ImmunityBio Accelerates Pipeline with New Lymphoma Trial Amid Stellar Revenue Forecast

ImmunityBio US45256X1037

The biotechnology firm ImmunityBio is rapidly advancing its clinical and commercial strategy. Following the release of explosive preliminary revenue figures for 2025, the company has now initiated a new clinical study. This latest move targets a form of lymph node cancer with a chemotherapy-free regimen, raising questions about the study's robustness and its interplay with the company's recent financial momentum.

Investor focus has been sharpened by a dramatic financial update. On January 15, ImmunityBio disclosed preliminary operational results for 2025, projecting net product revenue to reach approximately $113 million. This figure represents a staggering year-over-year increase of nearly 700%.

The fourth quarter of 2025 alone demonstrated significant momentum, with an anticipated $38.3 million in revenue. This would mark a sequential growth of about 20% from the previous quarter. The primary driver is the ongoing commercial rollout of ANKTIVA (nogapendekin alfa inbakicept), which received U.S. FDA approval for bladder cancer in April 2024.

Launching a Chemotherapy-Free Lymphoma Study

Building on this commercial progress, ImmunityBio confirmed on Monday, February 2, the commencement of a Phase 2 trial named ResQ215B. The study will evaluate a combination therapy consisting of the immunotherapy ANKTIVA, an "off-the-shelf" NK cell therapy (CD19 t-haNK), and Rituximab.

The trial is enrolling patients with indolent B-cell Non-Hodgkin Lymphoma (iNHL), including Waldenström macroglobulinemia. A key objective is to eliminate the need for lymphodepleting chemotherapy, which could pave the way for a more patient-friendly outpatient treatment model. This clinical step is based on what the company termed "encouraging" disease control rates observed in the earlier Phase 1 QUILT-106 study.

Analyst Reactions and Capital Structure Adjustment

In response to the revenue guidance and regulatory developments, several analyst firms adjusted their outlooks in early February:

• H.C. Wainwright reaffirmed a Buy rating with a $10 price target.
• BTIG set a $9 target, citing increased regulatory clarity.
• Piper Sandler established a $7 target, highlighting the drug's sales momentum.

Simultaneously, developments on the balance sheet are drawing attention. On January 26, ImmunityBio reported an adjustment to a $505 million convertible note held by Nant Capital, an entity linked to Executive Chairman Dr. Patrick Soon-Shiong. The modification allows the creditor to convert portions of the debt into equity at any time before maturity. While this could alleviate long-term debt pressure, it introduces potential share dilution for existing stockholders.

Market Performance and Global Expansion

The market is currently balancing optimism with caution. ImmunityBio shares closed yesterday at $5.88. Although this price remains substantially above its averages from recent months, the stock is consolidating following a strong rally in January.

Adding to its international expansion, the company recently secured approval from the Saudi Food and Drug Authority (SFDA) for ANKTIVA in combination with BCG to treat bladder cancer in Saudi Arabia.

Key Developments Summarized
* New Clinical Trial: Phase 2 study ResQ215B for iNHL/Waldenström, testing a chemotherapy-free protocol.
* 2025 Revenue Forecast: Roughly $113 million, representing growth of almost 700% versus the prior year.
* Q4 2025 Outlook: Approximately $38.3 million, a 20% increase quarter-over-quarter.
* Analyst Targets: Price objectives range from $7 to $10, with several recent upward revisions.
* Financing Update: Modification of a $505 million convertible note, presenting a potential dilution scenario.
* Global Reach: SFDA approval in Saudi Arabia for the ANKTIVA+BCG bladder cancer regimen.

In summary, ImmunityBio is strategically linking the commercial success of ANKTIVA with an ambitious clinical development pipeline. Whether the equity can sustain its near-term trajectory will depend less on daily trading fluctuations and more on the cohesive narrative formed by its sales growth, international regulatory wins, and the progress of its new lymphoma study in the months ahead.