ImmunityBio (NASDAQ: IBRX) ripped higher Friday after the company dropped a double-header that traders love: real revenue traction and fresh clinical momentum.Shares surged nearly 40% after ImmunityBio reported a sharp jump in preliminary 2025 sales for ANKTIVA, its immunotherapy franchise anchored in bladder cancer, while also updating investors on progress in a key first-line study that could expand the product’s footprint.

The company said it expects preliminary net product revenue of roughly $113 million for 2025, a major leap from the prior year. Fourth-quarter revenue was pegged at about $38.3 million, helping fuel the market’s reaction as investors recalibrate whether ANKTIVA is turning into a repeatable commercial story rather than a one-quarter headline.

ImmunityBio also said ANKTIVA unit sales climbed about 750% in 2025 versus 2024, another datapoint that points to accelerating adoption. The company ended the quarter with approximately $242.8 million in cash, cash equivalents, and marketable securities, giving it additional runway as it pushes through late-stage trial work and commercial expansion. Beyond the sales update, ImmunityBio highlighted recent regulatory progress overseas. The company said Saudi regulators approved ANKTIVA in combination with immune checkpoint inhibitors for adults with metastatic non-small cell lung cancer after standard treatment, and also approved ANKTIVA plus BCG for certain non-muscle-invasive bladder cancer patients.

Meanwhile, the company tightened the timeline on its next major catalyst: its randomized registrational QUILT-2.005 study in first-line, BCG-naive non-muscle-invasive bladder cancer. ImmunityBio said enrollment has now passed 85%, and it expects to finish enrolling patients by Q2 2026. If the trial stays on track, the company expects to submit a biologics license application (BLA) by the end of 2026.ImmunityBio also pointed to early-stage results from its off-the-shelf CD19 CAR-NK program in Waldenström lymphoma, a rare B-cell cancer. The company said two evaluable patients achieved complete responses lasting up to 15 months, with disease control seen across the first four treated patients.

Still, investors have reasons to stay cautious. ImmunityBio emphasized the 2025 revenue figures are preliminary and may change once the company files audited results. And the CAR-NK dataset remains very small and interim, meaning it’s more signal than proof.

Now the market’s attention shifts to what comes next: ImmunityBio’s audited 2025 financials, any new color on ANKTIVA’s demand curve, and whether QUILT-2.005 enrollment continues moving fast enough to support the company’s stated approval timeline.

About ImmunityBio

ImmunityBio, Inc. (NASDAQ: IBRX) is a biotechnology company focused on developing next-generation immunotherapies and cell-based treatments for cancer and infectious diseases. The company’s portfolio includes ANKTIVA, an immunotherapy designed to activate and expand natural killer and T cells, as well as a pipeline of investigational programs including CAR-NK therapies. ImmunityBio is headquartered in the United States and is advancing multiple clinical and regulatory efforts aimed at expanding immunotherapy options across oncology.

At the time of publishing, Stocks.News does not hold positions in companies mentioned in the article.