ImmunityBio Trims Workforce Despite Recent FDA Approval for Anktiva

FDA Approval:
ImmunityBio received FDA approval for Anktiva, a drug for treating non-muscle invasive bladder cancer, in April 2024.

Layoffs:
Despite the approval, the company has laid off 16 employees in El Segundo, California, citing the need to streamline operations and reduce costs.

Financial Challenges:
ImmunityBio faces significant financial challenges, including an accumulated deficit of $3.2 billion and negative cash flows of $207.3 million during the six months ended June 30, 2024.

Additional Funding Needed:
The company has stated that it will likely need additional capital to commercialize Anktiva and further develop other product candidates.

Previous Layoffs:
This is not the first round of layoffs for ImmunityBio; the company laid off 48 employees in September 2023 following an FDA rejection earlier that year.

Recent Financing:
ImmunityBio secured a $320 million royalty deal with Oberland Capital in January 2024 to support commercialization efforts for Anktiva.