ImmunityBio Stock Sinks 20% as Revenue Misses Estimates Despite Bladder Cancer Trial Win and Israel Approval

Shares of ImmunityBio Inc. fell about 20% on Monday after the immunotherapy company's third-quarter revenue fell well short of Wall Street's forecast, overshadowing a positive clinical trial result and a new international approval.

ImmunityBio shares fell $1.75, or 20.28%, to $6.89 in Monday trading. About 28.3 million shares changed hands, more than twice the average volume, and the drop cut the company's market value to about $7.3 billion. Despite Monday's decline, the stock remains up roughly 300% over the past year.

The stock had closed at $8.64 on Friday.

Revenue miss

ImmunityBio reported a loss of about 9 cents a share, missing the 7-cent consensus estimate, on revenue of $48.84 million, which fell short of the $59.23 million estimate by $10.38 million.

Growth was still strong year over year. The company reported third-quarter net product revenue of $48.7 million, up 53% year over year, and first nine months U.S. revenue up 92% to $143.6 million.

But the quarter came in below the prior quarter. The company had reported record quarterly net product revenue of $50.7 million in the second quarter, its eighth consecutive quarter of sequential growth.

The loss widened significantly. Net loss was $184.6 million, up from $67.3 million a year ago, mainly driven by changes in the fair value of a related-party convertible note and warrant and derivative liabilities due to a higher stock price during the quarter, along with higher interest expense and R&D and SG&A costs.

Trial success

The miss overshadowed clinical progress. The company announced that the primary endpoint for BCG-naive non-muscle invasive bladder cancer was reached in patients receiving Anktiva plus BCG versus BCG alone.

The drug's track record remains strong. The median duration of complete response was 26.6 months, with some responses extending beyond 53 months.

Global expansion

ImmunityBio announced approval in Israel of Anktiva in combination with BCG for BCG-unresponsive NMIBC with carcinoma in situ, bringing its global approvals to 35 countries. It also said the first patients in Europe have received treatment with the combination.

U.S. regulators recently expanded the drug's label. On Oct. 14, 2026, the FDA approved an expanded indication for Anktiva in combination with BCG to include adult patients with BCG-unresponsive NMIBC.

About Anktiva

Anktiva is ImmunityBio's lead product, a first-in-class IL-15 receptor superagonist antibody-cytokine fusion protein, initially approved by the FDA in April 2024 for BCG-unresponsive NMIBC with carcinoma in situ.

After a huge run over the past year, investors appear to be demanding faster revenue growth. The company's ability to expand Anktiva's use into new indications, including the BCG-naive setting, will be key to its outlook.