ImmunityBio, Inc. IBRX

Health CareBiotechnology & Medical ResearchUnited States of America

Last close 8.29 USD on Nov 1, 2026, +318.7% year to date

Quant rating

Quant rating B Rank 217 of 565 in Health Care

Growth A 59 of 565
Valuation C 292 of 565
Quality C 376 of 565
Revisions C 318 of 565
Momentum B 153 of 565

Wall Street consensus Strong Buy (1.50)Average target 14.25 USD +71.9%

Historical valuation

Multiples use consensus estimates for the next twelve months. The dashed line is the 5-year average.

Key data

Market cap: 8.8B
Enterprise value: 9.6B
52-week range: 1.95 – 12.41
3-year range: 1.89 – 12.41
Dividend yield: –
Beta (5 years): 0.18
Shares outstanding: 1,060M
Next earnings: Nov 2, 2026

About the company

ImmunityBio, Inc. is a biotechnology company focused on developing and commercializing immunotherapies designed to activate the patient's immune system and deliver durable protection against cancer and infectious diseases. Its approach harnesses both the adaptive and innate immune systems with the goal of restoring immune function and generating lasting immunological memory in patients. The Cancer BioShield platform is designed to stimulate critical lymphocytes, including natural killer (NK) cells, cytotoxic T cells, and memory T cells via its IL-15 receptor agonist, ANKTIVA. The Cancer BioShield platform is anchored by this antibody-cytokine fusion protein and is complemented by a portfolio that includes adenovirus-vectored vaccines, allogeneic (off-the-shelf) and autologous NK-cell therapies, and additional immunomodulators intended to promote immunogenic cell death and support durable immune responses while potentially reducing reliance on high-dose chemo-radiation therapy.

Growth and profitability

Growth and profitability by fiscal year
	2025	2024	2023	2022	2021	5Y avg
Revenue (mil)	113	14.7	0.6	0.2	0.9	–
Revenue growth	668.3%	2,270.6%	159.2%	−74.3%	54.4%	184.8%
EPS (basic, normalized)	−0.38	−0.62	−1.15	−1.04	−0.89	–
EPS growth	–	–	–	–	–	–
Gross margin	99.3%	100.0%	–	–	–	99.7%
Net margin	−310.2%	−2,804.8%	−93,761.4%	−173,569.6%	−37,129.6%	−61,515.1%
ROE	–	–	–	–	–	–

Balance sheet, last quarter
Cash & short-term investments (mil)	357
Current ratio	5.72x
Long-term debt (mil)	1,189
Net debt (mil)	833
Total equity (mil)	−1,047
Net debt / equity	−0.80x
Net debt / EBITDA	–

Estimates and valuation

Consensus estimates and implied multiples
	Sales (mil)			EBITDA (mil)			EPS
Fiscal year	Mean est.	Growth	EV/Sales	Mean est.	Growth	EV/EBITDA	Mean est.	Growth	P/E
2025 actual	113	+668.3%	84.9x	–	–	–	−0.38	+38.7%	−21.8x
2026	227	+100.0%	42.5x	–	–	–	−0.96	−152.6%	−8.6x
2027	367	+62.1%	26.2x	–	–	–	−0.20	+79.2%	−41.4x
2028	1,282	+249.0%	7.5x	–	–	–	0.56	+380.0%	14.8x

Estimate revisions

Change in consensus estimates over 1, 3 and 6 months
	Sales				EPS
Fiscal year	Estimate (mil)	1M	3M	6M	Estimate	1M	3M	6M
2026	227	−0.8%	+1.9%	+8.2%	−0.96	−1.1%	−14.6%	−272.1%
2027	367	−24.0%	−15.8%	−24.1%	−0.20	−53.8%	−40.4%	−244.8%
2028	1,282	+18.0%	+18.0%	+6.0%	0.56	+49.3%	+51.4%	+10.5%

Earnings surprises EPS beat in 2 of the last 4 quarters

Reported results versus consensus, last 10 fiscal quarters
Quarter ended	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
Sales reported (mil)	0	1.0	6.1	7.6	16.5	26.4	32.1	38.3	44.2	51.2
Sales mean (mil)	0	2.5	2.9	7.8	16.0	22.8	31.9	37.0	43.1	49.7
Surprise	+60.0%	−58.5%	+108.6%	−3.4%	+3.1%	+16.1%	+0.6%	+3.4%	+2.6%	+3.1%
EPS reported	−0.20	−0.20	−0.12	−0.09	−0.15	−0.10	−0.07	−0.06	−0.08	−0.22
EPS mean	−0.16	−0.17	−0.18	−0.20	−0.13	−0.11	−0.11	−0.09	−0.07	−0.09
Surprise	−25.0%	−17.6%	+33.3%	+55.0%	−17.2%	+9.1%	+35.2%	+36.2%	−14.3%	−144.4%

Peer comparison Biotechnology & Medical Research

Peers in the same industry group, by market capitalization
Company	Market cap	Net debt/EBITDA	Net margin	P/B	FY1 P/E	FY2 P/E	FY1 EV/EBITDA	FY2 EV/EBITDA
IBRX ImmunityBio, Inc.	8.8B	–	−310.2%	−8.34x	−8.6x	−41.4x	–	–
IOVA Iovance Biotherapeutics Inc	3.8B	0.84x	−148.4%	5.22x	−18.8x	−41.0x	−17.9x	−41.9x
GRAL Grail Inc	6.4B	2.69x	−277.5%	2.52x	−13.9x	−13.9x	−16.5x	−17.5x
COGT Cogent Biosciences, Inc.	5.4B	1.52x	–	10.00x	−13.6x	−28.6x	−11.9x	−17.4x
VKTX Viking Therapeutics, Inc.	3.5B	1.80x	–	5.91x	−5.3x	−5.3x	−4.6x	−4.2x
NRIX Nurix Therapeutics, Inc.	2.9B	3.78x	−314.9%	3.02x	10.1x	−13.0x	4.9x	−15.8x
Mean		2.13x	−262.7%	3.05x	−8.3x	−23.9x	−9.2x	−19.3x
Median		1.80x	−293.8%	4.12x	−11.1x	−21.3x	−11.9x	−17.4x

Technical analysis

1M−2.7%
3M+18.9%
1Y+221.3%
3Y+234.3%

Financial statements in millions of USD

Income statement in millions of USD, fiscal years

Income statement, ImmunityBio, Inc., fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Total revenue	113	14.7	0.6	0.2	0.9	0.6
Cost of revenue	0.8	0	–	–	–	–
Gross profit	113	14.7	0.6	0.2	0.9	0.6
Selling, general & administrative expenses	150	170	131	104	136	71.8
Research & development	219	187	229	245	195	139
Depreciation/amortization	–	2.0	2.0	1.9	–	–
Interest expense (income), operating	–	–	–	–	–	–
Unusual expense (income)	0	0	0.9	0.7	0	10.7
Other operating expenses	0	0	0	0	0	0
Operating income	−256	−344	−362	−351	−330	−221
Net interest income (expense)	−147	−95.7	−174	−77.2	−19.3	−5.8
Gain (loss) on sale of assets	–	–	–	–	–	–
Other non-operating income (expense)	50.9	26.2	−48.0	11.2	−0.3	0.6
Net income before taxes	−352	−414	−584	−417	−350	−226
Provision for taxes	−0.1	0	0	0	0	−1.8
Minority interest	0.1	0.1	0.7	0.8	3.1	2.3
Equity in affiliates	–	–	–	–	–	–
U.S. GAAP adjustment	–	–	–	–	–	–
Net income before extraordinary items	−351	−414	−583	−417	−347	−222
Extraordinary items	–	–	–	–	–	–
Net income	−351	−414	−583	−417	−347	−222
EBIT, normalized	−256	−344	−361	−350	−330	−210
EBITDA, normalized	−243	−327	−342	−331	−316	−197
Basic EPS, normalized	−0.38	−0.62	−1.15	−1.04	−0.89	–

Balance sheet in millions of USD, fiscal years

Balance sheet, ImmunityBio, Inc., fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Assets
Cash & short-term investments	243	150	266	107	317	96.1
Receivables	42.6	2.7	3.2	1.9	1.3	5.0
Total inventory	0.9	8.3	–	–	–	–
Prepaid expenses	28.5	21.5	20.3	26.4	15.9	9.1
Other current assets	0	2.4	4.1	5.1	0	1.5
Total current assets	315	185	294	141	334	112
Property, plant & equipment	147	170	183	190	119	90.7
Goodwill	0.9	0.9	–	–	–	–
Intangibles	13.0	15.0	17.1	20.0	1.4	1.5
Long-term investments	–	0	0.9	0.8	0.8	8.8
Note receivable	7.4	7.1	6.9	6.6	6.4	7.0
Other long-term assets	18.4	4.8	2.8	4.7	6.8	1.7
Total assets	502	383	504	362	469	221
Liabilities
Accounts payable	7.0	6.7	9.2	21.0	11.4	11.5
Payable/accrued	–	–	–	–	–	–
Accrued expenses	52.6	46.8	46.5	43.1	54.4	38.8
Short-term debt	0	0	0	432	299	0
Current portion of long-term debt	1.8	1.2	1.5	1.4	–	16.3
Other current liabilities	0.4	0.2	1.1	3.5	3.9	1.6
Total current liabilities	61.8	54.9	58.3	501	369	68.1
Long-term debt	802	746	837	241	306	254
Minority interest	0.9	1.0	1.1	−2.5	−1.7	1.3
Other liabilities	138	69.8	195	70.0	37.5	17.4
Total liabilities	1,002	872	1,091	810	711	341
Shareholders' equity
Preferred stock	–	–	–	–	–	–
Common stock	0.1	0.1	0.1	0	0	0
Additional paid-in capital	3,197	2,885	2,375	1,931	1,720	1,495
Retained earnings (accumulated deficit)	−3,727	−3,375	−2,962	−2,378	−1,962	−1,615
Treasury stock	–	–	–	–	–	–
Other equity	29.0	1.2	0	0.2	0	0.1
Total equity	−500	−489	−587	−447	−242	−120
Total liabilities & shareholders' equity	502	383	504	362	469	221

Cash flow statement in millions of USD, fiscal years

Cash flow statement, ImmunityBio, Inc., fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Operating activities
Net income	−351	−414	−584	−417	−350	−224
Depreciation, depletion & amortization	15.5	17.6	18.5	18.3	14.2	12.7
Deferred taxes	–	–	–	0	0	−2.9
Non-cash items	85.3	24.3	195	69.6	80.3	26.3
Changes in working capital	−54.3	−19.4	4.0	−8.0	−19.1	16.4
Cash from operations	−305	−391	−367	−338	−274	−172
Investing activities
Capital expenditures	−4.3	−6.9	−30.6	−99.4	−33.6	−1.7
Other investing cash flows	−146	−5.4	0.1	127	−51.3	−18.1
Cash from investing	−150	−12.2	−30.5	27.3	−84.9	−19.8
Financing activities
Financing cash flow items	–	0	0	−0.3	1.0	0
Cash dividends paid	–	–	–	–	–	–
Issuance (retirement) of debt, net	–	–	–	–	–	–
Other financing cash flows	400	282	558	234	504	151
Cash from financing	400	282	558	234	505	151
Foreign exchange effects	0	0	−0.3	0.3	0	0
Net change in cash	−54.5	−122	161	−76.3	146	−40.9
Free cash flow	−309	−398	−397	−437	−308	−173

Disclaimer

The financial data presented in this report is delayed and obtained from sources QDD Research believes to be reliable, including stock exchanges, SEDAR, and EDGAR. However, no representation or warranty is made as to the accuracy, completeness, or timeliness of the information. QDD Research accepts no liability for any errors, omissions, or financial losses arising from the use of this data.

This report is generated using a fully systematic and quantitative approach. All factor scores and the overall quant rating (ranging from D to A+) are derived from algorithmic models and are based solely on objective financial metrics. These scores are intended for informational purposes only and should not be interpreted as investment advice or a recommendation to buy, sell, or hold any securities.

QDD Research is not a registered investment advisor or broker-dealer and does not provide personalized financial advice. The content is not tailored to the specific investment goals, financial situation, or risk profile of any individual investor. We strongly encourage readers to consult with a licensed broker or investment advisor before making any investment decisions based on the information contained in this report.

Live quote provided by TradingView. Report data updated Nov 1, 2026 after market close.