ImmunityBio, Inc.
IBRX evidence brief
What we can confirm
What it means
What to watch
Prepared research question
What matters most for IBRX—catalysts, financial risk and supporting evidence?
Traceable citations · Unknowns marked
BioSniper AI · IBRX
ImmunityBio, Inc. is a clinical-stage biotechnology company focused on developing immunotherapies for cancer, with one approved product (ANKTIVA) and a pipeline of cell and gene therapy candidates, while facing significant financial challenges and a going concern warning.
Key risk: Going concern risk
BioSniper Score
Based on 6 of 6 signals
Market Cap
$8.53B
Cash Runway
16.6 moLead Asset
Anktiva (Phase 3)Next Catalyst
Phase1_Start · Sep 1, 2026Financial data as of Jun 30, 2026.
Tracking 2 pipeline candidates · 37 clinical trials · 7 catalysts for ImmunityBio, Inc..
ImmunityBio, Inc. is a clinical-stage biotechnology company focused on developing immunotherapies for cancer, with one approved product (ANKTIVA) and a pipeline of cell and gene therapy candidates, while facing significant financial challenges and a going concern warning.
- ImmunityBio has one FDA-approved product, ANKTIVA, and is commercializing it in the U.S. and globally [sec_mda · as of 2026-08-04].
- As of 2026-06-30, the company reported cash & equivalents of $75.7M, total revenue of $51.2M, and a net loss of -$230.4M [sec].
- The company has a substantial accumulated deficit and negative shareholders' equity of -$570.7M as of 2026-06-30 [sec].
- ImmunityBio has a broad pipeline including hAd5 constructs, PD-L1 t-haNK, M-ceNK, and multiple ongoing clinical trials for nogapendekin alfa inbakicept and other candidates [sec_mda · as of 2026-05-07].
- The company has received a Refuse to File (RTF) letter from the FDA for the sBLA for BCG-unresponsive NMIBC with papillary tumors indication [sec_mda · as of 2025-11-05].
What works
- ImmunityBio has an approved product (ANKTIVA) generating revenue, with $51.2M in total revenue as of 2026-06-30 [sec].
- The company has a broad pipeline of novel immunotherapies, including hAd5 constructs and PD-L1 t-haNK, targeting multiple cancer indications [sec_mda · as of 2026-05-07].
- ImmunityBio raised $223.9M in net cash from financing activities in Q1 2026, including $102.2M from equity offerings and $75.0M from RIPA payments [sec_mda · as of 2026-05-07].
- The company believes existing cash, sales, and potential capital raises will fund operations for at least the next 12 months [sec_mda · as of 2026-08-04].
What to weigh
- ImmunityBio has a going concern warning, with substantial doubt about its ability to continue without additional funding [sec_mda · as of 2026-08-04].
- The company has a large net loss of -$230.4M and negative shareholders' equity of -$570.7M as of 2026-06-30 [sec].
- The FDA issued a Refuse to File (RTF) letter for the sBLA for BCG-unresponsive NMIBC papillary indication, creating regulatory uncertainty [sec_mda · as of 2025-11-05].
- Operating expenses are expected to increase substantially as the company commercializes ANKTIVA and advances its pipeline, requiring significant additional funding [sec_mda · as of 2026-02-23].
From the filings
Quoted directly from source documents.
Substantial doubt exists about the company's ability to continue as a going concern without additional funding.
“we believe that substantial doubt exists regarding our ability to continue as a going concern without additional funding or financial support.”
SEC MD&A · August 4, 2026
The company has an approved product ANKTIVA and is commercializing it.
“our ability to successfully commercialize ANKTIVA or any future approved products in the U.S. or internationally”
SEC MD&A · August 4, 2026
The FDA issued a Refuse to File letter for the sBLA for BCG-unresponsive NMIBC papillary indication.
“our ability to successfully address the May 2025 RTF letter received from the FDA for the sBLA for the BCG-unresponsive NMIBC papillary indication”
SEC MD&A · November 5, 2025
The company raised $223.9 million in net cash from financing activities in Q1 2026.
“net cash provided by financing activities was $223.9 million, which consisted of $102.2 million in net proceeds from equity offerings, $75.0 million in net proceeds from payments received pursuant to the RIPA, $53.5 million of proceeds from the exercise of warrants”
SEC MD&A · May 7, 2026
Catalyst timeline
- 2026-09-01 · Phase 1 Start: Open-Label, Phase 1 Clinical Trial of Neoadjuvant Nogapendekin Alfa Inbakicept, Sotevtamab, and Zaba — Initiation of a Phase 1 trial combining multiple investigational agents in a neoadjuvant setting.
- 2026-09-15 · Phase 2 Start: Phase 1b/2, Open-Label Clinical Trial Evaluating the Safety and Efficacy of Nogapendekin Alfa Inbakicept — Start of a Phase 1b/2 trial for nogapendekin alfa inbakicept, a key pipeline asset.
- 2029-01-01 · Phase 3 Topline: Randomized, Two-Cohort, Open-Label, Phase 3 Clinical Trial of N-803 Plus Tislelizumab or Prior Failed — Topline data readout from a Phase 3 trial of N-803 in combination with tislelizumab.
- 2029-12-30 · Phase 3 Topline: Phase 3, Randomized, Open-Label Study of Nogapendekin Alfa Inbakicept in Combination With Standard o — Topline data from a Phase 3 study of nogapendekin alfa inbakicept combined with standard therapy.
- 2029-12-31 · Phase 3 Topline: Phase 3 Randomized, Blinded, Placebo-Controlled Study Evaluating Nogapendekin Alfa Inbakicept and iN — Topline data from a blinded, placebo-controlled Phase 3 trial of nogapendekin alfa inbakicept.
- 2032-05-01 · Phase 3 Topline: Open Label Randomized Phase 3 Clinical Trial Of ANKTIVA In Combination With Intravesical BCG Versus — Topline data from a Phase 3 trial of ANKTIVA combined with BCG for bladder cancer.
- 2034-01-12 · Patent/Exclusivity Expiry: ABRAXANE — Expiration of patent or exclusivity for ABRAXANE, a legacy product.
Risks & what to watch (4)›
Key risks
- Going concern risk — Substantial doubt exists about the company's ability to continue as a going concern without additional funding [sec_mda · as of 2026-08-04].
- Regulatory setback for NMIBC — FDA issued a Refuse to File letter for the sBLA for BCG-unresponsive NMIBC papillary indication [sec_mda · as of 2025-11-05].
- High cash burn rate — Net loss of -$230.4M in the latest six-month period, with cash of only $75.7M as of 2026-06-30 [sec].
- Dependence on future financing — The company will need additional financing to fund operations, commercialization, and R&D [sec_mda · as of 2026-08-04].
What to watch
- FDA response and next steps regarding the RTF letter for the BCG-unresponsive NMIBC papillary sBLA [sec_mda · as of 2025-11-05].
- Commercial ramp of ANKTIVA and its impact on revenue growth [sec_mda · as of 2026-08-04].
- Ability to raise additional capital through equity offerings, debt, or partnerships [sec_mda · as of 2026-08-04].
- Initiation and enrollment of upcoming Phase 1 and Phase 2 trials for nogapendekin alfa inbakicept and other candidates [catalyst_timeline].
Sources: SEC MD&A · Generated August 30, 2026 · How we verify sources →
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Evidence & data
Score breakdownBased on 6 of 6 signals · derived from public data
16.6 months
OCF -$66M · Net income -$230M
Lead: Phase 3
2 candidates
7 upcoming, next in ~2d
0 buys · 6 sells (180d)
Runway
Catalysts
Pipeline
Regulatory
Financials
Institutional Holdings
Source: SEC Form 13F · as of Mar 2026Institutional holders
393
Total value held
$1.61B
| Holder | Shares | Value |
|---|---|---|
| vanguard capital management llc | 30,255,428 | $232.1M |
| blackrock, inc. | 26,346,443 | $202.1M |
| state street corp | 17,708,103 | $135.8M |
| vanguard portfolio management llc | 16,322,844 | $125.2M |
| d. e. shaw & co., inc. | 12,571,597 | $96.4M |
| susquehanna international group, llp | 8,696,276 | $66.7M |
| geode capital management, llc | 8,031,921 | $61.6M |
| citadel advisors llc | 5,135,878 | $39.4M |
| two sigma investments, lp | 4,385,500 | $33.6M |
| lmr partners llp | 4,338,800 | $33.3M |
Showing top 10 of 393 institutional holders of ImmunityBio, Inc.. Open the full 13F history after sign-in.
Short Interest
as of Apr 19, 2026- % of float
- 35.8%
- Days to cover
- 4.9
- Shares short
- 135,542,079
- Daily short volume
- -
Short percent of float and days-to-cover reflect reported short positioning. Daily short volume is the exchange-reported short share of a single day's trading volume and is noisier. See the most-shorted biotech ranking →
IBRX short interestGovernance
Frequently asked questions
What is the AI investment thesis for ImmunityBio, Inc.?
ImmunityBio, Inc. is a clinical-stage biotechnology company focused on developing immunotherapies for cancer, with one approved product (ANKTIVA) and a pipeline of cell and gene therapy candidates, while facing significant financial challenges and a going concern warning.
What is ImmunityBio, Inc.'s lead drug candidate?
ImmunityBio, Inc.'s most advanced tracked candidate is Anktiva (Phase 3) for Long COVID.
What is ImmunityBio, Inc.'s next catalyst?
ImmunityBio, Inc.'s next tracked catalyst is a Phase1_Start event — "Phase 1 Start: Open-Label, Phase 1 Clinical Trial of Neoadjuvant Nogapendekin Alfa Inbakicept, Sotevtamab, and Zaba" — expected September 1, 2026.
Who is the CEO of ImmunityBio, Inc.?
Mr. Richard Gerald Adcock is the chief executive officer of ImmunityBio, Inc. (IBRX).
Where is ImmunityBio, Inc. headquartered?
ImmunityBio, Inc. (IBRX) is headquartered in San Diego, CA, United States.
The AI overview and BioSniper Score are neutral, data-derived signals built from public SEC filings, ClinicalTrials.gov and FDA records — not investment advice.