Shares of ImmunityBio Inc. (IBRX) are having a good day. The biotech company reported some seriously impressive revenue numbers for the first quarter, and the market is rewarding it. The stock is up, even though there's a bit of a regulatory cloud hanging over the company from a recent FDA warning.
Here's the simple story: ImmunityBio makes a cancer drug called Anktiva. Doctors are using it more, the company is selling more of it, and that means revenue is shooting up. The stock has nearly tripled over the past year. Sometimes, the math in biotech really is that straightforward.
When Revenue Jumps 168%, People Notice
Let's talk numbers. For the first quarter of 2026, ImmunityBio reported preliminary net product revenue of approximately $44.2 million. That's not just a little bump—it's a massive 168% increase compared to the same quarter last year. That kind of growth gets investors' attention.
The company also finished the quarter with an estimated $380.9 million in cash and equivalents. In the expensive world of drug development, having a solid war chest is never a bad thing.
The driver here is Anktiva. The drug is now approved or authorized across five different regulatory jurisdictions, which covers about 34 countries. The company also highlighted that for the full fiscal year 2025, unit sales volume for Anktiva skyrocketed 750% compared to 2024. On the clinical side, a key trial for bladder cancer is fully enrolled, and the company is on track to submit a supplemental application to regulators in 2026.
The Executives Are (Understandably) Optimistic
When your main product is selling like hotcakes, you get to sound confident. "Anktiva's continued momentum reflects growing physician adoption and disciplined commercial execution," said Richard Adcock, President and CEO of ImmunityBio. "Following strong growth in 2025, we are focused on scaling in the U.S. and expanding across an increasing number of global markets."
Patrick Soon-Shiong, the company's Founder and Executive Chairman, echoed that sentiment: "The sustained momentum of Anktiva reflects its growing commercial adoption... and feedback from treating urologists has been consistently positive."
But Wait, There's an FDA Letter
Now for the part that's a little less fun. Recently, the U.S. Food and Drug Administration sent ImmunityBio a warning letter. The FDA's allegation is pretty serious: that the company made unsupported claims suggesting Anktiva could cure or prevent cancer and that it was effective for uses beyond its approved indication, including as a treatment for multiple cancers and as a standalone therapy.
In the world of drug marketing, you can't just say whatever you want. Promotional claims have to stick very closely to what the FDA has actually approved based on clinical trial data. Straying from that script can get you in trouble.
ImmunityBio isn't ignoring the warning. The company says it has initiated a comprehensive review of all its promotional materials and external communications with its legal and regulatory teams. The response includes mandatory training for executives, expanding the protocols of its internal review committee, and bringing in outside regulatory lawyers to audit future high-profile communications.
It's the kind of cleanup operation you have to do when the regulator calls you out.
IBRX Stock Price Activity: Despite that regulatory speed bump, the market's focus was squarely on the growth story Thursday. ImmunityBio shares were up 7.02% at $7.47 at the time of publication.
