Q4: 2026-02-24 Earnings Summary

EPS of $0.48 misses by $1.22

 | Revenue of $291.60M (-11.34% Y/Y) misses by $28.85M

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ImmunityBio Inc.’s stock has skyrocketed in early 2026, surging more than 500% year-to-date and hitting new 52-week highs above $11 as explosive sales growth for its flagship immunotherapy ANKTIVA, coupled with rapid international regulatory approvals and partnerships, fuels investor enthusiasm for the cancer-focused biotech.

As of February 24, 2026, ImmunityBio (NASDAQ: IBRX) shares traded around $11.00 to $11.38 in heavy volume, up sharply from levels near $2 earlier in the year. The rally accelerated dramatically following the company’s February 23 release of full-year 2025 financial results, which highlighted ANKTIVA net product revenue of approximately $113 million—a staggering 700% increase from 2024. Fourth-quarter revenue reached about $38.3 million, up 20% sequentially and reflecting a 431% year-over-year jump in product sales. The company reported a narrowed quarterly net loss of around $62 million, with per-share losses improving to $0.06 from prior periods.

Trading volume spiked to over 85 million shares on February 23—more than double the three-month average—amid the post-earnings momentum. Shares touched a new 52-week high of $11.00 intraday on February 24, with the market capitalization approaching $10 billion to $11 billion, a dramatic valuation expansion for the once-struggling developer of NK cell-activating therapies.

The primary catalyst remains ANKTIVA (nogapendekin alfa inbakicept), an IL-15 superagonist approved by the FDA in April 2024 for BCG-unresponsive non-muscle invasive bladder cancer (NMIBC) with carcinoma in situ (CIS), with or without papillary tumors. The drug’s mechanism—activating natural killer cells, T cells, and memory T cells—has driven strong uptake, with unit sales volume soaring 750% in 2025.

Global expansion has supercharged the narrative. In January 2026, Saudi Arabia’s SFDA granted accelerated approval for ANKTIVA in BCG-unresponsive NMIBC CIS and, crucially, conditional approval in combination with checkpoint inhibitors for metastatic non-small cell lung cancer (NSCLC)—the first regulatory nod for ANKTIVA beyond bladder cancer anywhere in the world. Commercial launch in Saudi Arabia is targeted within 60 days, supported by partnerships with Biopharma and Cigalah Healthcare for distribution across the Middle East and North Africa (MENA) region.

The European milestone arrived in February 2026 when the European Commission issued conditional marketing authorization for ANKTIVA plus BCG in BCG-unresponsive NMIBC CIS across 27 EU member states plus Iceland, Norway, and Liechtenstein—covering 30 countries total. This follows the UK MHRA’s July 2025 authorization and makes ANKTIVA the first immunotherapy option in Europe for this high-risk patient population, where alternatives often include radical cystectomy. ImmunityBio highlighted a 71% complete response rate and median duration of 26.6 months from supporting trials, with some responses ongoing beyond 54 months.

These developments have expanded ANKTIVA’s regulatory footprint to 33 countries across four jurisdictions in under two years since initial FDA approval. Management outlined plans for further submissions in 2026, including accelerated pathways ex-U.S. and discussions with the FDA for lung cancer indications. Additional label expansions target multiple tumor types and chemotherapy-induced lymphopenia, backed by ongoing trials like QUILT-3.055 for second-line-plus NSCLC.

In bladder cancer, ImmunityBio advanced discussions with the FDA on resubmitting a supplemental BLA for BCG-unresponsive papillary NMIBC. After a 2025 refuse-to-file letter, the agency requested additional information—no new trials required—which the company submitted within 30 days in January 2026. Enrollment in a BCG-naïve randomized trial exceeds 85% and targets a BLA filing by Q4 2026.

Despite the revenue momentum, challenges persist. Full-year 2025 net losses totaled around $351 million, driven by R&D investments of roughly $64 million in Q4 alone. The company continues to burn cash while scaling commercialization, though improving profitability trends—three consecutive quarters of loss reduction—offer encouragement.

Analysts have grown more bullish amid the catalysts. Some firms highlight the stock’s rapid ascent as reflective of ANKTIVA’s potential to become a cornerstone immunotherapy, with partnerships accelerating international rollout. Consensus leans toward Buy ratings, though volatility remains high given the biotech’s history and execution risks in new markets.

The next major updates include progress on lung cancer submissions, Saudi launch details, and any FDA feedback on papillary bladder cancer resubmission. Positive execution could sustain the rally; delays or financing needs might introduce pullbacks.

ImmunityBio, led by Chairman Patrick Soon-Shiong, has transformed from a development-stage entity into a commercial player with a broadening global presence. ANKTIVA’s rapid revenue ramp and first-in-class approvals position it to address unmet needs in bladder and lung cancers, where durable responses could reshape treatment paradigms. Investors betting on continued momentum see the current valuation as justified by the growth trajectory, even as the company navigates profitability and expansion hurdles in 2026.

Hong Kong’s Hang Seng Index rose 2.5%.

South Korea’s Kospi composite closed at a record high, as did its biggest component, Samsung Electronics.

Taiwan’s Taiex topped 34000 for the first time in intraday trading. It closed at an all-time high after paring some gains.

Singapore’s FTSE Straits Times Index also hit a record high.

Mainland Chinese and Japanese stock markets were shut for holidays.

Criminal defence firm moved to new Manchester HQ a year ago

The managing director at firm Olliers Solicitors says the law firm has seen its biggest fee month on record and is on track for record growth. Olliers is now looking to expand its team as it marks the first anniversary of its move to 44 Peter Street in Manchester.

Olliers’ MD Matthew Claughton says fee income from the last six months suggests the firm is on track to generate £6.38m in fee income in this financial year, up from £4.92m. The group is now planning to grow its team and has already made five appointments, with Austin Anderson-Brettell and Catherine Baird joining as associate solicitors, Sophie Young and Rachael Latto joining as support team members, and Charlotte Shovlar joining as legal cashier.

Mr Claughton said: “This exceptional growth is testament to the unmatched brilliance of our team, who have carved out a reputation for exceptional client care and legal expertise.

“We have seen a significant increase in private work and pre-charge representation from August 2025 onwards and each month since then has been stronger than the last.

“This January was our biggest month ever thanks in part to private work but also significant legal aid cases, proving that our strategy to maintain both types of instruction is proving to be successful.

“The first 12 months here at 44 Peter Street have also seen us celebrated as Manchester Law Society’s Crime Team of the Year – an accolade of which we are immensely proud.

“The move to a new office signalled a major step-change for us as a firm and a commitment to future growth. It is great to see that investment and the excellent work of the Olliers’ team paying off.”

Ruth Peters, Olliers’ business development director, who is part of the senior management team with Mr Claughton and commercial director Stacey Mabrouk, added: “Our record-breaking performance is the direct result of a proactive, long-term strategy to redefine how a criminal defence firm connects with its clients.

“Our commitment to marketing and high-value website content has driven a significant surge in direct enquiries from individuals seeking specialist criminal defence representation.”

Ms Peters said the firm was also investing in technology and skills, including in the development of an AI accreditation, And she added: “This growth allows us to reinvest in the very best talent, ensuring that we remain the first choice for those facing the most challenging legal situations.”

A new purpose-built workspace aimed at supporting Jersey’s growing community of founders and independent professionals will open its doors in Charing Cross this spring.

House of Champions, located in a private courtyard in the centre of St Helier, has been designed as a flexible entrepreneurial hub with capacity for 40 members. The three-storey space blends traditional Jersey architecture with contemporary interiors, featuring exposed wooden beams, floor-to-ceiling windows and curated artwork intended to create a calm yet collaborative environment.

The facility will offer hot desks, dedicated desks, bookable meeting rooms and a fully equipped podcast studio, alongside flexible membership packages tailored to freelancers, startups and small teams.

The project is led by Fiona Wylie, chief executive of Jersey-based marketing agency Brand Champions. Wylie said the decision to invest in a permanent workspace reflected both confidence in the island’s entrepreneurial ecosystem and her own experience building a business while balancing family life after relocating to Jersey.

“House of Champions is community-driven and flexible by design,” she said. “Real ambition doesn’t thrive in isolation. It thrives when people feel supported, inspired and genuinely connected.”

The launch comes amid continued growth in self-employment and freelance work. According to IPSE, the number of highly skilled female freelancers in the UK has risen by 69 per cent since 2008, highlighting demand for professional spaces that support flexible careers.

Wylie said the hub aims to serve that expanding demographic, particularly professionals seeking autonomy without sacrificing collaboration. “This is a place to build businesses, yes, but also confidence, momentum and possibility,” she said.

House of Champions will officially open with a programme of workshops, networking events and community initiatives designed to encourage collaboration and wellbeing alongside commercial growth.

For Jersey’s startup and freelance community, the opening signals a further step in positioning the island as a base not only for finance but for a broader generation of creative and entrepreneurial talent.

Jamie Young

Jamie is Senior Reporter at Business Matters, bringing over a decade of experience in UK SME business reporting.
Jamie holds a degree in Business Administration and regularly participates in industry conferences and workshops.

When not reporting on the latest business developments, Jamie is passionate about mentoring up-and-coming journalists and entrepreneurs to inspire the next generation of business leaders.

Public Storage is relocating its headquarters from California to Texas, becoming the latest major corporation to shift its official base to the Lone Star State as it rolls out a leadership transition and long-term growth strategy.

The S&P 500 self-storage real estate investment trust said its headquarters will move to the Dallas-Fort Worth metro area, while maintaining a long-term presence in Glendale, California. The announcement comes alongside a CEO transition and a broader strategic overhaul branded “PS4.0.”

Founded in California in 1972, Public Storage has grown into the world’s largest owner of self-storage facilities, operating more than 3,500 properties across 40 states and holding a sizable stake in a European storage operator. The relocation marks a significant shift for a company long associated with California’s business community.

Tom Boyle will take over as CEO on April 1, succeeding Joe Russell, who is retiring after a decade in the role. At the same time, the board will install Shankh Mitra, CEO of Welltower, as non-executive chairman.

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A Public Storage facility in Sacramento, California. (David Paul Morris/Bloomberg via Getty Images)

The leadership changes are part of what the company calls its “fourth era,” a transition designed to accelerate earnings growth, expand margins and deliver stronger long-term shareholder returns.

For Texas, the move underscores the state’s continued success in attracting high-profile headquarters relocations. The Dallas area offers no state income tax, comparatively lower operating costs and a deep talent pool. While Public Storage did not explicitly cite tax or regulatory reasons for the relocation, it highlighted the region’s depth of talent and innovation as strategic advantages.

A Public Storage facility in Sacramento, California, on Monday, Feb. 6, 2023. (David Paul Morris/Bloomberg via Getty Images)

For California, the shift adds to a broader trend of corporate headquarters moves, even as many companies retain significant operations in the state. A headquarters relocation often signals where executive leadership, finance functions and future expansion plans will increasingly be concentrated.

Under the company’s PS4.0 initiative, Public Storage is leaning into digital tools, data science and artificial intelligence to reshape how it prices units, markets to customers and manages its portfolio. Executives say consumers increasingly expect fast, seamless digital experiences – even in traditionally brick-and-mortar sectors like self-storage.

Signage stands on the building of a Public Storage facility in San Francisco, California. (David Paul Morris/Bloomberg via Getty Images)

For renters, that could mean more online bookings, dynamic pricing that shifts with demand and more personalized digital engagement. For investors, the company is signaling a more aggressive push into acquisitions and development in the still-fragmented self-storage industry. Over the past five years, Public Storage has deployed more than $12 billion into deals and new projects, and leadership has indicated it intends to accelerate that pace.

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The company also said it is revamping executive compensation to more closely tie pay to shareholder returns, reinforcing its emphasis on stock performance and capital discipline.

Plug Power Inc.’s stock has remained under pressure in February 2026, trading around $1.84 after a volatile stretch that saw sharp declines and partial recoveries, as investors grapple with the hydrogen specialist’s ongoing cash burn, dilution risks from share authorization increases, and pending fourth-quarter 2025 earnings.

As of February 23, 2026, Plug Power (NASDAQ: PLUG) closed at $1.84, down 1.60% on the day with volume exceeding 66 million shares. The shares have fallen roughly 26% over the past 30 days and about 17.5% year-to-date, though they show a modest 15.7% gain over the past year. The 52-week range spans a low of $0.69 to a high of $4.58, reflecting extreme volatility in a sector tied to green hydrogen adoption and policy support.

The recent weakness follows a series of developments that have heightened scrutiny on the company’s financial position. In February 2026, shareholders approved a charter amendment to double authorized common shares from 1.5 billion to 3.0 billion, a move intended to provide flexibility for future capital raises but raising dilution concerns among investors. The special meeting, originally scheduled for January and adjourned multiple times, was accelerated to February 12, 2026, with the board urging votes in favor to support operations and growth.

Plug Power has faced persistent challenges in achieving profitability despite its position as a leader in hydrogen fuel cell systems and green hydrogen production. The company has never posted a full-year operating profit since going public in 1999, with trailing losses underscoring execution hurdles in scaling electrolyzer deployments and hydrogen supply. Last twelve months free cash flow remains deeply negative at around -$904 million, though analysts project narrowing losses and eventual positive cash flow by 2028.

Management’s Project Quantum Leap cost-savings initiative, launched in 2025, aims to streamline operations and focus on higher-margin offerings. Gross margins have shown improvement—negative 51.1% in recent periods versus worse prior figures—with targets for breakeven on gross profit by end-2025 and positive EBITDAS by end-2026. Full profitability is eyed for 2028.

Operational momentum includes key contracts and deployments. In early February 2026, Plug completed the first hydrogen fill for Hynetwork’s Rotterdam pipeline segment, delivering 32 tons of renewable fuel of non-biological origin (RFNBO) hydrogen alongside custom infrastructure. This builds on European expansion, where supportive regulations have boosted traction.

Other recent wins include a December 2025 commencement of a multi-year liquid hydrogen supply contract with NASA for up to 218,000 kilograms to Glenn and Armstrong facilities, valued at about $2.8 million through 2030. The deal validates Plug’s capabilities in high-demand aerospace applications. Additional partnerships feature a 5MW PEM electrolyzer LOI with Hy2gen for France’s Sunrhyse project and installations like a 5MW GenEco unit in Namibia for Africa’s first fully integrated green hydrogen facility.

These milestones highlight growing demand for green hydrogen in material handling, stationary power, and emerging sectors like space and heavy industry. Plug has deployed over 72,000 fuel cell systems and 285 fueling stations, positioning it as a major liquid hydrogen user with operational plants in Georgia, Tennessee, and Louisiana producing 40 tons per day.

Yet headwinds persist. Ongoing class-action securities lawsuits allege misleading statements about DOE loan guarantees and project timelines, adding legal uncertainty. Analyst consensus leans Hold, with 14 firms setting an average 12-month price target around $2.10—implying limited near-term upside but potential if execution improves. Some upgrades, like Clear Street’s to Buy in late 2025, cite paths to profitability.

The next major catalyst arrives March 2, 2026, when Plug reports Q4 and full-year 2025 results before market open, followed by a 4:30 PM ET conference call. Analysts forecast a loss of about $0.10 per share, with focus on revenue trends, margin progress, backlog conversion, and updated guidance amid Project Quantum Leap impacts. Positive surprises on cost controls or new contracts could spark a rebound; continued cash burn or delays might extend downside pressure.

Plug Power navigates a pivotal phase in the hydrogen economy’s evolution. Its leadership in fuel cells, electrolyzers, and infrastructure—bolstered by partnerships with Walmart, Amazon, Home Depot, BMW, and BP—offers long-term potential as global decarbonization accelerates. However, proving sustainable profitability amid capital intensity and competition will determine whether current weakness proves temporary or structural.

Investors weighing the risk-reward see Plug as a high-beta play on green energy transitions, with valuation at roughly 2.9 times trailing sales suggesting room for recovery if milestones are met. As earnings approach, the stock’s trajectory will hinge on evidence that operational gains translate to financial stability in 2026 and beyond.

It has added new homestyling and clothing departments at the 125,000 sq ft store

Family-run and owned the Leekes Group has invested in two new departments at its flagship Llantrisant store in the latest phase of a £10m investment programme.

The homestyling and clothing departments, which extend to 30,000 sq ft, will launch this weekend. They reopen a quarter of the store’s 125,000 footprint after 10 months, with brand-new flooring and a new roof. It follows the recent refurbishment of the Llantrisant store’s furniture studio, the largest in Wales and the south west of England.

Leekes Retail employs 500 people across five stores located in south Wales, the south west of England and the Midlands. This latest investment, says managing director, Emma Leeke, reaffirms the group’s, commitment to both the local area as well as the customer experience and will support the store’s 85 jobs.

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She added: “After nearly 50 years trading from our Llantrisant store, we’ve seen lots of change but serving our customers in the right way has been our consistent focus. These new departments have been entirely designed around how they love to shop, making browsing easy and inspiring.

“In homestyling, we’ve deliberately brought together everything that creates the look you want for any room in the house into one big space. Similarly, in clothing and footwear, we’ve attracted a wide range of partner brands who, together, present a compelling destination for everyday and outdoor wear.”

As well as its Llantrisant store, the Leekes Group’s retail arm also operates stores in Bilston in the west Midlands, Cross Hands in Carmarthenshire, Melksham in Wiltshire and Cheltenham in Gloucestershire. It also retains its builder’s merchant at Tonypandy, where the business was established in 1897.

The group also includes four star Vale Resort in the Vale of Glamorgan and the nearby 17th and listed Hensol Castle, which is open for conferences, events, and weddings. Hensol Castle Distillery completes the group, which distils own-brand spirits and has a bottling plant.

Violence and abuse against shop workers declined by a fifth last year, but retail leaders say crime levels remain far higher than before the pandemic and continue to pose a serious threat to staff safety.

New figures from the British Retail Consortium (BRC) and Sensormatic Solutions show there were 1,600 incidents of violence and abuse against retail workers every day in 2024/25, down from 2,000 daily incidents the previous year. That equates to around 590,000 incidents over the year.

Despite the improvement, the BRC warned that the rate remains the second highest on record and well above the pre-pandemic average of 455 incidents per day.

Physical violence showed little change, remaining at 118 incidents a day, including 36 daily cases involving a weapon.

The data also reveal 5.5 million incidents of shop theft last year, costing retailers close to £400m. The true total is likely to be significantly higher, given many thefts go undetected.

For the first time, the report included parcel delivery theft, which cost retailers more than £100m in 2024/25.

Industry leaders say organised criminal gangs are increasingly targeting high-value goods that can be easily resold, carrying out systematic thefts across multiple stores.

Helen Dickinson, chief executive of the BRC, said the reduction in violence was “hard won” but warned that theft and abuse remain endemic. “No one should go to work fearing for their safety,” she said.

The government’s forthcoming Crime and Policing Bill will introduce a specific offence for assaulting a retail worker, alongside scrapping the £200 threshold that previously limited police response to low-value shoplifting.

Sarah Jones said the government was determined to tackle retail crime and highlighted a 21 per cent rise in shop theft charges.

The legislation comes amid broader concerns about high street viability. Retailers are also contending with rising employment costs, including higher national insurance contributions and increases to the national living wage.

Usdaw general secretary Joanne Thomas said that while the fall in incidents was welcome, retail workers still face unacceptable risks. Two-thirds of attacks on staff are triggered by theft or armed robbery, union data suggest.

Retailers have spent more than £5bn over the past five years on security measures including CCTV systems and additional personnel, according to the BRC.

Despite the slight improvement, campaigners and unions argue that violence and theft remain at crisis levels, with many shop workers reporting heightened stress and anxiety about going to work.

Amy Ingham

Amy is a newly qualified journalist specialising in business journalism at Business Matters with responsibility for news content for what is now the UK’s largest print and online source of current business news.

More than half of young Britons are unable to name a single entrepreneur, according to new research that campaigners say highlights a worrying disconnect between the UK’s startup culture and the next generation.

A YouGov survey conducted for Enterprise Britain found that 56 per cent of 18 to 25-year-olds could not name an entrepreneur, founder or chief executive. Among those who could, Richard Branson was the most frequently cited, named by 16 per cent of respondents in that age group.

Lord Sugar was identified by 6 per cent, while just 2 per cent mentioned Steven Bartlett, the Dragons’ Den investor and host of The Diary of a CEO podcast. Across all age groups, 33 per cent of UK adults named Branson, while 32 per cent could not name any entrepreneur at all.

The findings come as youth unemployment has climbed to its highest level in more than a decade and as the Treasury finalises a consultation on how entrepreneurs are taxed.

Enterprise Britain, a lobby group founded by business leaders including Stephen Fitzpatrick, founder of Ovo Energy, and Brent Hoberman, co-founder of Lastminute.com, has launched a campaign titled “Time to Act” urging stronger government support for entrepreneurship.

Baroness Lane Fox, co-founder of Lastminute.com and a member of the group, said the term “entrepreneur” may feel remote to many people. “It has taken on a grandeur,” she said. “People think you have to build a global giant to count. Entrepreneurship can take many forms and can be economically rewarding for individuals and communities.”

The survey also found that 74 per cent of respondents believe the UK’s position in the global economy is in decline, underscoring broader concerns about growth and competitiveness.

Enterprise Britain is calling for the creation of a dedicated minister for entrepreneurship and for policies to broaden access to capital, including expanded employee share ownership schemes and greater pension fund investment in high-growth UK companies.

Fitzpatrick said: “Britain has a great economic engine. But while we have one foot on the accelerator, the other is on the brake. We need to take the brakes off so ambitious businesses can drive the country forward.”

The campaign reflects growing debate over how to foster entrepreneurial ambition at a time when economic uncertainty and rising employment costs are reshaping the labour market for younger Britons.

Jamie Young

Jamie is Senior Reporter at Business Matters, bringing over a decade of experience in UK SME business reporting.
Jamie holds a degree in Business Administration and regularly participates in industry conferences and workshops.

When not reporting on the latest business developments, Jamie is passionate about mentoring up-and-coming journalists and entrepreneurs to inspire the next generation of business leaders.