CULVER CITY, Calif. - ImmunityBio, Inc. (NASDAQ:IBRX) has announced positive results from its QUILT 3.055 trial, demonstrating prolonged survival in patients with advanced non-small cell lung cancer (NSCLC) treated with ANKTIVA in combination with checkpoint inhibitors KEYTRUDA or OPDIVO. The findings were presented at the World Congress on Lung Cancer in San Diego on Sunday.
The phase 2b study indicated a median overall survival (OS) of 14.1 months in patients who had progressed on checkpoint inhibitor therapies. The trial included 86 patients with 2nd and 3rd line+ NSCLC, showing a 57% survival rate at 12 months and a 34% rate at 18 months. These rates surpass the current standard of care for NSCLC patients who have failed prior treatments.
ANKTIVA, a novel IL-15 superagonist, was used in combination with the same checkpoint inhibitors patients had previously received. The survival benefit was observed regardless of PDL1 tumor status or prior lines of therapy. The study also reported that the adverse event profile of ANKTIVA was consistent with checkpoint inhibitors alone, with no cytokine release syndrome observed.
Based on these results, ImmunityBio is initiating Phase 3 trials of ANKTIVA in combination with KEYTRUDA or OPDIVO for 1st and 2nd line NSCLC treatment. The company's founder, Patrick Soon-Shiong, M.D., highlighted the potential of ANKTIVA to activate memory T cells and provide a prolonged therapeutic benefit even after treatment completion.
ANKTIVA is an IL-15 agonist IgG1 fusion complex designed to activate NK cells and T cells, which play a crucial role in the immune system's response to cancer cells. The drug has already been approved by the FDA for BCG-unresponsive non-muscle invasive bladder cancer CIS with or without papillary tumors.
ImmunityBio, a biotechnology company focused on immunotherapy and cell therapy platforms, aims to create durable and safe protection against diseases by bolstering the natural immune system. The company is working on developing therapies and vaccines for cancers and infectious diseases.
The information in this article is based on a press release statement from ImmunityBio, Inc.
In other recent news, ImmunityBio Inc. has reported significant developments. At the forefront of these updates is the re-election of nine directors, including company founder Dr. Patrick Soon-Shiong, at the Annual Meeting of Stockholders. An increase in the number of shares authorized for issuance under ImmunityBio's 2015 Equity Incentive Plan by 19.9 million was also approved.
Additional recent developments include an exclusive global arrangement with the Serum Institute of India to manufacture Bacillus Calmette-Guerin for use with ImmunityBio’s ANKTIVA, a treatment for non-muscle invasive bladder cancer. ImmunityBio's ANKTIVA also received U.S. Food and Drug Administration approval for the treatment of BCG-unresponsive NMIBC.
In the financial sector, Piper Sandler increased ImmunityBio's price target, while maintaining a Neutral rating on the stock, following the approval of Anktiva for BCG-unresponsive NMIBC treatment. These recent developments continue to shape ImmunityBio’s trajectory in the healthcare and financial sectors.
InvestingPro Insights
ImmunityBio's (NASDAQ:IBRX) recent announcement about the QUILT 3.055 trial results has sparked interest among investors and analysts alike. The company's focus on innovative cancer treatments is reflected in its recent financial and market performance metrics, as provided by InvestingPro.
The company's market capitalization stands at $2.35 billion, which showcases its significant presence in the biotechnology sector. Despite its growth in revenue, which surged by an impressive 120.95% in the last twelve months as of Q2 2024, ImmunityBio's financials indicate that it is not yet profitable, with a negative P/E ratio of -3.62. This suggests that the company is investing heavily in research and development to advance its immunotherapy platforms.
One of the InvestingPro Tips highlights that analysts do not anticipate the company will be profitable this year, which aligns with the fact that it is quickly burning through cash. However, the same tip also notes that ImmunityBio's liquid assets exceed short-term obligations, indicating a strong liquidity position that could support ongoing clinical trials and research initiatives.
Another InvestingPro Tip to consider is that the stock has taken a significant hit over the last week, with a 1-week price total return of -14.43%. This volatility may be an opportunity for investors who believe in the long-term potential of the company's immunotherapy treatments, especially considering that the stock has demonstrated a high return over the last year with a 162.02% price total return.
For those interested in deeper analysis, InvestingPro offers additional tips on ImmunityBio. To explore these insights and make informed investment decisions, visit the InvestingPro platform for ImmunityBio at https://www.investing.com/pro/IBRX, where 12 more tips await.
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