ImmunityBio Faces a Fork in the Road: Dunkirk Lease Tightens as Class-Action Clock Ticks

ImmunityBio signs a restructured $525K/year lease for a NY plant, faces a key PILOT vote on April 28, and navigates a securities class action over Anktiva claims.

A long-dormant biotech manufacturing site in upstate New York is suddenly the epicenter of a high-stakes gamble for ImmunityBio. The company has signed a radically restructured lease for its facility in Dunkirk, swapping a symbolic $1 annual rent for a $525,000 yearly obligation tied to strict job creation and operational milestones. The deal, which runs on a one-year renewable basis, gives ImmunityBio until the end of 2028 to get the plant running and hire 100 full-time employees. Miss the targets, and the company forfeits the property.

Chautauqua County Executive PJ Wendel left little room for ambiguity. "If they don't meet the goals, they should vacate," he said, noting that other pharmaceutical manufacturers are eager to bring production back to the US. The lease includes a potential sweetener: if all conditions are met, ImmunityBio can purchase the 409,000-square-foot facility on January 1, 2029, for a single dollar. Mark Geise, head of the Chautauqua County Industrial Development Agency (CCIDA), confirmed the terms.

The CCIDA itself now has a consequential decision to make. At its next board meeting on April 28, the agency will vote on whether to amend the existing Payment in Lieu of Taxes (PILOT) agreement tied to the Dunkirk project. That vote will determine the tax incentives ImmunityBio receives as it attempts to transform the empty shell into a working production hub.

While the company scrambles to secure its physical footprint, the legal front is heating up. Two law firms — Rosen Law Firm and Faruqi & Faruqi — reminded investors on April 26 that the May 26, 2026, deadline is approaching to apply as lead plaintiff in a securities class action. A separate suit filed by Kessler Topaz Meltzer & Check covers shareholders who bought stock between January 19 and March 24, 2026. The central allegation: founder Patrick Soon-Shiong systematically overstated the capabilities of the cancer immunotherapy Anktiva, misleading investors about regulatory risks. The FDA had already sent two warning letters — the most recent in January 2026 — accusing ImmunityBio of misleading promotion of the drug, and claimed the company continued the practice despite the warnings.

The mounting legal and regulatory pressure is reflected in the short interest. As of April 15, 37% of the float was sold short — roughly 140 million shares, up more than 3% from late March. At current trading volumes, it would take short sellers nearly ten days to cover their positions entirely.

Yet the company's commercial performance tells a different story. Preliminary net revenue for the first quarter of 2026 came in at approximately $44.2 million, a 168% surge from the same period a year earlier. Anktiva continues to gain international traction: Saudi Arabia has launched the therapy commercially, and Macau SAR granted the first Asian approval. The drug is now available or approved in 34 countries and territories.

The disconnect between global sales momentum and the stalled US manufacturing plant remains glaring. Dunkirk was originally envisioned as the linchpin of domestic Anktiva production. Until it comes online, the promise of self-sufficient US manufacturing remains theoretical. With the CCIDA vote on April 28 and the class-action lead plaintiff deadline on May 26, the next four weeks will test whether ImmunityBio can bridge that gap — or whether the legal and operational headwinds will prove too strong.