12:54 PM EDT, 03/24/2026 (MT Newswires) -- ImmunityBio ( IBRX ) shares fell 24% in Tuesday trading after the US Food and Drug Administration issued a warning letter citing "misleading" promotional materials for its bladder cancer drug Anktiva.

The FDA's Office of Prescription Drug Promotion said a TV ad and podcast by the company made false claims about the drug's efficacy.

"These violations are concerning from a public health perspective because the promotional communications create a misleading impression that Anktiva, a treatment for a certain type of bladder cancer, can cure and even prevent all cancer," the FDA warning letter said.

The regulator also cited claims by the company that Anktiva could be administered as a "single jab" or injected subcutaneously, despite labeling that specifies the drug is for intravesical use only.

The FDA has asked ImmunityBio ( IBRX ) to take immediate action to address any violations and submit a written response within 15 working days.

Price: 7.12, Change: -2.29, Percent Change: -24.31