ImmunityBio, Inc. (NASDAQ: IBRX)

ImmunityBio, Inc. is a biotechnology company focused on innovating globally, developing, and commercializing next generation immunotherapies designed to activate the patient’s immune system and deliver durable protection against cancer and infectious diseases.

The company’s approach harnesses both the adaptive and innate immune systems with the goal of restoring immune function and generating lasting immunological memory.

At the core of its strategy is the Cancer BioShield platform, which is anchored by the antibody cytokine fusion protein ANKTIVA (nogapendekin alfa inbakicept) and is complemented by adenovirus vectored vaccines, allogeneic and autologous natural killer cell therapies, and additional immunomodulators intended to promote immunogenic cell death while potentially reducing reliance on high dose chemo radiation therapy.

ImmunityBio generates revenue primarily from sales of its approved product ANKTIVA, which is commercialized for the treatment of bladder cancer and lung cancer indications.

In fiscal year 2025 the company reported net product revenue of approximately $113 million reflecting year over year growth of about 700%.

The product is distributed through specialty distributors, specialty pharmacy providers, and logistics partners to hospitals, clinics, infusion centers, and government entities.

Revenue is derived from product sales in the United States and internationally where ANKTIVA has received regulatory approval or conditional authorization.

The company operates through one operating and one reportable segment.

• Operating Segment: ImmunityBio’s operations encompass the research, development, manufacturing, and commercialization of its immunotherapy portfolio, including ANKTIVA, adenovirus vectored vaccines, natural killer cell therapies, and related immunomodulators aimed at treating cancer and infectious diseases.

In the immunotherapy market, ImmunityBio competes with established players such as Merck & Co., Bristol Myers Squibb, Roche, and Janssen, which offer checkpoint inhibitors and CAR T therapies for bladder and lung cancers.

The company’s competitive advantage lies in its unique IL 15 receptor superagonist ANKTIVA, which activates natural killer and memory T cells significantly without expanding immunosuppressive regulatory T cells, a mechanism not shared by current checkpoint inhibitors.

Additionally, ImmunityBio is the only company with an FDA approved IL 15 receptor superagonist, providing a differentiated mechanism that can be combined with existing therapies to overcome resistance and improve patient outcomes.

ImmunityBio serves hospitals, oncology clinics, infusion centers, and government health programs that treat patients with bladder cancer, non small cell lung cancer, and other indications where its immunotherapy products are authorized.

While specific customer names are not disclosed in the filing, the company relies on specialty distributors and pharmacy partners to reach these end users.