ImmunityBio FY25 earnings call IBRX

Dr. Soon-Shiong provided a historical overview of ImmunityBio, tracing its origins from NantKwest's IPO in 2015 and the Cancer Moonshot initiative in 2016. He emphasized the company's strategy to activate the immune system in totality, addressing both innate and adaptive responses, and how this led to the development of the BioShield platform, with ANKTIVA as its backbone. The strategy challenges conventional oncology approaches, focusing on the tumor microenvironment and outsmarting tumor shapeshifting.

ANKTIVA, an IL-15 superagonist, is highlighted as the backbone of the BioShield platform due to its unique mechanism of action in stimulating NK cells, CD4, CD8 T cells, and memory T cells without upregulating Treg cells. This mechanism, identified by the NCI as the #1 molecule to cure cancer in 2007, allows ANKTIVA to be combined with standard of care (chemotherapy, radiation, BCG, checkpoint inhibitors), NK cell therapy, and adenovirus-based vaccines, and to treat lymphopenia.

Richard Adcock detailed the significant commercial success of ANKTIVA in FY25, with net product revenue reaching $113 million, a 700% year-over-year increase, driven by a 750% increase in unit sales volume. The company achieved rapid international expansion, securing conditional marketing authorization in the EU (27 member states) and two approvals in Saudi Arabia (bladder and lung cancer), bringing ANKTIVA's authorization to 33 countries. Strategic partnerships with Accord Healthcare and Biopharma/Cigalah are in place to facilitate commercial launches in these regions.

ImmunityBio's pipeline focuses on four pillars: ANKTIVA plus standard of care (e.g., BCG for bladder cancer, checkpoint inhibitors for lung cancer), ANKTIVA plus CAR-NKs/m-ceNK cell therapy, ANKTIVA plus DNA vaccine vectors (for Lynch syndrome, HPV, prostate cancer), and ANKTIVA for lymphopenia. Key clinical trial updates include 100% enrollment for the BCG-naive bladder cancer study (QUILT-2.005) with promising interim data, and the Saudi FDA's approval of ANKTIVA for lung cancer based on the QUILT-3.055 trial.

The company is actively addressing the widespread issue of lymphopenia, a low level of NK and T cells, which affects 1 in 5 Americans and increases mortality risk. ANKTIVA has been shown to increase ALC, and trials are underway to demonstrate its effect on outcomes in sepsis, radiation-induced lymphopenia, and treatment-induced infection. ImmunityBio also launched an FDA-authorized expanded access program for its recombinant BCG to mitigate the decade-long BCG shortage, with over 580 patients enrolled across 100 clinical sites.

ImmunityBio introduced "askIB," an internally developed AI solution integrated with its enterprise applications to drive advancements across R&D, manufacturing, and operations. Dr. Soon-Shiong also highlighted the NANT Leonardo AI-driven cellular manufacturing platform, designed for scalable and low-cost production of cell therapies, with the Dunkirk, New York facility poised to become a national preparedness site for biologics manufacturing.