ImmunityBio stock (US45258J1025): Class action deadline nears amid FDA scrutiny

ImmunityBio (IBRX) faces securities class action lawsuits after FDA warning letter over misleading Anktiva claims, with shares plunging 21% on March 24, 2026. Lead plaintiff deadline is May 26, 2026.

ImmunityBio, Inc. (NASDAQ: IBRX) is under scrutiny as multiple law firms announce class action lawsuits alleging securities violations tied to an FDA warning letter. The letter flagged misleading efficacy claims about the company's lead product Anktiva by executive chairman Dr. Patrick Soon-Shiong. Shares dropped over 21% on March 24, 2026, wiping out nearly $2 billion in market cap, according to Newsfile Corp as of May 13, 2026. Investors who bought between January 19 and March 24, 2026, may be eligible. Faruqi & Faruqi announced a May 26, 2026, lead plaintiff deadline on May 14, 2026, per PR Newswire as of May 14, 2026.

As of: 14.05.2026

By the editorial team – specialized in equity coverage.

At a glance

• Name: ImmunityBio, Inc.
• Sector/industry: Biotechnology
• Headquarters/country: United States
• Core markets: Oncology immunotherapy
• Key revenue drivers: Anktiva and pipeline products
• Home exchange/listing venue: Nasdaq (IBRX)
• Trading currency: USD

ImmunityBio: core business model

ImmunityBio develops immunotherapies targeting cancers and infectious diseases. The company focuses on natural killer (NK) cell therapies and antibody fusion proteins to stimulate immune responses against tumors. Anktiva (N-803), an IL-15 superagonist, received FDA approval in 2024 for use with BCG in BCG-unresponsive non-muscle invasive bladder cancer (NMIBC). This listing on Nasdaq provides US investors exposure to innovative biotech plays in oncology.

ImmunityBio's platform includes platforms like the ImmunityBio Cell Therapy platform, which engineers T cells and NK cells for solid tumors. The company has advanced several candidates into clinical trials, emphasizing combination therapies to overcome tumor resistance mechanisms.

Main revenue and product drivers for ImmunityBio

Anktiva remains the primary commercial product, approved by the FDA for NMIBC as of April 2024. Revenue generation depends on commercialization efforts, manufacturing scale-up, and reimbursement dynamics in the US oncology market. Pipeline assets in lung cancer, pancreatic cancer, and infectious diseases like COVID-19 represent future drivers, though most remain in Phase 2/3 trials per company disclosures.

Recent volatility underscores regulatory risks in biotech commercialization. The FDA warning letter dated prior to March 24, 2026, highlighted promotional claims exceeding approved indications, impacting investor confidence and share price.

Industry trends and competitive position

The immunotherapy sector sees robust growth, with the US market for NK cell therapies projected to expand amid demand for bladder cancer treatments. Competitors include Merck (Keytruda combinations) and BioNTech in mRNA-based approaches. ImmunityBio differentiates via IL-15 agonists, potentially offering durable responses without checkpoint inhibitors' side effects.

Why ImmunityBio matters for US investors

As a Nasdaq-listed biotech, ImmunityBio offers US investors direct access to bladder cancer innovation, a segment with high unmet needs. FDA interactions directly affect valuation, given the agency's central role in US drug approvals. Nasdaq trading ensures liquidity for retail portfolios tracking biotech indices.

Conclusion

ImmunityBio continues advancing its immunotherapy pipeline amid regulatory challenges and litigation. The FDA warning and subsequent class actions highlight risks in biotech promotion, with shares showing high volatility on Nasdaq. US investors monitor the May 26, 2026, deadline and potential trial updates for clarity on Anktiva's trajectory.

Disclaimer: This article does not constitute investment advice. Stocks are volatile financial instruments.