ImmunityBio, Inc. (NASDAQ: IBRX) saw its stock price plummet 5.93% during intraday trading on Monday, as investors reacted negatively to the company's first-quarter financial results.

The biotechnology company reported a quarterly loss per share of $0.62, which significantly exceeded the analyst consensus estimate of a $0.07 loss. This represents a year-over-year loss expansion of over 313%. While the company's revenue showed strong growth, increasing 167.6% to $44.21 million and surpassing expectations of $43.07 million, the market's focus shifted to the substantial widening of losses.

Analysts have increased their loss per share estimates for the coming year following the earnings report, highlighting ongoing concerns about the company's path to profitability. The adjusted loss of 8 cents per share also missed the mean analyst expectation of a 7 cent loss, contributing to the negative investor sentiment during the trading session.