ImmunityBio Shares Surge to Three-Year High on Revenue Beat

The company’s stock jumped 18% to $10.26 during morning trading, having earlier touched a 52-week peak of $11.00. This rally underscores a period of intense growth for the clinical-stage biotech, which has seen its share price more than quadruple over the past 12 months. ImmunityBio posted quarterly revenue of $38.3 million, a five-fold increase that exceeded the $37.9 million forecasted by analysts, according to FactSet data.

While top-line growth accelerated following the April 2024 approval of Anktiva, the company reported a net loss of $62 million, or 6 cents per share. This compares to a loss of $59.2 million, or 9 cents per share, in the prior-year period. The results reflect the significant costs associated with scaling a commercial immunotherapy portfolio alongside ongoing clinical development.

Strategic Expansion into Lung Cancer

Beyond the financial results, the company is pivoting toward broader therapeutic applications and international markets. Founder and Executive Chairman Patrick Soon-Shiong described the recent accelerated approval of Anktiva by the Saudi Food and Drug Authority as a "defining moment." This authorization is particularly significant as it marks the first time the drug has been cleared for lung cancer treatment, expanding its utility beyond its existing bladder cancer indications in Western markets.

With the addition of Saudi Arabia, Anktiva is now authorized in four major regulatory jurisdictions:

• The United States
• The European Union
• The United Kingdom
• Saudi Arabia

The company stated that Saudi Arabia is the first of these jurisdictions to authorize the drug for use outside of bladder cancer, signaling a potentially wider total addressable market for the immunotherapy platform.