IBRX Sales Soar 2,540%

Key Points

• Revenue (GAAP) soared to $26.4 million in Q2 2025, beating GAAP revenue estimates by 14.0%.

• Net loss per share (GAAP) improved to ($0.10), ahead of expectations.

• ANKTIVA sales and international launches fueled top-line growth, but heavy net losses and cash burn remain.

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ImmunityBio (NASDAQ:IBRX), a commercial-stage biotechnology company, released its second-quarter results on August 5, 2025. The main headline: revenue (GAAP) jumped to $26.4 million, soundly beating analyst GAAP revenue estimates of $23.15 million, as commercial sales of the immunotherapy ANKTIVA accelerated. Net loss per share (GAAP) narrowed to ($0.10), better than the projected ($0.11 GAAP EPS) and improving sharply from ($0.20) GAAP per share a year earlier. Overall, the quarter showed surging product revenue and reduced losses, even as the company maintained significant levels of R&D spending and faced regulatory hurdles.

Source: Analyst estimates for the quarter provided by FactSet.

ImmunityBio’s Business and Recent Focus

ImmunityBio is an immunotherapy company developing treatments that stimulate a patient’s own immune system to fight cancer and other diseases. Its pipeline combines biologic drugs, vaccine vectors, and cell therapies. The lead product is ANKTIVA, an antibody-cytokine fusion protein designed to amplify the immune system’s attack against tumors.

Recently, the company has focused on ramping up commercial sales of ANKTIVA for bladder cancer and expanding into global markets. At the same time, it continues to invest in a diverse pipeline, partnering with industry peers and scaling up its in-house manufacturing facilities. Key success factors include gaining further regulatory approvals, maintaining robust ANKTIVA sales growth, and advancing other product candidates into late-stage trials.

Quarter in Review: Financial and Operational Performance

Revenue (GAAP) saw a massive jump of 60% compared to Q1 2025, mainly due to rising sales of ANKTIVA for bladder cancer. The product brought in robust demand across U.S. urology practices of all sizes. GAAP revenue soared from just $1.0 million in Q2 2024. ANKTIVA unit sales surged 246% in the first half of 2025 over the second half of 2024, after the assignment of a J-code, which allows for easier reimbursement by insurers.

International momentum was also notable, with the UK Medicines and Healthcare products Regulatory Agency (MHRA) approving marketing for ANKTIVA in BCG-unresponsive non-muscle invasive bladder cancer (NMIBC). However, regulatory speed bumps persisted. In the U.S, the Food and Drug Administration (FDA) issued a "Refuse to File" letter on the supplemental application for ANKTIVA in papillary-only NMIBC. ImmunityBio will need to conduct a new randomized controlled trial, which will involve added time and cost. The company also applied to the National Comprehensive Cancer Network (NCCN) for a guideline expansion to include papillary-only disease in BCG-unresponsive NMIBC, with a decision due in August 2025.

On the pipeline front, ImmunityBio pushed forward with new product development. It launched a pivotal randomized trial called ResQ201A for non-small cell lung cancer (NSCLC). This combines N-803, its proprietary cytokine fusion protein, with tislelizumab, a PD-1 checkpoint inhibitor medicine from BeOne Medicines, aiming for use as second-line therapy. The company also reached full trial enrollment in a National Cancer Institute study of ANKTIVA plus adenovirus vaccine for patients with Lynch syndrome, a hereditary cancer risk syndrome. Expansion of clinical trials into Europe and Asia is in process, and the FDA indicated support for the company's lymphopenia program, which focuses on restoring immune cell counts in cancer patients.

Strategic collaborations continued playing a role. ImmunityBio deepened its work with BeOne Medicines and kept leveraging the Serum Institute of India's expertise for manufacturing a recombinant BCG treatment, used to address shortages for bladder cancer therapies in the U.S. More than 150 patients received this treatment under expanded access protocols. Manufacturing expansions to support growing ANKTIVA production remained a focus, reflecting higher manufacturing and distribution outlays as well as license fees.

Looking Ahead: Guidance and Watch List

Management did not provide explicit forward guidance for the next quarter or for fiscal 2025. In comments, the leadership highlighted priorities around expanding ANKTIVA’s reach in the U.S. and UK, progressing regulatory filings, and advancing several new pipeline trials. Management also pointed to a recent $80 million equity raise in July 2025, plus potential new warrant proceeds that could extend its cash runway.

These include additional regulatory decisions, ongoing cash burn and fundraising needs, the continued pace of domestic ANKTIVA sales, and the company’s ability to deliver on large late-stage trial commitments for new indications. Heavy net losses and a substantial cash burn mean financial discipline will be key as ImmunityBio navigates commercialization and pipeline growth. ImmunityBio does not currently pay a dividend.

Revenue and net income presented using U.S. generally accepted accounting principles (GAAP) unless otherwise noted.

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