ImmunityBio reported preliminary 2025 net product revenue for its lead therapy, Anktiva, of approximately $113 million, representing year-over-year growth of 700% and quarter-over-quarter growth of 431%. This dramatic increase in sales follows the product’s first full year of commercialization and has propelled the company’s market capitalization to roughly $3.9 billion. With gross margins exceeding 80%, management highlighted that Anktiva’s rapid uptake in both hospital and outpatient settings lays the foundation for broader label expansion and contributes materially to the company turning profitable on a cash-burn-adjusted basis.

In parallel with revenue news, ImmunityBio announced that enrollment in its pivotal non-muscle-invasive bladder cancer trial surpassed target thresholds ahead of schedule, positioning the company to submit its Biologics Licensing Application by year-end. Additionally, initial data from a small cohort of patients with relapsed or refractory Non-Hodgkin lymphoma treated with the firm’s CAR-NK platform therapy demonstrated 100% disease control in the first four evaluable subjects, underscoring the potential of next-generation immunotherapies to drive sustained long-term value beyond Anktiva.

Recent regulatory wins include approval of Anktiva by the Saudi Food and Drug Authority and a positive opinion from the European Commission for non-muscle-invasive bladder cancer, marking the third major geography to greenlight the therapy within a two-week span. Coupled with positive late-stage data in non-small cell lung cancer, these approvals enhance the addressable market to an estimated 200,000 new patients annually across the Middle East and EU, with U.S. launch momentum maintained through ongoing discussions with the FDA regarding label expansion and commercial supply agreements.

Trading volume spiked to 176 million shares, approximately 1,254% above the three-month average, as shorts covered positions and new buyers entered ahead of upcoming catalysts. Since its IPO in 2015, ImmunityBio’s share count has reflected an 85% decline from peak levels, yet recent news has driven a multi-week rally, underscoring heightened volatility. With roughly $800 million in net cash on the balance sheet, investors will be watching quarterly revenue trends, the timing of the BLA submission, and international rollout milestones as key drivers of the stock’s next leg of performance.