ImmunityBio Shares Fall 19% on Revenue Miss, Going-Concern Warning

By Grace Kim

ImmunityBio Inc. (NASDAQ: IBRX) shares fell 19% to US$6.97 after the company reported third-quarter revenue of US$48.84 million, a net loss of US$184.6 million and a going-concern warning.

Kala Ghazi’s TradingView report attributed the decline to disappointment over the revenue shortfall and the disclosure about financing. Those concerns outweighed positive clinical and regulatory developments for ANKTIVA, ImmunityBio’s bladder cancer treatment.

What drove the revenue miss?

For the three months ended September 2026, ImmunityBio reported revenue of US$48.84 million, up 52% from a year earlier. Analysts expected US$59.25 million, according to Ghazi’s report.

The shortfall raised questions about the pace of the commercial rollout and whether demand was materializing as quickly as the market expected. Ghazi’s report said revenue growth is a key metric for assessing that commercial trajectory.

ANKTIVA generated US$48.7 million in quarterly net product revenue, up 53% year over year. The product was growing, but its sales did not lift total revenue to the analyst estimate.

Strong growth still left ImmunityBio short of consensus.

How much did the loss widen?

Net loss attributable to shareholders reached US$184.6 million, compared with US$67.3 million a year earlier. Diluted loss per share rose to US$0.18 from US$0.07.

ImmunityBio recorded a US$77.9 million non-cash charge from changes in the fair value of a related-party convertible note, warrants and derivative liabilities. The company linked those adjustments to its share-price increase during the quarter, alongside higher research and development and selling expenses.

The charge did not involve an actual cash outflow, though it affected reported earnings and complicated comparisons with prior periods. The higher research and development and selling expenses reflected increased spending to advance the pipeline and commercialize products.

Spending and a large non-cash charge drove the wider loss.

Can ImmunityBio fund operations for another 12 months?

ImmunityBio’s quarterly filing disclosed "substantial doubt" about its ability to continue as a going concern without additional funding. The disclosure questions whether the company can finance operations over the next 12 months without raising new capital or taking other steps.

The company held US$334.3 million in cash, cash equivalents and marketable securities at September 30. It used US$217.2 million in operating cash during the first nine months of the year.

Ghazi’s report said the burn rate shows why additional funding may be needed despite the sizable cash balance. For a biotechnology company, the warning also highlights the potential for dilution if new shares are issued.

Management believes existing resources, future product sales, potential equity issuance and financial support from affiliated parties will fund operations for "at least 12 months." That assessment depends on assumptions about future sales, access to capital markets and support from affiliates.

Investors must weigh those assumptions against actual cash burn and the uncertainty of biotech commercialization, the report said. The potential for equity issuance may also have contributed to the negative reaction in the stock.

Cash offers a buffer, but future capital remains central to ImmunityBio’s plan.

Did ANKTIVA’s progress offset the financial problems?

ANKTIVA combined with Bacillus Calmette-Guérin (BCG) met the primary endpoint in a late-stage trial involving patients with previously untreated non-muscle-invasive bladder cancer. Meeting the endpoint means the combination achieved the trial’s main goal.

Israel separately approved the combination for patients with BCG-unresponsive disease. That approval took ANKTIVA’s global regulatory authorizations to 35 countries, adding to the product’s potential market.

The company’s operational progress could not outweigh its financial warning. Ghazi’s report read the stock’s 19% decline as evidence that investors were focusing more on financing and earnings than on product-level progress.

ANKTIVA was gaining ground, but its progress did not solve the company’s financial problems.

What will investors watch next?

Investors are likely to track ANKTIVA’s revenue trajectory, ImmunityBio’s cash burn and any announcements about additional funding or partnerships that could address the going-concern issue. Ghazi’s report said this contrast between product progress and financial strain is likely to remain central to how the market evaluates ImmunityBio.

Until the revenue shortfall and financing risk ease, ANKTIVA’s clinical gains are likely to remain secondary to the balance-sheet warning.