New York, January 30, 2026, 15:23 EST — Regular session.
- ImmunityBio shares rose 5.9% to $6.26 in afternoon trade, after an early slide.
- The move bucked a drop in biotech ETFs, which were down about 1% to 2%.
- Traders are watching for a near-term FDA filing tied to Anktiva’s label-expansion push and any signs of dilution from a convertible note.
ImmunityBio shares rose nearly 6% on Friday, clawing back from an early dip, as traders weighed fresh scrutiny tied to the drugmaker’s communications with the U.S. Food and Drug Administration. The stock was up 35 cents at $6.26, after trading between $5.68 and $6.45 on the day, on the Nasdaq.
The latest jolt came after STAT News reported on Thursday that ImmunityBio Chairman Patrick Soon-Shiong mischaracterized the outcome of a face-to-face meeting with FDA officials over the company’s bladder cancer drug, Anktiva. The report said the agency had refused to consider an application to broaden approved use of the drug because the data were inconclusive and the request breached FDA guidelines. 1
Earlier this month, the company said it had held an “end-of-phase” meeting with the FDA on a supplemental application — an sBLA, or supplemental biologics license application — to widen Anktiva’s label into a form of non‑muscle invasive bladder cancer with papillary tumors. ImmunityBio said the agency asked for additional information to support a potential resubmission and that it does not include a new clinical trial; “we have completed the assembly and analysis … and will submit it within the next 30 days,” Chief Executive Richard Adcock said. 2
Friday’s move also stood out because the broader biotech tape was lower. The SPDR S&P Biotech ETF fell about 1.5%, and the iShares Nasdaq Biotechnology ETF slipped about 1.1%.
Another issue investors keep circling is dilution — the risk of more shares hitting the market. A filing with the U.S. Securities and Exchange Commission showed ImmunityBio amended a $505 million convertible promissory note with Nant Capital, LLC, an entity affiliated with Soon‑Shiong, to allow partial conversions into common stock at any time before maturity. The note previously did not permit partial conversion, the filing said. 3
Convertible notes are debt that can turn into shares, and partial conversions can feed stock into the market in smaller clips. In an earlier quarterly filing, ImmunityBio said the note carries a conversion price of $5.4270 per share, matures on Dec. 31, 2027, and pays interest tied to Term SOFR — a U.S. benchmark rate — plus 8%. 4
Anktiva is already approved in the United States with BCG — a standard bladder‑cancer immunotherapy — for patients with BCG‑unresponsive non‑muscle invasive bladder cancer with carcinoma in situ, with or without papillary tumors, the FDA says. In that CIS segment, alternatives include Merck & Co.’s Keytruda and Ferring Pharmaceuticals’s Adstiladrin, both cleared for high‑risk BCG‑unresponsive disease with CIS. 5
The company has tried to keep the focus on sales momentum, too. In a mid‑January update, ImmunityBio reported preliminary 2025 net product revenue of about $113 million, and said it ended 2025 with an estimated $242.8 million in cash and marketable securities. Adcock said the quarter showed “accelerating adoption” of Anktiva. 6
But there are plenty of ways this can go wrong. The FDA can still push back on the resubmission, ask for more analysis, or require a new trial — all of which can stretch timelines and raise costs — and any conversion activity on the related‑party note could pressure the stock. A law firm, Pomerantz LLP, said this week it was investigating potential claims on behalf of investors. 7
The next real marker is the company’s planned FDA submission within the 30‑day window it laid out earlier this month. After that, investors will be looking toward the company’s listed appearance at ASCO GU on Feb. 26–28 for updates tied to its urology-focused program. 8
