ImmunityBio is higher today after announcing a $100 million balance-sheet package: $75 million of non-dilutive financing under its existing Royalty Interest Purchase Agreement (RIPA) with Oberland Capital plus a $25 million conversion of debt into equity by Nant Capital. The company said the Oberland amendment lifts total committed capital under the RIPA to $375 million, while the debt conversion reduces borrowings under a $505 million promissory note.

The headline read-through is liquidity and reduced near-term balance-sheet stress. Non-dilutive capital can extend commercial ramp funding without immediate broad equity issuance, and converting debt to equity lowers leverage and interest burden—important for a commercial-stage biotech still scaling revenue.

ImmunityBio noted the amended RIPA keeps existing terms but includes a modest increase in the royalty payback rate while maintaining the royalty cap. Separately, the company issued 4.6 million shares in the $25 million debt conversion, adding dilution but improving the liability side of the balance sheet—an exchange equity investors often prefer when growth spending is accelerating.

Focus now shifts to whether the added funding translates into faster commercialization and international rollout, and whether operating performance keeps pace with the company’s expansion plans. Traders will also watch follow-through updates on ANKTIVA’s momentum and any additional capital actions given the company’s history of using structured financing alongside equity-linked moves.