Highlights 

  • Product revenue reached USD 31.8M in Q3 2025, marking a 434% year-over-year increase. 
  • ANKTIVA® unit sales rose 467% year-to-date compared with full-year 2024. 
  • The company’s cash reserves stood at USD 257.8M as of September 30, 2025. 

ImmunityBio, Inc. (NASDAQ:IBRX), a biotechnology firm advancing immunotherapies and cell-based treatments for cancer and infectious diseases, announced its financial and operational results for the third quarter and nine months ended September 30, 2025. 

For Q3 2025, the company generated USD 31.8M in product revenue, a 434% rise from USD 6.0M in the same quarter last year. The growth was driven by continued commercial adoption of ANKTIVA® (in combination with Bacillus Calmette-Guérin or BCG) for patients with BCG-unresponsive non-muscle invasive bladder cancer with carcinoma in situ, with or without papillary tumors. 

Total revenue and other income reached USD 33.7M for the quarter, up from USD 26.4M in Q2 2025. Year-to-date product sales amounted to USD 74.7M, supported by a 467% increase in ANKTIVA unit sales compared to fiscal 2024. 

ImmunityBio closed the quarter with USD 257.8M in cash, cash equivalents, and marketable securities, compared to USD 153.7M as of June 30, 2025. 

Operational and Clinical Developments 

The company reported ongoing progress across several oncology programs: 

  • Glioblastoma: Early results from five recurrent glioblastoma patients treated with ANKTIVA in combination with the Optune Gio® device and PD-L1 CAR-NK showed a 100% disease control rate, including three responses (two near-complete) and two cases of stable disease. 
  • Non-Small Cell Lung Cancer (NSCLC): Enrollment began for ResQ201A, a global Phase 3 study assessing ANKTIVA combined with TEVIMBRA® (BeOne) and docetaxel versus docetaxel alone in patients resistant to checkpoint inhibitors. 
  • Non-Hodgkin Lymphoma: Initial outcomes from the QUILT.106 trial revealed complete responses in the first two patients with Waldenstrom macroglobulinemia treated using the company’s CD19 CAR-NK therapy. 
  • Papillary NMIBC: Updated QUILT-3.032 trial data showed 36-month progression-free survival and bladder preservation benefits for ANKTIVA plus BCG. 

ANKTIVA was also designated as the preferred drug for NMIBC CIS by a major medication contracting organization covering about 80M lives. Additionally, ImmunityBio expanded patient access through its recombinant BCG (rBCG) for early access and copay assistance programs. 

Management Statements 

Richard Adcock, President and CEO of ImmunityBio, stated: 

“We are pleased with the continued strong demand for ANKTIVA in NMIBC CIS. Unit sales grew nearly 6X year-to-date compared with full-year 2024, reflecting adoption both at leading research centers and in community urology clinics, including rural areas… On the clinical side of the business, our BCG-naïve study is enrolling well, and we are optimistic about the potential to expand ANKTIVA’s reach to an even broader population of bladder cancer patients in the near future.” 

Expense and Earnings Overview 

Research and development expenses for Q3 2025 totaled USD 51.2M, slightly higher than USD 50.4M in Q3 2024, mainly due to increased manufacturing and clinical trial expenditures. Selling, general, and administrative costs were USD 36.3M, up marginally from USD 35.9M in the prior year period. 

The company reported a net loss of USD 67.3M for Q3 2025, compared to USD 85.7M in Q3 2024, reflecting higher product revenue and lower related-party interest expenses. 

For the nine months ended September 30, 2025, ImmunityBio posted a net loss of USD 289.5M, versus USD 354.4M for the same period in 2024.