ImmunityBio Shares Gain Momentum on Strong Sales and Regulatory Progress

ImmunityBio Inc. is experiencing a notable uptick in investor confidence, driven by a confluence of positive developments. The company's stock continued its upward trajectory on Tuesday, extending gains from the start of the week to approximately 8%. This positive sentiment stems from preliminary sales figures showing explosive growth, a key regulatory milestone in Saudi Arabia, and the initiation of a new clinical trial.

A significant catalyst for the recent optimism is the company's successful expansion into new markets. The Saudi Food and Drug Authority (SFDA) has granted accelerated approval for ImmunityBio's drug, ANKTIVA (N-803), for two distinct indications:

• For use in combination with immune checkpoint inhibitors to treat adults with metastatic non-small cell lung cancer (NSCLC) following the failure of standard therapies.
• For use alongside BCG in patients with BCG-unresponsive, non-muscle invasive bladder cancer (NMIBC) with carcinoma in situ.

This marks the first approval for the NSCLC indication outside of the drug's existing regions. To support this commercial rollout, the company's management has announced plans to establish a regional office in Saudi Arabia.

Preliminary Financial Performance Shows Dramatic Growth

The market is also responding to impressive preliminary, unaudited financial results for the 2025 fiscal year. ImmunityBio reported a preliminary net product revenue of approximately $113 million, representing a staggering increase of roughly 700% compared to the prior year.

Should investors sell immediately? Or is it worth buying ImmunityBio?

Momentum appears to have accelerated into the final quarter. For Q4 2025, the company estimates net product revenue of about $38.3 million, which would constitute a 20% sequential increase over the $31.8 million reported in Q3 2025. Management attributes this robust performance to the ongoing commercial ramp-up of ANKTIVA following its initial launches. In terms of unit sales volume, the company cited a 750% year-over-year increase for 2025.

Clinical Pipeline and Financial Structure Updates

Beyond commercial execution, the company is advancing its clinical development program. On February 2, ImmunityBio announced the commencement of a new Phase 2 trial, designated ResQ215B. The study will evaluate a chemotherapy-free regimen combining ANKTIVA with CD19-directed CAR-NK cells for the treatment of indolent B-cell non-Hodgkin lymphoma, including Waldenström macroglobulinemia. This trial design is based on Phase 1 data in which, according to the company, complete remissions were achieved without the use of lymphodepleting chemotherapy.

On the corporate finance front, ImmunityBio disclosed an adjustment late last January to a $505 million convertible note held by Nant Capital, an entity linked to Executive Chairman Dr. Patrick Soon-Shiong. The amendment allows the holder to convert any portion of the outstanding principal amount into common stock prior to maturity, potentially affording the company greater flexibility in managing its capital structure.

Investor attention is now likely to shift toward the upcoming release of final, audited financial statements for 2025 and the company's next steps in executing its commercial strategy following the SFDA approval.