Immunitybio Inc
Assessment
Our Rating
A journalistic assessment by our editorial team at the time of the deep dive — it rates the company, not the entry point. Not investment advice and not a solicitation to buy or sell.
We found at least one documented issue that threatens the company itself — regardless of how the stock is currently valued.
Why this colour
The existential findings carry the verdict: an explicit going-concern warning also in the quarterly report as of June 30, 2026, stockholders' equity of minus $1.05 billion and $141.9 million of operating cash outflow in the first half of 2026 — survival hangs on the funding promise of majority shareholder Soon-Shiong, who is a lender at the same time, and on a secured revenue interest. The genuine revenue growth changes nothing about that existential type. Only when the operating cash outflow falls markedly and the company manages without the founder's support and without constant capital raises can this be reassessed.
What the thesis turns on
Assessment: Opportunities & Risks
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 second quarter of 2026 confirms the growth and shows a somewhat smaller cash outflow, but it changes nothing about the foundation: a going-concern warning, negative equity, two creditors ahead of shareholders and ongoing dilution. Not investment advice.
Product & market
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; the FDA decides by January 6, 2027 on an expansion to papillary-only tumors.
Revenue growth
A genuine product ramp rather than an accounting effect: from $14.7 million (2024) to $113.3 million (2025, up 668 percent), and $50.7 million of ANKTIVA revenue in the second quarter of 2026 (up 92 percent) — according to the company the eighth straight quarter of sequential growth.
Balance sheet & survival
A going-concern warning also in the quarterly report as of June 30, 2026; $4.6 billion of accumulated losses, stockholders' equity of minus $1.05 billion, $141.9 million of operating cash outflow in the first half of 2026. The cash comes from equity and financing measures, not from the business.
Ownership & financing
Founder Soon-Shiong controls about 62 percent and is a lender at the same time ($480.0 million, convertible at $5.427). Ahead of him stands Oberland with a secured revenue interest ($415.1 million liability); ongoing dilution through the ATM program and warrants.
Valuation
Roughly $8.9 billion of market value (September 25, 2026) against about $166 million of revenue over four quarters = a price-to-sales ratio of a little over 50. Practically the entire value is future expectation; one-product risk and strong competition.
Worth Noting
ANKTIVA (N-803) has been approved in the United States since April 2024 (the early bladder cancer form NMIBC with carcinoma in situ); in the second quarter of 2026, $50.7 million of $51.2 million of revenue came from the U.S.
The first-half 2026 net loss of $863.2 million is largely non-cash (remeasurement of warrants and of the convertible founder debt following the share price rally); the operating loss was $131.5 million.
Very high short interest (roughly 31 percent of the free float, data as of September 27, 2026); in the twelve months through July 7, 2026, insiders bought no shares in the market and only sold (the loan conversion by the founder on March 31, 2026 is not a market purchase).
Stock Watch
This analysis is as of September 27, 2026. Stock Watch will tell you what's changed at IBRX since then.
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Price history
Chart
Interactive price chart (TradingView).
52-week range: 2.00 $ to 11.60 $ · Last price: 8.00 $ (As of: November 2, 2026)
Key figures
Key figures at a glance
Every figure we hold for this stock, grouped by topic. The question mark next to a label explains what the number means.
Basics
Performance
Technical Indicators
Calculated from the price history · as of 11/03/2026
Valuation
Profitability
Balance Sheet & Safety
Growth
Dividend
This stock currently pays no dividend.
Quality & Screener
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.
Comparison
Industry comparison
The stock alongside the largest companies in the same group. The median row is the middle value of the companies shown above — not of the whole industry.
Industry: Biotechnology
| Company | Market cap ($B) | P/E | EV/EBITDA | Gross Margin % | EBIT Margin % | Sales Growth (Year) % | Perf. 1Y % |
|---|---|---|---|---|---|---|---|
| Immunitybio Inc IBRX | 8.3 | – | -9.0 | 99.3 | -157.9 | 668.3 | 231.3 |
| Vertex Pharmaceuticals Inc VRTX | 139.9 | 32.9 | 25.7 | 55.0 | 38.1 | 9.6 | 30.0 |
| Regeneron Pharmaceuticals Inc REGN | 99.9 | 24.2 | 14.3 | 51.2 | 20.7 | 1.0 | 42.6 |
| Moderna Inc MRNA | 87.6 | – | 4.6 | -66.0 | -131.1 | -39.2 | 687.9 |
| argenx NV ARGX | 54.4 | 33.4 | 26.2 | 59.8 | 32.0 | 89.6 | 8.8 |
| BeiGene, Ltd. ONC | 40.9 | 64.5 | 33.8 | 88.9 | 19.1 | 40.2 | 16.4 |
| Revolution Medicines Inc RVMD | 39.1 | – | -9.7 | -174,708.6 | 0.0 | -100.0 | 225.0 |
| Royalty Pharma Plc RPRX | 36.6 | 36.0 | 20.8 | 95.8 | 100.3 | 5.1 | 85.4 |
| Genmab AS GMAB | 34.2 | 43.2 | 24.7 | 93.0 | 35.2 | -82.7 | 99.0 |
| Median of companies shown | 40.9 | 34.7 | 20.8 | 59.8 | 20.7 | 5.1 | 85.4 |
Based on the most recently reported figures. Only stocks from the same trading venue are lined up, so the market caps are counted in one currency. Compare in a chart →
Fiscal years
Annual Figures
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.
Revenue, operating income and net income per fiscal year $M
Revenue Operating income Net income
| Fiscal Year | Revenue ($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 |
Quarters
Quarterly Figures
Each bar is one quarter, the last one is the most recent. Use the switch to step through the individual figures.
Revenue & Profit
Cash Flow
Balance Sheet
Margins
Per Share
Click the chart or tab into it, then use ← and → to step through the periods.
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· Total · per year
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The figures could not be loaded right now.
Source: fundamental data
| 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 |
| 2026: Q2 | -0.22 | -120.00 | 51 | 93.90 | -450.00 | -67 | -70 |
What Do These Terms Mean?
- 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.
Screening
Appears in These Scanners
This stock currently matches 20 of our scanner strategies — each hit links to the scanner.
Growth
Quality & Balance Sheet
Breakout & Setup
Momentum & Trend
- 21-EMA Trend
- Above the 50- & 200-SMA
- Gary Antonacci: Dual Momentum (Stock Adaptation)
- High ADR (≥5%)
- Power Trend
- Qullamaggie: Top Gainers 6M
- RS Leader (≥90)
- Richard Moglen: 1 Week Top Performers
- Richard Moglen: Top Performers 3/6 Month
- Stan Weinstein: Stage 2
Research
Risk & Weakness
Only genuine hits from verified scanners count; pure ranking metrics (P/E, P/S, and similar, which just sort the whole universe) don't count as a hit. Scanners marked in red are red-flag signals (risk/short scanners) — appearing there is not a seal of approval. View all scanners
Outlook
Analysts & Price Target
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.
Distribution of Recommendations
Estimates by Fiscal Year
| Fiscal Year | EPS Estimate ($) | EPS Range ($) | Revenue Estimate ($M) | Expected Growth | Analysts |
|---|---|---|---|---|---|
| 12/31/2026 | -0.92 | -0.93 – -0.90 | 227 | -140.8% | 2 |
| 12/31/2027 | -0.07 | -0.32 – 0.10 | 472 | 92.0% | 3 |
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.
Valuation
What is priced in?
Free cash flow over the past twelve months is negative, which rules out a serious reverse calculation. Any growth rate only makes a negative cash flow more negative; no present value comes out of it. What the price reflects here is therefore not a stream of cash flows, but the expectation that there will be one at all.
A simplified model calculation — not a forecast and not a recommendation.
AI classification
AI Rating
ImmunityBio 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.
10-K · 2026-02-23 · View SEC filing
„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.
10-K · 2026-02-23 · View SEC filing
„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.
10-K · 2026-02-23 · View SEC filing
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
Growth
Growth Score
Ten checks against the annual reports — each one passed counts a point.
- Revenue grows by more than 15% a year over three years 678.3%
- More than 10% revenue growth is expected for the coming year 103.3%
- Share count grows by less than 3% a year 32.0%
- Revenue growth plus cash-flow margin add up to at least 40 ("Rule of 40") 395.8%
- Gross margin at 40% or higher and without meaningful erosion 99.3%
- Goodwill from acquisitions does not grow faster than revenue 0.2%
- Net debt below twice EBITDA failed
- Operating cash flow covers the profits of the last three years 285 m
- Return on capital at 15% or higher, or up versus two years ago -58.2%
- Insiders hold at least 10% or are net buyers 62.5%
A criterion without figures counts neither as passed nor as failed; a score is only produced from 7 judgeable criteria upwards. Source: fundamental data. All ten criteria in detail
Quality check
AAQS
4/10The AAQS (AlleAktien Quality Score) checks 10 quality criteria on growth, profitability, and balance-sheet strength — per the methodology developed and published by AlleAktien, calculated by us from our own fundamental data. A stock counts as a quality stock from 9 out of 10 points. Where a company has a shorter listing history, we calculate over the fiscal years available (at least five).
- Sales growth 10Y > 5% 141.9%
- Exp. sales growth 3Y > 5% 104.1%
- EBIT growth 10Y > 5% –
- Exp. EBIT growth 3Y > 5% 104.1%
- Net debt < 4x EBIT –
- EBIT positive, 10Y straight 0
- Max. EBIT decline < 50% –
- Return on equity > 15% –
- ROCE > 15% -58.2%
- Expected return > 10% 96.5%
View stocks with the full AAQS score · Read the methodology at AlleAktien
Source: fundamental data
Insiders
Insider Transactions
Reportable transactions by officers and major shareholders from SEC Form 4 filings. "Other" includes things like stock grants and option exercises without a buy/sell character.
| Date | Person | Role | Type | Shares | Price | Value |
|---|---|---|---|---|---|---|
| Oct 5, 2026 | Simon Barry J. | Director | Sell | 25,000 | 10.75 | 268,760 |
| Oct 2, 2026 | Cohen Cheryl | Director | Sell | 81,056 | 10.50 | 851,088 |
| Oct 2, 2026 | Cohen Cheryl | Director | Other | 55,979 | 2.98 | 166,817 |
The company
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
- 07/28/2015
- 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.
Filings
Company Filings (8-K)
An 8-K is the filing a US company must use to disclose material events immediately — takeovers, changes at the top, major contracts or payment troubles, for instance. The links open the original document at the US Securities and Exchange Commission (SEC).
- 10/14/2026 ImmunityBio, Inc. (IBRX): Regulation FD Disclosure; Financial Statements and Exhibits SEC ↗
- 08/04/2026 ImmunityBio, Inc. (IBRX): Results of Operations and Financial Condition; Financial Statements and Exhibits SEC ↗
- 07/30/2026 ImmunityBio, Inc. (IBRX): Regulation FD Disclosure; Financial Statements and Exhibits SEC ↗
Data as of: November 2, 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.