ImmunityBio, Inc.

ImmunityBio reported full-year 2025 net product revenue of $113 million, up 700% year over year from $14.1 million in 2024. Q4 net product revenue was $38.3 million, up from $31.1 million in Q3, or 20% sequential growth. Full-year R&D expense was $218.6 million versus $190.2 million in 2024, while SG&A declined to $150 million from $168.8 million. Net loss attributable to common stockholders improved to $351.4 million from $413.6 million in 2024. Cash, cash equivalents, and marketable securities were $242.8 million at December 31, 2025, and net cash used before operating activities was $304.9 million. Management said no forward financial guidance would be provided on the call. On strategy, the company said it expects to submit a BLA for the BCG-naive bladder indication in Q4 2026, and it said the European launch is being prepared under the conditional marketing authorization granted in February 2026.

Patrick Soon-Shiong spent most of his remarks on the long-term scientific thesis behind ImmunityBio, arguing that the company’s platform is built to activate both innate and adaptive immunity and to address lymphopenia as a core biological problem. He emphasized that ANKTIVA is the backbone of the BioShield platform and said it can be combined with standard of care, cell therapy, and vaccine approaches. His tone was highly expansive and conviction-driven, stressing a decade-long plan, FDA and NCI collaboration, and the idea that the company is building a new treatment paradigm rather than a single product.

Richard Adcock focused on commercial execution and the financial bridge from approval to revenue scale. He cited $113 million in full-year ANKTIVA revenue, 750% unit volume growth, and $38.3 million of Q4 revenue, then pointed to operating discipline with SG&A down to $150 million despite higher clinical and manufacturing investment. He said R&D was $218.6 million, including a normal-course $14 million fixed asset write-off, and noted cash and marketable securities of $242.8 million at year-end alongside $505 million of related-party convertible notes and about $325 million of revenue interest liability. He also highlighted international rollout plans through 33 countries, plus the expanded access eBCG program and the intended Q4 2026 BLA filing for BCG-naive bladder cancer.

On the first analyst question, management tied potential accelerated approval in lung cancer and other settings to the FDA’s emerging “plausible mechanism of action” framework, arguing ANKTIVA’s effect on NK and T cells is biologically aligned with observed outcomes. On the second question, Patrick Soon-Shiong explained how the company is implementing AI-driven robotic cellular manufacturing, describing its m-ceNK and CAR-NK platforms and saying the goal is scalable, lower-cost cell therapy production. The response was more conceptual than operational, but management framed AI and robotic manufacturing as key enablers of future commercialization.