ImmunityBio Secures $100 Million for Global Push Amid Legal and Regulatory Scrutiny

ImmunityBio plans international expansion with $100M funding as Anktiva sales soar 668%, but faces investor lawsuits and FDA rebuke over marketing claims.

Biotechnology firm ImmunityBio is charting a course for international expansion with a new $100 million financing package, even as it contends with a wave of investor lawsuits and a recent regulatory rebuke. The capital infusion, which includes $75 million in non-dilutive funding from Oberland Capital, is earmarked for the company's "Immunotherapy 2.0" initiative aimed at launching treatments in approximately 34 countries.

This aggressive growth plan is built on the back of its cancer drug Anktiva, which saw revenue skyrocket to $113.3 million in 2025—a staggering increase of over 668% from the prior year. Management projects sales could reach $195 million in 2026, driven by the international rollout and potential new indications for the therapy.

The company's ambitious outlook has found support on Wall Street. Analysts at D. Boral Capital recently reaffirmed a buy rating with a $23 price target, suggesting significant upside from recent trading levels around $6.86. The broader analyst consensus, with an average target of $14.40, also recommends purchasing the stock.

However, this operational momentum is tempered by significant legal and regulatory challenges. The catalyst for current troubles was a warning letter from the U.S. Food and Drug Administration made public on March 24, 2026. The agency criticized promotional materials, including a January 19 podcast featuring Executive Chairman Dr. Patrick Soon-Shiong titled "Is the FDA Blocking Lifesaving Cancer Treatments?" and a TV advertisement for Anktiva, labeling claims that the drug could "cure and even prevent all cancers" as false or misleading.

The disclosure triggered a sharp sell-off, wiping over 21% from the share price in late March and erasing nearly $2 billion in market capitalization. In response, several U.S. law firms, including Kaplan Fox & Kilsheimer, Faruqi & Faruqi, Hagens Berman, and Kessler Topaz Meltzer & Check, have filed or joined class action suits in the U.S. District Court for the Central District of California. The litigation, filed under Douglas v. ImmunityBio, Inc., alleges the company and certain officers withheld material information during the class period from January 19 to March 24, 2026. The deadline for investors to apply as lead plaintiff is May 26, 2026.

ImmunityBio has taken corrective steps. On April 6, 2026, it submitted a comprehensive response to the FDA's Office of Prescription Drug Promotion. The company removed the podcast from its website, requested third-party platforms to delete it, and clarified the contested TV commercial never aired. It also announced enhanced internal controls and external regulatory oversight.

Financially, the company is showing progress beyond its top-line surge. Its net loss narrowed by approximately 15% to $351.4 million in 2025. The recent financing arrangement with Oberland Capital brings the total volume of that agreement to $375 million. In a separate move signaling insider confidence, a Soon-Shiong-affiliated entity converted $25 million in debt into 4.6 million common shares in late March. Insiders now hold nearly 70% of the company's equity.

Clinically, operations continue unabated. The randomized QUILT-2.005 study with 366 patients is fully enrolled, and an independent data monitoring committee has confirmed the trial has sufficient power to measure its primary endpoint. A supplemental Biologics License Application is slated for submission later in 2026. Furthermore, the company is set to present new clinical data at an upcoming oncology conference, focusing on observed links between COVID-19 infections and increased rates of metastasis and cancer recurrence.

ImmunityBio now navigates a complex landscape where vigorous expansion plans, active litigation, ongoing FDA compliance efforts, and imminent clinical milestones converge.