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ImmunityBio
(NASDAQ:IBRX)
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Rating:56Neutral
Price Target:
$9.50
▲(16.00% Upside)
Action:Reiterated
Date:09/23/26
The score is held back primarily by weak financial fundamentals—large ongoing losses, negative equity, and persistent negative free cash flow—despite strong revenue growth and very high gross margins. Offsetting this, the stock shows solid bullish technical momentum and a positive corporate catalyst from expanded international regulatory approvals, while valuation remains constrained by negative earnings and no dividend support.
Positive Factors
Strong revenue growth and gross margins
Rapid revenue expansion shows growing commercialization of ImmunityBio’s offerings, while the exceptionally high gross margin indicates substantial value capture on sales. If maintained, this combination can provide a stronger base for reinvestment and eventual operating leverage as the business scales.
Negative Factors
Severe and persistent losses
The scale of losses remains disproportionate to current revenue, showing that ImmunityBio has not yet aligned its cost structure with its commercial base. Continued large operating deficits could delay breakeven, consume capital, and limit the company’s ability to fund expansion internally.
Read all positive and negative factors
Positive Factors
Negative Factors
Strong revenue growth and gross margins
Rapid revenue expansion shows growing commercialization of ImmunityBio’s offerings, while the exceptionally high gross margin indicates substantial value capture on sales. If maintained, this combination can provide a stronger base for reinvestment and eventual operating leverage as the business scales.
Read all positive factors
ImmunityBio Key Performance Indicators (KPIs)
Any
Revenue By Geography
Breaks down revenue across different regions, highlighting where ImmunityBio is generating the most income and identifying areas with potential for growth or risk due to regional market dynamics and healthcare policies.
Breaks down revenue across different regions, highlighting where ImmunityBio is generating the most income and identifying areas with potential for growth or risk due to regional market dynamics and healthcare policies.
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The Fly
The FlyImmunityBio (IBRX) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$8.95B
Dividend YieldN/A
Average Volume (3M)9.45M
Price to Earnings (P/E)―
Beta (1Y)1.84
Revenue Growth192.92%
EPS Growth-110.70%
CountryUS
Employees688
SectorHealthcare
Sector Strength45
IndustryBiotechnology
Share Statistics
EPS (TTM)-0.97
Shares Outstanding1,059,836,300
10 Day Avg. Volume12,698,731
30 Day Avg. Volume9,449,411
Financial Highlights & Ratios
PEG Ratio0.15
Price to Book (P/B)-3.65
Price to Sales (P/S)16.08
P/FCF Ratio-5.90
Enterprise Value/Market Cap<0.01
Enterprise Value/Revenue<0.01
Enterprise Value/Gross Profit<0.01
Enterprise Value/Ebitda>-0.01
Forecast
1Y Price Target
$13.00Price Target Upside58.73% Upside
Rating ConsensusStrong Buy
Number of Analyst Covering3
EPS Forecast (FY)-0.84
Revenue Forecast (FY)$225.58M
ImmunityBio Business Overview & Revenue Model
Company Description
ImmunityBio, Inc. is a clinical-stage biotechnology firm, founded in 2014 and based in San Diego, California. The company is focused on developing groundbreaking therapies and vaccines designed to treat a wide array of cancers and infectious disea...
How the Company Makes Money
ImmunityBio’s business model is primarily based on generating revenue from the commercialization of its approved products (where applicable), as well as potential revenue from collaborations (e.g., licensing, co-development, or commercialization p...
ImmunityBio Earnings Call Summary
Earnings Call Date:Mar 03, 2026
(Q4-2025)
| % Change Since: |
Next Earnings Date:Nov 05, 2026
Earnings Call Sentiment Positive
The call highlighted strong commercial traction for ANKTIVA with very large year-over-year revenue and unit growth, multiple regulatory milestones (including EU conditional authorization and Saudi first-in-world lung cancer approval), robust enrollment and promising clinical signals across randomized and single-arm QUILT programs, and strategic commercial partnerships and manufacturing initiatives. Offsetting these positives are substantial operating losses and cash burn, significant balance sheet liabilities, continued high R&D investment (including a one-time $14M equipment write-off), and some regulatory delays and market-access complexity in certain cohorts and geographies. Overall, the company is demonstrating clear commercial momentum and clinical progress but remains capital-intensive and faces execution and regulatory risks as it scales internationally.Positive Updates
Transformational Revenue Growth for ANKTIVA
Full-year net product revenue for ANKTIVA was $113.0M in FY2025 versus $14.1M in FY2024, a 700% year-over-year increase; unit sales volume increased ~750% year-over-year, and Q4 revenue of $38.3M represented a 20% sequential increase vs Q3, indicating accelerating commercial adoption.
Negative Updates
Large Net Loss and Cash Burn
Net loss was $351.4M in FY2025; net cash used before operating activities was $304.9M for the year while consolidated cash, cash equivalents and marketable securities stood at $242.8M as of Dec 31, 2025, indicating significant near-term cash burn relative to on‑hand liquidity.
Read all updates
Q4-2025 Updates
Positive
Negative
Transformational Revenue Growth for ANKTIVA
Full-year net product revenue for ANKTIVA was $113.0M in FY2025 versus $14.1M in FY2024, a 700% year-over-year increase; unit sales volume increased ~750% year-over-year, and Q4 revenue of $38.3M represented a 20% sequential increase vs Q3, indicating accelerating commercial adoption.
Read all positive updates
Company Guidance
The company did not provide forward financial guidance on the call but gave extensive 2025 metrics and near‑term milestones: ANKTIVA net product revenue was $113.0M in FY2025 (up 700% vs $14.1M in FY2024) with unit volumes +750% YoY and Q4 revenue $38.3M versus Q3 $31.1M (+20% sequential); ANKTIVA is authorized in 33 countries across four major jurisdictions (US, U.K., EU, KSA) with an EU conditional marketing authorization in Feb‑2026 and two Saudi approvals (bladder and conditional NSCLC combo) in Jan‑2026; cash, cash equivalents and marketable securities were $242.8M at 12/31/2025 and net cash used in operations was $304.9M for the year; FY R&D expense was $218.6M (vs $190.2M in 2024), SG&A was $150M (down from $168.8M), and FY net loss attributable to common stockholders was $351.4M (improved from $413.6M); key liabilities include $505M related‑party convertible notes and ~ $325M revenue‑interest liability. Clinical/regulatory metrics highlighted: QUILT‑2.005 fully enrolled 366 patients (interim 6‑month CR 85% vs 57%; 9‑month 84% vs 52%), QUILT‑3.032 Cohort A CR 71% (n≈100) with duration >53 months and Cohort B 12‑month DFS 58% / 24‑month DFS 52% with 36‑month disease‑specific survival 96% and ~82% bladder preservation; recombinant BCG expanded access spans ~100 sites and ~580 patients with several thousand doses delivered, BCG‑naive enrollment reported at 100% with a targeted BLA in Q4‑2026, QUILT‑3.055 treated ~147 patients, and the company introduced its askIB AI platform and NANT Leonardo automated cell‑manufacturing plans.ImmunityBio Financial Statement Overview
Summary
Income Statement
28
Negative
Balance Sheet
20
Very Negative
Cash Flow
24
Negative
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 165.79M | 113.29M | 14.74M | 622.00K | 240.00K | 934.00K |
| Gross Profit | 156.88M | 112.53M | 14.74M | 622.00K | 240.00K | 934.00K |
| EBITDA | -888.34M | -223.56M | -264.43M | -478.66M | -351.88M | -320.75M |
| Net Income | -992.36M | -351.40M | -413.56M | -583.20M | -416.57M | -346.79M |
Balance Sheet | ||||||
| Total Assets | 628.50M | 501.90M | 382.93M | 504.45M | 362.36M | 468.91M |
| Cash, Cash Equivalents and Short-Term Investments | 357.37M | 242.82M | 149.81M | 266.46M | 107.18M | 317.12M |
| Total Debt | 813.06M | 878.12M | 504.17M | 726.72M | 723.77M | 645.66M |
| Total Liabilities | 1.67B | 1.00B | 871.06M | 1.09B | 812.18M | 712.82M |
| Stockholders Equity | -1.05B | -499.57M | -489.10M | -586.99M | -447.33M | -242.17M |
Cash Flow | ||||||
| Free Cash Flow | -365.63M | -308.78M | -398.12M | -397.34M | -415.67M | -307.98M |
| Operating Cash Flow | -356.50M | -304.94M | -391.24M | -366.76M | -337.51M | -274.42M |
| Investing Cash Flow | -308.56M | -149.80M | -12.25M | -30.47M | 27.30M | -84.89M |
| Financing Cash Flow | 720.71M | 400.24M | 281.63M | 558.34M | 233.61M | 505.44M |
ImmunityBio Technical Analysis
Positive
8.19
Price Trends
7.85
Positive
7.84
Positive
7.06
Positive
Market Momentum
0.20
Negative
54.23
Neutral
44.96
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For IBRX, the sentiment is Positive. The current price of 8.19 is below the 20-day moving average (MA) of 8.27, above the 50-day MA of 7.85, and above the 200-day MA of 7.06, indicating a bullish trend. The MACD of 0.20 indicates Negative momentum. The RSI at 54.23 is Neutral, neither overbought nor oversold. The STOCH value of 44.96 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for IBRX.
ImmunityBio Risk Analysis
ImmunityBio disclosed 95 risk factors in its most recent earnings report. ImmunityBio reported the most risks in the "Tech & Innovation" category.
Finance & Corporate - Financial and accounting risks. Risks related to the execution of corporate activity and strategy
Latest Risks Added 3 New Risks
1.
Any failure by the U.S. federal government to increase the debt ceiling or any government shutdown could adversely affect the U.S. and global economy and our liquidity, financial condition and earnings. Q3, 2023
2.
There can be no assurance that we will complete a strategic partnership transaction on acceptable terms in accordance with our anticipated timeline, or at all. Q3, 2023
3.
The CRL we received from the FDA for the BLA has delayed, and may decrease the likelihood of, ultimate approval and successful commercialization of our product candidate, Anktiva in combination with BCG for the treatment of patients with BCG-unresponsive NMIBC with CIS with or without Ta or T1 disease in the U.S. and potentially other markets. Q3, 2023
ImmunityBio Peers Comparison
UnderperformOutperform
Sector (51)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
64 Neutral | $1.80B | -5.68 | -29.99% | ― | 1495.93% | 53.66% | |
56 Neutral | $8.95B | -8.75 | 134.99% | ― | 192.92% | -110.70% | |
54 Neutral | $3.18B | -6.36 | -87.98% | ― | -55.34% | -23.18% | |
52 Neutral | $8.36B | -7.63 | -37.57% | ― | ― | -83.87% | |
52 Neutral | $2.43B | -8.54 | -50.56% | ― | -100.00% | 18.12% | |
51 Neutral | $7.86B | -0.30 | -43.30% | 2.27% | 22.53% | -2.21% | |
49 Neutral | $1.58B | -169.94 | -2.35% | ― | 20.19% | ― |
* Healthcare Sector Average
IBRX
ImmunityBio
8.52
5.95
231.52%
RCUS
Arcus Biosciences
25.01
11.69
87.76%
VIR
Vir Biotechnology
10.51
4.88
86.68%
PCVX
Vaxcyte
58.27
23.62
68.17%
IMNM
Immunome
21.68
10.34
91.18%
IMCR
Immunocore Holdings
30.64
-3.70
-10.77%
ImmunityBio Corporate Events
Business Operations and StrategyProduct-Related AnnouncementsRegulatory Filings and Compliance
ImmunityBio wins UAE approval for ANKTIVA cancer therapies
Positive
Jul 30, 2026
On July 29, 2026, ImmunityBio announced that the Emirates Drug Establishment of the United Arab Emirates granted marketing authorization for ANKTIVA in two indications, expanding the drug’s approvals to 34 countries and marking the broadest ...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.