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Immunitybio, Inc. (IBRX) stock

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NASDAQ: IBRX Nasdaq Biotechnology Next results ~November 3, 2026

C Fundamentals grade

Immunitybio, Inc. is a US-listed company in the biotechnology industry. Its financial year ends in December.

Stock price today

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Third-party market data · may be delayed

Model estimate per share

~$2.0

Growth cash-flow model

Base case. Range ~$0.8–$3.1. Revenue for this year and next from analysts' consensus, then growth fading to 2.5%; the operating margin moving to profitable peers'; investment needed per dollar of growth from peers; reduced by a failure probability.

Price vs value

No Buy/Hold/Sell rating is issued: valued with our growth model, which doesn't carry a Buy/Hold/Sell rating yet.

Immunitybio, Inc. valuation: adjust assumptions and compare models →

Who’s trading

What company insiders, investment funds and members of Congress have been doing with the stock, from their own filings.

Value diary

Our note on each quarter Immunitybio files

Where Immunitybio stands after its latest 10-Q

Revenue for the twelve months to June 2026 was $166m, up 192.9% on a year earlier, slower than the 351.5% growth a quarter earlier. Free-cash-flow margin rose to -173.8% from -630.1% a year earlier. Operating margin widened to -151.9% from -504.2%. The diluted share count is up 26.1% on a year earlier, which dilutes existing holders. It passes 1 of our 3 financial-health checks.

Source: 10-Q filed August 4, 2026 on SEC EDGAR · Financials · Valuation

Written from the company's filings and our models when each quarter's report arrives. Figures in older notes are as published at the time. Not investment advice.

The Fundamentalytics view

Next results ~November 3, 2026 (estimated)

Immunitybio, Inc.'s trailing-twelve-month revenue grew 192.9% year on year, with a free-cash-flow margin of -173.8%. Where it stands out: gross margin of 99.3% ranks 3 of 75 biotechnology companies we cover. Where it lags: change in growth rate of -158.6pp ranks 162 of 172 biotechnology companies we cover.

Current signal Free cash flow diverging from earnings: TTM free cash flow grew 19.2% while net income fell 170.3%: a 190pp divergence.

Assembled from SEC-filed figures — the full workings are on this page and in our methodology. Observations, not recommendations.

Highlights

How we pick these

Strengths

  • Fast growth. Revenue grew 192.9% over the last 12 months, against a median of 12.6% for biotechnology companies we cover.
  • Margins widening. Operating margin is up 352.3 points on a year ago.
  • Net cash. Cash exceeds long-term debt by $0.1bn.

Things to watch

  • Growth slowing. The growth rate is 158.6 points lower than a quarter earlier.
  • Loss-making. Operating margin is -151.9%: costs exceed revenue.
  • Burning cash. Free cash flow was -173.8% of revenue over the last 12 months.
  • Heavy stock-based pay. Stock pay equals 20.7% of revenue, against a median of 19.2% for biotechnology companies we cover: a real cost that cash-flow figures leave out.
  • Share dilution. Diluted shares rose 26.1% in a year.
  • High sales multiple. The shares trade at 48 times revenue while operating margins remain thin.

Latest results: FY2026 Q2

Filed August 4, 2026
Earnings per share
-$0.22 against an average estimate of -$0.08: missed by 175.0%
Revenue
$51m, up 93.9% on a year earlier
Share reaction
+1.4% in the first session after the results on August 4, 2026, against +1.6% for the S&P 500
Next report
November 3, 2026; average EPS estimate -$0.05

Immunitybio's figures from its SEC filings and results release; estimates are the analysts' average. Not a recommendation.

Price chart

  • 1 day-4.1%
  • 1 week+1.8%
  • 1 month-22.7%
  • This year+301.5%
  • 1 year+231.3%
  • 5 years-9.2%
  • S&P 500 this year+11.2%

Closing prices to 2026-11-02. Price change only, dividends excluded.

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Third-party market data · may be delayed

At a glance

Trailing twelve months, from SEC filings

Profitability

Revenue (TTM)
$166M
Operating margin
-151.9%
Net margin
-598.6%
EPS (TTM, diluted)
$-0.99

Growth

Revenue growth
+192.9%
Change in growth rate
−158.6 pts
Share count change
+26.1%

Cash

Free cash flow (TTM)
-$288M
FCF margin
-173.8%
Stock pay % of revenue
20.7%

Earnings

Last results
August 4, 2026

News & updates

Updated October 31, 2026

Company announcements, filed results and changes that matter to shareholders.

  1. Announcement
  2. Results
  3. Announcement

Refreshed hourly when new source data is available. Summaries are checked against company releases and SEC filings. Company announcement headlines are labelled when a checked summary is unavailable.

Valuation

Immunitybio, Inc. valuation models and calculator

Fundamentalytics rating

model v1.6 · 2026-11-03

Not rated: valued with our growth model, which doesn't carry a Buy/Hold/Sell rating yet.

Valuation models

We value Immunitybio, Inc. as an operating company, with every model that fits that kind of business. Cost of equity 11%: the 10-year Treasury yield (4.9%) plus a beta of 1.35 times a 4.5% equity risk premium.

Value per share by model
Model Value per share In the combined value?
Growth cash-flow model Revenue for this year and next from analysts' consensus, then growth fading to 2.5%; the operating margin moving to profitable peers'; investment needed per dollar of growth from peers; reduced by a failure probability. For young or fast-growing companies. The starting margin is normalized to between -100% and 60%; net margin is a proxy when operating income is not tagged. Uses analysts' consensus estimates (third-party data), not our forecasts. ~$2.0 ~$0.8–$3.1 Primary model, counts double
Price-to-earnings vs peers Earnings per share times peers' typical (harmonic-mean) price-to-earnings. — Does not apply: no positive earnings in the latest twelve months
Residual income Book value plus the present value of returns above the cost of equity, fading over ten years. — Does not apply: book value or earnings not available
Justified price-to-book Book value times (return on equity - growth) / (cost of equity - growth): steady-state returns. — Does not apply: return on equity is not positive
Forward price-to-sales vs peers Next year's consensus sales per share times peers' typical forward price-to-sales; only when earnings are negative. Uses analysts' consensus estimates (third-party data), not our forecasts. ~$1.4 ~$1.4–$5.2 Left out: out of range vs price (0.17x)
Revenue-to-maturity model Revenue grown to maturity with the cash margin moving to the industry's; for companies not yet profitable. — Does not apply: revenue and margins don't support a positive value
Combined value Weighted average of the models that apply: the primary model (growth cash-flow model) counts double. Models more than 5x or less than 0.2x the share price, or more than 3x away from the other models' median, are left out. ~$2.0 ~$0.8–$3.1 1 model

Different models fail in different ways, so where several apply we average them rather than trust one. Peer-based models compare Immunitybio, Inc. with Biotechnology in our coverage, using third-party market data. Model values are estimates under stated assumptions, updated as new filings arrive; not price targets or investment advice. How each model works.

Valuation multiples over time Market data may be delayed

At fiscal year end 20152016201720182019202020212022202320242025Now
Share price$17.33$5.72$4.49$1.16$3.79$13.33$6.08$5.07$5.02$2.56$1.98$7.95
Market value$1.2bn$469m$362m$92m$1.4bn$5.0bn$2.4bn$2.0bn$2.6bn$1.8bn$1.8bn$8.0bn
+ Net debt (− = net cash)−$176m−$8m−$24m−$17m−$76m−$35m−$181m$569m$311m$142m$238m$339m
Enterprise value$1.1bn$461m$338m$75m$1.3bn$5.0bn$2.2bn$2.6bn$2.9bn$1.9bn$2.1bn$8.3bn
Multiples
Price / sales n/mn/mn/mn/mn/mn/mn/mn/mn/m121.6x16.1x48.1x
Price / earnings ————————————
Price / free cash flow ————————————
EV / EBITDA ————————————

Market value uses the period's diluted share count; figures for each fiscal year use that year's results and the price at year end. "Now" uses today's price and the last twelve months.

Moat

8 /100

Weak moat

How hard Immunitybio's competitive advantage looks for rivals to wear away, judged from 10 years of its own filings: returns on capital, pricing power, profit durability, cash conversion and discipline.

  • Returns on capital 0 / 20

    Net income has been a median -99.6% of total assets over 10 years.

  • Durability 10 / 20

    Operating margin has been a median -52142.3%; its worst year was -366889.7%.

  • Cash conversion 0 / 20

    Free cash flow was positive in 0 of 10 years, at a median -51253.9% of revenue.

  • Discipline 0 / 20

    The diluted share count rose 219.2% over five years; stock-based pay has been a median 6197.9% of revenue.

AI disruption exposure: Medium. In this industry, AI could change how the product is made or sold, without replacing the core asset. The score above includes a 5-point deduction for that exposure (12 before it).

A rules-based reading of reported figures, not a forecast and not investment advice. How the score is built: methodology.

Forecasts and guidance

Next results: November 3, 2026, before the open. Analysts expect revenue of $59m and EPS of −$0.05 (range −$0.09 to $0.00) for the quarter.

Analysts' consensus

Fiscal yearEPSGrowthRevenueGrowth
Current −$0.92 −141% $227m +100%
Next −$0.07 +92% $472m +108%

Next year's EPS estimate has moved −222.2% in 90 days, across 3 analysts.

How the EPS forecast has moved

In the last 30 days, 1 analyst raised Immunitybio, Inc.'s forecast and 1 cut it.

Consensus EPS forecast Immunitybio, Inc., last 90 days
−$1.00 −$0.50 $0.00 $0.50 60 days ago 30 days ago 7 days ago Now Current fiscal year, 60 days ago: −$0.92 Current fiscal year, 30 days ago: −$0.92 Current fiscal year, 7 days ago: −$0.92 Current fiscal year, Now: −$0.92 −$0.92 Next fiscal year, 90 days ago: $0.06 Next fiscal year, 60 days ago: −$0.13 Next fiscal year, 30 days ago: −$0.13 Next fiscal year, 7 days ago: −$0.14 Next fiscal year, Now: −$0.07 −$0.07

Average of analysts' published estimates (third-party data).

View chart data
Period Current fiscal yearNext fiscal year
60 days ago −$0.92$0.06
30 days ago −$0.92−$0.13
7 days ago −$0.92−$0.13
Now −$0.92−$0.14

Earnings against estimates

Quarter toEstimateActualSurprise
Jun 2026 −$0.08 −$0.22 −175.0%
Mar 2026 −$0.07 −$0.08 −20.0%
Dec 2025 −$0.10 −$0.06 +37.9%
Sept 2025 −$0.10 −$0.07 +30.0%

Adjusted EPS as companies report it, against the average analyst estimate.

Management guidance

Earnings release, August 4, 2026

No numeric guidance in Immunitybio, Inc.'s latest earnings release (filed August 4, 2026). Some companies give their outlook only on the earnings call.

Analyst recommendations

4 analysts, Oct 2026
Buy4100%
Hold00%
Sell00%

Monthly trend

  1. Oct 2026134
  2. Sep 2026134
  3. Aug 2026134
  4. Jul 2026134

Counts of recommendations published by analysts covering Immunitybio, Inc., by month. Source: Aggregated broker recommendations (third-party data). Aggregated counts only: we do not reproduce any firm's recommendation or price target, and these are not Fundamentalytics ratings.

Positioning

Short interest
30.7%
of tradable shares
Days to cover
7.96
at average volume
Short interest, 1 month
−2%
to October 15, 2026
Held by institutions
20%
of shares
Held by insiders
62.2%
of shares
Employees
684
full time

Consensus figures average analysts' published estimates (third-party data); guidance is the company's own. Neither is our forecast. Short interest is reported twice a month and lags. Market data may be delayed.

This section is general information, not investment advice or a personal recommendation, and it does not take account of your objectives or circumstances. Forecasts and guidance are estimates, not promises: companies miss their own guidance and analysts' figures are often revised. Prices can fall as well as rise, and you can lose money. See our disclaimer.

Share-price performance

Market data may be delayed

What moved the share price

Last 12 months +231.2%

$2.40 on October 31, 2025 to $7.95

ThenNowEffect
Revenue (last 12 months) $57m $166m +192.9%
P/S multiple 33.7x 48.1x +42.6%
Share count 796m 1004m −20.7%

Biggest factor: revenue. Loss-making at one end, so the split uses price/sales.

The effects multiply back to the price change exactly. Results are the last 12 months as known on each date (filings assumed public 45 days after quarter end).

Return and risk by year

Calendar year 202120222023202420252026 to date
Return
IBRX−54%−17%−1%−49%−23%+302%
Industry peers (median)−35%−57%−18%−28%−5%−27%
S&P 500+29%−18%+26%+25%+18%+11%
Months that ended higher
IBRX25%58%50%33%25%55%
S&P 50075%42%67%75%75%46%
Largest fall from a high during the year
IBRX−87%−64%−80%−72%−52%−42%
S&P 500−5%−25%−10%−8%−19%−9%

Worst fall since November 2, 2015: 97% from February 22, 2021 to October 19, 2023. Getting back needed a 3267% gain, and the shares have not yet recovered.

Price behaviour

52-week range
$1.98 – $11.55
From 52-week high
−31.2%
vs 50-day average
−8.7%
vs 200-day average
+0.4%
Volatility (1 year)
107%
Beta vs S&P 500
1.64

Volatility is the annualised standard deviation of daily returns. Beta 1.5 means the shares typically moved 1.5% for each 1% move in the S&P 500 over the past year. Prices to November 2, 2026.

Share price after results

Next day
7 up, 5 down
typical move ±16.1%
After a week
6 up, 6 down
typical move ±18.9%
After a month
5 up, 7 down
typical move ±26.3%
Results releasedNext dayS&P 500 next day5 days21 days
August 4, 2026 +1.4% +1.6% +6.3% +11.2%
May 7, 2026 +1.6% +0.5% −2.7% −14.4%
April 9, 2026 +4.3% +0.5% +3.9% +21.9%
February 23, 2026 +32.8% −0.3% +20.0% −14.8%
January 15, 2026 +82.8% +0.2% +113.6% +99.3%
November 5, 2025 +1.9% −0.7% −1.0% +10.1%
August 5, 2025 −1.2% +0.3% +2.5% −0.8%
July 25, 2025 −12.0% +0.4% −21.3% −25.2%
May 12, 2025 +21.3% +4.0% +35.3% +56.5%
April 15, 2025 −14.2% −2.5% −6.9% −7.6%
March 3, 2025 −8.2% −2.9% −11.6% −10.0%
November 12, 2024 −11.4% −0.3% −1.8% −44.2%

From the close before the release date to the close 1, 5 and 21 trading days after it, so releases before the open and after the close are both captured. Past moves don't predict future ones.

Immunitybio, Inc. in five measures

Fundamentals grade C
Growth Profitability Cash Balance sheet

Growth, profitability, cash generation and balance sheet are percentiles against the companies we cover in the same industry, from SEC filings (100 = best). Value compares the share price with our modelled value range (50 = at our base value; higher = cheaper). A description of reported data and our model — not a quality score or advice.

Fundamentals

Revenue (TTM) Immunitybio, Inc.
$0 $50M $100M $150M $200M FY23 Q3 FY24 Q2 FY25 Q1 FY26 Q2 Revenue (TTM), FY23 Q3: $556K Revenue (TTM), FY23 Q4: $622K Revenue (TTM), FY24 Q1: $302K Revenue (TTM), FY24 Q2: $1.3M Revenue (TTM), FY24 Q3: $7.3M Revenue (TTM), FY24 Q4: $14.7M Revenue (TTM), FY25 Q1: $31.2M Revenue (TTM), FY25 Q2: $56.6M Revenue (TTM), FY25 Q3: $82.6M Revenue (TTM), FY25 Q4: $113.3M Revenue (TTM), FY26 Q1: $141M Revenue (TTM), FY26 Q2: $165.8M $165.8M

Source: SEC EDGAR filings. Retrieved October 29, 2026.

View chart data
Period Revenue (TTM)
FY23 Q3 $556K
FY23 Q4 $622K
FY24 Q1 $302K
FY24 Q2 $1.3M
FY24 Q3 $7.3M
FY24 Q4 $14.7M
FY25 Q1 $31.2M
FY25 Q2 $56.6M
FY25 Q3 $82.6M
FY25 Q4 $113.3M
FY26 Q1 $141M
FY26 Q2 $165.8M
Revenue growth, TTM YoY Immunitybio, Inc.
-5000% 0% 5000% 10000% 15000% FY23 Q3 FY24 Q2 FY25 Q1 FY26 Q2 Revenue growth, TTM YoY, FY23 Q3: -0.2% Revenue growth, TTM YoY, FY23 Q4: 159.2% Revenue growth, TTM YoY, FY24 Q1: -48.5% Revenue growth, TTM YoY, FY24 Q2: 120.9% Revenue growth, TTM YoY, FY24 Q3: 1218.7% Revenue growth, TTM YoY, FY24 Q4: 2270.6% Revenue growth, TTM YoY, FY25 Q1: 10238.4% Revenue growth, TTM YoY, FY25 Q2: 4227.2% Revenue growth, TTM YoY, FY25 Q3: 1026.0% Revenue growth, TTM YoY, FY25 Q4: 668.3% Revenue growth, TTM YoY, FY26 Q1: 351.5% Revenue growth, TTM YoY, FY26 Q2: 192.9% 192.9%

Source: SEC EDGAR filings. Retrieved October 29, 2026.

View chart data
Period Revenue growth, TTM YoY
FY23 Q3 -0.2%
FY23 Q4 159.2%
FY24 Q1 -48.5%
FY24 Q2 120.9%
FY24 Q3 1218.7%
FY24 Q4 2270.6%
FY25 Q1 10238.4%
FY25 Q2 4227.2%
FY25 Q3 1026.0%
FY25 Q4 668.3%
FY26 Q1 351.5%
FY26 Q2 192.9%
Operating margin (TTM) Immunitybio, Inc.
-150000% -100000% -50000% 0% FY23 Q3 FY24 Q2 FY25 Q1 FY26 Q2 Operating margin (TTM), FY23 Q3: -65064.9% Operating margin (TTM), FY23 Q4: -58239.5% Operating margin (TTM), FY24 Q1: -114525.2% Operating margin (TTM), FY24 Q2: -27527.1% Operating margin (TTM), FY24 Q3: -4912.3% Operating margin (TTM), FY24 Q4: -2334.2% Operating margin (TTM), FY25 Q1: -1003.8% Operating margin (TTM), FY25 Q2: -504.2% Operating margin (TTM), FY25 Q3: -315.8% Operating margin (TTM), FY25 Q4: -226.0% Operating margin (TTM), FY26 Q1: -185.4% Operating margin (TTM), FY26 Q2: -151.9% -151.9%

Source: SEC EDGAR filings. Retrieved October 29, 2026.

View chart data
Period Operating margin (TTM)
FY23 Q3 -65064.9%
FY23 Q4 -58239.5%
FY24 Q1 -114525.2%
FY24 Q2 -27527.1%
FY24 Q3 -4912.3%
FY24 Q4 -2334.2%
FY25 Q1 -1003.8%
FY25 Q2 -504.2%
FY25 Q3 -315.8%
FY25 Q4 -226.0%
FY26 Q1 -185.4%
FY26 Q2 -151.9%
FCF margin (TTM) Immunitybio, Inc.
-150000% -100000% -50000% 0% FY23 Q3 FY24 Q2 FY25 Q1 FY26 Q2 FCF margin (TTM), FY23 Q3: -69023.9% FCF margin (TTM), FY23 Q4: -63881.2% FCF margin (TTM), FY24 Q1: -136704.0% FCF margin (TTM), FY24 Q2: -32539.6% FCF margin (TTM), FY24 Q3: -5920.6% FCF margin (TTM), FY24 Q4: -2700.1% FCF margin (TTM), FY25 Q1: -1207.2% FCF margin (TTM), FY25 Q2: -630.1% FCF margin (TTM), FY25 Q3: -393.4% FCF margin (TTM), FY25 Q4: -272.6% FCF margin (TTM), FY26 Q1: -212.0% FCF margin (TTM), FY26 Q2: -173.8% -173.8%

Source: SEC EDGAR filings. Retrieved October 29, 2026.

View chart data
Period FCF margin (TTM)
FY23 Q3 -69023.9%
FY23 Q4 -63881.2%
FY24 Q1 -136704.0%
FY24 Q2 -32539.6%
FY24 Q3 -5920.6%
FY24 Q4 -2700.1%
FY25 Q1 -1207.2%
FY25 Q2 -630.1%
FY25 Q3 -393.4%
FY25 Q4 -272.6%
FY26 Q1 -212.0%
FY26 Q2 -173.8%

Data: SEC EDGAR XBRL company facts (as filed in 10-K/10-Q); forms 10-K, 10-Q. Generated November 3, 2026. Definitions in our methodology.

Financial statements

US$ millions unless shown otherwise. Fiscal years, plus the last twelve months (LTM) when newer.

Fiscal year 2013 Dec 2013 2014 Dec 2014 2015 Dec 2015 2016 Dec 2016 2017 Dec 2017 2018 Dec 2018 2019 Dec 2019 2020 Dec 2020 2021 Dec 2021 2022 Dec 2022 2023 Dec 2023 2024 Dec 2024 2025 Dec 2025 LTM Jun 2026
Income
Revenue 1 1 0 0 0 0 2 1 1 0 1 15 113 166
Gross profit — — — — — — — — — 0 1 15 113 165
EBITDA — −6 −237 −121 −94 −89 −142 −208 −316 −333 −344 −327 −241 −236
Operating income — −6 −239 −125 −99 −98 −156 −221 −330 −351 −362 −344 −256 −252
Net income −2 −6 −237 −121 −96 −96 −158 −222 −347 −417 −583 −414 −351 −992
Diluted EPS −$0.26 −$0.75 −$3.31 −$1.47 −$1.20 −$1.22 −$0.43 −$0.59 −$0.89 −$1.04 −$1.15 −$0.62 −$0.38 −$0.99
Growth (year on year)
Revenue — +6.8% −63.2% −81.4% +2.3% +4.4% +>999% −72.5% +54.4% −74.3% +159.2% +>999% +668.3% +192.9%
Margins
Gross margin — — — — — — — — — 100.0% 100.0% 100.0% 99.3% 99.3%
EBITDA margin — −864.1% <−999% <−999% <−999% <−999% <−999% <−999% <−999% <−999% <−999% <−999% −212.3% −142.2%
Operating margin — −869.7% <−999% <−999% <−999% <−999% <−999% <−999% <−999% <−999% <−999% <−999% −226.0% −151.9%
Net margin −341.2% −964.9% <−999% <−999% <−999% <−999% <−999% <−999% <−999% <−999% <−999% <−999% −310.2% −598.6%
Free-cash-flow margin −111.8% −881.9% <−999% <−999% <−999% <−999% <−999% <−999% <−999% <−999% <−999% <−999% −272.6% −173.8%
Cash flow
Cash from operations −1 −5 −25 −39 −49 −63 −152 −172 −274 −338 −367 −391 −305 −281
Capital spending 0 0 2 7 35 13 4 2 34 78 31 7 4 7
Free cash flow −1 −6 −28 −45 −84 −76 −156 −173 −308 −416 −397 −398 −309 −288
Stock-based pay 1 1 211 74 37 23 3 2 57 40 49 34 37 34
Free cash flow after stock pay −2 −6 −239 −119 −121 −100 −160 −176 −365 −456 −447 −433 −346 −322
Balance sheet
Cash 0 59 176 8 24 17 76 35 181 105 265 143 88 76
Total debt 0 0 0 0 0 0 0 0 0 673 577 286 326 415
Net debt (negative = net cash) −0 −59 −176 −8 −24 −17 −76 −35 −181 569 311 142 238 339
Diluted shares 8m 8m 72m 82m 81m 79m 366m 377m 389m 400m 509m 700m 920m 1,004m
Returned to shareholders
Buybacks — 0 5 16 15 0 3 0 0 — — — — —
Total returned — 0 5 16 15 0 3 0 0 — — — — —

Source: SEC EDGAR XBRL company facts (US and foreign periodic filings); column headings link to the filing. EBITDA is operating income plus depreciation and amortisation. Free cash flow is cash from operations minus capital spending. Growth is left blank when last year's figure was a loss or under 2% of revenue. Share counts and EPS are restated for stock splits. A dash means the company didn't report the figure.

Financial health

1 of 3 checks passed · June 30, 2026
What it owns · $629m
Short-term assets $439mLonger-term assets $190m
What it owes, and who funded it · $1.7bn
Short-term liabilities $77mLonger-term liabilities $1.6bnShareholders' equity $-1.0bn
  • Short-term assets cover short-term liabilities $439m of assets due within a year against $77m of liabilities due within a year.
  • Short-term assets cover long-term liabilities $439m short-term assets against $1.6bn of longer-dated liabilities.
  • More cash than debt Cash or debt not separately reported. Not assessable.
  • Debt below 40% of shareholders' equity Equity or debt not reported. Not assessable.
  • Debt burden no higher than five years ago Five-year comparison not available. Not assessable.
  • A year's operating cash flow covers at least 20% of debt Cash flow or debt not reported. Not assessable.
  • Operating profit covers interest at least five times over Operating income of −$252m against $61m of interest.

From Immunitybio, Inc.'s latest balance sheet as filed. Checks are fixed, documented rules (methodology), counted only where the company reports the figures — a dot means the filing doesn't break the item out. Descriptions of reported data, not advice.

Dividends, buybacks and capital spending

Diluted share count
+26.1%
year over year
Days sales outstanding
118 days
receivables vs revenue

Competitors: side by side with peers

Closest by revenue in biotechnology
Last 12 months unless stated IBRX NUVB BEAM ABUS KPTI URGN Median
Revenue, last 12 months $166m $170m $156m $182m $147m $189m $56m
Revenue growth, last 12 months 192.9% >999% 158.9% >999% 6.8% 100.3% 12.6%
Revenue growth, 3-year average 554.3% — 24.9% 97.6% 0.1% 37.6% 13.7%
Revenue growth, latest quarter 93.9% 555.6% −94.2% −90.6% −11.9% 199.2% 10.2%
Gross margin 99.3% 54.3% — — — 90.8% 82.9%
Operating margin −151.9% −81.0% −242.3% 82.0% −56.2% −35.3% −189.4%
Operating margin, 3-year average <−999% <−999% −344.8% −377.3% −76.7% −86.7% −363.5%
Net margin −598.6% −88.2% −54.7% 84.2% −153.3% −51.7% −169.8%
Cash from operations / revenue −169.6% −70.9% −230.3% −13.6% −44.6% −84.2% −168.0%
Free-cash-flow margin −173.8% −72.2% −238.9% −13.6% −44.6% −84.3% −162.4%
Free-cash-flow margin, 3-year average <−999% <−999% −290.8% −376.7% −69.7% −105.5% −310.0%
Stock pay / revenue 20.7% 20.9% 52.2% 3.0% 7.9% 8.5% 20.0%
Change in share count 26.1% 9.5% 16.3% 1.9% 22.0% 4.7% 8.2%

Median of all 184 companies we cover in biotechnology. Shaded: best of the six on that line (lowest for stock pay and share-count growth). 3-year figures average the last three 12-month periods; 3-year growth is compound annual. Source: SEC filings.

Peer comparison

184 biotechnology companies
Measure Company Peer median Rank
Revenue growth Growth 192.9% 12.6% 26 of 172
Change in growth rate Growth -158.6pp -0.1pp 162 of 172
Gross margin Profitability 99.3% 82.4% 3 of 75
Operating margin Profitability -151.9% -189.4% 84 of 175
Net margin Profitability -598.6% -157.3% 131 of 180
Free-cash-flow margin Cash generation -173.8% -145.4% 92 of 176
Stock pay as % of revenue Cash generation 20.7% 19.2% 91 of 179
Change in share count Balance sheet 26.1% 7.9% 125 of 156
Days sales outstanding Balance sheet 118 days 75 days 72 of 100

Rank 1 = best in the group (for spending, debt and dilution, lower ranks first).

Where the revenue comes from

Fiscal year to December 31, 2025
Products and services
Line of business Revenue Share YoY
Products $113M 99.7% ▲ 698.5%
Other $306,000 0.3% ▼ 48.6%
Geography
Region Revenue Share YoY
United States $113M 99.8% ▲ 695.1%
Europe $278,000 0.2% ▼ 47.6%

From Immunitybio, Inc.'s 10-K filed February 23, 2026, as tagged in the filing. View filing. Indented rows are part of the line above; their share is of that line. In the bars, the faint bar behind is the year before.

Who owns it

Funds buying and selling
Reported value
$1.8B
Institutions reporting
401
Shares held vs prior quarter
▲ 13.0%
Positions opened / closed
58 / 43

Top buyers and sellers, Q2 2026: 199 institutions bought and 144 sold ; the biggest buyer was Blackrock, Inc (+7.7M shares) and the biggest seller HRT Financial LP (−3.9M). See which funds bought and sold →

Largest reported holders, June 30, 2026
Manager Value Shares Share of 13F value Shares QoQ
Blackrock, Inc. $298M 34.1M 16.9% ▲ 29.4%
State Street Corp $187M 21.4M 10.6% ▲ 20.8%
Vanguard Portfolio Management LLC $156M 17.9M 8.9% ▲ 9.4%
Vanguard Capital Management LLC $137M 15.7M 7.8% ▲ 3.7%
D. E. Shaw & Co., Inc. $101M 11.6M 5.7% ▼ 8.1%
Two Sigma Investments, LP $97.2M 11.1M 5.5% ▲ 153.0%
Geode Capital Management, LLC $86.2M 9.8M 4.9% ▲ 22.6%
Millennium Management LLC $48.9M 5.6M 2.8% ▲ 292.9%
Northern Trust Corp $31.2M 3.6M 1.8% ▲ 42.3%
Morgan Stanley $30.1M 3.4M 1.7% ▼ 14.6%
Goldman Sachs Group Inc $28.3M 3.2M 1.6% ▼ 0.1%
UBS Group AG $28M 3.2M 1.6% ▲ 8.5%

From Form 13F filings with the SEC ( quarterly data sets), as reported by each manager for June 30, 2026 and filed up to 45 days later. 13F reports cover long US-listed positions of managers above $100M only, so this is not Immunitybio, Inc.'s complete shareholder register. Values are as reported by the filers ; 2 inconsistently scaled filing rows were excluded.

Insider trading activity

Full insider history and chart
Insider purchases History → $0 0 trades by 0 insiders, last 12 months Insider sales History → $9.5M 16 trades by 3 insiders · 100% under pre-set plans
Net ▼ $9.5M net selling
Insider Date Trade Shares Price Value
Simon Barry J. Director October 5, 2026 Sell pre-set plan 25,000 $10.75 $268,760
Cohen Cheryl Director October 2, 2026 Sell pre-set plan 81,056 $10.50 $851,088
Cohen Cheryl Director July 2, 2026 Sell pre-set plan 131,210 $9.50 $1.2M
Selecky Christobel Director July 1, 2026 Sell pre-set plan 159,478 $9.02 $1.4M
Selecky Christobel Director June 30, 2026 Sell pre-set plan 1,000 $9.00 $9,000
Selecky Christobel Director June 29, 2026 Sell pre-set plan 95,722 $9.01 $862,455
Simon Barry J. Director June 24, 2026 Sell pre-set plan 25,000 $7.88 $197,000
Simon Barry J. Director June 4, 2026 Sell pre-set plan 23,033 $7.18 $165,377
Simon Barry J. Director February 24, 2026 Sell pre-set plan 75,000 $12.01 $900,750
Simon Barry J. Director February 23, 2026 Sell pre-set plan 165,000 $10.25 $1.7M
Selecky Christobel Director February 23, 2026 Sell pre-set plan 25,000 $10.00 $250,000
Simon Barry J. Director February 20, 2026 Sell pre-set plan 10,000 $9.25 $92,500

From insiders' Form 4 filings with the SEC. Excludes awards, option exercises and shares withheld for tax. "Pre-set plan" means the filing marks the trade as made under a Rule 10b5-1 plan. See every insider trade since five years ago, on a price chart.

Trades by members of Congress

All 3 trades and filings

In the last 12 months, 1 member of Congress disclosed 2 purchases and 0 sales of Immunitybio, Inc. shares.

  • Lisa C. McClain(R-MI 9):Purchase, $1,001 - $15,000, traded September 30, 2026, filed October 12, 2026
  • Lisa C. McClain(R-MI 9):Purchase, $1,001 - $15,000, traded September 28, 2026, filed October 12, 2026
  • Daniel S. Goldman(D-NY 10):Sale (full), $1,001 - $15,000, traded March 6, 2023, filed April 17, 2023

Value ranges as filed; reports can arrive up to 45 days after a trade.

Earnings dates and SEC filings

Results announcements

  • August 4, 2026
  • May 7, 2026
  • April 9, 2026
  • February 23, 2026
  • January 15, 2026
  • November 5, 2025

Recent SEC filings

Data status

When each part of this page on Immunitybio, Inc. was last updated.

DataLast updatedSource
Share priceExchange closing prices
Financial statementsSEC 10-K and 10-Q filings
News and updatesCompany releases and SEC 8-K filings
Analyst estimatesAggregated analyst estimates
Valuation and scoresOur models, from the filed figures

How we build and check these figures: methodology and data sources.

Immunitybio, Inc. in brief

What does Immunitybio, Inc. do?
Immunitybio, Inc. is a US-listed company in the biotechnology industry. Its financial year ends in December.
What is Immunitybio, Inc.'s stock ticker?
Immunitybio, Inc. trades under the ticker IBRX on Nasdaq. This page brings together its financial statements, valuation models, ownership and recent company updates.
What is Immunitybio, Inc.'s revenue, and how fast is it growing?
Over its most recent trailing twelve months, Immunitybio, Inc. reported revenue of $166M, 192.9% higher than a year earlier, according to its SEC filings.
What is Immunitybio, Inc.'s free cash flow?
Immunitybio, Inc.'s free-cash-flow margin is -173.8% of revenue over the trailing twelve months, ranking 92 of the 176 biotechnology companies we cover.
Who are Immunitybio, Inc.'s largest institutional shareholders?
By value reported in 13F filings for June 30, 2026, the largest reported holders are Blackrock, Inc., State Street Corp and Vanguard Portfolio Management LLC. 13F reports cover long US-listed positions of managers above $100M, filed up to 45 days after quarter end.
What is Immunitybio, Inc.'s market cap?
On November 2, 2026, Immunitybio, Inc.'s market capitalisation was about $8B and net debt of $339M. Market figures come from third-party market data and may be delayed.
Who are Immunitybio, Inc.'s competitors?
In our Biotechnology peer group, the companies closest to Immunitybio, Inc. are Nuvation Bio Inc., Beam Therapeutics Inc., Arbutus Biopharma Corp, Karyopharm Therapeutics Inc. and Urogen Pharma Ltd. The side-by-side comparison below sets their revenue, margins and growth against Immunitybio, Inc.'s.
Are insiders buying or selling Immunitybio, Inc. stock?
Over the last 12 months, Immunitybio, Inc.'s directors and officers reported 0 open-market purchases and 16 sales on Form 4. The insider trading page charts every trade.
When is Immunitybio, Inc.'s next earnings date?
Around November 3, 2026, estimated from the spacing of its past results announcements (8-K filings). That is an estimate, not a confirmed date — Immunitybio, Inc. announces its own schedule.