ImmunityBio: A Bladder of Opportunity?

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Wednesday appears to be a rather agreeable day for shareholders of ImmunityBio (IBRX +32.56%). As of approximately 1:50 p.m. ET, the biopharmaceutical entity is experiencing an upward trajectory of approximately 33.1%. The cause? Well, it seems someone, somewhere, has finally decided their drug is worth approving in yet another jurisdiction. A remarkably common occurrence, when you think about it, yet perpetually surprising to those involved. (One might compare it to repeatedly discovering that water is, in fact, wet. Though, of course, even that isn’t entirely guaranteed in certain quantum states.)

Approved… Again

ImmunityBio’s oncology offering, Anktiva, initially received the nod from the United States’ FDA as a treatment for certain bladder cancer variations back in 2024, if memory serves. The United Kingdom followed suit in mid-2025, and the Kingdom of Saudi Arabia, displaying a commendable level of international cooperation, chimed in earlier this year. (It’s comforting to know that, even amidst all the galactic chaos, some things remain predictably bureaucratic.)

Today, however, the company announced that the European Union’s regulatory commission has granted approval for the combination of Anktiva and Bacillus Calmette-Guérin (BCG) as a treatment for non-muscle invasive bladder cancer across the 30 nations it represents. Which, when you consider the sheer number of committees, reports, and strongly-worded memos involved, is frankly astonishing.

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The market’s enthusiastic response is, on the surface, understandable. The drug has been available in the U.S. for less than two years and only recently approved in the UK, yet the company anticipates $113 million in Anktiva revenue for the fiscal year ending in December. With a projected 20% quarter-over-quarter growth in the final quarter of 2025. That’s a rather substantial figure for a relatively new pharmaceutical in one market, and almost brand-new in another. (It’s a bit like discovering a previously unknown continent in your bathtub. Unexpected, and potentially requiring a significant reassessment of your plumbing.) It’s still some time before peak sales potential is realized, but it’s a positive indicator.

And bladder cancer isn’t the sole target. ImmunityBio is also exploring Anktiva’s potential in treating solid tumors, Lynch Syndrome, HIV, ovarian cancer, and Non-Hodgkin Lymphoma. (One suspects the research team are simply running out of cancers to test it on, rather than any particular strategic brilliance. But who are we to judge?)

Just Respect the Risk

There’s undoubtedly upside potential here. ImmunityBio is a relatively small company (a market capitalization of under $8 billion) operating within a global oncology market expected to balloon from less than $350 billion last year to over $860 billion by 2034. The cancer immunotherapy segment alone is projected to be worth $277 billion by 2032. Capturing even a modest sliver of that growth could prove… beneficial. (Beneficial, in this context, meaning ‘not immediately bankrupt.’ A surprisingly low bar, when you think about it.)

However, prospective investors would be well-advised to acknowledge the inherent volatility. Extreme bullish sentiment often invites near-term profit-taking. It wouldn’t be entirely unreasonable to allow today’s excitement to settle before diving in. (Consider it a period of quiet contemplation, during which you can ponder the existential absurdity of valuing human life in terms of market capitalization. It’s surprisingly relaxing.)

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2026-02-18 21:52