ImmunityBio announced that it has secured $75 million in non‑dilutive financing from Oberland Capital under its existing Revenue Interest Purchase Agreement (RIPA). The new commitment brings the total capital under the RIPA to $375 million and is accompanied by a $25 million debt conversion by Nant Capital, LLC, which reduced the principal of the company’s $505 million promissory note to $480 million.
The financing strengthens ImmunityBio’s balance sheet at a time when the company’s cash position was $242.8 million and its net loss for 2025 was $351.4 million. The non‑dilutive nature of the funding allows the company to scale its global commercialization of ANKTIVA® without issuing new equity, while the debt conversion signals insider confidence and improves liquidity for future pipeline development.
ImmunityBio’s commercial performance has accelerated sharply: net product revenue reached $113 million in 2025, a 700 % year‑over‑year increase, and the company has previously raised $320 million from Oberland in December 2023, of which $210 million was funded at closing. The new financing builds on that foundation and provides additional capital to support the company’s expanding regulatory approvals and global sales initiatives.
ANKTIVA® has received a series of approvals that broaden its market reach: U.S. FDA approval in April 2024, UK MHRA authorization in July 2025, Saudi FDA accelerated approval in January 2026 for bladder and lung cancer, European Commission conditional marketing authorization in February 2026, and Macau Pharmaceutical Administration Bureau authorization in March 2026. The company also faces FDA warning letters regarding misleading promotional statements, a risk that the financing helps to mitigate by providing resources for compliance and communication efforts.
"This additional non‑dilutive financing gives us the capacity to continue scaling our commercial efforts and expanding globally following recent ANKTIVA® approvals, while positioning us to take full advantage of the growth opportunities ahead," said Richard Adcock, President and CEO. He added, "The strengthening of the company’s balance sheet through non‑dilutive financing from Oberland, combined with the Founder’s reduction of debt, supports our global expansion following recent approvals and the advancement of our immunotherapy pipeline." Patrick Soon‑Shiong, M.D., Founder, Executive Chairman and Global Chief Medical and Scientific Officer, commented, "The non‑dilutive financing from Oberland and the conversion of debt to equity by Nant Capital, reflect strong confidence in ImmunityBio’s strategy and growth potential as a leading immunotherapy company paving the way for next‑generation immunotherapy treatments."
Investors responded positively to the announcement, citing the non‑dilutive nature of the financing, the reduction of debt, and the company’s expanding regulatory approvals as key drivers of confidence in ImmunityBio’s growth trajectory.
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