ImmunityBio's Revenue Surge and Global Expansion Amid Persistent Losses

ImmunityBio's 2025 revenue skyrocketed 700% to $113M, driven by ANKTIVA. Despite narrowing losses, sustainability questions remain amid global expansion.

ImmunityBio has reported a dramatic increase in revenue for the 2025 fiscal year, driven overwhelmingly by its immunotherapy product, ANKTIVA®. This financial acceleration coincides with strategic progress on international regulatory approvals, including a significant new authorization in Saudi Arabia. However, the company's substantial net losses continue to raise questions about the sustainability of its growth trajectory.

Financial Performance: A Mixed Picture

The company posted net product revenue of approximately $113 million for the full year ending December 2025. This figure represents a staggering increase of roughly 700% compared to the previous year. The fourth quarter alone contributed $38.3 million, marking a 431% year-over-year rise for that period.

This explosive growth is attributed directly to ANKTIVA, whose sales surged by 750% in 2025 relative to 2024. Concurrently, the net loss attributable to common shareholders showed some improvement, narrowing to $351.4 million from $413.6 million in 2024. As of year-end, ImmunityBio’s position in cash, cash equivalents, and marketable securities stood at $242.8 million.

Strategic Moves in Global Markets

A key component of the company's strategy involves expanding its international footprint. ImmunityBio now holds regulatory approvals for its products across 33 countries, spanning four major jurisdictions: the United States, the United Kingdom, the European Union, and Saudi Arabia.

A pivotal development occurred in January, when Saudi Arabia’s drug regulatory agency granted a conditional accelerated approval for ANKTIVA. This authorization is for use in combination with checkpoint inhibitors to treat metastatic non-small cell lung cancer. The company notes this is the first approval for the therapy outside its original bladder cancer indication.

To fuel its commercial rollout, ImmunityBio is leveraging partnerships. In the EU, it collaborates with Accord Healthcare for distribution. For the Saudi Arabian, Middle Eastern, and North African markets, BioPharma and Cigalah Healthcare are the named commercial partners. Furthermore, the firm has established subsidiary offices in Dublin, Ireland, and Saudi Arabia to oversee and direct regional commercial activities.

The company also highlighted the participation of its founder, Dr. Patrick Soon-Shiong, at the "Cancer 2035" summit in Washington, D.C., contextualizing its role in broader industry dialogues.

In summary, ImmunityBio’s 2025 results paint a clear picture: remarkable revenue and sales momentum powered by its flagship therapy, paired with an accelerating global expansion through new approvals and partnerships. This progress, however, is set against the backdrop of continuing significant annual losses and a reported year-end liquidity position of $242.8 million.