ImmunityBio (IBRX) AI Stock Analysis

• Market Cap: $9.21B
• Dividend Yield: N/A
• Average Volume (3M): 38.67M
• Price to Earnings (P/E): ―
• Beta (1Y): 2.08
• Revenue Growth: 1025.95%
• EPS Growth: 52.91%
• Country: US
• Employees: 671
• Sector: Healthcare
• Sector Strength: 45
• Industry: Biotechnology
• EPS (TTM): -0.06
• Shares Outstanding: 1,028,111,500
• 10 Day Avg. Volume: 52,228,273
• 30 Day Avg. Volume: 38,669,835
• PEG Ratio: 0.15
• Price to Book (P/B): -3.65
• Price to Sales (P/S): 16.08
• P/FCF Ratio: -5.97
• Enterprise Value/Market Cap: 1.09
• Enterprise Value/Revenue: 88.29
• Enterprise Value/Gross Profit: 95.51
• Enterprise Value/Ebitda: -44.74
• 1Y Price Target: $11.25
• Price Target Upside: 25.56% Upside
• Rating Consensus: Strong Buy
• Number of Analyst Covering: 4
• EPS Forecast (FY): -0.28
• Revenue Forecast (FY): $212.64M

• Rating: 60 Neutral
• Price Target: $10.50 ▲(17.19% Upside)
• Action: Reiterated Date: 03/04/26
• Date: Action: Reiterated 03/04/26

The score is held back primarily by weak financial performance (large losses, heavy cash burn, and negative equity). Offsetting this, the stock shows strong technical momentum and the latest earnings call highlighted significant commercial/regulatory progress, while valuation remains constrained by ongoing unprofitability.

Positive Factors

Rapid Commercial Revenue Growth

Sustained, large percentage revenue and unit volume growth demonstrates durable commercial adoption and physician repeat prescribing. This scale creates a foundation for recurring revenue, supports distribution investments, and increases the chance of improving unit economics as fixed costs are absorbed over time.

Broad Regulatory Footprint

Multiple jurisdiction approvals materially expand addressable market and diversify commercial exposure beyond the U.S. Conditional EU authorization enables launches while confirmatory data are gathered, helping build reimbursement pathways and long-term international revenue channels.

Scaling Manufacturing & AI Platforms

Building automated in‑house manufacturing and analytics platforms targets durable reductions in production bottlenecks and cost per dose. Verticalizing cell therapy scale and integrating AI across R&D/ops can improve supply reliability, shorten time‑to‑market for pipeline programs, and support margin sustainability.

Negative Factors

Negative Stockholders' Equity

Persistently negative equity signals a fragile capital structure that constrains financial flexibility. It raises refinancing and covenant risk, increases likelihood of dilution when raising capital, and can limit the company's ability to fund operations, pursue strategic deals, or absorb adverse commercial shocks.

Sustained High Cash Burn

Multi‑hundred‑million annual cash burn with year‑end cash below annual operating deficits creates recurring financing needs. Dependence on external funding increases execution risk, potential dilution, and constraints on scaling commercialization or R&D if capital markets tighten or financing terms deteriorate.

Concentrated Early Revenue & Market‑Access Risk

Heavy U.S. revenue concentration leaves growth reliant on successful international reimbursement and market access. Even with approvals, country‑level pricing and payor negotiations can materially delay revenue realization and make near‑term diversification uneven across EU and MENA launches.

ImmunityBio Business Overview & Revenue Model

Company Description

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.

How the Company Makes Money

ImmunityBio generates revenue through a combination of product sales, collaborations, and partnerships. The company is actively engaged in clinical trials to develop its immunotherapy products, which, upon successful commercialization, can lead to significant revenue from sales. Additionally, ImmunityBio enters into strategic collaborations and licensing agreements with larger pharmaceutical companies, which may provide upfront payments, milestone payments based on clinical development progress, and royalties on future product sales. The company may also secure funding through grants and government contracts aimed at supporting innovative therapies, further contributing to its revenue streams.

ImmunityBio Financial Statement Overview

Summary

Strong revenue scaling and very high reported gross margin, but the company remains deeply unprofitable (large EBIT and net losses), with heavy ongoing cash burn and negative equity despite a sharp reduction in debt.

Income Statement

Revenue is scaling rapidly (up 37.2% in 2025 vs. 2024), and reported gross profit is very strong (2025 gross margin ~99%). However, the core earnings profile remains weak: 2025 EBIT was -$256.0M and net income was -$351.4M, translating to a deeply negative net margin (~-310%). Losses have improved versus 2023–2024, but profitability is still far from breakeven.

Balance Sheet

Leverage risk is elevated because stockholders’ equity is negative across all periods (2025: -$499.6M), which limits financial flexibility and makes the capital structure more fragile. Debt has come down materially (total debt fell to ~$41.0M in 2025 from ~$504.2M in 2024), which is a clear positive, but negative equity remains a major overhang despite total assets of ~$501.9M.

Cash Flow

Cash burn remains heavy and persistent: 2025 operating cash flow was -$304.9M and free cash flow was -$304.9M. Free cash flow improved versus 2024 (less negative), but the business is still funding sizable operating deficits, and cash generation is not yet supporting the income statement losses in a self-sustaining way.

Breakdown	Dec 2025	Dec 2024	Dec 2023	Dec 2022	Dec 2021
Income Statement
Total Revenue	113.29M	14.74M	622.00K	240.00K	934.00K
Gross Profit	112.53M	14.74M	622.00K	240.00K	934.00K
EBITDA	-223.56M	-264.43M	-478.66M	-351.88M	-320.75M
Net Income	-351.40M	-413.56M	-583.20M	-416.57M	-346.79M
Balance Sheet
Total Assets	501.90M	382.93M	504.45M	362.36M	468.91M
Cash, Cash Equivalents and Short-Term Investments	242.82M	149.81M	266.46M	107.18M	317.12M
Total Debt	878.12M	504.17M	726.72M	723.77M	645.66M
Total Liabilities	1.00B	871.06M	1.09B	812.18M	712.82M
Stockholders Equity	-499.57M	-489.10M	-586.99M	-447.33M	-242.17M
Cash Flow
Free Cash Flow	-308.78M	-398.12M	-397.34M	-415.67M	-307.98M
Operating Cash Flow	-304.94M	-391.24M	-366.76M	-337.51M	-274.42M
Investing Cash Flow	-149.80M	-12.25M	-30.47M	27.30M	-84.89M
Financing Cash Flow	400.24M	281.63M	558.34M	233.61M	505.44M

ImmunityBio Technical Analysis

• Technical Analysis Sentiment: Positive
• Last Price: 8.96
• 50DMA: Positive
• 100DMA: Positive
• 200DMA: Positive
• MACD: Positive
• RSI: Neutral
• STOCH: 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 8.96 is above the 20-day moving average (MA) of 8.24, above the 50-day MA of 5.73, and above the 200-day MA of 3.32, indicating a bullish trend. The MACD of 1.15 indicates Positive momentum. The RSI at 57.22 is Neutral, neither overbought nor oversold. The STOCH value of 23.55 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for IBRX.

ImmunityBio Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
CPRX	84 Outperform	$2.97B	13.32	25.49%	―	25.56%	44.42%
ARQT	63 Neutral	$2.97B	-228.91	-9.30%	―	129.21%	80.35%
IMVT	62 Neutral	$5.44B	-10.43	-69.35%	―	―	-27.70%
IBRX	60 Neutral	$9.21B	-5.18	―	―	1025.95%	52.91%
BEAM	54 Neutral	$2.60B	-34.27	-8.11%	―	-84.07%	-157.71%
IMCR	53 Neutral	$1.62B	-19.61	-9.59%	―	27.51%	38.72%
Sector *	51 Neutral	$7.86B	-0.30	-43.30%	2.27%	22.53%	-2.21%

ImmunityBio Corporate Events

ImmunityBio Wins EU Nod for ANKTIVA Bladder Cancer Therapy

On February 18, 2026, ImmunityBio announced that the European Commission granted conditional marketing authorization for ANKTIVA in combination with BCG to treat adult patients with BCG-unresponsive non-muscle invasive bladder cancer carcinoma in situ, with or without papillary tumors. This decision makes ANKTIVA plus BCG the first authorized immunotherapy in Europe for this high-risk bladder cancer population, where the primary alternative had been radical cystectomy.

The authorization covers all 27 EU member states plus Iceland, Norway and Liechtenstein, expanding ANKTIVA’s reach to 33 countries within four regulatory jurisdictions less than two years after the initial U.S. FDA approval in April 2024. Supported by phase 2/3 trial data showing a 71% complete response rate, durable responses and a favorable safety profile, the move significantly strengthens ImmunityBio’s global commercial footprint in bladder cancer and addresses a major unmet medical need for European patients, while obligating the company to provide ongoing long-term safety and efficacy data to regulators.

The most recent analyst rating on (IBRX) stock is a Buy with a $9.00 price target. To see the full list of analyst forecasts on ImmunityBio stock, see the IBRX Stock Forecast page.

ImmunityBio Amends Major Insider Convertible Note Agreement

On January 23, 2026, ImmunityBio, Inc. amended a $505 million Second Amended and Restated Convertible Promissory Note originally dated December 10, 2024, with Nant Capital, LLC, an affiliate of Executive Chairman and Global Chief Scientific and Medical Officer Dr. Patrick Soon-Shiong. The change gives the noteholder the right to convert any portion of the outstanding principal into ImmunityBio common stock at any time before maturity, whereas partial conversion had not been permitted previously, potentially providing the company with added flexibility in managing its capital structure and aligning a major insider-creditor more closely with equity holders; no other terms of the note were modified.

The most recent analyst rating on (IBRX) stock is a Buy with a $10.00 price target. To see the full list of analyst forecasts on ImmunityBio stock, see the IBRX Stock Forecast page.

ImmunityBio Wins Saudi Approvals for ANKTIVA Cancer Therapies

On January 14, 2026, ImmunityBio announced that the Saudi Food and Drug Authority granted accelerated approval of ANKTIVA® (nogapendekin alfa inbakicept) in combination with immune checkpoint inhibitors for adult patients with metastatic non-small cell lung cancer whose disease has progressed following standard-of-care therapy, marking the first global approval for a subcutaneously administered IL-15 receptor superagonist and the first approval of this chemotherapy-free, NK- and T-cell–activating immunotherapy for this indication. On the same date, the SFDA also granted accelerated approval for ANKTIVA® plus Bacillus Calmette-Guérin (BCG) to treat adult patients with BCG-unresponsive non-muscle invasive bladder cancer carcinoma in situ, with or without papillary disease, underscoring ImmunityBio’s push into Middle East and North Africa oncology markets, supported by plans for a regional office in Saudi Arabia and a commercial partnership with BioPharma Cigalah; these approvals, based on clinical data from the QUILT trial program and backed by patents extending into 2032–2039, enhance the company’s international footprint and position its ANKTIVA-based regimens as a new chemotherapy-free backbone in immunotherapy for difficult-to-treat cancers in a region with significant unmet need.

The most recent analyst rating on (IBRX) stock is a Buy with a $8.00 price target. To see the full list of analyst forecasts on ImmunityBio stock, see the IBRX Stock Forecast page.

ImmunityBio Appoints Bruce Wendel to Board

On December 10, 2025, ImmunityBio, Inc. appointed Bruce Wendel to its Board of Directors, effective December 12, 2025, with his term expiring at the 2026 annual stockholders meeting. Wendel, recognized as an independent director, brings extensive experience from his previous roles in the pharmaceutical industry, including leadership positions at ProMetic Biosciences Ltd. and Hepalink USA. His appointment is expected to strengthen ImmunityBio’s strategic direction and industry positioning.

The most recent analyst rating on (IBRX) stock is a Buy with a $5.00 price target. To see the full list of analyst forecasts on ImmunityBio stock, see the IBRX Stock Forecast page.

ImmunityBio Gains EMA Nod for ANKTIVA® in Europe

On December 12, 2025, ImmunityBio announced that the European Medicines Agency recommended conditional marketing authorization for ANKTIVA® in combination with BCG for treating non-muscle invasive bladder cancer (NMIBC) carcinoma in situ in Europe. This recommendation marks the first immunotherapy for NMIBC with carcinoma in situ to receive such a positive recommendation in Europe, addressing a significant unmet need for patients unresponsive to BCG, whose primary option has been bladder removal surgery. The decision is based on a single-arm trial showing promising response rates, and it highlights ImmunityBio’s efforts to expand access to innovative treatments in Europe, potentially impacting the company’s market positioning and offering new hope for patients.

The most recent analyst rating on (IBRX) stock is a Buy with a $5.00 price target. To see the full list of analyst forecasts on ImmunityBio stock, see the IBRX Stock Forecast page.