u/lulmagician

The author is long ImmunityBio because the core value proposition is the successful commercialization of ANKTIVA, with preliminary 2025 net product revenue of roughly $113 million, a 700% YoY increase, and Q4 2025 alone around $38.3 million indicating accelerating adoption. ANKTIVA is already FDA-approved in the U.S. for BCG-unresponsive non-muscle invasive bladder cancer, and in January 2026 the Saudi FDA granted accelerated approval in bladder cancer and NSCLC, the first global approval in a solid tumor outside bladder cancer, which the author says de-risks the platform. The BCG-naive QUILT-2.005 trial enrollment is ahead of schedule with expected completion Q2 2026, and success would open a much larger total addressable market by moving the drug to an earlier line of treatment. The author states they have been stacking the position and are 'balls deep,' framing the outcome as binary between a mansion and a trailer.