The company has triple-digit revenue growth and a dominant position in the IL-15 landscape, representing an active disruptor in the oncology market. ImmunityBio positions ANKTIVA as a combination partner for existing therapies like Merck's Keytruda, effectively "co-opting" the market share of established blockbusters rather than competing solely on a head-to-head basis. The company has established strategic partnerships to drive the commercialization of Anktiva in the EU and MENA regions, expanding its global footprint.
Cyborg Score Rationale
2025 product revenue reached $113 million, representing a 700% year-over-year increase. ANKTIVA has exceptionally high gross margins (~99%). However, the company reported a quarterly net loss of approximately $92 million in its most recent filing and faces execution risks.
Top Insights
ImmunityBio is experiencing significant momentum due to its bladder cancer treatment Anktiva, which has led to a 671% revenue increase in 2025.
While Anktiva's success is a testament to ImmunityBio's strengths, the company's heavy reliance on this single product could pose risks if Anktiva faces competition or regulatory hurdles.
The company secured RMAT designation for pancreatic cancer and expanded its pipeline with new clinical trials.
The company has a cash runway of roughly $242.8 million as of early 2026 and continues to burn significant capital on global commercial launches and a sprawling clinical pipeline.
Named Competitors
Keytruda — Checkpoint inhibitor for cancer immunotherapy
CAR-T therapies — Cell therapy competitors in immuno-oncology
IL-2 therapies — Competing IL-15 and cytokine-based immunotherapy platforms
Recent Developments
(February 2026) Filed 10-K on February 23, 2026, offering a comprehensive view of its financial and strategic position.
(2024) FDA approval of ANKTIVA for BCG-unresponsive non-muscle invasive bladder cancer (NMIBC) in April 2024 following remediation of manufacturing processes.
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