ImmunityBio Inc. (NASDAQ: IBRX) shares surged 30.79% on Thursday, drawing intense market attention after the U.S. biotechnology company released explosive preliminary 2025 revenue figures for its flagship cancer therapy Anktiva. The drug, used to treat bladder cancer, is expected to generate approximately USD 113 million in net product revenue for full-year 2025, compared with about USD 15 million in 2024—an increase of nearly 700%.
While the dramatic rally was immediately triggered by these numbers, the move reflects a confluence of powerful catalysts, including accelerating commercial traction, geographic expansion, and promising clinical data in new indications.
The most direct driver behind the stock’s spike was ImmunityBio’s preliminary 2025 performance update. According to the company, Anktiva is projected to deliver around USD 113 million in net product revenue this year, up from roughly USD 15 million in 2024. That implies year-on-year growth approaching 700%, far outpacing typical industry ramp-up patterns for newly commercialized oncology therapies.
The momentum appears to be building quarter by quarter. In the fourth quarter alone, Anktiva generated an estimated USD 38.3 million in revenue, representing sequential growth of about 20%. This kind of compounding, “hockey-stick” trajectory has significantly exceeded many investors’ expectations and helped reframe sentiment around the company’s commercial outlook.
For a small- to mid-cap biotech name like ImmunityBio, such a rapid scaling of a single anchor product is particularly meaningful, as it reduces near-term financing concerns and strengthens the case that Anktiva could become a durable revenue pillar rather than a niche product.
The blowout revenue outlook did not come in isolation. In the days leading up to the update, ImmunityBio announced two additional pieces of positive news that have reinforced the growth narrative around Anktiva.
Taken together, these developments—explosive commercial growth in bladder cancer, entry into a new international market, and encouraging signals in a major new indication—have created a powerful “triple play” of catalysts. They have strengthened investor confidence not only in the near-term revenue ramp but also in Anktiva’s multi-year growth potential.
The market response has been swift and decisive. On Thursday, ImmunityBio’s trading volume soared to 70.4 million shares, more than 4.4 times its three-month average. The outsized volume indicates heavy institutional and speculative participation, as investors repositioned around the new growth outlook.
ImmunityBio’s move stood out even more when compared with the broader market and sector peers. While the major indices posted only modest gains and other biotech names such as Incyte and Vertex traded lower on the day, ImmunityBio emerged as a clear outlier, underscoring how company-specific catalysts are driving the story rather than macro or sector-wide trends.
Despite the renewed optimism, ImmunityBio remains a high-risk, high-volatility biotech stock. Since going public in 2015, the company’s shares are still down roughly 89% on a cumulative basis, a reminder of the sharp drawdowns the stock has experienced during periods of clinical or regulatory uncertainty and funding pressure.
In the near term, the stock’s sharp appreciation suggests that much of the recent good news is now reflected in the price. The next leg of the move—up or down—will likely depend on whether ImmunityBio can consistently convert current expectations into sustainable financial performance and deliver on its ambitious plans for Anktiva beyond bladder cancer.
