ImmunityBio (IBRX) Stock Explodes 500%+ in 2026 on ANKTIVA’s 700% Revenue Surge

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.