ImmunityBio revenue rises 53% as losses and spending expand

By Daniel Okafor

ImmunityBio reported $48.7 million in third-quarter 2026 net product revenue, up 53% year over year. The company linked the increase to wider adoption of ANKTIVA among U.S. urologists.

What is driving the revenue increase?

ImmunityBio reported $143.6 million in net product revenue for the first nine months of 2026. The figure marked a 92% year-over-year increase. It also exceeded the $113 million generated during all of 2025.

That nine-month total has already passed the prior full-year result. The comparison shows the scale of ANKTIVA's expansion, although the company still carries a much heavier research, commercial, and financing commitment.

Revenue growth did not translate into lower losses. The same quarter showed higher research spending, higher commercial spending, and a wider net loss attributable to common shareholders.

What did the balance sheet and expense lines show?

ImmunityBio ended September with $334.3 million in cash, cash equivalents, and marketable securities. Its operating costs also rose as the company expanded commercial and clinical activity.

ImmunityBio reported these expense increases:

• Research and development expense reached $71.5 million, up from $51.2 million.
• Selling, general, and administrative expense reached $54 million, up from $36.3 million.

ImmunityBio said the higher selling, general, and administrative expense accompanied expanded commercial and clinical activity. The company continues to spend heavily on trials, commercialization, and financing. Those outlays accompanied the label expansion and the start of European treatment.

The company is spending on that expansion while adoption continues among U.S. urologists. That makes adoption and reimbursement central to the commercial outcome, rather than secondary details.

Why did the losses widen?

ImmunityBio reported a net loss attributable to common shareholders of $184.6 million, compared with $67.3 million. The company said the increase primarily reflected noncash fair-value changes involving a related-party convertible note and warrant and derivative liabilities.

Higher interest, research, and commercial expenses also added to the loss. Adjusted net loss widened to $97.9 million from $72.4 million.

The two loss measures point to different layers of pressure. Noncash valuation changes widened the GAAP result without representing cash outflows. The adjusted loss also rose, so the pressure was not confined to valuation accounting. ImmunityBio said continued growth must offset the larger expense base.

What changed in the ANKTIVA label?

ImmunityBio expanded the U.S. label for ANKTIVA in combination with BCG. The new indication covers adults with BCG-unresponsive nonmuscle invasive bladder cancer involving papillary-only tumors.

ImmunityBio said ANKTIVA is approved or authorized across six regulatory jurisdictions covering 35 countries. The company also began European commercial treatment and reported positive progress in BCG-naïve disease.

Richard Adcock, President and Chief Executive Officer of ImmunityBio, said: “The recent label expansion represents an important opportunity to broaden access to ANKTIVA for a significantly larger patient population.”

For ImmunityBio, the label and overseas rollout extend the routes to revenue. They do not remove the need for physician uptake, additional approvals, reimbursement, and clinical execution. Each factor sits inside the company's stated commercial path.

What has to go right from here?

According to ImmunityBio, the outlook depends on five execution variables:

• Physician adoption
• Additional approvals
• Reimbursement
• Clinical execution
• Access to capital

ImmunityBio said revenue growth and broader regulatory access strengthen the commercial opportunity. Expanded indications and international launches create new potential demand. At the same time, the wider GAAP and adjusted losses show that continued growth must offset a substantial expense base.

Those factors reinforce one another. A broader label creates access, but physician adoption determines use. Reimbursement affects whether that use supports revenue. Additional approvals can widen access again, while clinical execution and access to capital determine whether ImmunityBio can sustain the program.

The next test is whether broader access, physician adoption, and reimbursement can expand revenue fast enough to absorb the higher research and commercial expense base. For ImmunityBio, that conversion will determine whether ANKTIVA's regulatory reach can narrow the gap between sales growth and losses.