the sales of ANKTIVA therapy following its FDA approval in April 2024. For the full year 2024, ImmunityBio’s net loss narrowed to $413.6 million from $583.2 million in 2023, and the company ended the year with $149.8 million in cash and marketable securities.
Additionally, ImmunityBio received authorization from the FDA for an Expanded Access Program to distribute recombinant BCG, addressing a critical shortage in the U.S. This development is important for physicians using the ANKTIVA + BCG combination, as it ensures continuity in treatment without delays. Analyst Andres Maldonado from H.C. Wainwright maintained a Buy rating with an $8.00 price target for ImmunityBio, reflecting confidence in the company’s strategy and market impact. The analyst also noted potential risks, including clinical, regulatory, and financial challenges that could affect the company’s future. Despite these risks, ImmunityBio’s recent achievements, including the first dosing of recombinant BCG, mark significant progress for the company.
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