ImmunityBio (IBRX) Stock Soars After Q3 Revenue Explosion – Can the Rally Survive a Going‑Concern Warning?

Published: November 29, 2025

ImmunityBio, Inc. (NASDAQ: IBRX) has jumped back onto traders’ and long‑term investors’ radar after a powerful late‑November rally in its share price, driven by blockbuster third‑quarter numbers for its cancer drug Anktiva and a wave of bullish commentary across financial media.

On Friday, November 28, ImmunityBio stock closed around the mid‑$2 range after intraday gains of roughly 9–13%, with heavy volume and wide trading ranges highlighted by multiple trader‑focused outlets. ^[1] Yet despite the surge, shares remain down mid‑teens year‑to‑date and far below analysts’ double‑digit price targets.

Here’s how the latest news as of November 29, 2025 fits together – and what it could mean for IBRX stock.

Q3 2025: 467% Unit Growth, $75 Million in Sales – and a Big Loss

ImmunityBio’s latest catalyst is its third‑quarter 2025 report for the period ended September 30, 2025, which revealed a dramatic revenue inflection:

Q3 2025 revenue: about $32.1 million, up from roughly $6.1 million a year earlier, driven almost entirely by Anktiva product sales. ^[2]
Nine‑month 2025 revenue: about $75 million, versus roughly $7.2 million in the same period of 2024 – a more than 10x year‑over‑year increase. ^[3]
The company says this reflects year‑to‑date unit growth of 467% for Anktiva. ^[4]

However, this growth comes with heavy red ink:

Q3 2025 net loss: roughly $67.3 million, with an operating loss around $55–56 million. ^[5]
Nine‑month net operating cash outflow: about $234.6 million. ^[6]

Trader‑oriented coverage from StocksToTrade and Timothy Sykes’ news network emphasised that Q3 earnings per share came in at a loss of about $0.07, beating consensus by roughly four cents, a key psychological win for traders despite the ongoing losses. ^[7]

The numbers paint a clear picture: ImmunityBio is in hyper‑growth mode on the top line, but still burning large amounts of cash to get there.

Anktiva: The Engine Behind ImmunityBio’s Story

Almost everything in the current ImmunityBio investment thesis revolves around Anktiva (N‑803), the company’s IL‑15 receptor superagonist cytokine fusion immunotherapy.

Current approvals and use

United States: Anktiva is FDA‑approved, in combination with BCG, for adults with BCG‑unresponsive non‑muscle invasive bladder cancer (NMIBC) with carcinoma in situ (CIS), with or without papillary tumors. ^[8]
United Kingdom: In July 2025, the UK’s MHRA granted marketing authorisation for Anktiva plus BCG in the same NMIBC CIS setting – the drug’s first approval outside the U.S. ^[9]

An ImmunityBio post amplified by oncology outlet OncoDaily highlighted that strong demand for Anktiva is driving the 467% YTD unit growth and $75 million in product sales year‑to‑date, signalling broader adoption in BCG‑unresponsive NMIBC. ^[10]

Market access momentum

Late‑November trading articles repeatedly point to a large U.S. contracting organisation (a major group purchasing or payer‑facing entity) that has made Anktiva a preferred treatment option for NMIBC. This “preferred” status is flagged as a meaningful commercial milestone, reinforcing the view that Anktiva is gaining traction beyond early adopters. ^[11]

Meanwhile, coverage from StocksToTrade also notes that a recent survey of bladder‑cancer patients shows a clear preference for immunotherapy over chemotherapy because of lower perceived side‑effects – a backdrop that naturally favours Anktiva’s positioning. ^[12]

The Dark Side of the Story: Going‑Concern Language and Heavy Liabilities

Beneath the impressive Anktiva growth, ImmunityBio’s latest 10‑Q includes language that no investor can ignore.

According to the company’s Q3 filing, management explicitly states that there is “substantial doubt” about the company’s ability to continue as a going concern without additional funding or financial support. ^[13]

Key balance sheet and cash‑flow details from the Q3 2025 report:

Cash and cash equivalents: about $60.2 million at September 30, 2025.
Marketable securities: about $197.6 million, providing additional but finite liquidity. ^[14]
Related‑party convertible note (fair value): approximately $500.8 million.
Revenue interest liability: about $316.1 million.
Warrant liabilities: roughly $115.2 million. ^[15]

Over the first nine months of 2025, ImmunityBio used $234.6 million in operating cash, and partially offset this via $346.8 million in net proceeds from equity offerings, highlighting how dependent the business is on the capital markets. ^[16]

On top of that, a German‑language analysis of the company’s shareholder meeting reported that authorised common stock was increased from 1.35 billion to 1.65 billion shares, with roughly 985 million already outstanding. The article framed the move as expanding management’s ability to raise more equity, at the cost of further potential dilution for existing shareholders. ^[17]

Put simply, ImmunityBio is funding its growth with a mix of debt‑like obligations and substantial equity issuance, all while acknowledging going‑concern risk.

Regulatory Cross‑Winds: UK Win, FDA Refusal to File

Regulatory news has been a mixed bag in 2025:

As noted, UK approval for Anktiva in July 2025 broadened the medicine’s geographic footprint and was highlighted in both the company’s filings and oncology media as a key milestone. ^[18]
On the other hand, ImmunityBio disclosed receiving an FDA Refusal‑to‑File (RTF) letter in May 2025 for a supplemental BLA (sBLA) for BCG‑unresponsive papillary NMIBC, even though the company says the agency had previously encouraged such a submission in early 2025. ^[19]

The company has requested an urgent Type A meeting with the FDA to clarify requirements and attempt to get the sBLA back on track. ^[20]

A separate regulatory‑update post on the company’s website notes that ImmunityBio expects multiple regulatory filings and reviews in 2025 related to Anktiva and associated BCG programs in the U.S. and abroad, but also cautions that review timelines and outcomes remain uncertain. ^[21]

For investors, this means regulatory risk is still very much alive, especially in indications beyond Anktiva’s initial CIS approval.

November 29 News Round‑Up: How Today’s Coverage Frames IBRX

As of November 29, 2025, several fresh or very recent articles are shaping sentiment around ImmunityBio stock:

1. Trader media: “ImmunityBio Explores Innovations in Cancer Treatment”

A detailed piece on Timothy Sykes’ news site highlights ImmunityBio’s:

467% full‑year sales growth to $75 million, tied primarily to Anktiva;
Q3 EPS outperformance versus expectations;
cash position around $60 million and continued negative margins;
and growing interest from short‑term traders as the stock rallied over 10% on November 28. ^[22]

The tone is cautiously optimistic, but framed for active traders: strong growth and volatility, paired with reminders about high risk and the importance of risk management.

2. StocksToTrade: Two takes on the late‑November surge

StocksToTrade published two separate November 28 features dissecting ImmunityBio’s move:

“ImmunityBio’s Remarkable Growth: Unpacking the Surge” focuses on the 467% unit growth, $75 million in sales, near‑100% gross margins, and strong liquidity ratios (e.g., a quick ratio above 5), but flags the company’s large net loss and negative valuation ratios. ^[23]
“ImmunityBio Stock Surges Amid Growing Demand and Clinical Success” echoes the same top‑line story, calling out Anktiva’s preferred status with a major contracting organisation, improved EPS (a $0.07 loss versus deeper expected losses), and growing confidence among patients and physicians in immunotherapy. At the same time, it underscores negative EBITDA margins around ‑300% and warns that profitability is still distant. ^[24]

Both articles present IBRX as a high‑beta biotech momentum play with a fundamentally real product story, but substantial financial risk.

3. Insider lists: “10 Best US Stocks to Buy Under $20”

An Insider Monkey list of “10 Best US Stocks to Buy Under $20,” published November 28, includes ImmunityBio among small and mid‑cap names with large upside potential. ^[25]

For IBRX, the piece notes:

A share price just above $2 as of late November;
A median 12‑month price target around $8, implying well over 200% upside;
Coverage by multiple analysts who overwhelmingly rate the stock as Buy;
and roughly 18 hedge funds holding positions according to Q3 2025 filings. ^[26]

The framing is firmly bullish, though it doesn’t delve deeply into the company’s going‑concern language or balance‑sheet risk.

Wall Street View: High Upside Targets, One Notable Sell Rating

Across analyst and forecasting platforms, ImmunityBio stands out for the gap between its low share price and high stated price targets:

MarketBeat: Consensus rating “Moderate Buy” from 5 analysts (4 Buy, 1 Sell) with a 12‑month average price target of $10.75, implying roughly 3.5x upside from around $2.39. ^[27]
HC Wainwright: Repeated Buy rating with an $8 target, and a recent note raising FY 2025 EPS estimates while projecting a path to positive EPS (~$0.20) by FY 2028. ^[28]
D. Boral Capital:Buy rating with a $24 price target, the high end of the current range. ^[29]
Other aggregators (StockAnalysis, ValueInvesting, Public.com, Investing.com): Typically show Buy to Strong Buy consensus and average price targets in the $9–$11 range, with high targets in the mid‑20s and low targets near $5. ^[30]

At the same time, at least one ratings service (Weiss Ratings) has assigned a Sell rating, and MarketBeat emphasises that its “Moderate Buy” label reflects this split view. ^[31]

In other words, analysts agree the upside could be huge if ImmunityBio executes – but not everyone is convinced it will.

Institutional Money: New Bets Despite Volatility

Recent filings show that some institutional investors are willing to take sizable positions at current levels:

Heights Capital Management disclosed a new 6.56 million‑share position (roughly $16.15 million), making IBRX its second‑largest holding at about 4.4% of reported AUM as of its September 30, 2025 filing. ^[32]
A MarketBeat earnings‑expectations piece notes a new $7.85 million position by AlphaCore Capital, a more than six‑fold increase in ImmunityBio holdings at Citigroup, and a 34.7% increase in shares held by Geode Capital. Combined, hedge funds and other institutions own around 8.6% of the stock. ^[33]

These data points suggest specialised, risk‑tolerant funds are accumulating the name, even as overall institutional ownership remains relatively modest.

Risk Factors Investors Are Watching

Pulling together the November 29 news flow and recent filings, a few key risk themes stand out:

Going‑concern risk and financing needs
- Management openly acknowledges substantial doubt about staying a going concern without additional financing. ^[34]
- Cash burn remains heavy, and the company has already leaned on large equity raises in 2025.
Leverage and complex obligations
- The balance sheet includes a sizeable related‑party convertible note, revenue interest liability, and warrant obligations, creating significant future claims on cash and equity. ^[35]
Dilution risk
- The increase in authorised shares to 1.65 billion leaves room for further equity issuance, which could dilute existing shareholders if more capital is raised at low prices. ^[36]
Regulatory uncertainty
- The FDA refusal‑to‑file for the papillary NMIBC indication illustrates how fragile expansion efforts can be; additional submissions in 2025 may face unpredictable review timelines and requirements. ^[37]
Single‑product concentration (for now)
- Today’s revenue growth is almost entirely tied to Anktiva in a single bladder‑cancer setting. The pipeline includes studies in glioblastoma, lung cancer, and other indications, but these remain unapproved and high‑risk. ^[38]

The Bull Case: Why Some See a Multi‑Bagger

Despite the risks, November’s bullish articles and analyst upgrades all lean on a similar argument:

Real, accelerating commercial revenue from an FDA‑approved immunotherapy in a high‑need cancer indication, with strong year‑over‑year growth. ^[39]
Improving EPS trend, with Q3 losses narrower than expected, hinting at operating leverage if sales keep scaling. ^[40]
Favourable patient and physician sentiment towards immunotherapy over traditional chemo, aligning with Anktiva’s mechanism and positioning. ^[41]
International expansion potential, shown by the first UK approval and ongoing work with regulators in Europe and beyond. ^[42]
Analyst price targets 3–4x above today’s share price, plus new institutional stakes from funds like Heights Capital and AlphaCore. ^[43]

For bullish investors, ImmunityBio is a classic high‑risk/high‑reward biotech, where a successful scaling of Anktiva and additional approvals could make today’s valuation look cheap in hindsight.

The Bottom Line on ImmunityBio Stock

As of November 29, 2025, the ImmunityBio (IBRX) stock story is defined by extremes:

Extreme growth: triple‑digit percentage increases in revenue and drug units sold, a rapidly expanding real‑world footprint, and strong early signs of patient and physician acceptance.
Extreme risk: heavy losses, going‑concern warnings, significant leverage, potential dilution, and regulatory setbacks outside the core CIS indication.

The latest headlines – from trading desks to hedge‑fund round‑ups and analyst notes – have amplified the upside narrative, helping drive the late‑November spike in IBRX shares. But those same sources also repeatedly remind readers that this remains a speculative biotech play, deeply dependent on future trial results, regulatory outcomes, and the company’s ability to keep funding its ambitions.

For any investor considering ImmunityBio stock, the key questions are:

Can Anktiva’s current commercial success continue – and expand into new indications and regions?
Will ImmunityBio secure enough capital on acceptable terms to bridge the gap to potential profitability?
How much dilution, if any, are investors prepared to tolerate along the way?

This article is for information and news purposes only and does not constitute investment advice. Biotech stocks like ImmunityBio can be highly volatile, and anyone considering IBRX should perform their own due diligence and, where appropriate, consult a qualified financial adviser.

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