ImmunityBio Reports Explosive Revenue Growth Amid Persistent Losses

ImmunityBio's 2025 revenue hits $113M, up 700% driven by cancer drug ANKTIVA, but net losses continue due to high R&D spending. Global approvals expand market reach.

ImmunityBio has unveiled financial results for 2025 that reveal a dramatic acceleration in revenue, driven primarily by its commercial-stage cancer immunotherapy, ANKTIVA. While the top-line figures show remarkable progress, the company continues to grapple with significant net losses, raising questions about its path to profitability.

Stellar Revenue Performance Led by ANKTIVA

The company's net product revenue for the full year 2025 reached approximately $113 million. This staggering figure represents a year-over-year increase of roughly 700%. The momentum was particularly strong in the final quarter, with Q4 net product revenue climbing to $38.3 million. This constitutes a 431% surge compared to the same period last year and a sequential increase of 20% over Q3, slightly surpassing market expectations of $37.8 million.

Unit sales volume told a similar story. For the entire year, ImmunityBio reported selling 3,745 units of its therapy, a jump of about 750% from the prior year.

Profitability Remains Elusive as R&D Spending Climbs

Despite the revenue surge, profitability remains a distant target. ImmunityBio posted a net loss of $61.9 million, or $0.06 per share, for the fourth quarter of 2025. This compares to a net loss of $59.2 million in Q4 of the previous year.

A primary driver behind the increased quarterly loss was a substantial rise in research and development expenses. R&D costs grew by $28.7 million to reach $63.9 million. The company attributed this increase to several factors: a one-time $14.0 million impairment charge on property and equipment, elevated production costs, and expanded clinical trial activities.

On an annual basis, there was some improvement. The full-year net loss narrowed to $351.4 million ($0.38 per share) from $413.6 million in 2024. This reduction was supported by the higher revenue and lower selling, general, and administrative (SG&A) expenses, which decreased by $18.8 million to $150.0 million.

Global Regulatory and Commercial Expansion Gains Traction

A key component of ImmunityBio's strategy is international expansion for ANKTIVA. The therapy has now secured regulatory approvals in four major regions:

• United States: FDA approval (April 2024)
• United Kingdom: MHRA approval (July 2025)
• Saudi Arabia: Accelerated SFDA approval (January 2025) for bladder cancer and metastatic non-small cell lung cancer (NSCLC)
• European Union: Conditional marketing authorization from the EU Commission (February 2025) covering 27 EU states plus Iceland, Norway, and Liechtenstein

Notably, Saudi Arabia's SFDA was the first regulator globally to approve ANKTIVA for a lung cancer indication.

To commercialize the drug in these new markets, ImmunityBio is establishing partnerships and subsidiaries. In Europe, it is collaborating with Accord Healthcare, leveraging an 85-person sales team across 30 countries. For Saudi Arabia and the broader MENA region, partnerships are in place with Biopharma and Cigalah Healthcare. The company has also established new subsidiaries in Dublin and Saudi Arabia to support these international operations.

Financial Position and Pipeline Outlook

ImmunityBio ended 2025 with $242.8 million in cash, cash equivalents, and marketable securities, an increase from $149.8 million at the end of 2024. However, this is balanced against total liabilities of approximately $1.0 billion. These liabilities include $477.1 million in convertible debt owed to related parties and a $324.6 million revenue interest liability. The company reported a shareholder equity deficit of $500.5 million.

Looking ahead, the company's operational pipeline includes several milestones:
* A randomized study in BCG-naïve patients is nearing full recruitment, with a planned Biologics License Application (BLA) submission in Q4 2026.
* An FDA meeting concerning its recombinant BCG (rBCG) candidate is scheduled for March.
* A Phase 2 study for a CAR-NK cell therapy (ResQ215B) in indolent lymphomas began in February.

The coming quarters will be critical for ImmunityBio. Investors will be watching to see if the international launches can broaden the revenue base meaningfully and if the company can manage its cost structure, particularly in R&D, to steer toward sustainable financial health.