ImmunityBio’s third‑quarter 2025 results show a dramatic 434% jump in product revenue to $31.8 million, up from $6.0 million in the same period a year earlier. The surge is almost entirely driven by sales of ANKTIVA in the BCG‑unresponsive non‑muscle‑invasive bladder cancer (NMIBC) indication, where the company has secured preferred drug status with a large payor network and is addressing the ongoing BCG shortage. The revenue increase aligns closely with analysts’ consensus estimate of $31.88 million, indicating the company met expectations largely because of robust demand and expanded market access.
Nine‑month revenue for the first nine months of 2025 reached $74.7 million, a 467% rise over the same period in 2024. Sequentially, revenue grew from $26.4 million in Q2 2025 to $33.7 million in Q3, a 28% quarter‑over‑quarter gain that underscores accelerating commercial traction for ANKTIVA. The growth is supported by a nearly sixfold increase in unit sales year‑to‑date, reflecting both institutional uptake and broader community clinic adoption.
Net loss attributable to common stockholders narrowed to $67.3 million from $85.7 million year‑over‑year, a $18.4 million improvement. The narrowing is driven by modest cost discipline: research and development expense rose slightly to $51.2 million from $50.4 million, while selling, general and administrative costs increased to $36.3 million from $35.9 million. Despite these increases, operating cash outflow fell to $68.9 million from $98.8 million, showing that the company is managing its burn more efficiently as sales scale.
Cash, cash equivalents and marketable securities stood at $257.8 million on September 30, 2025, up from $149.8 million at the end of 2024. Operating cash outflow of $68.9 million, combined with a $181.4 million outflow from investing activities, leaves a net cash burn of roughly $250 million for the quarter. Financing activities generated $173.5 million, largely from a $75 million equity raise completed in April 2025, which extends the company’s runway to roughly 2–3 years if current burn rates persist. The company’s liquidity position remains solid, but the continued net loss and high cash burn signal a need for additional financing to sustain operations and pipeline development.
Management highlighted the commercial momentum and the company’s role in addressing the BCG shortage. President and CEO Richard Adcock noted that “unit sales grew nearly sixfold year‑to‑date, reflecting adoption both at leading research centers and in community urology clinics, including rural areas.” He added that ANKTIVA’s preferred drug status with a large payor organization covering ~80 million lives is a key tailwind. Founder and Executive Chairman Patrick Soon‑Shiong emphasized the broader pipeline potential, noting strong data in glioblastoma and excitement about future growth opportunities. The company’s guidance for the remainder of 2025 was not disclosed, but the earnings data suggest a continued focus on scaling ANKTIVA while managing cash burn and pursuing additional financing.
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