ImmunityBio (IBRX) AI Stock Analysis

• Market Cap: $2.56B
• Dividend Yield: N/A
• Average Volume (3M): 7.89M
• Price to Earnings (P/E): ―
• Beta (1Y): 2.02
• Revenue Growth: 4227.22%
• EPS Growth: 50.80%
• Country: US
• Employees: 671
• Sector: Healthcare
• Sector Strength: 43
• Industry: Biotechnology
• EPS (TTM): -0.10
• Shares Outstanding: 945,254,700
• 10 Day Avg. Volume: 9,188,909
• 30 Day Avg. Volume: 7,894,389
• PEG Ratio: N/A
• Price to Book (P/B): N/A
• Price to Sales (P/S): N/A
• P/FCF Ratio: N/A
• Enterprise Value/Market Cap: 1.18
• Enterprise Value/Revenue: 53.62
• Enterprise Value/Gross Profit: 53.80
• Enterprise Value/Ebitda: -16.63
• 1Y Price Target: $5.33
• Price Target Upside: 96.68% Upside
• Rating Consensus: Moderate Buy
• Number of Analyst Covering: 3

• Rating: 49 Neutral
• Price Target: $3.00 ▲(10.70% Upside)

ImmunityBio's overall stock score is primarily impacted by its challenging financial performance, with significant risks related to profitability and liquidity. However, recent corporate events, including a substantial capital raise and positive clinical developments, provide some optimism. Technical indicators suggest caution, and valuation metrics reflect ongoing financial difficulties.

Positive Factors

Clinical Data

Updated data from the QUILT-3.032 trial showed that ANKTIVA plus BCG led to a 58.2% disease-free survival rate at 12 months in patients with BCG-unresponsive NMIBC and papillary disease without CIS.

Earnings Growth

ANKTIVA's sales reached $26.4M, reflecting 60% quarter-over-quarter growth, driven by increasing adoption in U.S. urology practices.

Regulatory Approvals

The U.K. approval marks a key international milestone for Anktiva, representing a significant step in ImmunityBio's global strategy and affirming the strength of Anktiva’s underlying data.

Negative Factors

Regulatory Challenges

The FDA raised concerns about the single-arm design of the QUILT-3.032 Cohort B study during the Type A meeting regarding ANKTIVA’s supplemental BLA.

Regulatory Delays

ImmunityBio announced it received a surprising Refusal to File (RTF) letter from the FDA regarding its supplemental BLA for ANKTIVA plus BCG in BCG-unresponsive NMIBC patients with papillary-only disease.

Regulatory Uncertainty

The RTF letter introduces regulatory uncertainty, despite the identical treatment protocol between CIS and papillary cohorts.

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 primarily through the development and commercialization of its therapeutic products, which includes potential licensing agreements and collaborations with other pharmaceutical companies. Key revenue streams include milestone payments from partnerships, government grants for research and development, and the eventual sale of approved therapies. The company may also engage in public and private equity financing to support its research initiatives. Significant partnerships with larger biopharmaceutical companies may also contribute to its earnings, particularly if those collaborations lead to successful product development and commercialization.

ImmunityBio Financial Statement Overview

Summary

ImmunityBio is facing significant financial challenges, with persistent losses, high leverage, and negative cash flows. Despite some revenue growth, the company remains heavily reliant on external financing to sustain operations. The negative equity and cash flow deficits highlight the need for improved operational efficiency and financial management.

Income Statement

ImmunityBio has shown some revenue growth in the latest year, with revenue increasing from $622,000 to $14.7 million. However, the company has been consistently unprofitable, with negative net profit margins and EBIT margins over the years. The gross profit margin remains positive, but the high levels of operating losses and negative EBITDA indicate significant profitability challenges.

Balance Sheet

The company's balance sheet shows high leverage, with total liabilities exceeding total assets, resulting in negative stockholders' equity. This poses a risk for financial stability. The debt-to-equity ratio cannot be calculated due to negative equity, and the negative return on equity further highlights profitability issues.

Cash Flow

ImmunityBio's cash flow statement reflects substantial operating cash flow deficits, which have worsened over the years. The free cash flow remains negative, indicating ongoing challenges in generating cash from operations. Although the company has raised financing in previous years, the consistent negative free cash flow poses a risk to sustainability.

Breakdown	TTM	Dec 2024	Dec 2023	Dec 2022	Dec 2021	Dec 2020
Income Statement
Total Revenue	56.60M	14.74M	622.00K	240.00K	934.00K	605.00K
Gross Profit	56.41M	14.74M	622.00K	-23.95M	934.00K	-8.54M
EBITDA	-182.49M	-241.76M	-436.18M	-335.51M	-315.38M	-187.93M
Net Income	-367.09M	-413.56M	-583.20M	-417.32M	-349.85M	-224.19M
Balance Sheet
Total Assets	402.08M	382.93M	504.45M	362.36M	468.91M	221.38M
Cash, Cash Equivalents and Short-Term Investments	153.66M	149.81M	266.46M	107.18M	317.12M	96.06M
Total Debt	535.32M	504.17M	726.72M	723.77M	645.66M	275.55M
Total Liabilities	971.89M	871.06M	1.09B	812.18M	712.82M	339.87M
Stockholders Equity	-570.75M	-488.13M	-586.99M	-447.33M	-242.17M	-119.81M
Cash Flow
Free Cash Flow	-356.66M	-398.12M	-397.34M	-436.90M	-307.98M	-173.39M
Operating Cash Flow	-349.56M	-391.24M	-366.76M	-337.51M	-274.42M	-171.72M
Investing Cash Flow	62.85M	-12.25M	-30.47M	27.30M	-84.89M	-19.81M
Financing Cash Flow	294.34M	281.63M	558.34M	233.61M	505.44M	150.68M

ImmunityBio Technical Analysis

• Technical Analysis Sentiment: Positive
• Last Price: 2.71
• 50DMA: Negative
• 100DMA: Positive
• 200DMA: Negative
• MACD: Negative
• 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 2.71 is above the 20-day moving average (MA) of 2.60, below the 50-day MA of 2.77, and below the 200-day MA of 3.18, indicating a neutral trend. The MACD of -0.05 indicates Negative momentum. The RSI at 53.91 is Neutral, neither overbought nor oversold. The STOCH value of 62.84 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	76 Outperform	$2.49B	12.25	28.49%	―	28.55%	196.96%
IMCR	58 Neutral	$1.67B	―	-5.38%	―	26.90%	62.72%
ARQT	53 Neutral	$1.92B	―	-57.33%	―	99.50%	65.91%
Sector *	51 Neutral	$7.44B	-0.20	-46.00%	2.26%	22.80%	-2.27%
IBRX	49 Neutral	$2.56B	―	78.99%	―	4227.22%	50.80%
IMVT	45 Neutral	$2.65B	―	-77.58%	―	―	-48.38%
BEAM	41 Neutral	$1.71B	―	-41.94%	―	-82.90%	-155.64%

ImmunityBio Corporate Events

ImmunityBio’s Shareholder Settlement Gains Preliminary Approval

On July 29, 2025, the United States District Court for the Southern District of California preliminarily approved a proposed settlement of shareholder derivative actions against ImmunityBio‘s individual defendants. The settlement includes corporate governance reforms and attorneys’ fees covered by insurance, with a final approval hearing set for November 4, 2025. The derivative actions alleged breaches of fiduciary duties and misleading statements by ImmunityBio’s officers regarding manufacturing practices, impacting the company’s stock price and leading to a related securities fraud class action.

The most recent analyst rating on (IBRX) stock is a Buy with a $6.00 price target. To see the full list of analyst forecasts on ImmunityBio stock, see the IBRX Stock Forecast page.

ImmunityBio Announces $80 Million Securities Purchase

On July 24, 2025, ImmunityBio, Inc. announced a securities purchase agreement to sell 29,629,632 shares of its common stock and warrants for an additional 29,629,632 shares, generating approximately $80 million in gross proceeds. The offering is expected to close around July 28, 2025, with Piper Sandler & Co. as the exclusive placement agent. In its Q2 2025 financial results, ImmunityBio reported a 60% increase in revenue to $26.4 million, driven by strong sales of ANKTIVA in BCG-unresponsive bladder cancer. The company also highlighted significant clinical progress, including the initiation of a randomized trial for lung cancer and regulatory discussions on lymphopenia and papillary NMIBC treatments.

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 Approves 2025 Equity Incentive Plan

On June 18, 2025, ImmunityBio, Inc. held its Annual Meeting of Stockholders, where the 2025 Equity Incentive Plan was approved, replacing the 2015 Plan. This strategic move aims to better compete for and motivate key talent through equity-based awards, aligning the interests of employees and stockholders. Additionally, eight directors were re-elected, and Deloitte & Touche LLP’s appointment as the independent registered public accounting firm for 2025 was ratified.

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.