Immunitybio, Inc. · NASDAQ:IBRX
Immunitybio — Milken Institute Presentation 2026
67 slides from Immunitybio's conference presentation, Feb 24, 2026
Slide 1: Winning the War Against Cancer: Harnessing the Power Within
Winning the War Against Cancer: Harnessing the Power Within “The Cancer Vaccine” Hypothesis: Orchestrating the innate and adaptive immune system drives immunogenic cell death with durable complete remission of cancer independent of tumor type Presented to FDA, Oncology Center of Excellence (OCE) 201
Slide 2: The QUILT Trial 2016 – 2020 Testing the Hypothesis of the Cancer Vaccine
The QUILT Trial 2016 – 2020 Testing the Hypothesis of the Cancer Vaccine GPS Guided Off-the-Shelf GPS Guided Fusion Proteins, T-Regs, MDSC, Multi-Clonal Entering the Tumor Immunogenic Modulation Natural Killer Cancer Cytokine, Chemokine, Combination Therapy Cells Checkpoints M2 Cancer Cells Microenv
Slide 3: January 2016 – Sharing Need for Paradigm Change With Scientific Thought Leaders
January 2016 – Sharing Need for Paradigm Change With Scientific Thought Leaders 2/24/2026
Slide 4: Lessons Learned After 55 Years of Cancer Drug Development and Standards of Care
Lessons Learned After 55 Years of Cancer Drug Development and Standards of Care 2/24/2026 4
Slide 5: Chemotherapy Development
Chemotherapy Development 2/24/2026 5
Slide 6: NCI Chemo Drug Discovery Based on Nude Athymic Mouse
NCI Chemo Drug Discovery Based on Nude Athymic Mouse 1966 "Flanagan reported the discovery of the 'nude' mouse in breeding experiments in 1966 and 2 years later it was reported that these animals were profoundly immunosuppressed due to the lack of a functional thymus gland… these mice could potentia
Slide 7: Chemotherapy Drugs Developed Since 1966 Based on Models without an Immune System
Chemotherapy Drugs Developed Since 1966 Based on Models without an Immune System 2/24/2026 7
Slide 8: Treatment Induced Lymphopenia
Treatment Induced Lymphopenia 2/24/2026 8
Slide 9: 1994: High-Dose Chemotherapy Induces Lymphopenia
1994: High-Dose Chemotherapy Induces Lymphopenia 2/24/2026 9
Slide 10: 1983: Radiation Induces Lymphopenia
1983: Radiation Induces Lymphopenia 2/24/2026 10
Slide 11: The Missing Link: Lymphopenia is Measurable by Absolute Lymphocyte Count (ALC) with ICD Code
The Missing Link: Lymphopenia is Measurable by Absolute Lymphocyte Count (ALC) with ICD Code Since 2015 Complete Blood Count (CBC) Severe Lymphopenia ALC <1,000 ICD Code: D72.810 Oct 2015 2/24/2026 11
Slide 12: The Treatment of Lymphopenia: The Missing Link
The Treatment of Lymphopenia: The Missing Link To Mitigate the Side Effects of Chemo & Radiation The Missing Link To Treat Anemia To Treat Neutropenia To Treat Lymphopenia FDA Approved For All Cancers FDA Approved For All Cancers Red Blood Cells NK Cells ? T Cells Neutrophils Expands Red Blood Cells
Slide 13: The Consequences of Lymphopenia in the US General Population and in Patients with Cancer
The Consequences of Lymphopenia in the US General Population and in Patients with Cancer ALC <1,500 2/24/2026 13
Slide 14: 2015: Chemo-Radiation Induced Lymphopenia Reduces Survival in All Tumor Types
2015: Chemo-Radiation Induced Lymphopenia Reduces Survival in All Tumor Types All Cancer Types 2/24/2026 14
Slide 15: 2019: Excess Mortality Risk with Lymphopenia in the US General Population
2019: Excess Mortality Risk with Lymphopenia in the US General Population: “An Immunological Hazard in the General Population” 2019 2/24/2026 15
Slide 16: 2019 JAMA: Lymphopenia Consequences in US General Population
2019 JAMA: Lymphopenia Consequences in US General Population Increased Mortality by Increased Mortality All Causes in Cancer 2/24/2026 16
Slide 17: Paradigm Change is Needed
Paradigm Change is Needed “The root cause is the collapse of the immune system resulting in lymphopenia and cancer is merely the symptom” 2019 Lymphopenia Across All Cancer Types 2/24/2026 17
Slide 18: The Beginning of Immunotherapy 1992 Misconstruing the Treatment of Lymphopenia with IL-2
The Beginning of Immunotherapy 1992 Misconstruing the Treatment of Lymphopenia with IL-2 1992 to Present 2/24/2026 18
Slide 19: IL-2 Misconstrued as a Key Cytokine for T Cell Growth
IL-2 Misconstrued as a Key Cytokine for T Cell Growth May 1992 PROLEUKIN® (aldesleukin), a recombinant form of interleukin-2 (IL-2) 2/24/2026 19
Slide 20: IL-2 Still Misconstrued as a Key Cytokine for T Cell Growth
IL-2 Still Misconstrued as a Key Cytokine for T Cell Growth 2017 2/24/2026 20
Slide 21: Realization of the Innate Power of IL-15
Realization of the Innate Power of IL-15 2/24/2026 21
Slide 22: 2006: Scientific Insight into the Difference Between IL-2 and IL-15
2006: Scientific Insight into the Difference Between IL-2 and IL-15 2006 IL-2 IL-15 Thomas A. Waldmann, M.D. (1930-2021) 2/24/2026 22
Slide 23: Key Points: IL-2 and IL-15 Distinct Actions
“ Key Points • In many adaptive immune responses, IL-2 and IL-15 have distinct, and often competing, actions. IL-2 has a role in activation-induced cell death and in maintenance of regulatory T cells. In this way, it is involved in the elimination of self-reactive T cells, which if left unregulated
Slide 24: 2007: NCI Immunotherapy Workshop to Identify Molecules to Cure Cancer
2007: NCI Immunotherapy Workshop to Identify Molecules to Cure Cancer 2/24/2026 24
Slide 25: 2007: IL-15 Identified as the Key Cytokine (T Cell Growth Factor) to Cure Cancer
2007: IL-15 Identified as the Key Cytokine (T Cell Growth Factor) to Cure Cancer! 2/24/2026 25
Slide 26: 2008: IL-15 Ranked #1 Immunotherapy Drug that Could Cure Cancer
2008: IL-15 Ranked #1 “Immunotherapy Drug that Could Cure Cancer” 2008 Dr. Martin A. ’Mac’ Cheever 1994 - 2021 2/24/2026 26
Slide 27: Lessons Learned After 55 Years of Cancer Drug Development as Standard of Care
Lessons Learned After 55 Years of Cancer Drug Development as Standard of Care • High dose chemoradiation induces lymphopenia • Epogen to treat anemia (RBC) to enable more chemoradiation • Neupogen (G-CSF) to treat neutropenia (ANC) to enable more chemoradiation • IL-2 stimulates immunosuppressive T
Slide 28: The Pursuit of the Cancer Vaccine
The Pursuit of the Cancer Vaccine Hidden in Plain Sight 1. Lymphopenia Significantly Reduces Survival Across All Tumor Types 2. Lymphopenia Reduces Survival in General US Population 3. Absolute Lymphocyte Count (ALC) Ignored 4. IL-15 Ranked #1 Cytokine to Cure Cancer 5. IL-15 Reverses Lymphopenia 2/
Slide 29: Winning the War Against Cancer: Harnessing the Power Within
Winning the War Against Cancer: Harnessing the Power Within “The Cancer Vaccine” Hypothesis: Orchestrating the innate and adaptive immune system drives immunogenic cell death with durable complete remission of cancer independent of tumor type Presented to FDA, Oncology Center of Excellence (OCE) 201
Slide 30: Step 1: 2005 - Entering the Tumor Microenvironment
Step 1: 2005 - Entering the Tumor Microenvironment Low-Dose Metronomic Chemo Induction of DAMPS (Damage Associated Molecular Patterns) 2/24/2026 30
Slide 31: Quest to Penetrate the Tumor Microenvironment
Quest to Penetrate the Tumor Microenvironment Albumin Nanoparticle of Paclitaxel To Penetrate the Blood Vessel Wall Abraxane 2/24/2026 2/24/2026 31
Slide 32: 2017: M1 to M2 Macrophages in Pancreatic Cancer
2017: M1 to M2 Macrophages in Pancreatic Cancer Modulation of the Tumor Microenvironment with Chemotherapy 2/24/2026 32
Slide 33: Step 2: 1990 - The Natural Killer Cell
Step 2: 1990 - The Natural Killer Cell 2/24/2026 33
Slide 34: 1990: Recognition of the Power of Natural Killer Cells
1990: Recognition of the Power of Natural Killer Cells 1990 2/24/2026 34
Slide 35: Cancer Cell Perforin & Granzyme
Cancer Cell Perforin & Granzyme Natural Killer Cell 2/24/2026 35
Slide 36: Step 3: 2016 – Harnessing The Power of IL-15
Step 3: 2016 – Harnessing The Power of IL-15 #1 Ranked Immunotherapy to Curing Cancer IL-15 Agonist 2/24/2026 36
Slide 37: Harnessing the Power of the Body's Immune System to Cure Cancer: IL-15 Ranked #1
Harnessing the Power of the Body’s Immune System to Cure Cancer: IL-15 Ranked #1 Breast Cancer Cell Natural Killer IL-15 Receptor Tumor Cell IL-15 Superagonist ANKTIVA < NK Cell Approved 2024 IL-15 Receptor Tumor Cells IL-15 Receptor IL-15 Superagonist IL-15 Superagonist ANKTIVA ANKTIVA Immunogenic
Slide 38: 2022: Healthy Volunteers with ANKTIVA (IL-15 Superagonist)
2022: Healthy Volunteers with ANKTIVA (IL-15 Superagonist) 2022 2/24/2026
Slide 39: 2023: IL-15 Producing Cells and IL-15 Effects
2023: IL-15 Producing Cells and IL-15 Effects A Decade of Collaboration with NCI 2023 Figure 1. Pleiotropic effects of IL-15. The cytokine IL-15 is produced by multiple cell types, such as activated dendritic cells, monocytes/macrophages, epithelial cells, and bone marrow (BM) stromal cells. IL-15 i
Slide 40: April 2024: ANKTIVA – An IL-15 Superagonist Activating and Proliferating IL-15 Positive Lymphocytes
April 2024: ANKTIVA – An IL-15 Superagonist Activating and Proliferating IL-15 Positive Lymphocytes ANKTIVA USA Package Insert, Approved April 2024 IL-15 Superagonist “binding of NAI to its receptor [IL-15] results in proliferation and activation of [IL-15+ lymphocytes] NK, CD8+, and Memory T cells
Slide 41: 2007: Seminal Workshop by NCI, NIH, FDA to Rank Immunotherapy Molecules
2007: Seminal Workshop by NCI, NIH, FDA to Rank Immunotherapy Molecules with the Potential to Cure Cancer Approved in Bladder (33 Countries) and Ranked #1 Lung Cancer (Saudi, SFDA) Twenty Years in the Making Ranked #2 40+ Approvals by 2025 Many Single-Arm Trials Micro-Satellite Stable Across Multipl
Slide 42: 2024 Challenges Facing Immunotherapy
2024 Challenges Facing Immunotherapy 2/24/2026 42
Slide 43: 2024: The Problem Facing Oncologists Checkpoint Inhibitor Failures
2024: The Problem Facing Oncologists Checkpoint Inhibitor Failures 2/24/2026 43
Slide 44: Why Patients (and Oncologists) Do Not Like Docetaxel
Why Patients (and Oncologists) Do Not Like Docetaxel 2/24/2026 44
Slide 45: Step 4: 2025 Combination of IL-15 with Checkpoint Inhibitors
Step 4: 2025 Combination of IL-15 with Checkpoint Inhibitors #1 Ranked Immunotherapy to Curing Cancer IL-15 Agonist #2 Ranked Immunotherapy to Curing Cancer Checkpoint Inhibitor 2/24/2026 45
Slide 46: Randomized Clinical Trial: ANKTIVA + CPI versus CPI Alone
Randomized Clinical Trial: ANKTIVA + CPI versus CPI Alone Sustained Mean ALC Increase and Percentage Change with ANKTIVA Over 27 Weeks • Significant Difference in ALC Over Time Comparing the Two Arms in this Randomized Clinical Trial of First Line NSCLC Subjects (P=0.0065) Experimental Control Mean
Slide 47: Single Arm Trial in 2L+ NSCLC Patients Progressing on Keytruda
Single Arm Trial in 2L+ NSCLC Patients Progressing on Keytruda Increased ALC Results in 21.1 Months Overall Survival with ANKTIVA + Keytruda with ALC ≥1,200 Standard of Care Docetaxel mOS 9.1-9.3 Months QUILT-3.055 Patients achieving higher immune competence (ALC ≥1.2 ×10³ cells/µL) demonstrated add
Slide 48: Jan 2026: First Regulatory Authority to Approve ANKTIVA for Bladder and Lung Cancer
Jan 2026: First Regulatory Authority to Approve ANKTIVA for Bladder and Lung Cancer BLADDER CANCER Based on QUILT-3.032 Dr. Patrick Soon-Shiong H.E. Dr. Hisham Saad Aljadhey Executive Chairman Chief Executive Officer ImmunityBio Saudi Food and Drug Authority (SFDA) For subcutaneous use LUNG CANCER B
Slide 49: Where Do We Go From Here? Harnessing the Power Within
Where Do We Go From Here? Harnessing the Power Within Clinical Studies Addressing the Hypothesis for a Therapeutic & Preventative Cancer Vaccine 2/24/2026 49
Slide 50: Therapeutic Cancer Vaccine 2016 to 2026
Therapeutic Cancer Vaccine 2016 to 2026 2/24/2026 50
Slide 51: HPV+ Head & Neck Cancer: ALC Increase Linked to HPV Viral Clearance and Complete Response
HPV+ Positive Head & Neck Cancer: ALC Increase Linked to HPV Viral Clearance and Complete Response June 5, 2025 August 28, 2025 November 2025 PET Scan CT Scan HPV: Normal Complete Response ALC: 1,320 ALC Increase: 2,320 HPV: 58 HPV Decrease: 19 2/24/2026
Slide 52: HPV- Negative Head & Neck Cancer: ALC Increase Linked to Rapid Response
HPV- Negative Head & Neck Cancer: ALC Increase Linked to Rapid Response Before 14 Days After August 26, 2025 September 9, 2025 ALC: 460 ALC Increase: 1,560 HPV Negative HPV Negative 2/24/2026
Slide 53: Recurrent Glioblastoma Increase ALC with Near Complete Response
Recurrent Glioblastoma Increase ALC with Near Complete Response March 3, 2025 October 15, 2025 ALC: 500 Increased ALC: 1,100 2/24/2026
Slide 54: Recurrent Glioblastoma Increase ALC with Near Complete Response
Recurrent Glioblastoma Increase ALC with Near Complete Response May 14, 2025 September 4, 2025 ALC: 1,100 Increased ALC: 1,400 2/24/2026
Slide 55: Complete Response Non-Hodgkin's Lymphoma (Waldenstroms)
Complete Response Non-Hodgkin’s Lymphoma (Waldenstroms) ANKTIVA + CAR-NK Cellular Therapy CD19 CAR-NK Cellular Therapy July 10, 2025 Outpatient Infusion May 6, 2025 2/24/2026 55
Slide 56: Preventive Cancer Vaccine
Preventive Cancer Vaccine 2025 2/24/2026 56
Slide 57: NCI Sponsored, Phase 2 Preventative Cancer Vaccine for Lynch Syndrome
NCI Sponsored, Phase 2 Preventative Cancer Vaccine for Lynch Syndrome Anktiva + Ad5 CEA/MUC1/Brachyury Vaccine (Tri-Ad5) Enrollment Completed 2025 DNA Vaccine • Lynch syndrome affects Investigator Initiated Trial approximately 1 in 279 Clinical Trials: NCT05419011 individuals in the general populati
Slide 58: Durable Complete Responses
NK Cell Activation Together with T Cells Demonstrated Complete Remission in Late-Stage Tumors Across Multiple Tumor Types o NMIBC: BCG Naïve ANKTIVA as the Backbone for Universal Cancer Immunotherapy Complete remission lasting over 9 years o NMIBC: BCG Unresponsive DURABLE COMPLETE RESPONSES Complet
Slide 59: The Future 2026+
The Future 2026+ Harnessing AI in Discovery and Manufacturing 2/24/2026 59
Slide 60: Cell Therapy
Cell Therapy 2/24/2026 60
Slide 61: Apheresis Program: Autologous / Allogenic Cellular Vaccine Therapy Program
Apheresis Program: Autologous / Allogenic Cellular Vaccine Therapy Program Single Apheresis Apheresis Cancer Vaccine Non-Cryopreserved (Fresh) Apheresis T Cell Pathway NK, iNKT & Dendritic Cell Pathway M-ceNK Gamma Delta T Cell iNKT Phase 2 2/24/2026 2/24/2026 61
Slide 62: Memory-Like Cytokine Enhanced Natural Killer (M-ceNK) Cells: First-in-Human Clinical Trials
Memory-Like Cytokine Enhanced Natural Killer (M-ceNK) Cells from Peripheral Blood: First-in-Human Clinical Trials Day 1 Day 1 Day 17 Day 17 Single Aliquot For Enrichment Autologous Cytokine Autologous Enhanced Natural Killer Cells Aliquot One Bag into Concentrate for Transfusion Apheresis 10 Lots fo
Slide 63: The World's First AI Driven CAR-T and CAR-NK Manufacturing
The World’s First AI Driven CAR-T and CAR-NK Manufacturing Reducing the Cost and Providing Access of Cellular Therapy at Global Scale 2/24/2026 63
Slide 64: Next Generation Single Chain Antibodies 'Nantibodies'
Next Generation Single Chain Antibodies ‘Nantibodies’ 2/24/2026 64
Slide 65: Enlighted by Evolution: NK Cells & Single Chain Antibodies
Enlighted by Evolution: NK Cells & Single Chain Antibodies The Evolution of the Cancer Natural Killer Cell Cell 450 Million Years Ago NK Cell The Natural Killer (NK) Cell Single Chain Antibodies (Nantibodies) 50 Million Years Ago 2/24/2026 65
Slide 66: Winning the War Against Cancer: Harnessing the Power Within
Winning the War Against Cancer: Harnessing the Power Within “The Cancer Vaccine” Hypothesis: Orchestrating the innate and adaptive immune system drives immunogenic cell death with durable complete remission of cancer independent of tumor type Presented to FDA, Oncology Center of Excellence (OCE) 201
Slide 67: The Cancer Vaccine
The Cancer Vaccine Learn More About Quantum Oncotherapeutics Scan this QR Code https://bit.ly/3Op84wi 2/24/2026 67