ImmunityBio (IBRX) AI Stock Analysis

• Market Cap: $8.41B
• Dividend Yield: N/A
• Average Volume (3M): 46.62M
• Price to Earnings (P/E): ―
• Beta (1Y): 1.97
• Revenue Growth: 1025.95%
• EPS Growth: 52.91%
• Country: US
• Employees: 671
• Sector: Healthcare
• Sector Strength: 45
• Industry: Biotechnology
• EPS (TTM): -0.07
• Shares Outstanding: 984,965,150
• 10 Day Avg. Volume: 31,186,376
• 30 Day Avg. Volume: 46,616,062
• PEG Ratio: 0.09
• Price to Book (P/B): -3.65
• Price to Sales (P/S): 121.07
• P/FCF Ratio: -4.48
• Enterprise Value/Market Cap: 1.08
• Enterprise Value/Revenue: 109.64
• Enterprise Value/Gross Profit: 115.70
• Enterprise Value/Ebitda: -38.91
• 1Y Price Target: $8.75
• Price Target Upside: 0.57% Upside
• Rating Consensus: Strong Buy
• Number of Analyst Covering: 4
• EPS Forecast (FY): N/A
• Revenue Forecast (FY): N/A

• Rating: 49 Neutral
• Price Target: $6.50 ▼(-25.29% Downside)

The score is held back primarily by weak financial health—losses, negative equity, and negative operating/free cash flow. Technicals are strong but look overbought, while valuation remains challenging due to negative earnings. Offsetting these risks, recent regulatory approvals and expanded market access are supportive catalysts.

Positive Factors

International regulatory approvals (Saudi)

First global approval for a subcutaneously administered IL‑15 receptor superagonist expands ImmunityBio’s commercial footprint in MENA. Supported by a planned regional office and a local commercial partner, these approvals create durable market access and revenue potential beyond clinical trials.

EMA conditional marketing authorization recommendation (Europe)

EMA's conditional recommendation for ANKTIVA in NMIBC addresses a significant unmet need by providing a non‑surgical immunotherapy option. Conditional authorization helps establish a regulatory and reimbursement pathway in Europe, supporting sustained adoption and commercial scale if full approval follows.

Strong TTM revenue growth and high gross margin

Sustained TTM revenue growth (~45.9%) alongside a high gross margin suggests solid product demand and scalable unit economics. If management converts regulatory wins into sales and controls operating costs, these fundamentals support durable cash generation and a pathway toward profitability.

Negative Factors

Negative stockholders' equity

Negative equity reflects accumulated losses and substantive solvency weakness. Over a 2–6 month horizon this restricts access to non‑dilutive financing and borrowing, increases dependence on dilutive capital, and limits flexibility to fund ongoing trials, manufacturing, and commercialization.

Negative operating and free cash flows

Persistent negative operating and free cash flows indicate core operations do not yet generate cash to fund growth. This necessitates external funding, raising dilution or credit risk, constraining reinvestment in R&D and commercial scale-up, and limiting independent operational resilience.

Insider convertible note conversion flexibility

Allowing conversion of any portion at any time increases potential equity dilution and creates a long‑term overhang on the capital structure. While it may align an insider creditor, the expanded conversion optionality can pressure per‑share economics, deter some investors, and complicate governance.

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

Despite strong TTM revenue growth (45.86%), profitability remains weak with negative net income and EBIT margins. The balance sheet is a major concern with negative stockholders’ equity, and cash flow is pressured by negative operating and free cash flows, indicating continued funding and execution risk.

Income Statement

ImmunityBio shows significant revenue growth in the TTM period, with a 45.86% increase. However, the company is struggling with profitability, as indicated by negative net profit margins and EBIT margins. The gross profit margin is high, but the net income remains negative, reflecting ongoing operational challenges.

Balance Sheet

The balance sheet reveals a negative stockholders' equity, indicating financial instability. The debt-to-equity ratio is negative due to negative equity, and the return on equity is also negative, reflecting poor financial health and high leverage.

Cash Flow

Cash flow analysis shows negative operating and free cash flows, with a slight improvement in free cash flow growth. The company has a high free cash flow to net income ratio, but the negative operating cash flow coverage ratio indicates cash flow challenges.

Breakdown	TTM	Dec 2024	Dec 2023	Dec 2022	Dec 2021	Dec 2020
Income Statement
Total Revenue	82.56M	14.74M	622.00K	240.00K	934.00K	605.00K
Gross Profit	78.23M	14.74M	622.00K	240.00K	934.00K	605.00K
EBITDA	-232.64M	-264.43M	-478.66M	-351.88M	-320.75M	-204.22M
Net Income	-348.62M	-413.56M	-583.20M	-416.57M	-346.79M	-221.85M
Balance Sheet
Total Assets	518.99M	382.93M	504.45M	362.36M	468.91M	221.38M
Cash, Cash Equivalents and Short-Term Investments	257.81M	149.81M	266.46M	107.18M	317.12M	96.06M
Total Debt	542.25M	504.17M	726.72M	723.77M	645.66M	275.55M
Total Liabilities	1.04B	871.06M	1.09B	812.18M	712.82M	339.87M
Stockholders Equity	-524.32M	-489.10M	-586.99M	-447.33M	-242.17M	-119.81M
Cash Flow
Free Cash Flow	-324.01M	-398.12M	-397.34M	-415.67M	-307.98M	-173.39M
Operating Cash Flow	-319.70M	-391.24M	-366.76M	-337.51M	-274.42M	-171.72M
Investing Cash Flow	-183.54M	-12.25M	-30.47M	27.30M	-84.89M	-19.81M
Financing Cash Flow	452.28M	281.63M	558.34M	233.61M	505.44M	150.68M

ImmunityBio Technical Analysis

• Technical Analysis Sentiment: Positive
• Last Price: 8.70
• 50DMA: Positive
• 100DMA: Positive
• 200DMA: Positive
• MACD: Negative
• RSI: Negative
• STOCH: Negative

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 8.7 is above the 20-day moving average (MA) of 6.57, above the 50-day MA of 4.35, and above the 200-day MA of 2.98, indicating a bullish trend. The MACD of 0.98 indicates Negative momentum. The RSI at 73.56 is Negative, neither overbought nor oversold. The STOCH value of 89.80 is Negative, 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	74 Outperform	$2.99B	14.25	27.52%	―	25.56%	44.42%
IMVT	62 Neutral	$5.42B	-9.83	-69.35%	―	―	-27.70%
ARQT	60 Neutral	$3.27B	-78.84	-28.17%	―	129.21%	80.35%
BEAM	53 Neutral	$2.80B	-6.29	-47.19%	―	-84.07%	-157.71%
Sector *	51 Neutral	$7.86B	-0.30	-43.30%	2.27%	22.53%	-2.21%
IBRX	49 Neutral	$8.41B	-20.48	―	―	1025.95%	52.91%
IMCR	47 Neutral	$1.64B	-56.77	-7.52%	―	27.51%	38.72%

ImmunityBio Corporate Events

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.