ImmunityBio, Inc.
ImmunityBio, Inc. is a U.S. biotechnology company developing and commercializing immunotherapies that activate both the innate and adaptive immune systems. Its core platform centers on ANKTIVA® (nogapendekin alfa inbakicept) and a broader Cancer BioShield portfolio that includes NK-cell therapies, adenovirus-vectored vaccines, and other immunomodulators aimed at cancer and infectious disease.
Fiscal year 2025 · change from previous year
Development 2020–2025
Business
Share of revenueApproved and marketed oncology immunotherapy centered on ANKTIVA for commercial use.
Development programs including NK-cell therapies, vaccines, and other immunomodulators.
Non-exclusive license agreements and licensed technology monetization.
Sale of bioreactors and related consumables used in research and manufacturing.
Products
Reported · share of revenue- Products99.7 %
- Other0.3 %
Source: 10-K FY2025, revenue the company reports per product line (SEC XBRL). Shares are of the lines shown and add up to 100 %.
Customers
ImmunityBio sells primarily to healthcare providers and institutions that administer oncology therapies, including clinics, hospitals, infusion centers, and government entities. Its commercial product is distributed through specialty distributors and a specialty pharmacy provider, while earlier-stage revenue has also come from licensing partners and buyers of bioprocessing equipment and consumables.
Clinics, hospitals, and infusion centers that buy ANKTIVA to treat eligible cancer patients and need specialty distribution support.
Channel partners that handle stocking and delivery of the approved product into care settings.
Public-sector and institutional purchasers that access the commercial product through contracted specialty channels.
Partners that license cell lines, know-how, or other intellectual property and generate non-product revenue.
Customers buying bioreactors and consumables for research, development, or manufacturing use.
Strategy
ImmunityBio is building a commercial oncology franchise around ANKTIVA while advancing a broader universal Cancer BioShield platform. Near term, the company is focused on scaling U.S. sales, expanding market access, and using its manufacturing footprint and third-party CMOs to support supply and future product launches.
The approved product is the main near-term revenue driver and validates the platform.
Commercial supply and future pipeline launches depend on reliable, scalable production.
Long-term value depends on converting the broader platform into additional approved products.
Geography
Q2/2026The company is headquartered in the United States and its current commercial buildout is centered there, including manufacturing, distribution, and initial sales infrastructure. Management also describes active global expansion efforts, with clinical trial applications for ResQ201A submitted or planned in the EU, UK, Canada, and Asia, which broadens regulatory and execution risk beyond the U.S.
Share of the revenue the company reports by geography.
Risks
The company remains highly dependent on a single approved product while most of its pipeline is still clinical-stage, so execution on commercialization and development is critical. It also faces financing, manufacturing, regulatory, and intellectual-property risks that are typical for biotech but amplified by its need to scale a new commercial platform and fund global trials.
- Need for additional financingImpact: HighLikelihood: High
Commercialization, manufacturing buildout, and clinical trials require substantial cash before the business reaches durable scale.
Exposure: Operating funding and dilution
- Regulatory and clinical development riskImpact: HighLikelihood: High
Pipeline programs require successful trials and approvals in multiple jurisdictions, which may not be achieved on schedule or at all.
Exposure - Dependence on a single approved productImpact: HighLikelihood: Medium
The company has one commercial product and a broad clinical pipeline, so any setback in ANKTIVA uptake would materially affect revenue and credibility.
Exposure: Commercial oncology franchise
- Manufacturing and supply constraintsImpact: HighLikelihood: Medium
Shelf life, comparability, and facility obligations can affect product availability and delay changes in production sources.
Exposure: ANKTIVA supply and future product launches
- Intellectual property and licensing obligationsImpact: MediumLikelihood: Medium
The company relies on licensed technology and may owe milestones and royalties that reduce economics.
Exposure: GlobeImmune and other IP arrangements
- Cybersecurity and third-party operational riskImpact: MediumLikelihood: Medium
Clinical, manufacturing, and shared-service systems depend on external vendors and are exposed to cyberattacks and outages.
Exposure
Accounting
Judgemental itemsProduct sales are recognized when control transfers, but net revenue depends on estimates for rebates, chargebacks, discounts, and returns.
Impact: Can materially affect quarterly revenue and gross-to-net trends
License agreements may require future milestone payments and royalties tied to development and sales outcomes.
Impact: Affects liabilities, cash flow, and long-term product economics
The Dunkirk facility includes large operational spending commitments over the lease term.
Impact: Creates significant future cash obligations and execution risk
Management must estimate future revenue, operating expenses, and financing needs in a volatile commercialization cycle.
Impact: Can cause meaningful period-to-period changes in reported results
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Last updated: 24/09/2026