ImmunityBio, Inc.

How has the stock done?

Change in closing price from the first day shown, or with Price the closing price itself. Prices: Yahoo Finance, to Nov 12, 2026. Dashed lines: the days the company released earnings (its SEC 8-K filings); EPS estimates: Yahoo Finance. The stock's move after a release runs from the last close before its day to the close the day after (or five days after), so a release before the open counts like one after the close.

Is the business growing?

In the fiscal year to Dec 2025, Product revenue, net was 100% and Other revenues was 0.3% of revenue; Other revenues fell from 100% in the fiscal year to Dec 2023.

In the fiscal year to Dec 2025, United States was 100% and Europe was 0.2% of revenue; United States rose from 5% in the fiscal year to Dec 2023.

Quarters: ImmunityBio, Inc.'s SEC filings, named by the month they end. Fiscal years: ImmunityBio, Inc.'s annual reports to the SEC.

How it makes money

The company loses $310.2 for every $100 of revenue. Operating expenses exceed all of gross profit.

Beyond ±100% the scale is logarithmic, so that Jun 2023's −336,290% and the quarters near zero both read. Circled: Jun 2023 (net −336,290.2%, operating −207,670.7%), Sep 2023 (net −116,563.4%, operating −97,726.8%), Dec 2023 (net −167,907.9%, operating −61,430.9%), Mar 2024 (net −335,272.5%, operating −237,990.0%), Jun 2024 (net −12,852.3%, operating −9,487.4%). Net margin is usually about 362 points below operating margin; in those quarters something below operating income (a tax charge or benefit, a gain or loss on investments, a write-down) moved it, not the business itself.

Each margin is that line of the income statement divided by revenue. Fiscal year: ImmunityBio, Inc.'s annual reports to the SEC; quarters: SEC filings.

How long can the cash last?

ImmunityBio had $334M in cash and short-term investments at the end of Sep 2026. It burned $297M over the last four quarters (operating cash flow minus capital spending), so at that pace the cash lasts about 5 quarters. Its diluted share count is up 52% from two years earlier.

From ImmunityBio, Inc.'s SEC filings: cash and cash equivalents plus short-term investments (none where none is filed) at each quarter end; free cash flow is operating cash flow minus capital spending; shares are each quarter's diluted weighted average as filed, since the stock's listing and its latest split (a 10-K gives no fourth-quarter figure). Shown while the last four quarters' operating cash flow and net income are both negative.

Customers and suppliers

In its latest annual report ImmunityBio buys from Serum Institute, NantWorks, Riptide. Since then its 8-K filings name JBL as a supplier (May 18, 2026).

Suppliers

J

JBL

NantWorks

R

Riptide

Serum Institute

 

IIBRXImmunityBio

ImmunityBio's 10-Q for the quarter to Sep 2026 gives four customers' shares of its revenue: Largest Customer (53%), Second Largest Customer (19%), Third Largest Customer (19%) and Fourth Largest Customer (7%). Separately, it gives a group of customers: Top Four Customers (98%).

From ImmunityBio, Inc.'s 10-Q and 10-K filings (XBRL): each customer whose share of revenue a filing tags, under the filing's own label, so “Customer A” in one filing can be another company in the next; a later filing's figures for a period replace an earlier one's. A dash is a group of customers the filing gives (a government's agencies, the largest customers together, all the others): it can include the customers beside it, so the shares need not add up. Rings are fiscal years: a 10-K gives the year, not its fourth quarter.

Partners

RRiptideLicenses exclusive therapeutic know-how rightsMilestone payments up to $47.0 million for the first three indications; maximum payment amount $100.0 million

BeOne ONCConducts combination immunotherapy clinical trial

AAccord HealthcareCommercializes ANKTIVA in the EU

CCigalah HealthcareCommercializes ANKTIVA in the Middle East

BBiopharmaCommercializes ANKTIVA in the Middle East

NantWorksShared services and information security

AAmyrisJoint venture commercializing RNA COVID-19 vaccine50:50 joint venture arrangement established in 2021

Changes since the previous annual report (10-K filed Mar 3, 2025)

AAccord HealthcareNamed for the first time, as a partner

BBiopharmaNamed for the first time, as a partner

CCigalah HealthcareNamed for the first time, as a partner

223 AlaskaNo longer named (was a supplier)

4420 NashNo longer named (was a supplier)

6605 Doug StNo longer named (was a supplier)

NantWorksNow also a partner

Only the companies ImmunityBio names in its 10-K filed Feb 23, 2026 (SEC) and in the 8-Ks it filed since, each with its date. The supply chain joins the latest annual reports of the companies on it and the 8-Ks they filed since: a link shows when either side's report names the other, so it grows as more reports are read. Hover a name for the filing's own words.

Is it expensive?

Currently unprofitable, so P/E does not apply, so we look at price-to-sales instead: 35.4x, above the peer median of 15.2x. Revenue is up 52% from a year ago.

Above the peer median of 15.2x. The market pays more per $1 of revenue than for peers.

ImmunityBio, Inc. is currently unprofitable, so P/E does not apply. We use price-to-sales instead: market cap as a multiple of revenue.

What analysts expect

The average analyst price target is $14.25, 135% above the current price; 100% of 4 analysts rate it a buy; earnings beat estimates in 1 of the last 4 quarters.

Buy or Strong Buy: 4 analysts (100%). Sell or Strong Sell: 0.

Over the past year the average of the analysts' latest price targets went from $12.33 to $13.67 (+11%), while IBRX went from $2.00 to $6.07 (+204%). In the past three months targets were raised once and never cut. No firm upgraded or downgraded it over the year.

The day after each of these reports the stock moved +32.8% (Dec 2025, beat); +1.6% (Mar 2026, missed); +1.4% (Jun 2026, missed); −21.9% (Sep 2026, missed).

For the quarter ending Dec 2026, analysts expect an adjusted loss of $0.04 a share, against a loss of $0.06 a year earlier, and revenue of $72M, up 88% on a year earlier. For the fiscal year ending Dec 2027, they expect revenue of $472M, up 108% on the year before's estimate.

Targets, ratings and earnings estimates: Yahoo Finance. Rating and target changes: Yahoo Finance's list of upgrades and downgrades. The average target on each day is the average of every listed firm's latest target set in the 180 days before it, so it counts fewer analysts than the average target above, and the band is the middle half of those targets (a quarter of the firms are above it, a quarter below); a target set before a stock split is divided by the split. Expected figures: the average of the analysts' estimates (Yahoo Finance). Their EPS is adjusted, as analysts estimate it, so it is set against the adjusted EPS Yahoo reports for the same quarters, not the GAAP EPS of the growth and valuation sections; revenue against the SEC filings. No change is given against a quarter whose reported EPS was more than 50% off its own estimate (often a one-off gain or charge), nor against a year that counts one. Each estimate is pinned to its fiscal period by the report date or the period's end, and one that cannot be is left out.

Where the cash goes

Capex of $9M exceeds operating cash flow of −$288M, leaving free cash flow of −$297M. The gap has to be covered with cash on hand or borrowing.

Free cash flow: operating cash flow minus capital spending on property, plant and equipment, from SEC filings.

Financial health

Current ratio 5.1, no pressure to repay short-term debt; shareholder equity is below zero; it has net debt and its operations used cash over the last four quarters.

Latest fiscal year balance sheet. Source: Yahoo Finance.

Who holds it

In the filings of 3 funds whose copy leaves IBRX out (on the exchange, not in the app yet): Swiss National Bank, Mirae Asset Global Investments, Canada Pension Plan Investment Board.

What did the funds Hunch tracks do?

Of the 83 funds whose 13F filings Hunch reads, 3 held IBRX at the end of their latest quarter (for most, Q3 2026). Over that quarter 2 added shares, 1 cut and 2 sold all. The largest of them is Swiss National Bank, 741,200 shares worth $7.0M at Sep 30, 2026, 2.7% more than a quarter earlier.

From the 13F filings of the 83 funds Hunch tracks, not of every institution: each fund's shares of IBRX at its latest quarter end against the quarter before, as filed (long positions only, options left out), the quarter before put on the latest quarter's share count across a split. A fund files 45 days after its quarter ends, so some have a newer quarter than others. Value is at the quarter end.

Are insiders buying or selling?

Officers and directors sold $9.5M of IBRX on the open market in the 12 months to Nov 12, 2026; none bought. 100% of the sales were made under 10b5-1 plans, set up in advance. The largest was Barry J. Simon (Director), who sold $4.4M in 8 sales.

From the Form 4s filed with the SEC about ImmunityBio, Inc. (30 in the 12 months): purchases (code P) and sales (code S) on the open market by its officers and directors, at the price each filing gives (often an average of the day's trades). A sale is a 10b5-1 sale when its filing says it was made under such a plan, set up in advance. Not counted: 35 other transactions (option exercises, shares withheld for tax and other transfers).