ImmunityBio (IBRX)
Market Price (4/30/2026): $6.95 | Market Cap: $6.9 BilSector: Health Care | Industry: Biotechnology
ImmunityBio (IBRX)
Market Price (4/30/2026): $6.95Market Cap: $6.9 BilSector: Health CareIndustry: Biotechnology
Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.
Strong revenue growthRev Chg LTMRevenue Change % Last Twelve Months (LTM) is 668% Megatrend and thematic driversMegatrends include Precision Medicine, and Aging Population & Chronic Disease. Themes include Targeted Therapies, Biopharmaceutical R&D, Show more. | Meaningful short interestShort Interest % of Basic SharesShort Interest % of Basic Shares = (Short Interest Quantity) / (Basic Shares Outstanding). A high fraction of short interest can indicate potential risk of a short squeeze. is 14% | Not profitable at operating income levelOp Inc LTMOperating Income, Last Twelve Months is -256 Mil, Op Mgn LTMOperating Margin = Operating Income / Revenue Reflects profitability before taxes and before impact of capital structure (interest payments). is -226% Stock price has recently run up significantly6M Rtn6 month market price return is 188%, 12M Rtn12 month market price return is 180% Significant share based compensationSBC/Rev LTMShare Based Compensation / Revenue (Sales), Last Twelve Months (LTM) is 32% Not cash flow generativeCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is -269%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is -273% Valuation getting more expensiveP/S 6M Chg %Price/Sales change over 6 months. Declining P/S indicates valuation has become less expensive. is 116% Yield minus risk free rate is negativeERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is -9.0% High stock price volatilityVol 12M is 107% Key risksIBRX key risks include [1] severe financial instability with substantial doubt about its ability to continue as a going concern, Show more. |
| Strong revenue growthRev Chg LTMRevenue Change % Last Twelve Months (LTM) is 668% |
| Megatrend and thematic driversMegatrends include Precision Medicine, and Aging Population & Chronic Disease. Themes include Targeted Therapies, Biopharmaceutical R&D, Show more. |
| Meaningful short interestShort Interest % of Basic SharesShort Interest % of Basic Shares = (Short Interest Quantity) / (Basic Shares Outstanding). A high fraction of short interest can indicate potential risk of a short squeeze. is 14% |
| Not profitable at operating income levelOp Inc LTMOperating Income, Last Twelve Months is -256 Mil, Op Mgn LTMOperating Margin = Operating Income / Revenue Reflects profitability before taxes and before impact of capital structure (interest payments). is -226% |
| Stock price has recently run up significantly6M Rtn6 month market price return is 188%, 12M Rtn12 month market price return is 180% |
| Significant share based compensationSBC/Rev LTMShare Based Compensation / Revenue (Sales), Last Twelve Months (LTM) is 32% |
| Not cash flow generativeCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is -269%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is -273% |
| Valuation getting more expensiveP/S 6M Chg %Price/Sales change over 6 months. Declining P/S indicates valuation has become less expensive. is 116% |
| Yield minus risk free rate is negativeERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is -9.0% |
| High stock price volatilityVol 12M is 107% |
| Key risksIBRX key risks include [1] severe financial instability with substantial doubt about its ability to continue as a going concern, Show more. |
Qualitative Assessment
AI Analysis | Feedback
ImmunityBio (IBRX) stock has gained about 250% since 12/31/2025 because of the following key factors:
1. Global Expansion and Regulatory Approvals for ANKTIVA. ImmunityBio secured significant international regulatory approvals for its lead product, ANKTIVA. The European Commission granted conditional marketing authorization in February 2026 for ANKTIVA in combination with BCG for BCG-unresponsive non-muscle invasive bladder cancer carcinoma in situ (CIS) across 33 countries, marking the first authorized treatment for this indication in Europe. Additionally, the Saudi Food and Drug Authority (SFDA) approved ANKTIVA in January 2026 for metastatic non-small cell lung cancer (NSCLC), the first global authorization of ANKTIVA for a lung cancer indication. These expanded approvals increased ANKTIVA's market access to approximately 34 countries.
2. Robust Commercial Performance and Revenue Growth. The company demonstrated strong commercial momentum for ANKTIVA, reporting approximately $113 million in net product revenue for the full year 2025, an approximate 700% increase year-over-year compared to 2024. This growth continued into early 2026, with preliminary Q1 2026 net product revenue reaching approximately $44.2 million, representing a 168% year-over-year increase compared to Q1 2025 and a 15% sequential rise from Q4 2025. Unit sales volume for ANKTIVA also increased approximately 168% in Q1 2026 versus Q1 2025.
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1. Global Expansion and Regulatory Approvals for ANKTIVA. ImmunityBio secured significant international regulatory approvals for its lead product, ANKTIVA. The European Commission granted conditional marketing authorization in February 2026 for ANKTIVA in combination with BCG for BCG-unresponsive non-muscle invasive bladder cancer carcinoma in situ (CIS) across 33 countries, marking the first authorized treatment for this indication in Europe. Additionally, the Saudi Food and Drug Authority (SFDA) approved ANKTIVA in January 2026 for metastatic non-small cell lung cancer (NSCLC), the first global authorization of ANKTIVA for a lung cancer indication. These expanded approvals increased ANKTIVA's market access to approximately 34 countries.
2. Robust Commercial Performance and Revenue Growth. The company demonstrated strong commercial momentum for ANKTIVA, reporting approximately $113 million in net product revenue for the full year 2025, an approximate 700% increase year-over-year compared to 2024. This growth continued into early 2026, with preliminary Q1 2026 net product revenue reaching approximately $44.2 million, representing a 168% year-over-year increase compared to Q1 2025 and a 15% sequential rise from Q4 2025. Unit sales volume for ANKTIVA also increased approximately 168% in Q1 2026 versus Q1 2025.
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Stock Movement Drivers
Fundamental Drivers
The 251.5% change in IBRX stock from 12/31/2025 to 4/29/2026 was primarily driven by a 168.0% change in the company's P/S Multiple.| (LTM values as of) | 12312025 | 4292026 | Change |
|---|---|---|---|
| Stock Price ($) | 1.98 | 6.96 | 251.5% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 83 | 113 | 37.2% |
| P/S Multiple | 22.7 | 60.8 | 168.0% |
| Shares Outstanding (Mil) | 947 | 990 | -4.4% |
| Cumulative Contribution | 251.5% |
Market Drivers
12/31/2025 to 4/29/2026| Return | Correlation | |
|---|---|---|
| IBRX | 251.5% | |
| Market (SPY) | 5.2% | 12.7% |
| Sector (XLV) | -7.3% | 7.7% |
Fundamental Drivers
The 182.9% change in IBRX stock from 9/30/2025 to 4/29/2026 was primarily driven by a 100.2% change in the company's Total Revenues ($ Mil).| (LTM values as of) | 9302025 | 4292026 | Change |
|---|---|---|---|
| Stock Price ($) | 2.46 | 6.96 | 182.9% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 57 | 113 | 100.2% |
| P/S Multiple | 38.6 | 60.8 | 57.6% |
| Shares Outstanding (Mil) | 888 | 990 | -10.3% |
| Cumulative Contribution | 182.9% |
Market Drivers
9/30/2025 to 4/29/2026| Return | Correlation | |
|---|---|---|
| IBRX | 182.9% | |
| Market (SPY) | 8.0% | 17.7% |
| Sector (XLV) | 3.5% | 6.0% |
Fundamental Drivers
The 131.2% change in IBRX stock from 3/31/2025 to 4/29/2026 was primarily driven by a 668.3% change in the company's Total Revenues ($ Mil).| (LTM values as of) | 3312025 | 4292026 | Change |
|---|---|---|---|
| Stock Price ($) | 3.01 | 6.96 | 131.2% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 15 | 113 | 668.3% |
| P/S Multiple | 149.7 | 60.8 | -59.4% |
| Shares Outstanding (Mil) | 733 | 990 | -25.9% |
| Cumulative Contribution | 131.2% |
Market Drivers
3/31/2025 to 4/29/2026| Return | Correlation | |
|---|---|---|
| IBRX | 131.2% | |
| Market (SPY) | 29.3% | 25.9% |
| Sector (XLV) | -0.4% | 18.2% |
Fundamental Drivers
The 282.4% change in IBRX stock from 3/31/2023 to 4/29/2026 was primarily driven by a 18625.3% change in the company's Total Revenues ($ Mil).| (LTM values as of) | 3312023 | 4292026 | Change |
|---|---|---|---|
| Stock Price ($) | 1.82 | 6.96 | 282.4% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 1 | 113 | 18625.3% |
| P/S Multiple | 1,152.7 | 60.8 | -94.7% |
| Shares Outstanding (Mil) | 383 | 990 | -61.3% |
| Cumulative Contribution | 282.4% |
Market Drivers
3/31/2023 to 4/29/2026| Return | Correlation | |
|---|---|---|
| IBRX | 282.4% | |
| Market (SPY) | 81.5% | 23.6% |
| Sector (XLV) | 16.0% | 16.3% |
Price Returns Compared
| 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Total [1] | |
|---|---|---|---|---|---|---|---|
| Returns | |||||||
| IBRX Return | -54% | -17% | -1% | -49% | -23% | 252% | -48% |
| Peers Return | 34% | 12% | -15% | -8% | 22% | 16% | 65% |
| S&P 500 Return | 27% | -19% | 24% | 23% | 16% | 4% | 90% |
Monthly Win Rates [3] | |||||||
| IBRX Win Rate | 25% | 58% | 50% | 33% | 25% | 50% | |
| Peers Win Rate | 55% | 55% | 43% | 48% | 65% | 55% | |
| S&P 500 Win Rate | 75% | 42% | 67% | 75% | 67% | 50% | |
Max Drawdowns [4] | |||||||
| IBRX Max Drawdown | -57% | -56% | -75% | -49% | -26% | 0% | |
| Peers Max Drawdown | -8% | -19% | -26% | -24% | -19% | -3% | |
| S&P 500 Max Drawdown | -1% | -25% | -1% | -2% | -15% | -7% | |
[1] Cumulative total returns since the beginning of 2021
[2] Peers: MRK, JNJ, GILD, INCY, MRNA.
[3] Win Rate = % of calendar months in which monthly returns were positive
[4] Max drawdown represents maximum peak-to-trough decline within a year
[5] 2026 data is for the year up to 4/29/2026 (YTD)
How Low Can It Go
| Event | IBRX | S&P 500 |
|---|---|---|
| 2022 Inflation Shock | ||
| % Loss | -97.0% | -25.4% |
| % Gain to Breakeven | 3266.5% | 34.1% |
| Time to Breakeven | Not Fully Recovered days | 464 days |
| 2020 Covid Pandemic | ||
| % Loss | -64.8% | -33.9% |
| % Gain to Breakeven | 183.8% | 51.3% |
| Time to Breakeven | 54 days | 148 days |
| 2018 Correction | ||
| % Loss | -87.8% | -19.8% |
| % Gain to Breakeven | 719.8% | 24.7% |
| Time to Breakeven | 371 days | 120 days |
Compare to MRK, JNJ, GILD, INCY, MRNA
In The Past
ImmunityBio's stock fell -97.0% during the 2022 Inflation Shock from a high on 2/22/2021. A -97.0% loss requires a 3266.5% gain to breakeven.
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About ImmunityBio (IBRX)
ImmunityBio, Inc., a clinical-stage biotechnology company, develops therapies and vaccines to treat cancers and infectious diseases. It offers immunotherapy and cell therapy platforms, including antibody cytokine fusion proteins, synthetic immunomodulators, vaccine technologies, natural killer cells, and adaptive (T cell) immune systems. The company also develops therapeutic agents, which are in Phase II or III clinical trial for the treatment of liquid and solid tumors, including bladder, pancreatic, and lung cancers, as well as pathogens as SARS-CoV-2 and HIV. It has collaboration agreements with National Cancer Institute, National Institute of Deafness and Communication Disorders, and Amyris, Inc.; and license agreements with CytRx Corporation, EnGeneIC Pty Limited, GlobeImmune, Inc., and Infectious Disease Research Institute, Sanford Health, Shenzhen Beike Biotechnology Co. Ltd., Sorrento Therapeutics, Inc., and Viracta Therapeutics, Inc. The company was founded in 2014 and is based in San Diego, California.
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A clinical-stage Gilead Sciences, but focused on advanced immunotherapy and cell therapy for cancer and infectious diseases.
A clinical-stage Moderna or BioNTech, but developing diverse immunotherapy and cell therapy platforms for both cancer and infectious diseases.
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- Antibody Cytokine Fusion Proteins: A therapeutic platform that combines antibodies with cytokines to stimulate the immune system against diseases.
- Synthetic Immunomodulators: A platform developing synthetic molecules designed to modulate or enhance the body's immune response.
- Vaccine Technologies: A platform focused on developing novel vaccines for both infectious diseases (like SARS-CoV-2 and HIV) and various cancers.
- Natural Killer (NK) Cell Therapies: A cell therapy platform that utilizes genetically modified or enhanced natural killer cells to target and eliminate cancer cells.
- Adaptive (T cell) Immune System Therapies: A cell therapy platform centered on harnessing and enhancing the adaptive immune system's T cell responses to fight diseases, particularly cancers.
AI Analysis | Feedback
ImmunityBio (IBRX) is a clinical-stage biotechnology company focused on the development of therapies and vaccines. As described, the company's therapeutic agents are currently in Phase II or III clinical trials, indicating that its products have not yet received regulatory approval for commercial sale. Therefore, ImmunityBio does not currently have major customers in the traditional sense, as it is primarily engaged in research and development and conducting clinical trials rather than selling commercialized products to end-users (individuals/patients) or healthcare providers (companies/hospitals). The company's activities at this stage are centered on advancing its pipeline through the development and approval process.AI Analysis | Feedback
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Dr. Patrick Soon-Shiong
Executive Chairman of the Board, Global Chief Scientific and Medical Officer
Dr. Patrick Soon-Shiong is a physician, surgeon, scientist, inventor, technologist, and philanthropist. He founded and served as Chairman and CEO of two global pharmaceutical companies: American Pharmaceutical Partners (APP) and Abraxis BioScience. He sold American Pharmaceutical Partners to Fresenius for approximately $4.6 billion in 2008 and Abraxis BioScience to Celgene for approximately $3.8 billion in 2010. Dr. Soon-Shiong is also the inventor of the drug Abraxane, used for lung, breast, and pancreatic cancer. He founded NantWorks, an ecosystem of companies, where he serves as Chairman and CEO. Under NantWorks, he is the Executive Chairman of ImmunityBio.
Richard Adcock
President & Chief Executive Officer
Richard Adcock was appointed Chief Executive Officer of ImmunityBio in October 2020 (or January 2021 per another source). He has over 30 years of leadership experience in healthcare, having held positions at Verity Health, Sanford Health, and GE Healthcare. Adcock is recognized for his expertise in building cultures focused on rapid, strategic innovation and is a Six Sigma Master Black Belt. He successfully guided Verity Health System of California, Inc. through a restructuring event.
David Sachs
Chief Financial Officer
David Sachs was appointed Chief Financial Officer of ImmunityBio in March 2021, having served as CFO of ImmunityBio since July 2019. He also held the position of chief financial officer at Integrity Healthcare, LLC, from February 2018 to August 2020.
Dr. Sandeep “Bobby” Reddy
Chief Medical Officer
Dr. Barry Simon
Chief Corporate Affairs Officer & Director
AI Analysis | Feedback
The key risks to ImmunityBio's business operations and financial performance are primarily centered around its reliance on a single commercial product, ongoing regulatory hurdles, and its financial health.Key Risks to ImmunityBio (IBRX)
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Concentration and Dependence on a Single Commercial Product (Anktiva)
ImmunityBio's revenue is heavily concentrated on the sales of its primary commercial product, Anktiva. Any slowdown in demand, regulatory setbacks, unexpected safety concerns, or increased competition related to Anktiva could significantly impact the company's financial performance and growth expectations. The company's near-term trajectory is closely tied to Anktiva sales and its future regulatory and launch milestones. -
Regulatory Risks and Clinical Trial Outcomes
As a clinical-stage biotechnology company, ImmunityBio faces substantial regulatory risks and uncertainties inherent in the drug development process. The company has experienced past regulatory setbacks, including an FDA rejection of Anktiva's Biologics License Application (BLA) in 2023 due to manufacturing deficiencies, leading to a $10.5 million settlement for a class-action lawsuit. While Anktiva has received approvals in certain indications and regions, the company continues to pursue label expansions, which are subject to unpredictable regulatory review, potential requests for additional data, and the risk that trial results may not support further development or approval. The success and timing of its ongoing clinical trials for Anktiva in various indications and other pipeline candidates are crucial for its future, with inherent risks related to trial design, enrollment, interim analyses, and final data outcomes. -
Financial Health and Profitability Concerns
ImmunityBio faces significant financial challenges, including a high cash burn rate, limited cash runway, substantial debt obligations, and persistent unprofitability. Despite considerable revenue growth from Anktiva sales, the company continues to report deeply negative profit margins, indicating that profitability remains a distant goal. Indicators such as a negative Altman Z-Score, which places the company in a "distress" zone, and a high Beneish M-Score, suggesting possible financial manipulation, highlight potential financial instability.
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ImmunityBio (IBRX) operates in several significant addressable markets for its therapies and vaccines targeting various cancers and infectious diseases. Below are the market sizes for their main products and services:
Bladder Cancer Therapies
- The global bladder cancer therapeutics and diagnostics market was valued at approximately USD 5.36 billion in 2024 and is projected to reach around USD 9.53 billion by 2034, with a compound annual growth rate (CAGR) of 5.92%. North America held the largest share of this market, at 42%, in 2024.
- Specifically, the U.S. bladder cancer therapeutics and diagnostics market was estimated at USD 1.58 billion in 2024 and is expected to grow to about USD 2.86 billion by 2034, demonstrating a CAGR of 6.11%.
- The global urothelial cancer drugs market, which includes bladder cancer, was valued at USD 3.24 billion in 2023 and is estimated to reach USD 6.78 billion by 2030, with an 11.1% CAGR. North America accounted for 37.7% of this market in 2023.
- The Non-Muscle Invasive Bladder Cancer (NMIBC) therapeutics market in the 7MM (United States, France, Germany, Italy, Spain, UK, and Japan) was approximately USD 2,350 million in 2023. The U.S. NMIBC market alone was estimated to be around USD 1,450 million in 2023.
- Another estimate places the global bladder cancer therapeutics market at USD 296.44 billion in 2024, with a projection to reach USD 456.68 billion by 2032, at a CAGR of 5.55%. North America represented 40.8% of this market in 2024.
Pancreatic Cancer Therapies
- The global pancreatic cancer treatment market was estimated at USD 2.92 billion in 2024 and is projected to reach USD 5.84 billion by 2030, growing at a CAGR of 12.3%. North America was the dominant region in this market, holding a 39.27% share in 2024.
- Other reports indicate the global pancreatic cancer treatment market size was valued at USD 3.82 billion in 2025, with a forecast to grow to USD 14.43 billion by 2034, exhibiting a CAGR of 15.95%. North America dominated with a 47.5% market share in 2025, and the U.S. market is projected to reach USD 5.25 billion by 2032.
- The global pancreatic cancer market size is also estimated at USD 3.25 billion in 2025 and is projected to surpass USD 10.25 billion by 2034, with a CAGR of 13.62% from 2025 to 2034.
Lung Cancer Therapies
- The global lung cancer therapeutics market was valued at USD 33.19 billion in 2024 and is expected to reach USD 73.29 billion by 2032, with a CAGR of 10.41%. North America holds the largest revenue share, at 31.5% in 2024, driven by its strong healthcare infrastructure and adoption of advanced therapies.
- For Non-Small Cell Lung Cancer (NSCLC), the market across the seven major markets (7MM: US, France, Germany, Italy, Spain, UK, and Japan) was valued at $24.1 billion in 2022 and is projected to increase to $56.5 billion by 2032.
- The total market size for metastatic NSCLC in the 7MM was estimated to be approximately USD 21 billion in 2023. The NSCLC market in the United States alone was estimated at around USD 12,600 million by 2023.
COVID-19 Vaccines and Therapies
- The global COVID-19 Vaccines & Therapeutics market had a valuation of $17,205.9 million in 2025 and is projected to reach $31,905.9 million by 2033, expanding at a CAGR of 8.03%. North America commanded a 34.70% share of this global market in 2025, with the United States alone accounting for 28.52%.
- The global COVID-19 vaccine market size was USD 13.71 billion in 2025 and is projected to decrease to USD 8.28 billion by 2030.
HIV Therapies
- The global HIV drugs market size is estimated at USD 38.47 billion in 2025 and is predicted to increase to approximately USD 66.16 billion by 2034, expanding at a CAGR of 6.21%. America dominated the HIV drugs market with the highest market share of 46% in 2024.
- Another report indicated the global HIV drugs market was valued at USD 32.85 billion in 2024 and is estimated to reach USD 45.07 billion by 2033, exhibiting a CAGR of 3.40%. North America currently holds a significant market share of over 45.7% in 2024, with the United States accounting for over 93.60% of the North American market in 2024.
AI Analysis | Feedback
ImmunityBio (NASDAQ: IBRX) is expected to drive future revenue growth over the next 2-3 years through several key initiatives, primarily centered around its lead immunotherapy product, ANKTIVA (nogapendekin alfa inbakicept-pmln).
The primary drivers of ImmunityBio's anticipated revenue growth include:
- Increased Adoption and Commercialization of ANKTIVA in the U.S.
ImmunityBio's ANKTIVA, approved in April 2024 in combination with BCG for adults with BCG-unresponsive non-muscle invasive bladder cancer (NMIBC) with carcinoma in situ (CIS), has demonstrated significant sales momentum. The company reported approximately $113 million in preliminary net product revenue for the full year 2025, marking a remarkable 700% increase year-over-year, driven by accelerating adoption and a 750% increase in unit sales volume compared to 2024. Continued strong demand and repeat prescribing are expected to further boost revenue in this indication. - International Expansion of ANKTIVA to New Markets
ImmunityBio is strategically expanding ANKTIVA's commercial footprint beyond the United States. The company has secured conditional approval in the European Union and existing approval in the United Kingdom for NMIBC, establishing a distribution partnership with Accord Healthcare to deploy a sales force across 30 European countries. Additionally, ANKTIVA has received approval in Saudi Arabia for BCG-unresponsive NMIBC and for metastatic non-small cell lung cancer (NSCLC), with a commercial launch planned within 60 days and partnerships in place to expand access across the Middle East and North Africa (MENA) region. - Label Expansion of ANKTIVA into Additional Cancer Indications
The company is actively pursuing regulatory approvals to broaden ANKTIVA's label for new indications. ANKTIVA in combination with checkpoint inhibitors has received its first global approval in Saudi Arabia for metastatic non-small cell lung cancer. ImmunityBio is also advancing its Phase 2b QUILT-2.005 trial evaluating ANKTIVA plus intravesical BCG in first-line, BCG-naïve NMIBC, with full enrollment anticipated in the first half of 2026 and a U.S. filing targeted before the end of 2026. Furthermore, ongoing and planned clinical trials in other areas such as glioblastoma, sepsis, Non-Hodgkin lymphoma, and lymphopenia present opportunities for future label expansions and revenue streams. - Potential Commercialization of a Recombinant BCG (rBCG) Vaccine
ImmunityBio's partnership with the Serum Institute of India (SII) to develop a recombinant BCG (rBCG) vaccine addresses the global shortage of standard-of-care BCG for bladder cancer. The successful development and potential approval of this rBCG could enable ImmunityBio to capture significant market share and establish another source of revenue.
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Share Issuance
- In December 2025, ImmunityBio amended its Open Market Sale Agreement with Jefferies, authorizing the issuance of up to an additional $459,972,480 of common shares.
- Effective November 10, 2025, the company increased its authorized common shares from 1,350,000,000 to 1,650,000,000.
- In July 2025, ImmunityBio executed an $80 million equity financing through a registered direct offering with two institutional investors, with warrants that could yield an additional $96 million if fully exercised.
Inbound Investments
- In July 2025, ImmunityBio secured approximately $80 million in gross proceeds from a registered direct offering with two institutional investors.
- The company has relied on an "At The Market Offering Program," private placements, and shelf registrations for frequent capital raising activities.
- ImmunityBio has issued large promissory notes to related parties, including $30 million, $200 million, and $505 million notes, indicating reliance on affiliates for funding.
Outbound Investments
- In 2025, ImmunityBio formed strategic partnerships with Accord Healthcare in the European Union and BioPharma & Cigalah in Saudi Arabia to support the commercial launch of ANKTIVA.
- The company established subsidiaries in Dublin and Saudi Arabia in 2025 to bolster its European and MENA region operations.
Capital Expenditures
- Research and development (R&D) expense increased by $28.4 million to $218.6 million for the year ended December 31, 2025, compared to $190.2 million in 2024.
- A $14.0 million one-time write-off of fixed assets contributed to the increase in R&D expenses in 2025.
- R&D expenses reached $63.9 million in the fourth quarter of 2025, driven by expanding manufacturing and clinical activities.
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|---|---|---|---|---|---|---|---|
| 03312026 | PGNY | Progyny | Dip Buy | DB | FCF Yield | Low D/EDip Buy with High Free Cash Flow YieldBuying dips for companies with significant free cash flow yield (FCF / Market Cap) and reasonable debt / market cap | 0.0% | 0.0% | 0.0% |
| 03272026 | CNC | Centene | Dip Buy | DB | FCF Yield | Low D/EDip Buy with High Free Cash Flow YieldBuying dips for companies with significant free cash flow yield (FCF / Market Cap) and reasonable debt / market cap | 2.3% | 2.3% | -0.6% |
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| 03202026 | WAT | Waters | Monopoly | MY | Getting CheaperMonopoly-Like with P/S DeclineLarge cap with monopoly-like margins or cash flow generation and getting cheaper based on P/S multiple | -0.4% | -0.4% | -3.3% |
| 03202026 | GILD | Gilead Sciences | Quality | Q | Momentum | UpsideQuality Stocks with Momentum and UpsideBuying quality stocks with strong momentum but still having room to run | 1.6% | 1.6% | -2.2% |
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Peer Comparisons
| Peers to compare with: |
Financials
| Median | |
|---|---|
| Name | |
| Mkt Price | 105.03 |
| Mkt Cap | 89.8 |
| Rev LTM | 17,401 |
| Op Inc LTM | 6,575 |
| FCF LTM | 5,438 |
| FCF 3Y Avg | 4,947 |
| CFO LTM | 5,768 |
| CFO 3Y Avg | 5,262 |
Growth & Margins
| Median | |
|---|---|
| Name | |
| Rev Chg LTM | 5.1% |
| Rev Chg 3Y Avg | 3.8% |
| Rev Chg Q | 7.4% |
| QoQ Delta Rev Chg LTM | 1.8% |
| Op Inc Chg LTM | 21.4% |
| Op Inc Chg 3Y Avg | 7.4% |
| Op Mgn LTM | 26.9% |
| Op Mgn 3Y Avg | 20.3% |
| QoQ Delta Op Mgn LTM | 0.3% |
| CFO/Rev LTM | 24.5% |
| CFO/Rev 3Y Avg | 22.9% |
| FCF/Rev LTM | 18.5% |
| FCF/Rev 3Y Avg | 19.0% |
Valuation
| Median | |
|---|---|
| Name | |
| Mkt Cap | 89.8 |
| P/S | 5.6 |
| P/Op Inc | 13.0 |
| P/EBIT | 11.7 |
| P/E | 14.4 |
| P/CFO | 14.5 |
| Total Yield | 6.7% |
| Dividend Yield | 1.1% |
| FCF Yield 3Y Avg | 4.6% |
| D/E | 0.1 |
| Net D/E | 0.1 |
Returns
| Median | |
|---|---|
| Name | |
| 1M Rtn | -5.4% |
| 3M Rtn | 0.6% |
| 6M Rtn | 26.7% |
| 12M Rtn | 56.9% |
| 3Y Rtn | 42.5% |
| 1M Excs Rtn | -17.8% |
| 3M Excs Rtn | -1.6% |
| 6M Excs Rtn | 20.7% |
| 12M Excs Rtn | 29.4% |
| 3Y Excs Rtn | -30.7% |
Price Behavior
Price Behavior
| Market Price | $6.96 | |
| Market Cap ($ Bil) | 6.9 | |
| First Trading Date | 07/28/2015 | |
| Distance from 52W High | -39.7% | |
| 50 Days | 200 Days | |
| DMA Price | $8.19 | $4.26 |
| DMA Trend | up | up |
| Distance from DMA | -15.0% | 63.5% |
| 3M | 1YR | |
| Volatility | 140.2% | 107.7% |
| Downside Capture | 1.40 | 1.08 |
| Upside Capture | 240.11 | 258.27 |
| Correlation (SPY) | 23.3% | 24.9% |
IBRX Betas & Captures as of 3/31/2026
[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
| 1M | 2M | 3M | 6M | 1Y | 3Y | |
|---|---|---|---|---|---|---|
| Beta | 2.27 | 2.63 | 1.71 | 1.64 | 1.42 | 1.91 |
| Up Beta | -2.69 | 0.55 | 0.82 | 2.95 | 1.07 | 1.76 |
| Down Beta | 1.13 | 0.76 | 1.18 | 1.20 | 1.01 | 1.66 |
| Up Capture | 231% | 627% | 911% | 465% | 578% | 2713% |
| Bmk +ve Days | 7 | 16 | 27 | 65 | 139 | 424 |
| Stock +ve Days | 8 | 21 | 36 | 64 | 122 | 346 |
| Down Capture | 315% | 160% | -217% | 17% | 140% | 112% |
| Bmk -ve Days | 12 | 23 | 33 | 58 | 110 | 323 |
| Stock -ve Days | 12 | 19 | 24 | 58 | 118 | 382 |
[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
Based On 1-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with IBRX | |
|---|---|---|---|---|
| IBRX | 157.8% | 107.9% | 1.34 | - |
| Sector ETF (XLV) | 4.9% | 15.8% | 0.12 | 13.2% |
| Equity (SPY) | 31.5% | 12.5% | 1.93 | 24.9% |
| Gold (GLD) | 35.2% | 27.2% | 1.09 | 7.7% |
| Commodities (DBC) | 46.7% | 18.1% | 1.99 | 3.1% |
| Real Estate (VNQ) | 12.8% | 13.4% | 0.65 | 15.2% |
| Bitcoin (BTCUSD) | -19.6% | 42.1% | -0.40 | 9.3% |
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Based On 5-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with IBRX | |
|---|---|---|---|---|
| IBRX | -17.9% | 113.3% | 0.35 | - |
| Sector ETF (XLV) | 4.7% | 14.6% | 0.15 | 23.3% |
| Equity (SPY) | 13.1% | 17.1% | 0.60 | 32.3% |
| Gold (GLD) | 20.1% | 17.8% | 0.92 | 5.2% |
| Commodities (DBC) | 14.6% | 19.1% | 0.63 | 4.7% |
| Real Estate (VNQ) | 3.4% | 18.8% | 0.08 | 28.7% |
| Bitcoin (BTCUSD) | 8.1% | 56.2% | 0.36 | 18.2% |
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Based On 10-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with IBRX | |
|---|---|---|---|---|
| IBRX | -3.2% | 111.4% | 0.47 | - |
| Sector ETF (XLV) | 9.0% | 16.5% | 0.44 | 24.0% |
| Equity (SPY) | 14.9% | 17.9% | 0.71 | 29.0% |
| Gold (GLD) | 13.4% | 15.9% | 0.70 | 4.3% |
| Commodities (DBC) | 9.6% | 17.7% | 0.45 | 6.8% |
| Real Estate (VNQ) | 5.5% | 20.7% | 0.23 | 22.3% |
| Bitcoin (BTCUSD) | 67.5% | 66.9% | 1.07 | 9.9% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Returns Analyses
Earnings Returns History
Expand for More| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 4/9/2026 | 7.2% | 11.5% | |
| 1/15/2026 | 30.8% | 143.0% | 96.9% |
| 11/5/2025 | 3.4% | 2.9% | 10.1% |
| 7/25/2025 | -5.0% | -18.3% | -23.3% |
| 5/12/2025 | 14.0% | 37.2% | 61.4% |
| 3/3/2025 | -13.4% | -8.8% | -8.5% |
| 11/12/2024 | -9.2% | -8.1% | -42.2% |
| 12/12/2022 | 10.1% | 4.7% | -27.8% |
| ... | |||
| SUMMARY STATS | |||
| # Positive | 5 | 6 | 3 |
| # Negative | 5 | 4 | 6 |
| Median Positive | 10.1% | 8.1% | 61.4% |
| Median Negative | -5.0% | -8.4% | -15.9% |
| Max Positive | 30.8% | 143.0% | 96.9% |
| Max Negative | -13.4% | -18.3% | -42.2% |
SEC Filings
Expand for More| Report Date | Filing Date | Filing |
|---|---|---|
| 12/31/2025 | 02/23/2026 | 10-K |
| 09/30/2025 | 11/05/2025 | 10-Q |
| 06/30/2025 | 08/05/2025 | 10-Q |
| 03/31/2025 | 05/12/2025 | 10-Q |
| 12/31/2024 | 03/03/2025 | 10-K |
| 09/30/2024 | 11/12/2024 | 10-Q |
| 06/30/2024 | 08/12/2024 | 10-Q |
| 03/31/2024 | 05/09/2024 | 10-Q |
| 12/31/2023 | 03/19/2024 | 10-K |
| 09/30/2023 | 11/09/2023 | 10-Q |
| 06/30/2023 | 08/08/2023 | 10-Q |
| 03/31/2023 | 05/11/2023 | 10-Q |
| 12/31/2022 | 03/01/2023 | 10-K |
| 09/30/2022 | 11/09/2022 | 10-Q |
| 06/30/2022 | 08/08/2022 | 10-Q |
| 03/31/2022 | 05/10/2022 | 10-Q |
Insider Activity
Expand for More| # | Owner | Title | Holding | Action | Filing Date | Price | Shares | Transacted Value | Value of Held Shares | Form |
|---|---|---|---|---|---|---|---|---|---|---|
| 1 | Simon, Barry J | Direct | Sell | 2262026 | 12.01 | 75,000 | 900,788 | 34,239,786 | Form | |
| 2 | Selecky, Christobel | Direct | Sell | 2242026 | 10.00 | 25,000 | Form | |||
| 3 | Simon, Barry J | Direct | Sell | 2242026 | 10.25 | 165,000 | 1,691,102 | 29,987,032 | Form | |
| 4 | Simon, Barry J | Direct | Sell | 2242026 | 9.25 | 10,000 | 92,500 | 28,504,837 | Form | |
| 5 | Selecky, Christobel | Direct | Sell | 1212026 | 7.51 | 25,000 | Form |
Industry Resources
External Quote Links
| Y Finance | Barrons |
| TradingView | Morningstar |
| SeekingAlpha | ValueLine |
| Motley Fool | Robinhood |
| CNBC | Etrade |
| MarketWatch | Unusual Whales |
| YCharts | Perplexity Finance |
| FinViz |
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