Start here if you're new
what it is
ImmunityBio is trying to turn your immune system into a cancer fighter, while racing to prove that idea can make real money.
how it gets paid
Last year Immunitybio made $113M in revenue.
why it's growing
Revenue grew 668.3% last year. The number that mattered was $75 million in quarterly revenue.
what just happened
Revenue hit $75M in the latest quarter, up 134% vs. prior year, while losses stayed very real.
At a glance
B balance sheet — gets the job done, barely
60/100 earnings predictability — reasonably predictable
-$0.59 fy2024 eps est
$15M fy2024 rev est
n/a operating margin
xvary composite: 49/100 — below average
What they do
ImmunityBio is trying to turn your immune system into a cancer fighter, while racing to prove that idea can make real money.
The edge here is pipeline breadth. ImmunityBio says it has more than 26 clinical trials, with 17 already in phase II or III, across 13 cancer indications. Clinical-stage pipeline → many shots on goal → you are not betting on one binary readout.
How they make money
$113M
annual revenue · their business grew +668.3% last year
total revenue
$113M
+668.3%
The products that matter
commercial cancer immunotherapy
Anktiva (N-803)
$113M · 100% of product revenue
it generated 100% of the company's $113M product revenue in 2025, up 700% from the prior year. that's the entire commercial case right now.
single revenue engine
pre-revenue drug development
Clinical Pipeline
$0 revenue contribution
it includes trials in lung cancer and other solid tumors, but contributes $0 in revenue today. you are paying for future approvals before they exist.
option value
Key numbers
$113M
ttm revenue
That is the proof this is no longer a zero-revenue biotech story. It is still small, but it is finally selling something.
+668.3%
revenue growth
Sales grew 668.3% vs. prior year. Hypergrowth is the whole case here because the valuation already assumes a lot.
n/a
operating margin
Prior margin KPI failed sanity check — verify in filings. Operating margin → how much profit remains after core costs → so what: the company is still deeply unprofitable even after the revenue jump.
$851M
long-term debt
Debt matters more when your earnings are still negative. This balance sheet has less room for a long commercialization delay.
Financial health
B
strength
- balance sheet grade B — adequate — nothing special
- risk rank 3 — safer than 50% of stocks
- price stability 5 / 100
- long-term debt $851M (9% of capital)
B — functional but not a standout on the balance sheet.
Total return vs. market
Return history isn't available for IBRX right now.
source: institutional data · return history unavailable
What just happened
beat estimates
Revenue hit $75M in the latest quarter, up 134% vs. prior year, while losses stayed very real.
Sales are ramping fast off a tiny base, but profitability is still the quiet part said out loud. The latest reported EPS was -$0.32, and 2024 quarterly EPS improved from -$0.20 early in the year to -$0.09 in Q4.
$75M
revenue
$0.32
eps
99.3%
gross margin
the number that mattered
The number that mattered was $75 million in quarterly revenue, because a biotech with a $9 billion market cap needs commercial proof, not just trial headlines.
source: company earnings report, 2026
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What could go wrong
the top risk here is Anktiva execution risk — one asset now carries the regulatory path, the commercial ramp, and the financing story at the same time.
high
Regulatory delay or rejection for Anktiva
The FDA acknowledged a resubmitted application on March 9, 2026. That means the file is alive, not that approval risk disappeared.
A negative outcome hits the only asset supporting most of the current valuation story.
high
Single-product concentration
Anktiva generated 100% of the company's $113M product revenue in 2025. There is no second commercial engine if this one stumbles.
Any safety issue, label setback, reimbursement friction, or slower launch hits the whole revenue base at once.
med
Cash runway is short
The page estimates less than one year of cash runway based on current free cash flow. That is a timetable, not a footnote.
If revenue does not ramp fast enough, financing lands in the middle of your thesis whether you want it there or not.
med
Valuation leaves no room for an ordinary launch
IBRX trades at roughly 33x forward sales versus a 2x industry average.
If Anktiva growth looks good instead of spectacular, the multiple compresses before the science changes.
This is a $9B company leaning on one approved product, $113M of product revenue, less than one year of estimated cash runway, and a valuation that assumes the next steps break in its favor.
source: institutional data · regulatory filings · risk analysis
Pay attention to
regulatory
FDA decision path for Anktiva
The resubmission was acknowledged March 9, 2026. This is the stock's main binary event.
earnings
Q1 2026 results
Estimated report date May 7, 2026. You want to see whether revenue keeps building above the $35.99M expectation range the market just used.
liquidity
Cash runway commentary
With less than one year of estimated runway, every quarterly update is also a funding update.
pipeline
New IL-15 platform data
Management said new data would be submitted soon. If investors start paying for more than Anktiva, you will see it here first.
Analyst rankings
earnings predictability
60 / 100
A 60 / 100 score means the quarter-to-quarter numbers are still shaky. In human-speak, one launch is carrying the model, so surprises are part of the package.
share-price behavior
1.8 beta
Beta measures how hard a stock moves against the market. In human-speak, this tends to amplify whatever mood investors are already in.
source: institutional data
Institutional activity
institutional ownership data for IBRX is being compiled.
source: institutional data
Price targets
3-5 year target range
n/a
n/a
$6
current price
n/a
target midpoint · n/a from current
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