ImmunityBio Inc
IBRXBuild a strategy around IBRX
ImmunityBio Inc AI Insights
Informational only. Not investment advice.Snapshot
- Negative equity of -524M with 542M debt creates -201% debt-to-equity ratio - technically insolvent balance sheet requiring continuous capital raises[Common Stockholders Equity]
- Cash burn of -325M FCF TTM vs 60M cash on hand = ~2 months runway without new financing; 174M raised via stock issuance this period[Free Cash Flow TTM]
- P/S of 26.4x vs industry median 2.7x (10x premium) on 82.6M revenue - valuation pricing in major pipeline success[Price to Sales Ratio]
Watch Triggers
- Cash and Equivalents: Falls below 40M or no financing announced within 90 days — At current burn, sub-40M cash = weeks of runway; financing delay signals capital market access problems
- Total Revenue TTM: Quarterly revenue exceeds 30M (annualized 120M+) — Revenue inflection would validate commercial model and reduce financing dependency
- Interest Expense TTM: Increases above 110M or debt restructuring announced — 100M interest on 83M revenue is unsustainable; any increase accelerates cash crisis
Bull Case
Near-perfect 99.5% gross margin TTM indicates scalable platform if any pipeline asset succeeds; minimal COGS allows rapid margin expansion on revenue growth
Revenue grew 5.5% 3Y CAGR with gross profit up 4.2% YoY despite losses - commercial traction emerging that could accelerate with approvals
Bear Case
Negative equity (-524M) with 542M debt and 100M annual interest creates existential risk; tangible book value of -539M means zero liquidation value
Operating loss of -261M TTM on 83M revenue (-316% operating margin) with only 60M cash requires imminent dilutive financing
Bull vs Bear Balance
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Forward Thesis
Survival hinges on continued equity financing or partnership deals within 6-12 months
- 60M cash vs 325M annual burn = critical liquidity gap
- 100M annual interest expense on 542M debt
- R&D spend of 190M TTM must continue for pipeline value
Valuation Context
Caveats
IBRX Fundamentals
| Metric | Value | YoY Growth | Industry Percentile |
|---|---|---|---|
$7.44B | — | ||
$7.95B | — | ||
0.00 | — | ||
$140.98M | +351.5% | — | |
$-0.85 | — | ||
-185% | +818.4% | — | |
-606% | +704.1% | — | |
$-299.31M | — | ||
0% | — | ||
Beta 5Y (Monthly) | unknown | — |
IBRX Dividend History
IBRX Stock Splits
IBRX SEC Filings
| Filing Date | Report Date | Report Type | Filing Link |
|---|---|---|---|
05/07/26 | 03/31/26 | 10-Q | |
02/23/26 | 12/31/25 | Unknown | |
11/05/25 | 09/30/25 | 10-Q | |
08/05/25 | 06/30/25 | 10-Q | |
05/12/25 | 03/31/25 | 10-Q | |
03/03/25 | 12/31/24 | Unknown | |
11/12/24 | 09/30/24 | 10-Q | |
08/12/24 | 06/30/24 | 10-Q | |
05/09/24 | 03/31/24 | 10-Q | |
03/19/24 | 12/31/23 | 10-K | |
11/09/23 | 09/30/23 | 10-Q | |
08/08/23 | 06/30/23 | 10-Q | |
05/11/23 | 03/31/23 | 10-Q | |
03/01/23 | 12/31/22 | 10-K | |
11/09/22 | 09/30/22 | 10-Q | |
08/08/22 | 06/30/22 | 10-Q | |
05/10/22 | 03/31/22 | 10-Q | |
03/01/22 | 12/31/21 | 10-K | |
11/12/21 | 09/30/21 | 10-Q | |
08/12/21 | 06/30/21 | 10-Q | |
05/14/21 | 03/31/21 | 10-Q | |
03/01/23 | 12/31/20 | 10-K | |
11/12/21 | 09/30/20 | 10-Q | |
08/12/21 | 06/30/20 | 10-Q | |
05/14/21 | 03/31/20 | 10-Q |