Immunitybio Inc (IBRX)
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We found at least one documented issue that threatens the company itself — regardless of how the stock is currently valued.
The existential findings carry the verdict: an explicit going-concern warning, negative equity and $304.9 million of operating cash outflow in 2025 — survival hangs solely on the promise of further funding from majority shareholder Soon-Shiong, who controls more than 60 percent and is at the same time a lender at 11.66 percent. The genuine revenue growth changes nothing about that existential type. Only when the operating cash burn falls markedly and the company manages without the founder's support and without constant capital raises can this be reassessed.
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ImmunityBio is the rare stock that lands on our triple-digit revenue growth list AND on three warning lists in the same scanner run. ANKTIVA revenue rose 668 percent in 2025 to $113.3 million — and behind it sit $4.4 billion of accumulated losses, a going-concern warning and a billionaire who carries the company and lends it money at the same time. We read the annual report (10-K) and the latest quarterly report (10-Q). Not investment advice — just a sober look at a company that grows on its own product and survives on one man's money.
Read the analysis
Stock Watch
This analysis is as of July 27, 2026. Stock Watch will tell you what's changed at IBRX since then.
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Trading Day
Key levels of the most recently completed trading day — not a live quote.
52-Week Range
Current price 7.20 $ — 54% of the range above the low.
Lowest and highest closing price over the last 52 weeks. The marker shows where the current price sits within that range: close to the high speaks for strength, close to the low for weakness.
Basics
Performance
Technical Indicators
Calculated from the price history · as of 08/03/2026
Valuation
Profitability
Balance Sheet & Safety
Growth
Dividend
This stock currently pays no dividend.
Quality & Screener
AI Rating
Uses AIImmunityBio ist ein Immunonkologie-Unternehmen; sein Geld verdient es mit der zugelassenen Krebs-Immuntherapie ANKTIVA und der NK-Zell-Plattform — nicht mit KI. Im jüngsten 10-K (FY2025) beschreibt die Firma jedoch konkret, KI operativ in der Fertigung einzusetzen: Sie will „zunehmend künstliche Intelligenz und vollständig robotergestützte Automatisierung“ in den Herstellungsprozess ihrer Zelltherapien integrieren, um zu skalieren, und nennt in einer Studie ausdrücklich die Zellaufbereitung für „future AI robot manufacturing“. Im Risikokapitel räumt sie zudem ein, KI im eigenen Geschäftsbetrieb einzuführen. Eine KI-Umsatzquelle fehlt, und das genannte Risiko betrifft nur den eigenen KI-Einsatz (fehlerhafte Ausgaben, Cyberangriffe), nicht eine Bedrohung des Biotech-Geschäftsmodells durch KI — daher „nutzt“, nicht „verkauft“ oder „bedroht“. Das 10-K FY2024 und die beiden ältesten 10-Qs enthalten keinen KI-Bezug; das jüngste und das vorletzte 10-Q wiederholen nur die Risiko-Boilerplate.
View the full file — quotes, sources, reviewed filings
„We continue to improve the workflow and manufacturing techniques and intend to incorporate increased artificial intelligence and fully robotic automation over time to support scalability in our cellular therapies as the program advances."
Wir verbessern unsere Arbeitsabläufe und Fertigungstechniken kontinuierlich und beabsichtigen, im Laufe der Zeit zunehmend künstliche Intelligenz und vollständig robotergestützte Automatisierung einzubinden, um die Skalierbarkeit unserer Zelltherapien mit fortschreitendem Programm zu unterstützen.
„We believe we are at the forefront of cell therapy innovation and are working to aggressively implement mass scaling robotic and automation technology along with artificial intelligence to scale our platform globally."
Wir sind überzeugt, an der Spitze der Zelltherapie-Innovation zu stehen, und arbeiten daran, im großen Maßstab skalierende Roboter- und Automatisierungstechnik zusammen mit künstlicher Intelligenz konsequent umzusetzen, um unsere Plattform weltweit zu skalieren.
„In addition, we are adopting and exploring the use of AI in our business, and as an emerging and rapidly evolving technology, our use of AI introduces potential opportunities but also presents risks that could adversely affect our operations, information security and reputation."
Darüber hinaus führen wir den Einsatz von KI in unserem Geschäftsbetrieb ein und erproben ihn; als noch junge und sich rasch entwickelnde Technologie eröffnet unser KI-Einsatz zwar Chancen, birgt aber auch Risiken, die unseren Betrieb, unsere Informationssicherheit und unsere Reputation beeinträchtigen könnten.
Filings Reviewed: 10-Q 2026-05-07 · 10-Q 2025-11-05 · 10-Q 2025-08-05 · 10-Q 2025-05-12 · 10-K 2026-02-23 · 10-K 2025-03-03
Rated on July 8, 2026 · How the Rating Is Built
Highlighted are things our editorial team noticed: green = stands out as strong, red = deserves a closer look. No single metric is a verdict on its own — always read it in context.
Analysts & Price Target
The price target sits 77.1% above the current price.
- Consensus
- Strong Sell
- Analyst Ratings
- 5
Combined picture of the price targets and recommendations of every analyst covering the stock. Price targets are expectations for the next 12 months, not promises — and they often follow the price rather than predict it.
Estimates by Fiscal Year
| Fiscal Year | EPS Estimate ($) | EPS Range ($) | Revenue Estimate ($M) | Expected Growth | Analysts |
|---|---|---|---|---|---|
| 12/31/2026 | -0.84 | -0.88 – -0.80 | 223 | -107.9% | 4 |
| 12/31/2027 | 0.06 | 0.06 – 0.06 | 437 | 113.3% | 1 |
Average of the analyst estimates for the coming fiscal years. The range shows how far the most optimistic and the most cautious estimate sit apart — the wider it is, the less certain the expectation.
Next Reporting Date
- Expected Earnings per Share
- -0.09 $
Expected date of the next quarterly or annual figures. Dates do shift occasionally — only the invitation issued by the company is binding.
Revenue & Profit
Cash Flow
Balance Sheet
Margins
Per Share
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· Total · per year
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The figures could not be loaded right now.
Source: fundamental data
Quarterly Figures
| Quarter | EPS (Earnings Per Share) | EPS YoY (%) | Sales ($M) | Sales YoY (%) | Net Margin (%) | OCF ($M) | FCF ($M) |
|---|---|---|---|---|---|---|---|
| 2024: Q4 | -0.08 | – | 8 | 5,333.10 | -783.40 | -85 | -87 |
| 2025: Q1 | -0.15 | – | 17 | 41,192.50 | -784.90 | -86 | -87 |
| 2025: Q2 | -0.10 | – | 26 | 2,423.90 | -350.30 | -80 | -81 |
| 2025: Q3 | -0.07 | – | 32 | 425.10 | -209.80 | -69 | -70 |
| 2025: Q4 | -0.06 | – | 38 | 407.00 | -161.80 | -70 | -71 |
| 2026: Q1 | -0.62 | – | 44 | 167.60 | -1,431.40 | -75 | -77 |
- EPS (Earnings Per Share):
- Quarterly profit divided by the total share count — how much of the profit works out to a single share.
- YoY (Year over Year):
- Change versus the same quarter a year ago — this is how you compare without seasonal distortion (e.g. the holiday shopping season).
- Sales:
- All revenue for the quarter, before any costs are deducted — the top line of the income statement.
- Net Margin:
- What percentage of sales is left over as profit in the end. Negative means the company is posting a loss.
- OCF (Operating Cash Flow):
- The cash that actually flows into the till from the core business during the quarter — harder to dress up than book profit.
- FCF (Free Cash Flow):
- Operating cash flow minus capital expenditures — the money that's genuinely free to use, say for paying down debt, buybacks, or dividends.
Annual Figures
| Fiscal Year | Revenue ($M) | EBIT ($M) | Net Income ($M) | EPS ($) | Operating Cash Flow ($M) | Equity ($M) | Total Assets ($M) |
|---|---|---|---|---|---|---|---|
| 2016 | 0 | -125 | -121 | -0.37 | -39 | 293 | 318 |
| 2017 | 0 | -99 | -96 | -0.30 | -49 | 219 | 250 |
| 2018 | 0 | -98 | -96 | -0.30 | -63 | 146 | 182 |
| 2019 | 0 | -67 | -66 | -0.17 | -152 | 121 | 143 |
| 2020 | 1 | -221 | -222 | -0.58 | -172 | -120 | 221 |
| 2021 | 1 | -330 | -347 | -0.89 | -274 | -242 | 469 |
| 2022 | 0 | -351 | -417 | -1.04 | -338 | -447 | 362 |
| 2023 | 1 | -362 | -583 | -1.15 | -367 | -587 | 504 |
| 2024 | 15 | -344 | -414 | -0.59 | -391 | -489 | 383 |
| 2025 | 113 | -256 | -351 | -0.38 | -305 | -500 | 502 |
Fiscal years from the audited annual reports, oldest first. EBIT is the operating profit before interest and taxes; total assets are everything the company owns.
Assessment: Opportunities & Risks
ANKTIVA is FDA-approved and addresses a real need: bladder cancer is the sixth most common cancer in the United States, and the BCG shortage leaves many patients undertreated. A gross margin of roughly 99 percent — if revenue scales, the leverage is enormous.
A genuine product ramp rather than an accounting effect: from $14.7 million (2024) to $113.3 million (2025, up 668 percent), six rising quarters in a row, and $44.2 million already in the first quarter of 2026 (up 168 percent).
An explicit going-concern warning; $4.4 billion of accumulated losses, negative equity, $304.9 million of operating cash outflow in 2025. The rising cash balance comes from equity and loan measures, not from the business.
Founder Soon-Shiong controls more than 60 percent and is a lender at the same time ($505.0 million at 11.66 percent, convertible at $5.43). A structural conflict of interest and a cluster risk in one person; ongoing dilution (share count up 18.6 percent within a year).
Roughly $8 to $9 billion of market value against about $177 million of annualized revenue = a price-to-sales ratio of 45 to 70. Practically the entire value is future expectation; one product, one market and strong competition.
ImmunityBio is both things at once: a real growth story with an approved drug, and a fragile balance sheet propped up by a single billionaire. The revenue growth is genuine, but from a tiny base; the valuation prices in a blockbuster future that is still unproven, while a going-concern warning, billions of accumulated losses and ongoing dilution form the foundation. Not investment advice.
- ANKTIVA (N-803) has been approved in the United States since April 2024 (the early bladder cancer form NMIBC with carcinoma in situ); in 2025 practically 100 percent of revenue came from the U.S.
- The first-quarter 2026 net loss of $632.8 million is largely non-cash (remeasurement of warrants and of the convertible founder debt following the share price rally); the operating loss was only about $69.8 million.
- Very high short interest (roughly 35 percent of the free float); insiders have only sold, never bought, over the past twelve months (as of July 7, 2026).
About the Company
ImmunityBio, Inc., ein Biotechnologieunternehmen, konzentriert sich auf Innovation, Entwicklung und Vermarktung von Immuntherapien der nächsten Generation, die das Immunsystem des Patienten aktivieren und dauerhaften Schutz gegen Krebs und Infektionskrankheiten bieten sollen.
| Employees | 684 |
|---|---|
| Headquarters | San Diego, CA |
| Address | 3530 John Hopkins Court, 92121 San Diego, United States |
| Phone | 844 696 5235 |
| Website | immunitybio.com |
| IPO Date | 28. Jul 2015 |
| ISIN | US45256X1037 |
Management
| Name | Title | Birth Year |
|---|---|---|
| Patrick Soon-Shiong F.A.C.S., FRCS (C), M.D., M.S., M.Sc. | Founder, Executive Chairman and Global Chief Scientific & Medical Officer | 1953 |
| Richard Gerald Adcock | President, CEO & Director | 1969 |
| David C. Sachs | Chief Financial Officer | 1978 |
| Regan J. Lauer | Chief Accounting Officer | 1970 |
| Barry J. Simon M.D. | Chief Corporate Affairs Officer & Director | 1965 |
| Enrique Diloné Ph.D., RAC | Chief Technology Officer | 1967 |
| Sarah Singleton | Chief Communications Officer & Head of Patient Advocacy | – |
| Emily Arison | Senior Vice President of Human Resources | – |
| Leonard S. Sender M.D. | Chief Medical Officer of Liquid Tumors & Cell Therapy | – |
| Sandeep K. Reddy M.D. | Chief Medical Officer | – |
Executives per the latest required filings; titles kept in their original language. Source: fundamental data.
Chart
Interactive price chart (TradingView).
Data as of: July 31, 2026 · Source: fundamental data & SEC filings (annual and quarterly reports, 10-K/10-Q)
Note: pure fact-based analysis, not investment advice and not a solicitation to buy or sell. All figures without guarantee.