ImmunityBio reported approximately $113 million in preliminary net product revenue for full-year 2025, representing a 700% increase over 2024. Fourth-quarter revenue reached $38.3 million, up 431% year-over-year and 20% sequentially from Q3’s $31.8 million. Unit volume for Anktiva surged 750% on a year-over-year basis, with 54% quarter-over-quarter growth, underscoring rapid commercial adoption of the company’s flagship immunotherapy for non-muscle-invasive bladder cancer.

Recent trial updates have reinforced ImmunityBio’s development pipeline beyond Anktiva. The non-muscle-invasive bladder cancer study exceeded enrollment targets, positioning the company to file a Biologics License Application by year-end. In parallel, a Phase 1/2 trial of the off-the-shelf CD19 CAR-NK therapy in Non-Hodgkin lymphoma demonstrated 100% disease control in its first four evaluable patients, with responses sustained for up to 15 months in Waldenström lymphoma cases.

In the past week, ImmunityBio secured marketing authorization for Anktiva from the Saudi Food and Drug Authority and advanced one step closer to European Commission approval in the E.U. These international endorsements follow positive data in non-small cell lung cancer and reinforce the global commercial runway for Anktiva, which has now launched in multiple regions beyond the U.S. market since its initial FDA approval in 2024.

Trading volume reached 176 million shares on January 16, over 1,200% above the three-month average of 13 million, reflecting heightened investor interest and short-position unwinds. With a market capitalization near $3.9 billion and roughly $800 million in net cash, ImmunityBio is positioned for further growth, though heightened volatility remains a consideration given the company’s rapid stock movements and ongoing development milestones.