ImmunityBio, Inc. (IBRX)

Price$9.24Cached quoteAs of 2026-10-01 16:06 UTC

AI: Overvalued

Price checkThe market price looks expensive unless ANKTIVA sales grow severalfold with much less dilution.

Using 1.053 billion shares outstanding at June 30, the observed market price implies roughly $8.85 billion of equity value. Trailing four-quarter revenue was about $166 million, so investors are paying roughly 53 times recent sales. Earnings-based valuation is not useful because the company remains loss-making. As an illustration, a mature 30% cash margin and a generous 25-times valuation on that cash would require about $1.18 billion of annual sales, roughly seven times current revenue, even before further dilution or financing burdens.

Big pictureSales are climbing fast, but the business still spends far more cash than it produces.

Revenue rose from $14.7 million in 2024 to $113.3 million in 2025, and second-quarter 2026 revenue reached $51.2 million. ANKTIVA product sales alone grew 92% from a year earlier. Yet operating cash flow remained negative by about $142 million in the first half of 2026, after a $305 million outflow in 2025. This is not mainly an economic-cycle business: results depend more on cancer-drug adoption, regulatory decisions and treatment availability than on recessions or consumer spending.

Business strengthANKTIVA has strong early demand, yet the balance sheet gives investors little downside protection.

The drug's economics look attractive before research and selling costs: second-quarter gross profit was about $50.9 million on $51.2 million of revenue. But operating expenses were $112.6 million, leaving a $61.7 million operating loss. June cash and marketable securities totaled $357.4 million, while total liabilities were $1.67 billion and stockholders' deficit exceeded $1.0 billion. Major obligations include $480 million of related-party convertible-note principal and a $415 million revenue-linked financing liability, both of which reduce financial flexibility.

What could change the storyBroader approvals and sustained sales growth could justify more value, while financing needs could dilute owners.

The strongest bull case is continued rapid ANKTIVA adoption plus new indications, especially the Food and Drug Administration's January 2027 decision on papillary bladder cancer. The bear case is funding: shares outstanding rose from 852.9 million at 2024 year-end to 1.053 billion by June 2026. During the first half, ImmunityBio raised $147.3 million from equity sales, and another $349.2 million remained available under its standing stock-sale program. The valuation becomes easier to defend if cash burn approaches zero before another large share increase.

AI: News

Record quarterly salesANKTIVA sales nearly doubled from a year earlier, but continuing losses tempered the strong growth.

On August 4, ImmunityBio reported $50.7 million of quarterly net product revenue, up 92% year over year and 15% from the prior quarter; first-half product revenue reached $94.8 million. Revenue exceeded surveyed expectations, but the quarterly loss per share was materially worse than expected. Shares were reported down about 3.3% before trading opened. That timing is consistent with investors weighing persistent losses against sales growth, although it does not prove the earnings release alone caused the move.

UAE authorization expands marketA broad UAE approval added bladder and lung cancer uses, increasing ANKTIVA's commercial possibilities.

On July 29, the United Arab Emirates authorized ANKTIVA for broader bladder-cancer disease and for metastatic non-small-cell lung cancer after standard treatment failure. The action made the UAE the fifth regulatory jurisdiction and expanded the drug's regulatory footprint to 34 countries. The shares rose about 9% in the following session. The timing makes the authorization a plausible contributor, but other trading factors may also have mattered. Commercial value still depends on reimbursement, distribution and actual patient uptake.

Index speculation drove tradingIndex-rebalance speculation produced a sharp rally without changing ImmunityBio's underlying drug economics.

On June 26, shares gained about 11.8% on unusually heavy volume of roughly 41 million shares. Contemporary reporting linked the move to hopes that ImmunityBio might enter the Russell 1000 large-company index, which could attract mechanical buying from index funds. Public evidence did not clearly confirm that migration, so the precise explanation remains uncertain. The episode matters because it shows that part of IBRX's volatility can come from trading flows and expectations unrelated to ANKTIVA sales or clinical value.

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Financial statements

	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015	2014	2013
Revenue	$113.3M	$14.7M	$622,000	$240,000	$934,000	$605,000	$2.2M	$47,000	$45,000	$44,000	$236,000	$641,000	$600,000
Gross profit	$112.5M	$14.7M	$622,000	$240,000	—	—	—	—	—	—	—	—	—
Gross margin	99.34%	100.00%	100.00%	100.00%	—	—	—	—	—	—	—	—	—
Research & development	$218.6M	$190.1M	$232.4M	$248.1M	$196.0M	$139.5M	$112.0M	$55.7M	$42.0M	$29.2M	$11.4M	$1.6M	$446,000
Operating expenses	$369.3M	$358.9M	$362.9M	$351.5M	$331.2M	$221.5M	$158.5M	$98.4M	$99.2M	$124.5M	$239.1M	$6.2M	—
Operating income	−$256.0M	−$344.2M	−$362.3M	−$351.3M	−$330.3M	−$220.9M	−$156.3M	−$98.4M	−$99.1M	−$124.5M	−$238.9M	−$5.6M	—
Operating margin	−226.00%	−2,334.23%	−58,239.55%	−146,374.17%	−35,361.88%	−36,509.09%	−7,095.87%	−209,338.30%	−220,266.67%	−282,954.55%	−101,218.64%	−869.73%	—
EBITDA	−$240.5M	−$326.6M	−$343.7M	−$333.0M	−$316.0M	−$208.1M	−$142.2M	−$88.8M	−$93.6M	−$120.9M	−$237.4M	−$5.5M	—
EBITDA margin	−212.29%	−2,215.18%	−55,263.34%	−138,765.83%	−33,837.47%	−34,403.47%	−6,458.17%	−189,008.51%	−207,897.78%	−274,756.82%	−100,594.92%	−864.12%	—
Net income	−$351.4M	−$413.6M	−$583.2M	−$416.6M	−$346.8M	−$221.9M	−$157.8M	−$96.2M	−$96.4M	−$120.8M	−$236.9M	−$6.2M	−$2.0M
Net profit margin	−310.18%	−2,804.77%	−93,761.41%	−173,569.58%	−37,129.55%	−36,669.59%	−7,165.17%	−204,736.17%	−214,273.33%	−274,565.91%	−100,371.19%	−964.90%	−341.17%
Basic EPSper basic share	-$0.38	-$0.59	-$1.15	-$1.04	-$0.89	-$0.59	-$0.43	-$1.49	-$1.47	-$1.79	-$4.04	-$0.92	-$3.14
Diluted EPSper diluted share	-$0.38	-$0.62	-$1.15	-$1.04	-$0.89	-$0.59	-$0.43	-$1.49	-$1.47	-$1.79	-$4.04	-$0.92	-$3.14

Review official source filings ↗

Owners

Reported shareholders

Reference date Jun 30, 2026

≈62.15%of listed shares

CALIFORNIA CAPITAL EQUITY, LLC / Cambridge Equities, LP / SOON-SHIONG PATRICK / MP 13 Ventures, LLC / Nant Capital, LLC654.61M shares · Mar 31, 2026

View holders

Top 20 reported holders of IBRX
Holder	% owned
CALIFORNIA CAPITAL EQUITY, LLC / Cambridge Equities, LP / SOON-SHIONG PATRICK / MP 13 Ventures, LLC / Nant Capital, LLC	≈62.15%654.61M shares
BlackRock, Inc.	3.24%34.08M shares
STATE STREET CORP	2.03%21.4M shares
VANGUARD PORTFOLIO MANAGEMENT LLC	1.70%17.86M shares
VANGUARD CAPITAL MANAGEMENT LLC	1.49%15.69M shares
D. E. Shaw & Co., Inc.	1.10%11.55M shares
TWO SIGMA INVESTMENTS, LP	1.05%11.1M shares
GEODE CAPITAL MANAGEMENT, LLC	0.94%9.85M shares
MILLENNIUM MANAGEMENT LLC	0.53%5.58M shares
NORTHERN TRUST CORP	0.34%3.57M shares
MORGAN STANLEY	0.33%3.43M shares
GOLDMAN SACHS GROUP INC	0.31%3.23M shares
UBS Group AG	0.30%3.2M shares
CHARLES SCHWAB INVESTMENT MANAGEMENT INC	0.27%2.89M shares
Simon Barry J.	≈0.27%2.8M shares
Woodline Partners LP	0.24%2.5M shares
SEB Asset Management AB	0.23%2.45M shares
VANGUARD FIDUCIARY TRUST CO	0.23%2.41M shares
BANK OF AMERICA CORP /DE/	0.21%2.18M shares
VOLORIDGE INVESTMENT MANAGEMENT, LLC	0.16%1.72M shares

Percentages use 1.05B shares of this listed class outstanding on Jun 30, 2026. ≈ compares the latest reported holding with a share total from a different date; it is not a confirmed current stake.

Gray completes the 100% scale. Reported positions may overlap; holders have different reporting dates.

Source: SEC Form 4 ↗Updated Sep 29, 2026 · Quarterly data

Insider buys & sells

Jul 1, 2024–Jun 30, 2026

Buys0$0.00 disclosed value

Sells (SEC code S)10$4.83M disclosed value

Transaction	Insider	Type	Shares	Price	Value	Owned after
Jun 24, 2026Form 4 · 10b5-1	Simon Barry J.Director	SellCommon Stock	25.0K	$7.88	$197.0K	2.80M
Jun 4, 2026Form 4 · 10b5-1	Simon Barry J.Director	SellCommon Stock	23.0K	$7.18	$165.4K	2.83M
Feb 24, 2026Form 4 · 10b5-1	Simon Barry J.Director	SellCommon Stock	75.0K	$12.01	$900.8K	2.85M
Feb 23, 2026Form 4 · 10b5-1	Selecky ChristobelDirector	SellCommon Stock	25.0K	$10.00	$250.0K	0
Feb 23, 2026Form 4 · 10b5-1	Simon Barry J.Director	SellCommon Stock	165.0K	$10.25	$1.69M	2.93M

Review ownership filings at SEC.gov ↗

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ImmunityBio, Inc. (IBRX)

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