ImmunityBio

What ImmunityBio does

ImmunityBio is a publicly traded late-stage clinical-stage biotechnology company (NASDAQ: IBRX) developing multi-modal immunotherapies that engage both innate and adaptive immune responses. The company is controlled by founder and Executive Chairman Dr. Patrick Soon-Shiong through the NantWorks conglomerate ecosystem. Its core technology centers on ANKTIVA (nogapendekin alfa inbakicept), the first and only FDA-approved IL-15 receptor agonist (approved April 2024), which stimulates NK cells, CD4+ and CD8+ T cells, and memory T cells without expanding immunosuppressive T-reg cells. ANKTIVA is approved for use with BCG in BCG-unresponsive non-muscle invasive bladder cancer (NMIBC) with CIS, with a supplemental BLA pending for papillary disease (PDUFA January 6, 2027). The proprietary platform also includes the NK-92 cell line (originated in 1992) and engineered variants (aNK, haNK, t-haNK, PD-L1 t-haNK, ceNK, M-CENK), adenovirus-vectored vaccines (hAd5, Tri-Ad5, IBRX-042), and recombinant BCG (rBCG).

ImmunityBio's pipeline spans BCG-unresponsive bladder cancer, NSCLC (Phase 3 ResQ201A, QUILT-2.023, QUILT-3.055), pancreatic cancer (RMAT-designated ANKTIVA + PD-L1 t-haNK for lymphopenia reversal), glioblastoma, HIV, HPV-associated cancers, Lynch Syndrome, NHL, and ovarian cancer, with over 1,800 participants in clinical trials and more than 3 trillion NK cells manufactured. The company generated FY2025 net product revenue of $113 million (700% YoY growth) and Q1 2026 revenue of $44.2 million (168% YoY), with $380.9 million in cash and marketable securities as of Q1 2026 quarter end. ANKTIVA is commercially available in approximately 34 countries across five major regulatory jurisdictions, with U.S. direct field sales to urologists and oncologists supplemented by regional distribution partnerships (Biopharma and Cigalah Healthcare in MENA, separate EU partnership, Irish subsidiary, UK distribution, and Asia-Pacific expansion).

The business model is a hybrid of direct-to-provider product sales and partnership-based international distribution, with financing from non-dilutive royalty structures (Oberland Capital, $375M total committed) alongside equity and debt from founder-affiliated Nant entities. The company faces a March 2026 FDA Warning Letter regarding misleading promotional claims and carries approximately $1.52 billion in debt against $205.2 million cash (pre-April 2026 financing), creating material balance-sheet risk despite the hyper-growth revenue trajectory.

Name

ImmunityBio

Legal name

ImmunityBio, Inc.

Website

https://immunitybio.com

Company type

Public

Founded year

2015

Operating status

Operating

Headcount range

501–1,000 employees

Short description

ImmunityBio is a publicly traded clinical-stage biotechnology company developing multi-modal immunotherapies, with FDA-approved ANKTIVA (IL-15 receptor agonist) for BCG-unresponsive bladder cancer and a pipeline spanning NSCLC, pancreatic cancer, and infectious diseases, sold to healthcare providers across approximately 34 countries.

Ownership category

akta.pro rank

Product category

Cancer Immunotherapy Biologics

NAICS

Biological Product (except Diagnostic) Manufacturing (325414), Pharmaceutical Preparation Manufacturing (325412)

SIC

Biological Products, (No Disgnostic Substances) (2836), Pharmaceutical Preparations (2834)

akta.pro primary industry

NK Cell Therapies (HLAAABAD)

akta.pro secondary industries

Cytokines, Interferons & Immunomodulatory Proteins (HLAAAAAC), Vaccine Technology Platforms (mRNA, viral vector, protein subunit, inactivated/live-attenuated, VLP, DNA) (HLAAAEAD), Therapeutic Vaccines (e.g., Cancer/Chronic Infection) (HLAIAEAG)

Keywords

• Cancer immunotherapy
• NK cell therapy
• IL-15 receptor agonist
• Bladder cancer treatment
• Immuno-oncology biologics

Headquarters

HQ city

San Diego

HQ country

United States

HQ region

North America

Offices1 record

Markets served

GTM type

B2B

Offering type

Hardware or Manufacturing

Cost components

Technology or R&D, Personnel, Operations, Marketing or Sales, Supply Chain

Revenue model

1. ANKTIVA Product Sales: Net product revenue from commercial sales of FDA-approved ANKTIVA (nogapendekin alfa inbakicept-pmln) for BCG-unresponsive NMIBC. Q1 2026 net product revenue: $44.2 million (168% YoY growth). Full-year 2025 net product revenue: $113 million (700% increase over 2024's $14.7 million).
2. Royalty and Milestone Payments: Oberland Capital financing structured as royalty financing with contingent funding based on regulatory milestones, in addition to equity components.

Go-to-market motion3 records

Distribution channels5 records

Marketing channels6 records

Core offering

ImmunityBio develops and commercializes multi-modal immunotherapies led by ANKTIVA (nogapendekin alfa inbakicept), the first FDA-approved IL-15 receptor agonist, approved April 2024 for BCG-unresponsive non-muscle invasive bladder cancer (NMIBC) with CIS. The company also develops engineered off-the-shelf NK cell therapies (PD-L1 t-haNK, CD19 t-haNK, haNK, ceNK, M-CENK) derived from its proprietary NK-92 cell line, adenovirus-vectored therapeutic vaccines (IBRX-042, Tri-Ad5), and recombinant BCG to address oncology and infectious disease indications.

Product overview

ImmunityBio is a clinical-stage immunotherapy company developing a multi-modal platform targeting both innate and adaptive immune responses for cancer and infectious diseases. The core product is ANKTIVA (nogapendekin alfa inbakicept, also known as N-803), an IL-15 receptor agonist approved for BCG-unresponsive non-muscle invasive bladder cancer. The company's cell therapy portfolio includes off-the-shelf NK cell products (PD-L1 t-haNK, CD19 t-haNK, haNK, ceNK, M-CENK) derived from the proprietary NK-92 cell line, engineered for enhanced tumor targeting and immune activation. Vaccine candidates include IBRX-042 for HPV-associated cancers and Tri-Ad5 for Lynch syndrome. The company is also developing rBCG (recombinant Bacillus Calmette-Guérin) to address supply shortages. The platform aims to create durable immune responses through NK cell activation, T cell proliferation, and immunological memory.

Differentiator

Problem solved

Functional benefit

Brands

• ANKTIVA: FDA-approved IL-15 receptor agonist immunotherapy (nogapendekin alfa inbakicept-pmln) for BCG-unresponsive non-muscle invasive bladder cancer. Also known as N-803 or NAI.
• NANT Cancer Vaccine
• BioShield
• NK-92

Products and services

• ANKTIVA (nogapendekin alfa inbakicept) FDA-approved IL-15 receptor superagonist complex (also known as N-803) that stimulates proliferation and activation of NK cells, CD4+ and CD8+ T cells, and memory T cells without expanding immunosuppressive T-reg cells. Indicated for adult patients with BCG-unresponsive NMIBC with CIS. Administered intravesically with BCG by urologists and oncologists.
• PD-L1 t-haNK Off-the-shelf, genetically engineered cryopreserved NK cell therapy that targets PD-L1 via a chimeric antigen receptor (CAR) and incorporates a high-affinity CD16 receptor for enhanced antibody-dependent cellular cytotoxicity (ADCC). GMP-grade product candidate.
• CD19 t-haNK CAR-directed NK cell therapy targeting CD19 for treatment of B-cell non-Hodgkin lymphoma, engineered to kill through innate, antibody-mediated, and CAR-directed mechanisms.
• haNK (High-Affinity NK) Natural killer cells engineered with high-binding affinity CD16 receptor for enhanced antibody-dependent cellular cytotoxicity when combined with therapeutic antibodies.
• ceNK (Cytokine-Enriched NK) Cytokine-induced memory-like NK cells with enhanced immune responses and unique cell-surface marker profile for potential cancer and infectious disease applications.
• M-CENK (Memory Cytokine-Enhanced NK) Memory cytokine-enhanced natural killer cells being evaluated in combination with N-803 and gemcitabine for recurrent platinum-resistant high-grade ovarian cancer.
• IBRX-042 (HPV Vaccine) Therapeutic vaccine using human adenovirus serotype 5 (hAd5) delivering HPV E6/E7 proteins for treatment of HPV-associated tumors including cervical, oropharyngeal, and other cancers; delivered subcutaneously.
• Tri-Ad5 Vaccine Cancer vaccine combining hAd5 CEA/MUC1/brachyury antigens with N-803 for prevention and treatment of cancers in Lynch syndrome patients.
• rBCG (Recombinant Bacillus Calmette-Guérin) Recombinant form of BCG developed to address the ongoing BCG shortage in the United States, designed for improved safety and immune activation. Available through Expanded Access Program and clinical trials.
• NK-92 Cell Line Licensing The original NK-92 natural killer cell line established in continuous culture in 1992, available for licensing through Brink Biologics for non-clinical research and clinical applications.

Quantifiable outcome

• 49.6% complete response rate with ANKTIVA + BCG vs. 45.9% for TAR-200 in BCG-unresponsive NMIBC CIS
• +7 more outcomes

Named customers1 record

Segments3 records

Ideal customer profiles3 records

Technology focussed Yes

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature7 records

Partnerships

Five partnerships are on record, tiered minor and core.

• Fight Bladder CancerminorOthers · 17 May 2026UK-based patient advocacy organization partnered with ImmunityBio for ISPOR 2026 survey study on treatment preferences among 86 UK adults with BCG-unresponsive high-risk NMIBC. Study found patients prioritize bladder preservation and clinical effectiveness over radical cystectomy.
• Japan BCG LaboratorycoreStrategic or Co-development Partner · 16 May 2026Exclusive U.S. Development and Supply Agreement for Tokyo-172 BCG strain. Positions ImmunityBio as the sole U.S. BLA applicant. Supported by positive Phase III data (SWOG S1602) demonstrating non-inferiority vs. TICE BCG (64% vs. 58% 5-year recurrence-free survival). Addresses chronic US BCG shortage.
• Biopharma and Cigalah HealthcarecoreChannel Partner/ Reseller/ Distributor · 1 February 2026MENA (Middle East and North Africa) distribution partners for ANKTIVA. Saudi Arabia commercial launch achieved within two months of partnership announcement. Initial patients identified and receiving treatment. Expansion planned across the broader MENA region.
• Serum Institute of IndiacoreStrategic or Co-development PartnerPartnership for recombinant BCG (rBCG) supply to address the over-decade-long BCG shortage in the United States. rBCG developed as an innovative version of traditional BCG with potential improved safety and immune activation. Phase III SWOG S1602 trial data supports regulatory pathway.
• Various academic and clinical institutions (Avera, Cleveland Clinic, Hoag, Miami Cancer Institute, MD Anderson, Sylvester Cancer Center, UCSF, Washington University)minorStrategic or Co-development PartnerClinical trial investigator partnerships across multiple cancer centers including Avera, Cleveland Clinic, Hoag Memorial, Miami Cancer Institute, MD Anderson, Sylvester Cancer Center, UCSF, and Washington University in St. Louis for conducting QUILT and other clinical trials.

Scale indicators12 records

Recent moves6 records

Expansion highlights5 records

Direct peers

• CG Oncology: CG Oncology is developing cretostimogene grenadenorepvec, a directly competing intravesical gene therapy for BCG-unresponsive NMIBC, sharing the same target indication, clinical setting, and prescribing specialist base as ANKTIVA.
• Ferring Pharmaceuticals: Ferring commercializes nadofaragene/FerGene for BCG-unresponsive NMIBC, serving the same urologist customer base as ANKTIVA. Nadofaragene serves as the primary benchmark referenced in ImmunityBio's clinical data comparisons.
• Johnson & Johnson (Janssen): J&J's TAR-200 intravesical releasing erdafitinib is the closest head-to-head competitor for BCG-unresponsive NMIBC, with comparable CR rates that ImmunityBio benchmarks against in its commercial and ASCO/AUA datasets.
• Nkarta Therapeutics: Nkarta is a clinical-stage NK cell therapy company developing allogeneic CAR-NK candidates, overlapping directly with ImmunityBio's NK-92-derived haNK/t-haNK platform technology and oncology pipeline.
• Fate Therapeutics: Fate develops iPSC-derived off-the-shelf NK cell therapies, directly comparable to ImmunityBio's NK-92-derived PD-L1 t-haNK, CD19 t-haNK, and ceNK platforms in terms of mechanism, scalability, and oncology indications pursued.

Emerging players

• Allogene Therapeutics: Allogene is pioneering allogeneic, off-the-shelf CAR-T cell therapies with comparable manufacturing and cryopreserved delivery model to ImmunityBio's engineered NK cell products, targeting overlapping hematologic and solid tumor indications.
• Adaptimmune Therapeutics: Adaptimmune develops engineered T-cell therapies (including SPEAR T-cells) for solid tumors, operating in adjacent adoptive cell therapy space with comparable cancer immunotherapy positioning.
• Nektar Therapeutics: Nektar is pursuing IL-15 and IL-2 pathway agonists for oncology and immunology, providing a comparable cytokine-engineering approach to ANKTIVA's IL-15 receptor superagonist mechanism.

Broad incumbents

• Merck & Co. Merck's Keytruda is approved in BCG-unresponsive NMIBC (pembrolizumab) and is being studied in combination with ANKTIVA in NSCLC. As the dominant checkpoint inhibitor franchise, Merck shapes combination strategy and competitive context for ANKTIVA across indications.
• Bristol-Myers Squibb: BMS operates an extensive immuno-oncology portfolio (Opdivo, Yervoy) and cell therapy franchise (Breyanzi, Abecma) that competes with and complements ImmunityBio's NK/T-cell mechanisms across NSCLC, lymphopenia reversal, and broader solid tumor indications.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks6 records

Key highlights7 records

Customer concentration

• Xx.com/immunitybio
• Facebookfacebook.com/ImmunityBio1
• LinkedInlinkedin.com/company/immunitybio

Revenue estimate

Valuation estimate

Number of profiles

Profiles10 records

Subsidiaries1 record

Funding overview

Funding rounds16 records

Investors2 records

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A3 records

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about ImmunityBio