ImmunityBio, Inc. (IBRX)

Key figures

The last twelve months reported, with the latest price and balance sheet.

Revenue, last twelve months

$165.8M

Revenue growth

192.9%

Net income, last twelve months

-$992.4M

Earnings per share

-$0.97

Gross margin

99.3%

Operating margin

-151.9%

Net margin

-598.6%

Free cash flow

-$288.1M

Market value

$9.3B

Cash

$75.7M

Debt

$1.2B

Shares outstanding

1.1B

Financial statements

Revenue, profit and cash flow by fiscal year, each year linked to its annual report.

By quarter

What the company said with its results

From the second quarter of 2026 results, filed 4 August 2026.

• Q2 net product revenue reached $50.7 million. Net product revenue rose 92% year-over-year and 15% sequentially from Q1 2026, the eighth consecutive quarter of sequential growth since ANKTIVA's launch.
• First-half revenue up 121%. First-half 2026 net product revenue totaled $94.8 million, building on full-year 2025 net product revenue of $113.0 million.
• Trade sales drove the increase. The company attributed the year-over-year increase in product revenue to higher net trade sales of ANKTIVA from ongoing commercial activities.
• Urologist adoption cited for growth. Management cited continued adoption among U.S. urologists and market access as drivers of the sequential growth.
• BCG-naive trial described as pivotal. The Q1 release said QUILT-2.005 was fully enrolled with no additional enrollment required; the Q2 release describes the same trial as Phase 2B.
• Milestones expected over 12 months. Management expects multiple anticipated regulatory, clinical and data milestones across the clinical pipeline over the next 12 months.
• Pipeline spans three cancer areas. The company said it continued to advance a clinical pipeline in bladder cancer, non-small cell lung cancer and hematologic malignancies.
• Programs support long-term growth strategy. Management said ongoing clinical and regulatory programs continue to support the company's long-term growth strategy.
• ANKTIVA now in 34 countries. ANKTIVA is approved or authorized in five regulatory jurisdictions, with its global footprint expanded to 34 countries.
• Continued investment in global footprint. Management said it continues to invest in expanding ANKTIVA's global commercial footprint while advancing its late-stage clinical pipeline.
• Saudi Arabia availability noted in Q1. The Q1 release said ANKTIVA was commercially available in Saudi Arabia, with additional markets anticipated in 2026.
• R&D expense up $5.6 million. Research and development expense was $60.8 million in Q2 2026, up $5.6 million from $55.2 million a year earlier.
• R&D increase from personnel and trials. Management attributed the R&D increase mainly to personnel-related costs, clinical trial expenses, and external manufacturing and distribution costs.
• SG&A expense up $9.5 million. SG&A expense was $51.8 million in Q2 2026, up $9.5 million from $42.3 million a year earlier.

Revenue by segment

As the company reports it in the segment note of its annual report.

By product, FY2025

By region, FY2025

Company events

The newest 8-K filings of 100 held.

Every filing

The newest filings with the SEC of 257 held.

Insider trades

Form 4 trades by officers, directors and 10% owners, last 12 months.

Planned insider sales

Form 144 notices, filed when the sell order goes to the broker.

Large holders

Schedule 13D and 13G filings by holders of more than 5% of the voting shares.

Trades by members of the House

From each member's periodic transaction report.

Short interest

Shares sold short and not yet bought back, on each FINRA settlement date.

Funds that hold it

From each fund's latest Form 13F.

448 funds held it at 30 Jun 2026: 190 added and 100 trimmed in the quarter. The largest:

Peers

Companies in the same industry.

• Amgen Inc. (AMGN): revenue $38.1B, market value $244.4B
• Gilead Sciences, Inc. (GILD): revenue $30.5B, market value $197.6B
• Moderna, Inc. (MRNA): revenue $2.2B, market value $85.4B
• argenx SE (ARGX): revenue $4.2B, market value $55.2B
• Biogen Inc. (BIIB): revenue $10.3B, market value $36.1B
• BioNTech SE (BNTX): revenue $3.2B, market value $22.1B
• Exelixis, Inc. (EXEL): revenue $2.4B, market value $16.5B
• Halozyme Therapeutics, Inc. (HALO): revenue $1.7B, market value $14.8B
• Neurocrine Biosciences Inc. (NBIX): revenue $3.4B, market value $14.8B
• Bio-Techne Corp. (TECH): revenue $1.2B, market value $11.3B

What the company does

ImmunityBio is a biotechnology company that develops and commercializes immunotherapies designed to activate a patient's immune system against cancer and infectious diseases. Its platform, which it calls Cancer BioShield, combines a cytokine fusion protein, adenovirus-vectored vaccines and natural killer (NK) cell therapies. Its one approved product, ANKTIVA, has been distributed commercially in the United States since May 2024 and is authorized for use in 33 countries.

What it sells

ANKTIVA (nogapendekin alfa inbakicept) is an antibody-cytokine fusion protein made of an IL-15 mutant fused with an IL-15Rα. The company calls it a first-in-class IL-15 receptor superagonist. It is used together with BCG to treat adults with BCG-unresponsive non-muscle invasive bladder cancer (NMIBC) carcinoma in situ, with or without papillary tumors. The approved label describes a mechanism that proliferates and activates NK cells, CD8+ T cells and memory T cells without proliferating immunosuppressive Tregs. The FDA has granted ANKTIVA Breakthrough Therapy designation for this use. CMS assigned it a permanent J-code, J9028, effective 1 January 2025, and the company reports payer coverage of more than 240 million lives in the United States.

Where it is approved

The FDA approved ANKTIVA in April 2024. The UK MHRA approved it in July 2025, and the Saudi Arabian SFDA approved it in January 2026. In February 2026 the European Commission granted conditional marketing authorization for the EU and for Iceland, Liechtenstein and Norway. The SFDA has also conditionally approved ANKTIVA with checkpoint inhibitors for metastatic non-small cell lung cancer (NSCLC) that has progressed after standard-of-care therapy. For international sales, the company names Accord Healthcare in the EU and Cigalah Healthcare and Biopharma in the Middle East as new commercial partners.

The platform and the pipeline

Cancer BioShield has three parts.

- Bladder cancer: a Phase 2B trial in BCG-naive NMIBC with 85% of Cohort A enrolled, and a papillary-tumor indication. The FDA sent a refuse-to-file letter in May 2025 on the supplemental application for papillary tumors, and the company submitted additional information in February 2026. - Lung cancer: the ResQ201A Phase 3 trial with BeOne, which randomizes 462 patients 2:1 to ANKTIVA with TEVIMBRA and docetaxel or to docetaxel alone. - Lymphopenia: an FDA-authorized expanded access program for patients with refractory or relapsed solid tumors, and FDA RMAT designation for ANKTIVA with PD-L1 t-haNK in pancreatic cancer. - Other cancers: glioblastoma, non-Hodgkin lymphoma including Waldenström macroglobulinemia, prostate and ovarian cancer, and an NCI-sponsored Lynch syndrome study. - Infectious disease: HIV and Long COVID studies.

How it makes and distributes products

The company says it is vertically integrated. For commercial ANKTIVA it contracts with multi-national biologics manufacturers that have cGMP-compliant facilities in the United States, Europe and Asia, with production bioreactors of 2,000-20,000L. It operates adenovirus production sites in California and Colorado and NK cell manufacturing sites at multiple California locations. It also holds a leasehold interest in the Dunkirk Facility in New York. On the sales side, its commercial teams are initially focused on urology. It uses a third-party logistics provider in a title model, large specialty distributors and a large specialty pharmacy to supply clinics, hospitals, infusion centers and government entities.

Partners and licences

Under an exclusive arrangement with Serum Institute of India, the company is to receive recombinant BCG (rBCG) for use with ANKTIVA. The FDA authorized an expanded access program for rBCG in February 2025, and shipments began in the first quarter of 2025. Shenzhen Beike Biotechnology holds a licence to ANKTIVA-based products in China, and the company has a dispute with Beike before the International Chamber of Commerce.

Competition and patents

In NMIBC, TICE BCG from Merck has long been the standard treatment and has been subject to supply shortages. KEYTRUDA, ADSTRILADRIN and INLEXZO are approved for BCG-unresponsive NMIBC CIS in patients ineligible for cystectomy or who chose not to have it. In NSCLC, established checkpoint inhibitors include KEYTRUDA, OPDIVO and TECENTRIQ. In cell therapy, approved autologous CAR-T products require lymphodepleting chemotherapy. Based on public information, ANKTIVA was the only FDA-approved IL-15 receptor superagonist as of 31 December 2025, and other companies are developing IL-15 therapies. The company owns or licenses patents on N-803, cell therapies, fusion proteins and adenovirus technology. Issued United States patents on N-803 expire from 2028 to 2040, excluding any term adjustment or extension.

*From ImmunityBio's annual report on Form 10-K for the year ended 31 December 2025. [The filing](https://www.sec.gov/Archives/edgar/data/1326110/000132611026000030/ibrx-20251231.htm)*

From the company's 10-K.