ImmunityBio (IBRX) shares gained 11% following the release of its fourth-quarter financial results.
Net product revenue surged 431% year-over-year to $38.3 million. This total surpassed analyst estimates of $37.8 million.
Strong sales of ANKTIVA, an immunotherapy for bladder and lung cancer, primarily driven the revenue growth.
The company reported a quarterly net loss of $61.9 million, compared to $59.2 million in the prior year. Increased research and development expenses contributed to the widened loss.