olivLaw · US equity research
ImmunityBio, Inc. IBRX
Biological Products, (No Diagnostic Substances) · SIC 2836 · Vertical: Biological Products, (No Diagnostic Substances) (SIC 2836)
ImmunityBio develops immunotherapies that activate the patient's immune system against cancer, with its lead product ANKTIVA approved for non-muscle invasive bladder cancer. The company reports rapid sales growth, though it remains unprofitable and depends on new financing, which matters now for its commercial trajectory. Net product revenue reached 113 million USD in 2025, and in the second quarter of 2026 it reached 50.7 million USD.
At the close of 04 Nov 2026, ImmunityBio, Inc. (IBRX) stock was 8.93 USD (+7.72% on the day), with market capitalisation 9.5 bn USD, beta 1.69, 52-week range 1.98–11.55 USD. Latest reported quarter (Q2 2026): revenue of 51.2 m USD (+93.9% YoY), net income of -230.4 m USD, diluted EPS -0.22 USD.
Data as of · AI analysis dated · Source: SEC filings and closing prices, computed by olivLaw.
Price history
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Technical reading
- RSI (14)
- 51.8
- neutral
- Bollinger (20, 2)
- 7.40 – 10.52
- in the lower half of the band · %B 0.49 · band width 34.9%
- SMA 50 / 200
- 8.74 / 7.95
- uptrend (price > SMA50 > SMA200)
- MACD (12, 26, 9)
- -0.16 / -0.10
- MACD below signal
Indicators describe past prices; on their own they do not predict direction. On our history the RSI ≤ 40 filter added no return (see the signals methodology).
Performance
| Company | S&P 500 | vs S&P 500 | Vertical median | |
|---|---|---|---|---|
| 1 month | −14.0% | −1.1% | −12.9 pp | — |
| 3 months | +23.2% | −0.5% | +23.6 pp | — |
| 6 months | +6.6% | +4.4% | +2.2 pp | — |
| Year to date | +351.0% | +12.3% | +338.7 pp | — |
| 1 year | +329.3% | +13.5% | +315.8 pp | +5.3% |
| 3 years | +138.1% | +76.4% | +61.7 pp | −6.6% |
| 5 years | +6.3% | +63.7% | −57.4 pp | — |
Price returns, dividends excluded.
Quarterly results
Latest quarter: Q2 2026 · 30 Jun 2026
Quarterly margins
Quarterly statements · USD
| Fiscal year | Q3 '24 | Q4 '24 | Q1 '25 | Q2 '25 | Q3 '25 | Q4 '25 | Q1 '26 | Q2 '26 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 6.1 m | 7.6 m | 16.5 m | 26.4 m | 32.1 m | 38.3 m | 44.2 m | 51.2 m |
| Cost of revenue | 0 | 0 | 58.0 k | 136.0 k | 177.0 k | 382.0 k | 238.0 k | 298.0 k |
| Research & development | 50.4 m | 35.2 m | — | — | — | — | — | — |
| SG&A | 35.9 m | 41.7 m | — | — | — | — | — | — |
| Operating income | -80.3 m | -69.4 m | -64.4 m | -71.3 m | -55.6 m | -64.7 m | -69.8 m | -61.7 m |
| Depreciation & amortisation | 4.5 m ≈ | 4.1 m | 3.8 m | 3.9 m ≈ | 4.0 m ≈ | 3.9 m | 4.4 m | 4.4 m ≈ |
| Interest expense | 29.3 m | 26.0 m | 15.3 m | 15.5 m | 15.3 m | 14.8 m | — | — |
| Pre-tax income | -85.8 m | -59.2 m | -129.9 m | -92.3 m | -67.3 m | -62.1 m | -632.8 m | -230.4 m |
| Income tax | 0 | 0 | -234.0 k | 269.0 k | -35.0 k | -135.0 k | 9.0 k | 0 |
| Net income | -85.7 m | -59.2 m | -129.6 m | -92.6 m | -67.3 m | -61.9 m | -632.8 m | -230.4 m |
| Diluted EPS | -0.14 | -0.08 ≈ | -0.15 | -0.10 | -0.07 | -0.06 ≈ | -0.62 | -0.22 |
| Operating cash flow | -98.8 m ≈ | -85.1 m | -85.9 m | -79.7 m ≈ | -68.9 m ≈ | -70.4 m | -75.4 m | -66.5 m ≈ |
| Capex | 2.8 m ≈ | 2.1 m | 1.1 m | 1.1 m ≈ | 741.0 k ≈ | 903.0 k | 1.8 m | 3.5 m ≈ |
≈ derived quarter (cumulative difference / share-days average)
E/P over time
E/P = trailing-12-month diluted EPS / price at quarter end. E/P is the inverse of P/E and stays defined when earnings are negative.
Fiscal years
| Fiscal year | 2018 | ⚠ 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 47.0 k | 2.2 m | 605.0 k | 934.0 k | 240.0 k | 622.0 k | 14.7 m | 113.3 m |
| Revenue YoY | +4.4% | — | −72.5% | +54.4% | −74.3% | +159.2% | +2,270.6% | +668.3% |
| Net income | -96.2 m | -157.8 m | -221.9 m | -346.8 m | -416.6 m | -583.2 m | -413.6 m | -351.4 m |
| Net income YoY | unavailable | — | unavailable | unavailable | unavailable | unavailable | unavailable | unavailable |
| Diluted EPS | unavailable | -0.43 | -0.59 | -0.89 | -1.04 | -1.15 | -0.62 | -0.38 |
| Diluted EPS YoY | unavailable | — | unavailable | unavailable | unavailable | unavailable | unavailable | unavailable |
| net % | -204,736.2% | -7,165.2% | -36,669.6% | -37,129.6% | -173,569.6% | -93,761.4% | -2,804.8% | -310.2% |
| Free cash flow | -76.5 m | -156.4 m | -173.4 m | -308.0 m | -415.7 m | -397.3 m | -398.1 m | -308.8 m |
The series breaks before 2019: earlier years come from the original reports of the issuer of that time, later years from a subsequent filing that restated the perimeter (a separation, discontinued operations). The year-on-year change across the break is not shown.
Reported results vs expectations
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Balance sheet & financial health
Fiscal year 2025 · 31 Dec 2025
- Cash
- 88.3 m USD
- Financial debt
- 1.8 m USD
- Net debt
- -86.6 m USD
- Equity
- -499.6 m USD
- Total assets
- 501.9 m USD
- Debt / equity
- unavailable
- Current ratio
- 5.10x
- ROE
- unavailable
- ROA
- -79.4%
- FCF margin
- -272.6%
Financial statements (source on every figure)
Revenue and net income (USD)
Margins
Income statement · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Revenue | 605.0 k | 934.0 k | 240.0 k | 622.0 k | 14.7 m | 113.3 m | SEC (XBRL)· 23 Feb 2026verified |
| Cost of revenue | — | — | 0 | 0 | 0 | 753.0 k | SEC (XBRL)· 23 Feb 2026verified |
| Gross profit | — | — | 240.0 k ≈ | 622.0 k ≈ | 14.7 m ≈ | 112.5 m ≈ | SEC (XBRL)· 23 Feb 2026derived |
| Research & development | 139.5 m | 196.0 m | 248.1 m | 232.4 m | 190.1 m | — | SEC (XBRL)· 03 Mar 2025verified |
| SG&A | 71.3 m | 135.3 m | 102.7 m | 129.6 m | 168.8 m | — | SEC (XBRL)· 03 Mar 2025verified |
| Operating income | -220.9 m | -330.3 m | -351.3 m | -362.3 m | -344.2 m | -256.0 m | SEC (XBRL)· 23 Feb 2026verified |
| Depreciation & amortisation | 12.7 m | 14.2 m | 18.3 m | 18.5 m | 17.6 m | 15.5 m | SEC (XBRL)· 23 Feb 2026verified |
| EBITDA | -208.1 m ≈ | -316.0 m ≈ | -333.0 m ≈ | -343.7 m ≈ | -326.6 m ≈ | -240.5 m ≈ | SEC (XBRL)· 23 Feb 2026derived |
| Interest expense | 9.1 m | 14.8 m | 63.5 m | 128.8 m | 114.6 m | 60.9 m | SEC (XBRL)· 23 Feb 2026verified |
| Pre-tax income | -226.0 m | -349.8 m | -417.3 m | -583.9 m | -413.6 m | -351.6 m | SEC (XBRL)· 23 Feb 2026verified |
| Income tax | -1.8 m | 9.0 k | 34.0 k | -40.0 k | 0 | -135.0 k | SEC (XBRL)· 23 Feb 2026verified |
| Net income | -221.9 m | -346.8 m | -416.6 m | -583.2 m | -413.6 m | -351.4 m | SEC (XBRL)· 23 Feb 2026verified |
| Diluted EPS | -0.59 | -0.89 | -1.04 | -1.15 | -0.62 | -0.38 | SEC (XBRL)· 23 Feb 2026verified |
| Weighted average diluted shares | 377.1 m | 389.2 m | 399.9 m | 508.6 m | 700.4 m | 919.9 m | SEC (XBRL)· 23 Feb 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Revenue − Cost of revenue; Operating income + Depreciation & amortisation.
Balance sheet · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Cash | 34.9 m | 181.1 m | 104.6 m | 265.5 m | 143.4 m | 88.3 m | SEC (XBRL)· 23 Feb 2026verified |
| Receivables | — | — | — | 0 | 2.4 m | 42.6 m | SEC (XBRL)· 23 Feb 2026verified |
| Inventories | — | — | — | 0 | 8.3 m | 910.0 k | SEC (XBRL)· 23 Feb 2026verified |
| Current assets | 111.7 m | 334.3 m | 140.6 m | 294.1 m | 184.6 m | 314.9 m | SEC (XBRL)· 23 Feb 2026verified |
| Property, plant & equipment, net | 72.5 m | 82.9 m | 143.7 m | 146.1 m | 137.1 m | 114.3 m | SEC (XBRL)· 23 Feb 2026verified |
| Goodwill | — | — | — | — | 910.0 k | 910.0 k | SEC (XBRL)· 23 Feb 2026verified |
| Intangibles (excl. goodwill) | 1.5 m | 1.4 m | 20.0 m | 17.1 m | 14.5 m | 13.0 m | SEC (XBRL)· 23 Feb 2026verified |
| Total assets | 221.4 m | 468.9 m | 362.4 m | 504.5 m | 382.9 m | 501.9 m | SEC (XBRL)· 23 Feb 2026verified |
| Accounts payable | 11.5 m | 11.4 m | 21.0 m | — | — | — | SEC (XBRL)· 01 Mar 2023verified |
| Short-term debt | — | — | — | — | 1.2 m | 1.8 m | SEC (XBRL)· 23 Feb 2026verified |
| Current liabilities | 68.1 m | 369.0 m | 500.9 m | 58.3 m | 54.9 m | 61.8 m | SEC (XBRL)· 23 Feb 2026verified |
| Total liabilities | 339.9 m | 712.8 m | 812.2 m | 1.1 bn | 871.1 m | 1.0 bn | SEC (XBRL)· 23 Feb 2026verified |
| Equity | -118.5 m | -243.9 m | -449.8 m | -585.9 m | -488.1 m | -499.6 m | SEC (XBRL)· 23 Feb 2026verified |
Cash flow · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Operating cash flow | -171.7 m | -274.4 m | -337.5 m | -366.8 m | -391.2 m | -304.9 m | SEC (XBRL)· 23 Feb 2026verified |
| Capex | 1.7 m | 33.6 m | 78.2 m | 30.6 m | 6.9 m | 3.8 m | SEC (XBRL)· 23 Feb 2026verified |
| Free cash flow | -173.4 m ≈ | -308.0 m ≈ | -415.7 m ≈ | -397.3 m ≈ | -398.1 m ≈ | -308.8 m ≈ | SEC (XBRL)· 23 Feb 2026derived |
| Investing cash flow | -19.8 m | -84.9 m | 27.3 m | -30.5 m | -12.2 m | -149.8 m | SEC (XBRL)· 23 Feb 2026verified |
| Financing cash flow | 150.7 m | 505.4 m | 233.6 m | 558.3 m | 281.6 m | 400.2 m | SEC (XBRL)· 23 Feb 2026verified |
| Share repurchases | 0 | 0 | — | — | — | — | SEC (XBRL)· 01 Mar 2022verified |
≈ computed by olivLaw from the reported lines of the same year: Operating cash flow − Capex.
Computed indicators
Growth
Profitability
Returns
Balance sheet
Liquidity
Cash
Efficiency
Market and valuation
1 indicators that do not apply to the sector.
Valuation
olivLaw classification
- indicators available: 5 of at least 6
- score weight coverage: 33.3% of at least 60%
- valuation methods computed: 0 of at least 1
A scoring methodology on indicators and valuation, not investment advice.
Closing price
04 Nov 2026Source: olivLaw, closing series
Market cap: 9.5 bn USD
Key indicators
Coverage and freshness
Score by group
33% · Insufficient data
Estimated value range
unavailable — no valuation method could be computed
Valuation assumptions are editorial choices, not measured; beta is not measured.
Valuation methods
- DCF (discounted cash flow)unavailable · net debt missing: EV cannot be bridged to equity (missing debt is not zero)
- Peers: EV/EBITDAunavailable · net debt missing: EV cannot be bridged to equity (missing debt is not zero)
- Peers: P/Eunavailable · the base of the ratio is not positive
- Dividend discount (DDM)unavailable · the company pays no dividend: a dividend model needs an explicit initiation assumption
no valuation method could be computed
Classification (SIC) comparables group by industry code, not by economic activity; the direct group is an editorial selection by activity. Members' multiples are on their own trailing twelve months, at their own latest close.
Assumptions (illustrative, editorial)
- Risk-free rate
- 4.3%
- Equity risk premium
- 5.0%
- Beta (default)
- 1.00
- Cost of equity
- 9.3%
- Terminal growth
- 2.5%
Factor scorecard
Insufficient data
Minimum-evidence gate: indicators available: 5 of at least 6; score weight coverage: 33.3% of at least 60%; valuation methods computed: 0 of at least 1
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | unavailable | unavailable | — |
| Net margin · Quality | -598.6% | 33 (vs peers) | 19% |
| FCF conversion · Quality | unavailable | unavailable | — |
| Revenue CAGR 3Y · Growth | 678.6% | 100 (on a fixed band) | 25% |
| EPS CAGR 3Y · Growth | unavailable | unavailable | — |
| Net debt / EBITDA · Balance sheet | unavailable | unavailable | — |
| Interest coverage · Balance sheet | -4.1x | 0 (on a fixed band) | 19% |
| Current ratio · Balance sheet | 5.7x | 100 (on a fixed band) | 13% |
| P/E (TTM) · Valuation | unavailable | unavailable | — |
| EV/EBITDA · Valuation | unavailable | unavailable | — |
| FCF yield · Valuation | -3.0% | 0 (on a fixed band) | 25% |
| Shareholder yield (distributions) · Returns | unavailable | unavailable | — |
| Payout ratio (FCF) · Returns | unavailable | unavailable | — |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet40/100 · 2/3 factors with a value
- Growth· partial100/100 · 1/2 factors with a value
- Quality· partial33/100 · 1/3 factors with a value
- Returns· partialunavailable · 0/2 factors with a value
- Valuation· partial0/100 · 1/3 factors with a value
A «partial» group is computed from under half of its weight or from one factor: it is not a full assessment of the group.
Memo
IMMUNITYBIO, INC. (IBRX). Latest full fiscal year: 2025; data up to 2026-06-30.
Figures computed from the financial statements: revenue 113.3 m USD in 2025; YoY growth 668.3%; net margin -598.6%.
Valuation cannot be computed from the available data.
Insufficient data for a verdict (indicators available: 5 of at least 6; score weight coverage: 33.3% of at least 60%; valuation methods computed: 0 of at least 1).
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- Revenue CAGR 3Y: 678.6%
- Current ratio: 5.7x
What contradicts it
- Interest coverage: -4.1x
- FCF yield: -3.0%
Not assessed (insufficient data or a ratio without meaning): ROIC, FCF conversion, EPS CAGR 3Y, Net debt / EBITDA, P/E (TTM), EV/EBITDA, Shareholder yield (distributions), Payout ratio (FCF).
Versus the vertical median
Biological Products, (No Diagnostic Substances) (SIC 2836) · same industry (4-digit SIC) · compared with 39 companies
Multiples and returns vs the median
Price rebased to 100 (monthly, 5 years)
Companies in the vertical
| Market cap | P/E | ROE | Net margin | Revenue YoY | 1A / 3A | |
|---|---|---|---|---|---|---|
| AMGNAmgen Inc. | 258.8 bn | 27.7 | 78.4% | 24.1% | +10.0% | +39% / +77% |
| GILDGilead Sciences, Inc. | 216.4 bn | — | -22.3% | -12.5% | +2.4% | +39% / +128% |
| MRNAModerna, Inc. | 103.2 bn | — | -39.0% | -141.4% | −39.9% | +895% / +233% |
| RVMDRevolution Medicines, Inc. | 43.2 bn | — | -93.6% | -946.8% | unavailable | +157% / +756% |
| BIIBBiogen Inc. | 37.6 bn | 108.8 | 1.9% | 3.4% | +2.2% | +40% / +9% |
| EXELExelixis, Inc. | 17.8 bn | 21.7 | 44.3% | 35.5% | +7.0% | +65% / +234% |
| NBIXNeurocrine Biosciences, Inc. | 16.8 bn | 24.6 | 20.4% | 19.0% | +21.4% | +9% / +42% |
| HALOHalozyme Therapeutics, Inc. | 14.8 bn | 38.4 | 173.7% | 24.9% | +37.6% | +83% / +238% |
| KYMRKymera Therapeutics, Inc. | 11.6 bn | — | -27.3% | -341.8% | −16.7% | +101% / +556% |
| IBRXImmunitybio, Inc. | 9.5 bn | — | — | -598.6% | +668.3% | +329% / +138% |
| BEAMBeam Therapeutics Inc. | 2.9 bn | — | -11.3% | -73.9% | +120.0% | +10% / −1% |
| BCRXBiocryst Pharmaceuticals, Inc. | 2.1 bn | — | — | -37.4% | +94.1% | +15% / +40% |
| MAZEMaze Therapeutics, Inc. | 1.9 bn | — | -37.3% | -5,343.6% | unavailable | −12% / unavailable |
| ALVOAlvotech | 1.5 bn | 46.7 | — | 4.8% | +19.7% | −8% / −51% |
| CGEMCullinan Therapeutics, Inc. | 803.8 m | — | -50.3% | — | −100.0% | +10% / +53% |
| CADLCandel Therapeutics, Inc. | 692.5 m | — | -81.8% | — | 0.0% | +90% / +907% |
| FDMT4D Molecular Therapeutics, Inc. | 611.3 m | — | -43.3% | -194.7% | +230,194.6% | +5% / −3% |
| ATYRaTYR PHARMA INC | 606.2 m | — | -98.4% | -32,003.7% | −19.1% | +691% / +375% |
| ALLOAllogene Therapeutics, Inc. | 411.1 m | — | -42.4% | -3,566.7% | −100.0% | −18% / −49% |
| AUTLAutolus Therapeutics plc | 367.3 m | — | -133.0% | -238.7% | +644.9% | −2% / −68% |
| FENCFennec Pharmaceuticals Inc. | 362.9 m | — | -18.6% | -5.5% | −6.1% | +26% / +20% |
| AGENAgenus Inc | 313.8 m | 2.6 | — | 69.3% | +10.4% | +53% / −55% |
| OCGNOcugen, Inc. | 296.7 m | — | — | -1,367.6% | +8.8% | −29% / +126% |
| ALECAlector, Inc. | 254.6 m | — | -385.1% | -850.1% | −79.1% | +71% / −58% |
| PLXProtalix BioTherapeutics, Inc. | 216.7 m | 11.7 | 31.2% | 23.5% | −1.2% | +51% / +78% |
1- and 3-year price returns: for IBRX from daily closes (the same as the performance table), for the other companies from month-end closes.
olivLaw engine forecast
The world engine ran after the company's latest material disclosure. Probabilities are of TOUCHING a level within the horizon (not closing there) and sit next to the random walk (p_rw), the no-information benchmark.
The engine has no published run for this company yet.
Valuation scenarios (editable assumptions)
Illustrative scenarios
Illustrative: not forecasts and without probabilities. Each case is one coherent set of assumptions, computed on today's figures.
Estimated price (USD)
| Estimated price | Bear | Base | Bull |
|---|---|---|---|
| 1 years | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable |
| 3 years | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable |
| 5 years | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable |
AI analysis
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
In brief
ImmunityBio develops immunotherapies that activate the patient's immune system against cancer, with its lead product ANKTIVA approved for non-muscle invasive bladder cancer. The company reports rapid sales growth, though it remains unprofitable and depends on new financing, which matters now for its commercial trajectory 123. Net product revenue reached 113 million USD in 2025 1, and in the second quarter of 2026 it reached 50.7 million USD 3.
SWOT
Strengths
Weaknesses
Opportunities
Risks
- Dependence on a single producthigh
The company depends heavily on the commercial success of ANKTIVA, and any delay or refusal of approval could seriously affect its prospects 1.
- Need for financinghigh
The company has anticipated needing additional funding for operations and clinical programs, and terms may be less favorable 1.
- Liabilities tied to related partiesmedium
Convertible debt owed to an affiliate of the founder and the revenue interest liability may limit financial flexibility and dilute existing shareholders 1.
- Regulatory setbacksmedium
The FDA previously issued a refuse-to-file letter for the papillary indication, and an unfavorable decision could delay new indications 13.
- Dependence on third parties for manufacturingmedium
Production and distribution rely on external suppliers, and compliance problems could delay launches 1.
Investment thesis
What would need to be true (bull case)
- Sales have grown rapidly and recorded eight consecutive quarters of growth, suggesting ongoing clinical adoption 3.
- Approvals in several countries and two indications broaden the geographic and clinical base 3.
- An extended pipeline and long-term patent protection could support growth over several years 1.
What would break the thesis
- The company remains unprofitable, with large net losses in 2026, and revenue must grow significantly to cover them 3.
- Dependence on one product and on BCG availability could limit growth if disruptions occur 1.
- Financial liabilities sensitive to the share price can produce large accounting losses and dilute shareholders 3.
What to watch
- FDA decision on the sBLA for papillary disease without CISJanuary 6, 2027
- Net product revenue for the third quarter of 2026Q3 2026
- Filing of the sBLA for the QUILT-2.005 trial in BCG-naive CIS2026
- Need for additional financing and cash positionnext 10-K
Products, market & competition
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
The business
ImmunityBio, Inc. is a biotechnology company that innovates, develops and commercializes next-generation immunotherapies designed to activate the patient's immune system and provide durable protection against cancer and infectious diseases 1. The core of its strategy is the Cancer BioShield platform, anchored by ANKTIVA (nogapendekin alfa inbakicept), a first-in-class IL-15 receptor superagonist antibody-cytokine fusion protein 1. The platform is complemented by adenovirus-vectored vaccines and allogeneic and autologous NK-cell therapies 1.
ANKTIVA is approved in the U.S., the UK and Saudi Arabia, and has conditional marketing authorization in the European Union, for BCG-unresponsive NMIBC with CIS, with or without papillary tumors 1. In Saudi Arabia it also holds a conditional approval for metastatic NSCLC in combination with checkpoint inhibitors 1. In 2026 the company announced that the FDA accepted an sBLA for papillary-only disease with a PDUFA target date of January 6, 2027 3.
Segments
ANKTIVA (approved product, bladder cancer)
The main segment is ANKTIVA, marketed for BCG-unresponsive non-muscle invasive bladder cancer. Net sales rose from 14.2 million USD in 2024 to 113 million USD in 2025 1, and the second quarter of 2026 was the eighth consecutive quarter of sequential growth 3.
Cancer BioShield platform and clinical pipeline
Beyond ANKTIVA, the company develops adenoviral vaccines, CAR-NK therapies and programs for lymphopenia, glioblastoma, pancreatic cancer and non-Hodgkin lymphoma 1. These programs are largely in early or intermediate clinical stages, and revenue from them is not expected before any approvals 1.
Market context
The target market is oncology immunotherapy, with a focus on non-muscle invasive bladder cancer, where ANKTIVA already has reimbursement through the J9028 code 1. The company says the product is authorized in 34 countries 3, and geographic expansion through local partners, such as the EU distributor and the Saudi partner, is a growth driver 1. The exact market size and market share are not quantified in the available sources.
Trends
- Clinical adoption of ANKTIVA among urologiststailwind
Steady quarterly growth suggests U.S. urologists are adopting the product; if this trend holds, revenue could keep rising 3. However, the reported growth starts from a small base, and the future pace remains uncertain.
- Expansion of international approvalstailwind
Authorizations in the UK, EU, Saudi Arabia and the UAE open new markets, especially for papillary disease and lung cancer 3. The launch pace and reimbursement levels in these countries are not yet proven.
- Losses and the need for financingheadwind
The company is not profitable and has anticipated needing additional financing; if capital becomes more expensive, clinical programs could be slowed 1. Rapid growth in R&D and sales costs adds to this pressure 3.
- Volatility of financial liabilitiesmixed
Changes in the fair value of warrants, convertible debt and revenue interest liabilities can produce large accounting losses that do not necessarily reflect operating activity 3. The effect depends on the share price, which makes results hard to compare from quarter to quarter.
Competitive position
The analyzed sources do not identify ANKTIVA's direct competitors in bladder cancer in detail. The company notes that standard treatment relies on BCG and that TICE BCG availability influences demand 1. Competition therefore comes from existing therapeutic alternatives and other immunotherapy approaches described in the filing 1.
In immunotherapy, the company refers to other techniques that activate NK and T cells without naming them explicitly in the given sources 1. The advantage it cites lies in its integrated platform and strategic partnerships, but a comparative efficacy assessment is not available in the analyzed sources.
- TICE BCG (standard BCG therapy)
The standard treatment for bladder cancer and the only BCG strain approved by the FDA in the U.S., with which ANKTIVA is used in combination 1.
- Immune checkpoint inhibitors (CPIs)
A class of therapies with which ANKTIVA is combined in non-small cell lung cancer, and which are potential alternatives in the same treatment lines 1.
- Other NK-cell and CAR-NK therapies
Cell-based approaches that target the same lymphocytes, mentioned in the company's pipeline without specific producers being identified 1.
Links, dependencies and risks
Who the company is tied to, from its own SEC filings (customers, suppliers, production, partners, competitors, countries, regulation), from the 5 %+ holders' statements (13D/13G) and from what other companies say about it. Click a node for its evidence; on a listed company the graph moves to it.
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News & filings
In the press
- ImmunityBio (IBRX) Meeting With Turkish President Fuels Expansion Hopes, Shares Climb 10%Yahoo Finance — News · 23 Sept 2026 · EN
The latest news item in our archive is from 23 Sept 2026; the newest SEC filing is from 14 Oct 2026. The press archive comes from the RSS feeds we follow and does not necessarily cover the latest event — the filings alongside do.
SEC filings
- Current report14 Oct 2026Regulation FD disclosure · Financial statements and exhibits
- Quarterly report04 Aug 2026
- Current report04 Aug 2026Results of operations · Financial statements and exhibits
- Current report30 Jul 2026Regulation FD disclosure · Financial statements and exhibits
- Current report10 Jun 2026Shareholder vote · Financial statements and exhibits
- Current report18 May 2026Material agreement · Regulation FD disclosure · Financial statements and exhibits
- Quarterly report07 May 2026
- Current report07 May 2026Results of operations · Financial statements and exhibits
- Proxy statement30 Apr 2026
- Current report09 Apr 2026Results of operations · Financial statements and exhibits
Sources
- [1] Form 10-K, fiscal year ended 2025-12-31 · SEC / ImmunityBio, Inc. · 23 Feb 2026
- [2] Form 10-Q, quarter ended 2026-06-30 · SEC / ImmunityBio, Inc. · 04 Aug 2026
- [3] Form 8-K, results release (exhibit 99.1) · SEC / ImmunityBio, Inc. · 04 Aug 2026
Figures computed by olivLaw from SEC filings and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.