10-K: ImmunityBio's ANKTIVA Sees Soaring Sales, Global Approvals Amidst Financial Challenges

ImmunityBio reports significant revenue growth and multiple international approvals for its lead immunotherapy ANKTIVA, while navigating substantial operating losses, ongoing legal disputes, and the need for additional financing.

Summary

• ANKTIVA, ImmunityBio's lead IL-15 receptor superagonist, achieved $113 million in net product revenue for 2025, marking an approximately 700% year-over-year increase and a 750% increase in unit sales volume compared to 2024.
• ANKTIVA received regulatory approvals in the U.S. (FDA, April 2024), UK (MHRA, July 2025), and Saudi Arabia (SFDA, January 2026) for BCG-unresponsive NMIBC CIS with or without papillary tumors.
• The European Commission granted conditional marketing authorization for ANKTIVA in the EU for BCG-unresponsive NMIBC CIS with or without papillary tumors in February 2026, expanding its reach to 33 countries.
• ANKTIVA also received conditional approval in Saudi Arabia in January 2026 for use in combination with checkpoint inhibitors (CPIs) for metastatic NSCLC, marking the first regulatory approval for an IL-15 receptor superagonist in lung cancer.
• The company reported a net loss of $351.5 million for 2025, an improvement from $413.6 million in 2024, but still carries an accumulated deficit of $3.7 billion as of December 31, 2025.
• Cash and marketable securities increased to $242.8 million as of December 31, 2025, up from $149.8 million in 2024, primarily due to equity offerings.
• ImmunityBio faces significant debt, including a $505.0 million related-party convertible promissory note and a revenue interest liability of $324.6 million.
• The FDA issued a Refuse to File (RTF) letter in May 2025 for the sBLA for BCG-unresponsive NMIBC with papillary tumors, requesting additional information or potentially a new randomized controlled trial (RCT).
• The company's Dunkirk Facility lease was amended, setting new spending targets of $55.0 million and headcount targets of 100 full-time employees by December 31, 2028, with a purchase option for $1.00 if covenants are met.
• Several legal proceedings, including shareholder derivative actions and an arbitration with Shenzhen Beike Biotechnology Co. Ltd., are ongoing or have recently been resolved, with a new CVR arbitration demand filed in November 2025 seeking $164.2 million plus interest.

Sentiment

Score: 7

Explanation: StockSavvy.ai views this as a positive report, driven by strong commercial growth for ANKTIVA and significant regulatory milestones, alongside promising clinical data. While substantial operating losses and ongoing legal challenges persist, the company's progress in market expansion and pipeline development indicates a favorable trajectory.

Positives

• Net product revenue for ANKTIVA increased by approximately 700% year-over-year to $113 million in 2025, demonstrating strong commercial momentum.
• ANKTIVA unit sales volume grew by approximately 750% in 2025 compared to 2024.
• ANKTIVA secured multiple significant regulatory approvals and conditional marketing authorizations in 2025-2026, including the U.S. (FDA), UK (MHRA), Saudi Arabia (SFDA), and EU (EMA) for BCG-unresponsive NMIBC CIS with or without papillary tumors.
• The conditional approval of ANKTIVA in Saudi Arabia for metastatic NSCLC in combination with CPIs is a first for an IL-15 receptor superagonist in lung cancer, opening a new therapeutic area.
• Clinical data for ANKTIVA in NSCLC demonstrated statistically significant immune restoration and a consistent association between lymphocyte recovery and improved survival in checkpoint-experienced patients, exceeding historical overall survival rates.
• ANKTIVA in combination with PD-L1 CAR-NK (t-haNK) received Regenerative Medicine Advanced Therapy (RMAT) designation from the FDA for advanced pancreatic cancer, highlighting its potential in difficult-to-treat indications.
• An Expanded Access Program (EAP) for ANKTIVA to treat lymphopenia in adult patients with refractory or relapsed solid tumors was authorized by the FDA.
• The partnership with Serum Institute of India Private Limited aims to address the chronic U.S. supply shortage of BCG, a critical component for ANKTIVA's NMIBC treatment.
• Early clinical data for CAR-NK therapy in non-Hodgkin lymphoma (NHL) showed durable complete responses in an outpatient setting without requiring lymphodepleting chemotherapy or causing cytokine release syndrome (CRS) or immune effector cell-associated neurotoxicity syndrome (ICANS), differentiating it from existing CAR-T therapies.
• The net loss decreased from $413.6 million in 2024 to $351.5 million in 2025, indicating an improvement in financial performance.
• Cash and marketable securities increased to $242.8 million as of December 31, 2025, providing enhanced liquidity.
• Shareholder derivative actions related to prior BLA disclosures were settled or dismissed, reducing legal overhang.

Negatives

• The company has a history of significant operating losses and an accumulated deficit of $3.7 billion as of December 31, 2025, raising substantial doubt about its ability to continue as a going concern without additional funding.
• A Refuse to File (RTF) letter from the FDA for the sBLA for BCG-unresponsive NMIBC with papillary tumors indicates a potential delay or requirement for a new randomized controlled trial (RCT) for this indication.
• The ongoing shortage of TICE BCG in the U.S. creates a market headwind for ANKTIVA's commercial launch and may impact clinical trial enrollment for BCG-naive NMIBC.
• ImmunityBio has substantial debt, including a $505.0 million related-party convertible promissory note and a revenue interest liability of $324.6 million, which could adversely affect cash flows and limit flexibility.
• The Revenue Interest Purchase Agreement (RIPA) includes restrictive covenants and a potential 'True-Up Payment' obligation if aggregate payments to Oberland do not meet Cumulative Purchaser Payments by December 31, 2029.
• Contingent Value Rights (CVRs) of $304.0 million are outstanding, contingent on ANKTIVA worldwide net sales exceeding $1.0 billion by December 31, 2026, with a significant portion ($164.2 million) potentially payable in cash to non-affiliated former Altor stockholders.
• An ongoing arbitration with Shenzhen Beike Biotechnology Co. Ltd. alleges breach of contract related to ANKTIVA materials and data, with post-hearing submissions concluded in February 2026, creating legal uncertainty.
• A new arbitration demand was filed in September 2025 by Shareholder Representative Services (SRS) on behalf of former Altor shareholders, seeking approximately $164.2 million plus over $50.0 million in interest, alleging failure to use commercially reasonable efforts to achieve FDA approval by a prior milestone date.
• The Dunkirk Facility, intended as a state-of-the-art biotech production center, has construction needs estimated to require 12-18 months to complete due to an ongoing dispute with the general contractor and a stay related to Athenex's bankruptcy proceedings.
• The company received two FDA untitled letters in September 2025 and January 2026 regarding alleged false and misleading information on its webpages concerning ANKTIVA, although responses and material removal addressed the alleged violations.
• Reliance on Dr. Soon-Shiong and affiliated entities for funding and services presents potential conflicts of interest and risks if these relationships are not maintained on commercially reasonable terms.

Risks

• Inability to successfully commercialize ANKTIVA or obtain regulatory approval for other product candidates, or experiencing delays in doing so, could materially harm the business.
• Limited experience as a commercial company may lead to unsuccessful or less successful sales, marketing, and distribution of approved products.
• Development of products in combination with other therapies (e.g., BCG) exposes the company to additional risks, including supply chain issues or revocation of approval for the co-administered therapy.
• Clinical trials may fail to adequately demonstrate the safety and efficacy of product candidates, preventing or delaying regulatory approval and commercialization.
• The ongoing shortage of TICE BCG in the U.S. may adversely impact market uptake of ANKTIVA and delay clinical trials.
• Projections regarding market opportunities for approved products and product candidates may be inaccurate, leading to smaller actual markets than estimated.
• Inability to secure strategic partnerships on acceptable terms could delay revenue or funding and impact the ability to raise additional capital.
• Interim, initial, top-line, and preliminary data from clinical trials may change as more patient data become available and are subject to audit and verification procedures.
• Product candidates may cause undesirable side effects, adverse events, or have other safety risks that could halt clinical development, delay regulatory approval, or limit commercial potential.
• The complex manufacture of approved products and product candidates may encounter difficulties in production, quality control, cGMP compliance, or scaling-up, leading to delays or increased costs.
• Reliance on sole source or limited number of vendors for reagents, specialized equipment, and other specialty materials could impair manufacturing and supply capabilities.
• Uncertainties regarding market acceptance, public opinion, and third-party reimbursement coverage for novel therapeutic approaches may adversely affect business operations.
• Product liability lawsuits could result in substantial liabilities and require limiting commercialization of approved products or product candidates.
• Significant competition from other biotechnology and pharmaceutical companies, including those with greater resources and experience, could render products obsolete or non-competitive.
• Failure to obtain or maintain orphan drug status, Breakthrough Therapy, Fast Track, or RMAT designations may hinder expedited development or market exclusivity.
• Post-marketing requirements and studies, such as the completion of the QUILT-3.032 clinical trial, could require substantial investment and limit commercial prospects.
• Inability to establish adequate sales, marketing, and distribution capabilities, especially in international markets, could hinder commercial success.
• Non-compliance with U.S. and foreign regulatory requirements, including those for medical devices (e.g., GMP-in-a-Box) and promotion of off-label uses, could lead to enforcement actions and penalties.
• Cybersecurity threats, security breaches, or other incidents affecting information systems or data could adversely affect business operations and reputation.
• Pandemics, epidemics, or outbreaks of infectious diseases could materially and adversely affect business, operations, and financial condition.
• Reliance on third parties and related parties for preclinical studies, clinical trials, manufacturing, and essential services exposes the company to performance failures and regulatory risks.
• Conflicts of interest may arise due to Dr. Soon-Shiong's significant interests in other companies, potentially impacting business opportunities or relationships with affiliates.
• Failure to meet obligations under the public-private partnership for the Dunkirk Facility could disrupt operations and planned manufacturing activities.
• Changes in U.S. patent law or their interpretation could diminish the value of patents, impairing the ability to protect product candidates.
• Claims challenging rights in patents and other intellectual property, or the inability to protect trade secrets, could harm the business and competitive position.
• Dilution of ownership interest of existing stockholders may occur from the conversion of related-party promissory notes, exercise of outstanding warrants and options, achievement of CVR milestones, and potential additional equity issuances.
• The market price of common stock has been and may continue to be volatile, making it difficult for investors to sell shares.
• Ongoing or future legal proceedings, including securities class action and shareholder derivative litigation, could result in substantial costs and diversion of management resources.
• The company is not subject to Section 203 of the DGCL, which could make it more vulnerable to takeovers without Board approval.
• Anti-takeover effects of charter documents and Delaware law could discourage acquisitions or prevent stockholders from replacing management.
• Claims for indemnification by directors and officers may reduce available funds.

Future Outlook

ImmunityBio anticipates a significant increase in research and development expenses to support label expansions for ANKTIVA in the U.S. and globally, advance its product pipeline, and execute planned clinical trials. Selling, general, and administrative expenses are also expected to rise due to commercialization expansion and increased headcount. The company plans submissions for label expansion in the MENA region for multiple tumor types in 2026 and intends to request discussions with the U.S. FDA in 2026 for an accelerated approval pathway for NSCLC. Pivotal data for BCG-naive NMIBC is expected in the second half of 2026, with a BLA submission targeted for late 2026 to early 2027. Full enrollment for the ResQ201A NSCLC Phase 3 trial is expected in the first half of 2027. The company aims to incorporate artificial intelligence and fully robotic automation to scale its cell therapy manufacturing globally and expects to require substantial additional funding to support its continuing operations.

Management Comments

• Our approach harnesses both the adaptive and innate immune systems with the goal of restoring immune function and generating lasting immunological memory in patients.
• At the core of our strategy is the Cancer BioShield platform, which is designed to stimulate critical lymphocytes, including natural killer (NK) cells, cytotoxic T cells, and memory T cells via our proprietary IL-15 superagonist, ANKTIVA.
• We aim to become a leading global immunotherapy company by developing therapies to address serious unmet needs in oncology and infectious diseases.
• We believe our partnership with Serum Institute has the potential to alleviate U.S. BCG supply constraints.
• We believe our studies have demonstrated that M-ceNK cells can be reliably manufactured, cryopreserved, and administered with acceptable safety and tolerability profiles and evidence of immune activation, supporting continued clinical development.
• We believe our Phase 1 manufacturing process is engineered to scale efficiently through all clinical-development stages to commercial production.
• We believe our strategy of selectively leveraging third-party CMOs for certain of our assets at various stages, coupled with internal development, gives us assurance that any products will have backup manufacturing options.
• We believe that our existing facilities are adequate to meet our current and future needs and that we will be able to renew existing leases and obtain additional commercial space as needed.
• We believe the claims asserted against the company lack merit (referring to the Beike arbitration and CVR arbitration).
• We believe the company exercised commercially reasonable efforts in its pursuit of FDA approval of ANKTIVA, and that the claims asserted against the company lack merit (referring to the CVR arbitration).
• We believe our existing cash and cash equivalents, and investments in marketable securities; sales of our approved product; capital to be raised through equity offerings... and our potential ability to borrow from affiliated entities will be sufficient to fund our operations through at least the next 12 months... based primarily upon our Founder, Executive Chairman and Global Chief Scientific and Medical Officer's intent and ability to support our operations with additional funds, including loans from affiliated entities, as required, which we believe alleviates such doubt.

Industry Context

StockSavvy.ai notes that ImmunityBio operates in the highly competitive biotechnology and pharmaceutical industries, focusing on immunotherapy for cancer and infectious diseases. The company's strategy addresses lymphopenia, a critical and widely unaddressed problem in oncology, by leveraging IL-15, a cytokine ranked by NIH/NCI for its cancer-curing potential, which historically has been overshadowed by IL-2. ImmunityBio's ANKTIVA is currently the only FDA-approved IL-15 receptor superagonist, giving it a unique position. The company's CAR-NK cell therapy platform aims to differentiate itself from established autologous CAR-T therapies (e.g., Novartis' KYMRIAH, Kite/Gilead's YESCARTA) by offering outpatient administration without lymphodepleting chemotherapy and avoiding severe immune-related toxicities. The ongoing BCG shortage, a significant challenge for NMIBC treatment, is being addressed by ImmunityBio's partnership with Serum Institute. The company's pipeline targets major cancer indications like lung, pancreatic, glioblastoma, and colorectal cancer, which represent substantial public health burdens. The industry faces increasing regulatory scrutiny, particularly regarding foreign manufacturing and data transfer, as well as legislative efforts to control drug pricing (e.g., IRA, MFN pricing), which could impact profitability and market access. The recent Supreme Court decision overturning the Chevron doctrine may also introduce further uncertainty in regulatory interpretations.

Comparison to Industry Standards

• ANKTIVA's median overall survival of 14.1 months in second-line metastatic NSCLC patients (pooled analysis) compares favorably to historical comparators, such as 6.1 months for any therapy post-CPI (Freeman et al., 2020) and 7.5 months for docetaxel + CYRAMZA (Brueckl et al., 2021).
• Patients achieving higher immune competence (ALC >=1.2 x 10 cells/L) with ANKTIVA in NSCLC demonstrated a median overall survival of 21.1 months, exceeding historical overall survival of 7-9 months with standard-of-care chemotherapy, independent of PD-L1 status.
• In third-to-sixth-line metastatic pancreatic cancer, ANKTIVA combination therapy achieved a median overall survival of 5.8 months, compared to historical rates of 2-3 months.
• ImmunityBio's CAR-NK therapy in NHL is being evaluated as an outpatient therapy without lymphodepleting chemotherapy, and has not observed cytokine release syndrome or immune effector cell-associated neurotoxicity syndrome, contrasting with currently approved autologous CAR-T therapies (e.g., KYMRIAH, YESCARTA, BREYANZI, ABECMA, CARVYKTI) that typically require lymphodepleting chemotherapy and inpatient hospitalization.
• ANKTIVA is currently the only FDA-approved IL-15 receptor superagonist, positioning it uniquely against other IL-15 based therapies in various stages of clinical development.

Corporate Governance

Legal Proceedings

• **Shenzhen Beike Biotechnology Co. Ltd. Arbitration**: An ongoing arbitration before the International Chamber of Commerce, International Court of Arbitration, where Beike alleges breach of contract under a license agreement, claiming ImmunityBio failed to deliver materials and data related to ANKTIVA. Post-hearing submissions concluded in February 2026. ImmunityBio believes the claims lack merit.
• **Van Luven, Barbieri and Shin Derivative Actions**: Three shareholder derivative actions filed in the U.S. District Court for the Southern District of California (October 2024 February 2025) alleging that directors and officers authorized false/misleading statements regarding third-party CMOs and ANKTIVA BLA prospects. These actions were consolidated and settled in November 2025, resulting in corporate governance reforms and attorneys' fees.
• **Carlson Derivative Action**: A shareholder derivative action filed in the Delaware Court of Chancery (November 2024) alleging that September 2023 financing transactions with Dr. Soon-Shiong and his affiliates were unfair to the company. The court granted the defendants' motion to dismiss on February 4, 2026, and the plaintiff was not provided an opportunity to amend.
• **Washington State Attorney General Investigation**: In June 2025, the company received a request from the Attorney General of the State of Washington seeking information and documents related to its relationship with Access to Advanced Health Institute (AAHI). ImmunityBio is cooperating with the investigation.
• **SRS/Altor Shareholder CVR Arbitration**: Shareholder Representative Services, LLC (SRS) filed an arbitration demand with JAMS in September 2025, asserting that ImmunityBio breached its obligations to exercise commercially reasonable efforts to achieve FDA approval of ANKTIVA by December 31, 2022. SRS seeks payment of approximately $164.2 million plus over $50.0 million in interest for former Altor shareholders not affiliated with Dr. Soon-Shiong. ImmunityBio believes the claims lack merit.

Related Party Transactions

• **Related-Party Convertible Note Payable**: A $505.0 million convertible promissory note is held by Nant Capital, an entity affiliated with Dr. Soon-Shiong (Founder, Executive Chairman, Global Chief Scientific and Medical Officer). The note matures on December 31, 2027, bears interest at Term SOFR plus 8.0% per annum, and is convertible into common stock at $5.4270 per share. An amendment on January 23, 2026, allows for partial conversion.
• **Revenue Interest Purchase Agreement (RIPA)**: Entered into with Infinity SA LLC and Oberland Capital Management LLC (Oberland), with Oberland being affiliated with Dr. Soon-Shiong. Oberland acquired Revenue Interests for a gross purchase price of $300.0 million. ImmunityBio is obligated to make quarterly Revenue Interest Payments based on worldwide net sales (excluding China), with tiered percentages ranging from 4.5% to 10.0%. The agreement includes a potential 'True-Up Payment' if aggregate payments do not meet Cumulative Purchaser Payments by December 31, 2029, and contains restrictive covenants.
• **Contingent Value Rights (CVRs)**: Approximately $304.0 million in contingent consideration is owed to former Altor stockholders if ANKTIVA's calendar-year worldwide net sales exceed $1.0 billion prior to December 31, 2026. Dr. Soon-Shiong and his related party hold approximately $139.8 million of these CVRs and have irrevocably agreed to receive shares of common stock; however, other former stockholders may demand cash payment for their portion ($164.2 million).
• **NantWorks, LLC Shared Services Agreement**: NantWorks, an entity controlled by Dr. Soon-Shiong, provides corporate, general, administrative, and certain R&D support services to ImmunityBio. In 2025, ImmunityBio recorded $2.1 million in selling, general, and administrative expenses and $0.8 million in R&D expense reimbursements under this agreement.
• **Facility License Agreement with NantWorks, LLC**: ImmunityBio leases office space in Culver City, California, from NantWorks. In 2025, license fee expense for this facility totaled $3.6 million in R&D expenses.
• **Related-Party Leases**: ImmunityBio leases facilities in El Segundo, CA, and Culver City, CA, from entities controlled by NantWorks and its affiliates. Operating lease expense for these related-party leases totaled $4.6 million in 2025.
• **Immuno-Oncology Clinic, Inc. (The Clinic)**: The Clinic, owned by an officer of ImmunityBio and managed by NantWorks, conducts clinical trials for ImmunityBio's product candidates. In 2025, ImmunityBio recorded $2.9 million related to clinical trial and transition services from The Clinic.
• **Related-Party Warrants**: 1,638,000 warrants were issued to an affiliate of Dr. Soon-Shiong with an exercise price of $3.24 per share, contingent on building manufacturing capacity for ANKTIVA.

Stakeholder Impact

• **Shareholders**: Face potential dilution from the conversion of related-party debt, exercise of outstanding warrants and options, and the satisfaction of CVRs. The market price of common stock may remain volatile due to financial performance, regulatory outcomes, and legal proceedings. The company's controlled status by Dr. Soon-Shiong limits the influence of other stockholders.
• **Patients**: Stand to benefit from increased access to ANKTIVA due to global regulatory approvals and efforts to mitigate the BCG supply shortage. The ongoing development of a broad pipeline of immunotherapies offers potential new treatment options for various cancers and infectious diseases.
• **Employees**: The company's growth and expansion plans, particularly in manufacturing and commercialization, indicate potential for new hires and career development opportunities. Headcount targets for the Dunkirk Facility are a specific commitment to job creation.
• **Creditors (e.g., Oberland, Nant Capital)**: The Revenue Interest Purchase Agreement and related-party promissory notes represent significant financial obligations. Oberland's security interest in substantially all assets and potential 'True-Up Payment' provide a degree of protection, but also expose the company to stringent covenants.
• **Suppliers and Contract Manufacturing Organizations (CMOs)**: Continued reliance on third-party CMOs for manufacturing ANKTIVA and other product candidates means these partners are critical to the company's supply chain and regulatory compliance. Any failures by these parties could impact product availability.
• **Regulatory Authorities (e.g., FDA, EMA)**: The company is subject to ongoing scrutiny and post-marketing commitments for ANKTIVA. Responses to RTF letters and untitled letters, along with compliance with cGMP and other regulations, are crucial for maintaining approvals and advancing the pipeline.

Next Steps

• Complete the QUILT-3.032 clinical trial and submit the final report to the FDA by the end of 2029 as part of post-marketing commitments.
• Provide additional information to the FDA to support a potential filing and review of the sBLA for BCG-unresponsive NMIBC with papillary tumors.
• Await a decision from the NCCN in late Q1 or early Q2 2026 regarding the expansion of BCG-unresponsive NMIBC guidelines to include papillary-only disease.
• Initiate commercial launch of ANKTIVA in Saudi Arabia for metastatic NSCLC within 60 days of January 2026.
• Pursue label expansion plans for ANKTIVA in the MENA region for multiple tumor types during 2026.
• Request discussions with the U.S. FDA in 2026 for a potential accelerated approval pathway for NSCLC.
• Achieve full enrollment in Cohort A of the BCG-naive NMIBC (QUILT-2.005) trial in Q2 2026.
• Anticipate pivotal data readout for BCG-naive NMIBC in the second half of 2026.
• Target BLA submission for BCG-naive NMIBC for late 2026 to early 2027.
• Expect full enrollment for the ResQ201A (NSCLC Phase 3) trial in the first half of 2027.
• Initiate several planned clinical trials targeting pancreatic cancer, including ResQ108B-PANC and a randomized first-line metastatic pancreatic cancer trial.
• Plan a randomized Phase 3 colorectal trial (ResQ203D-CRC) in patients undergoing resection/ablation of colorectal metastases.
• Initiate a new second-line or greater randomized TNBC trial.
• Initiate a single arm trial in relapsed multiple myeloma.
• Plan to initiate a randomized second-line or greater HCC trial.
• Continue to improve workflow and manufacturing techniques and incorporate increased artificial intelligence and fully robotic automation for cell therapies.
• Evaluate expansion plans for CAR-NK and M-ceNK manufacturing capacity in the U.S. and globally.
• Complete construction needs at the Dunkirk Facility, estimated to take 12 to 18 months.
• Meet Dunkirk Facility spending targets of $55.0 million and headcount targets of 100 full-time employees by December 31, 2028.
• Exercise the option to purchase the Dunkirk Facility for $1.00 on January 1, 2028, or January 1, 2029, if covenants are met.
• Continue to work with the FDA to address the U.S. BCG shortage through the rBCG EAP and the ResQ133A-NMIBC clinical trial.
• Nant Capital may convert any portion of the outstanding principal amount of the $505 million December 2024 Promissory Note into common stock at any time prior to its maturity date.

Key Dates

Recommendation

ImmunityBio demonstrates significant progress with ANKTIVA's commercialization and global regulatory approvals, coupled with promising clinical data across its pipeline. The reduction in net loss and increase in cash are positive indicators. However, the company faces substantial financial challenges, including a large accumulated deficit, significant debt, and ongoing doubt about its ability to continue as a going concern without further funding. The FDA's RTF letter for a key indication and ongoing legal disputes add uncertainty. While there is clear upside potential from its innovative immunotherapy platform, the financial and regulatory risks warrant a cautious 'hold' stance for investors until there is clearer visibility on sustained profitability and resolution of major contingencies.

Keywords

ImmunityBio, IBRX, ANKTIVA, immunotherapy, oncology, NMIBC, NSCLC, bladder cancer, lung cancer, IL-15 superagonist, CAR-NK, cell therapy, vaccines, lymphopenia, FDA approval, regulatory approval, biotechnology, pharmaceutical, clinical trials, SEC filing, 10-K, financial results, debt, capital raise, Dunkirk Facility, related party transactions, legal proceedings