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ImmunityBio

IBRX Lead: Approved 19 Biotech Distilled articles ↓ 39 filings & releases ↓ Cash $75.7M (Jun 30, 2026) ↓ 19 verdicts ↓
Infectious DiseaseOncology CellGene TherapyProteinSmall Molecule

Market cap $9.15B 1.06B shares (10-Q, Jul 31, 2026) × $8.63 close Nov 6, 2026

Most recent annual filing: 2026-02-23

Catalyst timeline

3 trackedQuarter catalyst calendar →
  1. ANKTIVA NMIBC filing2026ANKTIVA NMIBC filing, 2026, material
  2. QUILT-2.005 sBLA filing2026QUILT-2.005 sBLA filing, 2026, notable
  3. SRS/Altor CVR arbitration corporate updateJan 25, 2027SRS/Altor CVR arbitration corporate update, Jan 25, 2027, routine

Bar width shows how precise the guidance is — a pin is a stated date, a wide band a six-month window. Deeper blue means more of the thesis rides on the event; it is not a view on the stock.

Pipeline (16 active programs)

Technology platforms

Cancer BioShield

First-in-class immunotherapy platform designed to restore immune competence by reversing lymphopenia; comprises cytokine fusion proteins (IL-15 superagonist ANKTIVA), adenovirus-vectored vaccines (hAd5), allogeneic and autologous NK-cell therapies (CAR-NK, M-ceNK), and additional immunomodulators; focus areas: oncology (bladder, lung, pancreatic, GBM, NHL) and infectious diseases

Targets: IL-15 receptor, PD-L1, CD19, IL-15, NK cells, CD8+ T cells, cytotoxic T cells, memory T cells, IL-15R

Capital (as filed)

Cash
$75.7M cash and cash equivalents · Jun 30, 2026 (10-Q)
Short-term investments
$282M Jun 30, 2026
Operating cash flow
−$66.5M quarter Mar 31, 2026 → Jun 30, 2026, year-to-date difference (10-Q)
As stated in coverage
$357M cash per the update of Aug 4, 2026 — the company's own words as read there, not the filed figure

Cash, investments and operating cash flow are the company's own XBRL facts as filed with the SEC, each shown with its period end and tag. As-stated figures come from the company's own words as read in Biotech Distilled coverage, dated, and routinely count securities and planned financing that a balance sheet does not. Offering rows are the SEC cover pages as filed. Not investment advice. Figures as of Nov 7, 2026.

Biotech Distilled coverage (19)

Articles open on Substack. Some are subscriber-only; those marked ★ Distilled Pro are for Distilled Pro members.

Verdict history (19 calls)

Every verdict Biotech Distilled has published on ImmunityBio, oldest first — the full history, never a selection. How calls are scored: the track record.

  1. 2026-01-11 Watch Immunitybio (IBRX): Scientific Deep Dive for ANKTIVA and Pipeline Products Great science but broken capital structure — ANKTIVA's IL-15 platform is clinically validated yet the company faces a critical dilution gap and going-concern risk that must be resolved before a buy is warranted.
  2. 2026-01-13 Watch Update: Is ImmunityBio (IBRX) Playing the Saudi Card? Is the Funding Gap About to Close? The Saudi summit is a setup not a solution — no definitive agreement with a dollar figure yet, so the dilution gap remains open and the Watch List rating is unchanged.
  3. 2026-01-14 Speculative buy speculative UPDATE : ImmunityBio (IBRX) Secures World-First Lung Cancer Approval in Saudi Arabia. The Sandbox Strategy is Live. Saudi approval for lung cancer materially de-risks the program by providing commercial revenue, regulatory validation of the Phase 2 data package, and a tangible asset to borrow against, reducing catastrophic dilution risk.
  4. 2026-01-18 Buy core Update: ImmunityBio (IBRX) Delivers a Trifecta of News. The Valley of Death is Filling Up with Revenue. $113M in 2025 revenue (+700% YoY), 84% CR in first-line bladder cancer, and Saudi lung approval together shift the thesis from 'show me' to 'scale me,' with the dilution gap now substantially bridged.
  5. 2026-01-22 Buy core Update: ImmunityBio (IBRX) Might Have Just Dodged a Regulatory Bullet. The Papillary Problem Getting Resolved? FDA opening a resubmission path for papillary NMIBC without requiring a new trial clears the last major overhang from 2025, completing a mosaic of positive catalysts across capital, regulatory, commercial, and pipeline dimensions.
  6. 2026-01-24 Buy core Update: ImmunityBio (IBRX) Throws the Kitchen Sink at Glioblastoma. Did it Just Break the Curse? GBM data validates the off-the-shelf NK cell platform and ANKTIVA's lymphopenia-reversal mechanism, reinforcing the broader platform thesis while the core bladder cancer franchise continues to generate cash.
  7. 2026-02-21 Buy core Update: ImmunityBio (IBRX) Goes Global. The Dilution Gap Meets the Commercial Avalanche. EU approval across 33 countries, Accord Healthcare partnership with 85-person sales force, Saudi commercial launch within 60 days, and papillary sBLA resubmission collectively transform IBRX into a global commercial operation and aggressively mitigate the dilution overhang.
  8. 2026-02-28 Buy core UPDATE: ImmunityBio (IBRX) Secures the First-Line Front. The Fundamentals Catch Up to the Hype. 700% revenue growth, fully enrolled first-line Phase 3 with statistically significant interim, and founder's 66.3% ownership backstopping the balance sheet make dips an asymmetric entry ahead of the first-line BLA catalyst.
  9. 2026-03-14 Buy core UPDATE: ImmunityBio (IBRX) Closes the Papillary Loop and Flexes its Manufacturing Muscle Official papillary sBLA resubmission accepted by FDA and NK cell manufacturing breakthrough together expand the commercial TAM and de-risk the pipeline without burning cash on a new trial.
  10. 2026-03-21 Buy core UPDATE: ImmunityBio (IMRX) - Unlocking the NCCN Cheat Code and Entering Asia NCCN Category 2A recommendation for papillary disease unlocks reimbursable TAM immediately without waiting for the FDA PDUFA, while Macau approval extends the cash-efficient regulatory arbitrage playbook into Asia.
  11. 2026-03-29 Buy core UPDATE: ImmunityBio (IBRX) - Locks the First-Line Data Deck. Enrollment Risk Eliminated. IDMC confirmation that QUILT-2.005 is adequately powered at N=366 eliminates enrollment execution risk and reduces R&D cash burn as the trial transitions to follow-up, clearing the path to the 2026 first-line sBLA.
  12. 2026-04-27 Buy core UPDATE: ImmunityBio (IBRX) - The Dilution Gap Closes, But the Founder's Mouth Opens a New One $75M non-dilutive Oberland tranche, $25M founder debt-to-equity conversion, and $44.2M Q1 revenue effectively close the dilution gap, but the OPDP Warning Letter against Soon-Shiong personally makes Key Man risk a quantifiable, not theoretical, bear case.
  13. 2026-05-08 Buy core UPDATE: ImmunityBio (IBRX) - The 10-Q Buries Three New Lawsuits and a Washington AG Investigation Revenue compounding and liquidity are intact but three new lawsuits and a state AG investigation all tracing to Soon-Shiong's communications and related-party dealings widen the founder discount and impair M&A optionality.
  14. 2026-05-19 Buy core UPDATE: ImmunityBio (IBRX) - AUA 2026 Lands the Competitive Receipts on Nadofaragene and TAR-200 Matching-adjusted indirect comparisons at AUA show ANKTIVA delivers 2.3x longer median CR duration vs. Adstiladrin and 68% fewer adverse events vs. TAR-200, incrementally strengthening the competitive moat in the BCG-unresponsive NMIBC market.
  15. 2026-05-19 Buy core UPDATE: ImmunityBio (IBRX) - The BCG Shortage Bear Case Just Got a Second Supplier and a Patent Fence Exclusive Tokyo-172 BCG supply deal backed by a 1,000-patient NCI Phase 3 and five issued combination patents through 2035 meaningfully reduce the structural BCG supply ceiling on the ANKTIVA franchise.
  16. 2026-05-20 Buy core UPDATE: ImmunityBio (IBRX) - The Papillary Loop Officially Closes FDA acceptance of the papillary sBLA with a January 6, 2027 PDUFA date, supported by the FDA's own May 18 workshop panel publicly endorsing the CIS-to-papillary extrapolation argument, puts 85% of the NMIBC TAM formally in play for on-label conversion.
  17. 2026-07-30 Buy core UPDATE: ImmunityBio (IBRX) - The UAE Approves the Label the FDA Hasn't UAE approval of the papillary-only label and lung cancer indication on the same datasets under FDA review provides a second regulator's endorsement of the extrapolation argument ahead of the January 2027 PDUFA, while the -7.5% stock drift on good news reflects founder-litigation discount rather than thesis deterioration.
  18. 2026-08-05 Buy core UPDATE: ImmunityBio (IBRX) - The Eighth Straight Beat, and the GAAP Number That Scared Everyone Off Eighth consecutive sequential revenue beat at $50.7M (+92% YoY), operating loss narrowing, Beike arbitration dismissed outright, and dilution gap compressed to ~$20M/quarter make the $230M GAAP loss accounting noise masking a fundamentally improving business.
  19. 2026-10-15 Buy core UPDATE: ImmunityBio (IBRX) - The Papillary Loop Closes Early FDA expanded ANKTIVA's label to all BCG-unresponsive NMIBC including papillary-only ~12 weeks ahead of the January PDUFA, approving on shared biology rather than single-arm data, retiring the biggest regulatory risk in the story and enabling on-label promotion to 85-90% of the NMIBC market.

Every verdict Biotech Distilled has published on this company, in order, with the post it came from — the full history, never a selection. Position figures are the same ones shown on /track-record, computed by the same method. Editorial opinion, not investment advice.

Filings & releases (39)

SEC filings from EDGAR and press releases captured from the company's investor-relations site, newest first. Releases captured from May 16, 2026; filings from March 2026. Summaries come from the BD update that read the document; "BD extracted" counts point at the pipeline table above. All companies →

1 more filing (13G holder notices, S-8, proxy material, SEC correspondence …)