ImmunityBio Shares Soar On 700 Percent Revenue Surge

ImmunityBio, Inc. (NASDAQ: IBRX) has taken the biotechnology world by storm in early 2026, posting a revenue surge and a stock rally that have both investors and cancer patients taking notice. The company’s lead immunotherapy, ANKTIVA, has driven a remarkable transformation in both its financials and its clinical reputation, with a 700% year-over-year revenue jump and a series of regulatory and trial milestones that point to a potentially broader impact in cancer care.

The numbers are nothing short of eye-popping. According to a company press release cited by InvestingPro and Streetinsider, ImmunityBio reported preliminary 2025 net product revenue of approximately $113 million for ANKTIVA, its flagship bladder cancer drug. That’s a 700% increase compared to 2024. The fourth quarter alone delivered $38.3 million in revenue, marking a 20% rise from the previous quarter and a staggering 431% increase from the same period a year earlier. The company expects to finish 2025 with roughly $242.8 million in cash and marketable securities, providing a solid runway for further development and commercialization efforts.

This meteoric growth hasn’t gone unnoticed on Wall Street. ImmunityBio’s stock closed at $5.52 on January 16, 2026, after surging nearly 40% in a single trading session and swinging between $4.09 and $6.44 on a day of heavy volume—roughly 182 million shares changed hands, as reported by New York Stock Exchange data. The stock has climbed approximately 130% since the start of the year, setting a new 52-week high and outperforming much of the sector. Analysts covering the company have set an average price target of $10.40, implying a potential upside of 163% from the previous day’s close, according to FactSet.

What’s driving this surge? The answer lies in both the commercial uptake of ANKTIVA and a string of clinical and regulatory wins. Earlier in January, Saudi Arabia’s Food and Drug Authority granted the first global regulatory approval outside the United States for ANKTIVA, allowing its use in metastatic non-small cell lung cancer. This approval, as highlighted by InvestingPro and el-balad.com, opens a new international market for the drug, offering a chemotherapy-free immunotherapy option for patients in Saudi Arabia. The Saudi FDA also approved ANKTIVA for BCG-unresponsive non-muscle invasive bladder cancer, expanding its reach beyond its initial U.S. approval in April 2024.

Clinical progress has been equally robust. ImmunityBio’s randomized registrational QUILT-2.005 trial for BCG-naïve non-muscle-invasive bladder cancer has surpassed 85% enrollment, with full enrollment expected by the second quarter of 2026. The company plans to submit a Biologics License Application (BLA) to the U.S. Food and Drug Administration by year’s end. An interim analysis requested by the FDA showed that ANKTIVA, when combined with BCG, significantly prolonged the duration of complete response compared to BCG alone. At nine months, 84% of patients receiving the combination therapy maintained a complete response, versus just 52% for those on BCG alone—a difference that reached statistical significance (p=0.0455).

Patrick Soon-Shiong, ImmunityBio’s founder and executive chairman, called the results "encouraging and consistent with findings in the approved BCG-unresponsive setting, where the duration of complete response has exceeded 47 months." These findings, as reported by Stock Titan and Fast Edgar, have bolstered confidence in ANKTIVA’s potential to expand its label and reach more patients earlier in their treatment journey.

ImmunityBio’s pipeline extends beyond bladder cancer. The QUILT-106 trial for Waldenström's lymphoma has shown early promise, with patients receiving a combination of off-the-shelf CD19 CAR-NK cell therapy and rituximab achieving complete responses lasting up to 15 months. The company’s chief medical officer for liquid tumors and cell therapy, Lennie Sender, noted that all treatments were outpatient and no serious adverse events have been reported to date.

The company is also making moves to address supply chain issues in the cancer treatment landscape. With ongoing shortages of TICE BCG, the standard therapy for bladder cancer, ImmunityBio’s Expanded Access Program for recombinant BCG is progressing, and the company has requested consultations with the FDA regarding its use as an alternative supply source. This could further cement ImmunityBio’s role as a key player in bladder cancer therapy.

Major investors have taken notice. Hedge funds such as Renaissance Technologies and Citadel Advisors positioned themselves early, with Citadel increasing its stake by over 40% in the third quarter of 2025, according to el-balad.com and filmogaz.com. Their moves were based on anticipated commercial success, not just clinical trial speculation—a sign that sophisticated investors see ImmunityBio’s growth as more than a flash in the pan.

Despite the optimism, ImmunityBio remains a speculative play in the eyes of some market watchers. The company is still unprofitable, and the latest sales and trial data are preliminary. Delays in enrollment, regulatory responses, or manufacturing could quickly shift the narrative. As Stock Titan and Streetinsider point out, the biotech sector is notorious for its volatility, and ImmunityBio’s rapid ascent has already drawn attention from both buyers and sellers looking to capitalize on price swings.

Still, the company’s rapid scaling of ANKTIVA sets it apart from other oncology drugs that often face slow, uphill battles for market adoption. The shift in focus from the risks of trial outcomes to the pace of revenue generation marks a significant turning point for ImmunityBio. As CEO Richard Adcock put it, "accelerating adoption" of ANKTIVA could reshape the company’s revenue trajectory—and perhaps the broader market for cancer immunotherapies.

With full enrollment in key trials on the horizon, new international approvals, and a swelling cash balance, ImmunityBio is poised for a pivotal year. Investors, clinicians, and patients alike will be watching closely to see if the company can sustain its momentum and deliver on the promise of its innovative therapies.