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ImmunityBio
(NASDAQ:IBRX)
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Rating:52Neutral
Price Target:
$9.00
▲(16.88% Upside)
Action:Reiterated
Date:06/27/26
The score is held back primarily by weak financial performance (large losses, heavy cash burn, and negative equity) despite improving revenue and reduced debt. Technicals are supportive with the stock trading above major moving averages, but momentum is nearing overbought. Valuation remains challenged due to negative earnings, while corporate events are net mixed with strategic progress offset by regulatory risk.
Positive Factors
Approved commercial product (ANKTIVA)
Having an FDA-approved product gives ImmunityBio a durable commercial revenue stream and established go-to-market processes. ANKTIVA sales underpin recurring product revenue, support relationships with urologists and distributors, and provide a foundation to scale commercialization and fund pipeline progression over the next several quarters.
Negative Factors
Very large net losses and negative free cash flow
Sustained, large net losses and materially negative free cash flow indicate the company is burning cash faster than it generates it. This creates persistent funding needs, forces reliance on external financing or insider support, and constrains the firm's ability to self-fund commercialization and R&D without dilution or restrictive terms.
Read all positive and negative factors
Positive Factors
Negative Factors
Approved commercial product (ANKTIVA)
Having an FDA-approved product gives ImmunityBio a durable commercial revenue stream and established go-to-market processes. ANKTIVA sales underpin recurring product revenue, support relationships with urologists and distributors, and provide a foundation to scale commercialization and fund pipeline progression over the next several quarters.
Read all positive factors
ImmunityBio Key Performance Indicators (KPIs)
ImmunityBio (IBRX) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$9.17B
Dividend YieldN/A
Average Volume (3M)13.78M
Price to Earnings (P/E)―
Beta (1Y)1.88
Revenue Growth351.53%
EPS Growth-54.81%
CountryUS
Employees671
SectorHealthcare
Sector Strength45
IndustryBiotechnology
Share Statistics
EPS (TTM)-0.85
Shares Outstanding1,047,354,000
10 Day Avg. Volume11,303,234
30 Day Avg. Volume13,780,271
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 Cap0.90
Enterprise Value/Revenue58.45
Enterprise Value/Gross Profit62.32
Enterprise Value/Ebitda-11.35
Forecast
1Y Price Target
$13.00Price Target Upside68.83% Upside
Rating ConsensusStrong Buy
Number of Analyst Covering3
EPS Forecast (FY)-0.7
Revenue Forecast (FY)$209.86M
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 makes money primarily from product revenue generated by selling ANKTIVA in the United States following FDA approval for use in combination with BCG in indicated NMIBC patients. Revenue is recognized based on the company’s commercial di...
ImmunityBio Earnings Call Summary
Earnings Call Date:Mar 03, 2026
(Q4-2025)
| % Change Since: |
Next Earnings Date:Aug 12, 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
22
Negative
Cash Flow
18
Very Negative
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 140.98M | 113.29M | 14.74M | 622.00K | 240.00K | 934.00K |
| Gross Profit | 132.23M | 112.53M | 14.74M | 622.00K | 240.00K | 934.00K |
| EBITDA | -726.30M | -223.56M | -264.43M | -478.66M | -351.88M | -320.75M |
| Net Income | -854.53M | -351.40M | -413.56M | -583.20M | -416.57M | -346.79M |
Balance Sheet | ||||||
| Total Assets | 646.64M | 501.90M | 382.93M | 504.45M | 362.36M | 468.91M |
| Cash, Cash Equivalents and Short-Term Investments | 380.88M | 242.82M | 149.81M | 266.46M | 107.18M | 317.12M |
| Total Debt | 1.12B | 878.12M | 504.17M | 726.72M | 723.77M | 645.66M |
| Total Liabilities | 1.52B | 1.00B | 871.06M | 1.09B | 812.18M | 712.82M |
| Stockholders Equity | -870.01M | -499.57M | -489.10M | -586.99M | -447.33M | -242.17M |
Cash Flow | ||||||
| Free Cash Flow | -299.31M | -308.78M | -398.12M | -397.34M | -415.67M | -307.98M |
| Operating Cash Flow | -294.39M | -304.94M | -391.24M | -366.76M | -337.51M | -274.42M |
| Investing Cash Flow | -185.58M | -149.80M | -12.25M | -30.47M | 27.30M | -84.89M |
| Financing Cash Flow | 625.15M | 400.24M | 281.63M | 558.34M | 233.61M | 505.44M |
ImmunityBio Technical Analysis
Positive
7.70
Price Trends
7.63
Positive
7.80
Positive
5.33
Positive
Market Momentum
0.08
Negative
66.98
Neutral
88.99
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 7.7 is above the 20-day moving average (MA) of 7.44, above the 50-day MA of 7.63, and above the 200-day MA of 5.33, indicating a bullish trend. The MACD of 0.08 indicates Negative momentum. The RSI at 66.98 is Neutral, neither overbought nor oversold. The STOCH value of 88.99 is Negative, 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 0 New Risks
ImmunityBio Peers Comparison
UnderperformOutperform
Sector (51)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
79 Outperform | $3.85B | 17.47 | 23.65% | ― | 11.65% | 9.67% | |
68 Neutral | $3.28B | -1,351.81 | -1.41% | ― | 95.29% | 98.21% | |
61 Neutral | $1.45B | ― | -4.83% | ― | 23.64% | -29.23% | |
53 Neutral | $7.91B | -13.71 | -68.16% | ― | ― | -1.22% | |
52 Neutral | $9.17B | -10.27 | 138.69% | ― | 351.53% | -54.81% | |
51 Neutral | $7.86B | -0.30 | -43.30% | 2.27% | 22.53% | -2.21% | |
48 Neutral | $3.53B | -54.23 | -5.89% | ― | 157.97% | 86.11% |
* Healthcare Sector Average
IBRX
ImmunityBio
8.76
6.12
231.63%
CPRX
Catalyst Pharma
31.43
9.98
46.53%
IMVT
Immunovant
38.53
21.72
129.21%
ARQT
Arcutis Biotherapeutics
26.22
12.46
90.55%
BEAM
Beam Therapeutics
34.32
14.44
72.64%
IMCR
Immunocore Holdings
31.75
-1.00
-3.05%
ImmunityBio Corporate Events
Executive/Board ChangesShareholder Meetings
ImmunityBio Shareholders Reelect Board at 2026 Annual Meeting
Positive
Jun 10, 2026
On June 9, 2026, ImmunityBio, Inc. held its 2026 Annual Meeting of Stockholders, with approximately 85% of outstanding common shares represented, establishing a quorum and signaling strong shareholder engagement. At the meeting, stockholders re-el...
Business Operations and StrategyProduct-Related Announcements
ImmunityBio Secures Exclusive Tokyo-172 BCG Rights in U.S.
Positive
May 18, 2026
On May 14, 2026, ImmunityBio entered an exclusive 10-year U.S. development and supply agreement with Japan BCG Laboratory for the Tokyo-172 strain of Bacillus Calmette-Guérin, granting ImmunityBio sole rights to develop, import, and commercia...
Business Operations and StrategyLegal ProceedingsRegulatory Filings and Compliance
ImmunityBio Addresses FDA Warning on ANKTIVA Promotion
Negative
Apr 6, 2026
On April 6, 2026, ImmunityBio, Inc. announced it had submitted a comprehensive response to a March 13, 2026 Warning Letter from the U.S. FDA’s Office of Prescription Drug Promotion concerning a podcast and a television advertisement related ...
Business Operations and StrategyPrivate Placements and Financing
ImmunityBio Bolsters Balance Sheet With New Financing Moves
Positive
Mar 31, 2026
On March 30, 2026, ImmunityBio amended its Revenue Interest Purchase Agreement with Oberland Capital, securing an additional $75 million in non-dilutive financing that lifts total committed capital under the structure to $375 million. In exchange,...
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.