New York, Feb 25, 2026, 06:46 ET — Premarket
- ImmunityBio shares pointed about 3.5% higher before the U.S. open, following a 17.5% jump in the previous session.
- ANKTIVA pulled in net product revenue of around $113 million for 2025, shooting up about 700% from a year earlier, the company said.
- Traders have their eyes on a March FDA meeting about recombinant BCG, as well as the company’s schedule for further label changes.
ImmunityBio jumped roughly 3.5% to $11.95 before the bell Wednesday, tacking on to a swift two-day rally. Shares had finished Tuesday’s session up 17.5%, closing at $11.55.
After a late-Monday filing, ImmunityBio finally put some numbers behind Anktiva’s expected revenue rise. The bladder-cancer immunotherapy is now forecasted to bring in $113.0 million in 2025 net product revenue, factoring in discounts and returns. For the fourth quarter, net product revenue hit $38.3 million. The company logged a 2025 net loss attributable to common stockholders of $351.4 million, closed the year holding $242.8 million in cash and marketable securities, and reported a $324.6 million revenue interest liability alongside a related-party convertible note payable valued at $477.1 million.
Here’s the thing: the stock is behaving like it’s tied to a commercial rollout, not just pipeline hopes. Investors want evidence that this launch will spark follow-on orders, giving the company breathing room for the rest of its trial pipeline.
The company on Monday published its Form 10-K annual report for the year ended Dec. 31, 2025, offering investors a closer read on its capital structure and risk disclosures in the wake of the stock’s sharp rally.
ImmunityBio, headquartered in Culver City, California, continues to push aggressively into international markets and is banking on growth from its approved uses. The company says Anktiva now holds approvals in the United States, United Kingdom, European Union, and Saudi Arabia; it also flagged a Saudi green light for lung-cancer use alongside checkpoint inhibitors, which boost immune detection of tumors. Founder Dr. Patrick Soon‑Shiong described the reach as “a global commercial footprint spanning 33 countries across four regulatory jurisdictions.” CEO Richard Adcock, for his part, mentioned a BLA filing goal for the fourth quarter of 2026. Business Wire
Anktiva picked up U.S. approval in April 2024 for use alongside BCG, a staple bladder cancer therapy derived from a weakened bacterium. The green light covers adults dealing with BCG-unresponsive non-muscle invasive bladder cancer carcinoma in situ, whether or not papillary tumors are present.
Even so, there’s a big catch to the bullish scenario. ImmunityBio needs to keep sales on track as it ramps up production, works through reimbursement challenges, and pushes for a broader label—all without running into regulatory setbacks. A single sluggish quarter could flip sentiment quickly.
Insider selling has picked up as well. Director Barry J. Simon unloaded 175,000 shares on Feb. 20 and Feb. 23, according to a Form 4, cashing out under a Rule 10b5-1 plan—essentially a pre-set trading schedule. On Feb. 23, a separate Form 4 showed director Christobel Selecky exercised options, moving 25,000 shares out the door.
ImmunityBio faces competition in bladder cancer. Merck’s Keytruda holds approval for certain patients with BCG-unresponsive, high-risk non-muscle invasive bladder cancer with carcinoma in situ, while Ferring’s gene therapy Adstiladrin is also cleared for BCG-unresponsive cases in that group.
Next, traders are eyeing whether momentum holds after the two-day surge and looking ahead to the next regulatory catalyst. ImmunityBio has a U.S. FDA meeting on the calendar for March 2026 tied to its recombinant BCG program. The company is also waiting on the agency to review extra data for a papillary-only bladder cancer filing, with that Q4 2026 BLA target still in play.
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