New York, February 1, 2026, 09:12 EST — Market closed
- Attention returns to FDA timing as ANKTIVA targets label expansion for papillary bladder cancer
- A $505 million convertible note adjustment leaves dilution risk in play
- The next event on the calendar is the late-February ASCO GU conference in San Francisco
ImmunityBio shares (IBRX) ended Friday roughly 6% higher, closing at $6.25. That stands out as the S&P 500 tracker SPY dipped around 0.4%, and the Nasdaq 100 tracker QQQ dropped about 1.2%. The stock fluctuated between $5.68 and $6.45, with trading volume hitting close to 29.5 million shares.
U.S. markets were closed Sunday, leaving Monday’s session to reveal if the recent rally sticks or slips. The stock spent last month reacting more to headlines than to steady, measured trading.
The next headline is regulatory. On Jan. 20, the company announced it had a Type B End-of-Phase meeting with the U.S. Food and Drug Administration. The FDA requested more information to support a possible resubmission of a supplemental biologics license application (sBLA) for ANKTIVA plus BCG in BCG-unresponsive non-muscle invasive bladder cancer with papillary tumors. (An sBLA aims to broaden a drug’s approved label; BCG is a bladder instillation therapy.) Richard Adcock said, “We have completed the assembly and analysis of the requested additional information and will submit it within the next 30 days.” (ImmunityBio)
This is significant because papillary-only disease represents a larger portion of the market than carcinoma in situ (CIS), which is a smaller segment. It also sets up a competition between ImmunityBio and Johnson & Johnson’s bladder cancer program. J&J has indicated it plans to wait for results from a controlled trial before submitting in the same indication, OncologyPipeline reported. (Oncology Pipeline)
Commercial traction is a key focus. On Jan. 15, ImmunityBio released a preliminary update, projecting 2025 net product revenue around $113 million. It also reported ending 2025 with about $242.8 million in cash, cash equivalents, and marketable securities. The company noted these numbers are preliminary and could shift when it files its annual report. Adcock highlighted “strong quarter-over-quarter revenue growth” in the latest quarter. (ImmunityBio)
Financing remains a key issue. A recent filing with the U.S. Securities and Exchange Commission revealed ImmunityBio amended a $505 million convertible promissory note with Nant Capital, LLC. The change lets the debt convert partially into common stock, rather than forcing an all-or-nothing conversion. Nant Capital is linked to ImmunityBio executive chairman Patrick Soon-Shiong, according to the filing. (SEC)
The downside is straightforward. The FDA might require additional data, resubmissions could stall, and any surge in conversions would strain a stock that’s already reacting like a headline meter.
ImmunityBio has the ASCO Genitourinary Cancers Symposium in San Francisco marked on its calendar for Feb. 26–28. (ImmunityBio)
Traders are focused on a narrower timeframe now: whether the company hits its 30-day target from Jan. 20, which falls around Feb. 19, and how the FDA responds.
