• ImmunityBio recently launched ResQ215B, a Phase 2 outpatient trial testing a chemotherapy-free, lymphodepletion-free combination of off-the-shelf CD19-targeted NK cells, ANKTIVA, and rituximab in patients with indolent B-cell non-Hodgkin lymphoma, including Waldenström’s Macroglobulinemia.
• This regimen builds on early Phase 1 data showing durable disease control without hospitalization or lymphodepleting chemotherapy, aiming to enhance immune-driven tumor clearance through IL-15 superagonist–boosted NK and T-cell activity.
• Next, we assess how advancing this chemotherapy-free, off-the-shelf CAR-NK regimen into Phase 2 may influence ImmunityBio’s broader investment narrative.

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What Is ImmunityBio's Investment Narrative?

To own ImmunityBio today, you have to believe its IL-15 platform and cell therapies can convert promising, chemotherapy-free data into approved products and sustainable revenue before the balance sheet tightens further. The new ResQ215B Phase 2 trial fits that story neatly: it extends ANKTIVA and off-the-shelf CD19 t-haNK into indolent lymphoma, reinforcing the idea that this is a platform, not a single-asset bet. In the near term, though, the bigger swing factors still look like U.S. and ex-U.S. regulatory decisions in bladder cancer, the company’s limited cash runway, and any need for fresh capital after a very large share price run. ResQ215B adds an extra shot at value creation, but it does not erase financing or dilution risk.

However, one issue around funding and dilution is easy to underestimate. Despite retreating, ImmunityBio's shares might still be trading above their fair value and there could be some more downside. Discover how much.

Exploring Other Perspectives

You can see 11 fair value views from the Simply Wall St Community, spanning roughly US$0.33 to over US$20 per share. Set this wide spread against ImmunityBio’s tight cash runway and recent volatility, and you start to see why it pays to weigh multiple opinions before forming your own view on the stock.

Explore 11 other fair value estimates on ImmunityBio - why the stock might be worth less than half the current price!

Build Your Own ImmunityBio Narrative

Disagree with this assessment? Create your own narrative in under 3 minutes - extraordinary investment returns rarely come from following the herd.

• A great starting point for your ImmunityBio research is our analysis highlighting 2 key rewards and 4 important warning signs that could impact your investment decision.
• Our free ImmunityBio research report provides a comprehensive fundamental analysis summarized in a single visual - the Snowflake - making it easy to evaluate ImmunityBio's overall financial health at a glance.

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This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned.