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IBRX

ImmunityBio, Inc.

IBRX

ImmunityBio, Inc. • NASDAQ
$2.36 ▲ 10.80% (+0.23)
Market Cap $2.32 B
52w High $5.13
52w Low $1.83
Dividend Yield 0%
P/E -5.76
Volume 13.73M
Outstanding Shares 984.02M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q3-2025 $32.061M ▲ $83.563M ▼ $-67.253M ▲ -209.766% ▲ $-0.071 ▲ $-35.774M ▲
Q2-2025 $26.425M ▲ $97.574M ▲ $-92.555M ▲ -350.255% ▲ $-0.1 ▲ $-59.541M ▲
Q1-2025 $16.517M ▲ $80.888M ▲ $-129.646M ▼ -784.925% ▼ $-0.15 ▼ $-97.206M ▼
Q4-2024 $7.552M ▲ $76.952M ▼ $-59.162M ▲ -783.395% ▲ $-0.08 ▲ $-40.12M ▲
Q3-2024 $6.106M $86.359M $-85.729M -1.404K% $-0.12 $-41.066M

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q3-2025 $153.658M $0 ▼ $569.819M ▼ $-569.819M ▲
Q2-2025 $153.658M ▲ $402.076M ▲ $971.895M ▲ $-570.749M ▲
Q1-2025 $61.591M ▼ $303.759M ▼ $894.241M ▲ $-591.431M ▼
Q4-2024 $149.809M ▲ $382.933M ▲ $871.062M ▼ $-489.098M ▲
Q3-2024 $130.367M $364.57M $1.109B $-745.148M

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q3-2025 $-67.253M ▲ $-68.907M ▲ $-181.361M ▼ $173.519M ▲ $-76.805M ▼ $-68.907M ▲
Q2-2025 $-92.555M ▲ $-79.746M ▲ $-16.142M ▼ $172.81M ▲ $76.998M ▲ $-80.827M ▲
Q1-2025 $-129.666M ▼ $-85.905M ▼ $4.129M ▼ $-982K ▼ $-82.768M ▼ $-87.026M ▲
Q4-2024 $-59.179M ▲ $-85.144M ▲ $9.834M ▼ $106.929M ▲ $31.612M ▲ $-87.255M ▲
Q3-2024 $-85.752M $-98.763M $65.032M $15.582M $-18.138M $-101.555M

Revenue by Products

Product Q4-2024Q1-2025Q2-2025Q3-2025
Product
Product
 $10.00M ▲$20.00M ▲$30.00M ▲$30.00M ▲
Product and Service Other
Product and Service Other
 $0 ▲$0 ▲$0 ▲$0 ▲

Five-Year Company Overview

Income Statement

Income Statement ImmunityBio is still essentially a pre-commercial biotech from a revenue perspective, with only a token amount of sales so far. The company has been running sizable operating and net losses for many years, and those losses have remained large and persistent as it funds late-stage trials, manufacturing build-out, and commercialization efforts. There is not yet any sign of the business scaling toward profitability in the historical figures; the story is still almost entirely about future potential rather than current earnings.

Balance Sheet

Balance Sheet The balance sheet shows a typical high-risk biotech profile: meaningful assets and cash, but debt that exceeds total assets and a deep, negative equity position. This means the company is financially highly leveraged and depends on continued access to capital markets, partners, or future product cash flows. The negative equity and debt load are important risk flags, especially given the lack of established revenue to naturally de-lever the business.

Cash Flow

Cash Flow Cash flow from operations has been consistently and heavily negative, reflecting ongoing research, clinical, and overhead spending without offsetting revenue. Free cash flow is similarly negative, although spending on facilities and equipment has been moderate relative to operating use of cash. The business is clearly in a cash-burning phase, so the key questions center on how long existing cash can fund operations and how easily the company can secure additional financing if needed.

Competitive Edge

Competitive Edge On the competitive side, ImmunityBio has carved out a differentiated niche with Anktiva, a first-in-class immune-activating therapy already approved in a specific form of bladder cancer. Its approach of activating multiple parts of the immune system and its strong trial durability data offer meaningful clinical differentiation versus existing options. Vertical integration in manufacturing and a broad platform that can theoretically extend to many cancers and infectious diseases further strengthen its position. At the same time, it operates in a crowded field with powerful competitors, and its success will depend heavily on real-world uptake of Anktiva, pricing and reimbursement, and its ability to stand out amid other emerging therapies.

Innovation and R&D

Innovation and R&D Innovation is clearly the core strength here. The “triangle offense” immune approach, centered on Anktiva, is scientifically ambitious and supported by encouraging data in bladder cancer and several hard-to-treat tumors. A wide pipeline spanning lung, pancreatic, brain, ovarian cancers, and even HIV suggests the platform has many possible shots on goal. However, this breadth also requires substantial ongoing R&D spending, and each program faces typical biotech uncertainties: trial outcomes, regulatory decisions, safety signals, and eventual commercial viability. Progress in late-stage trials and any label expansions will be critical markers of whether the R&D engine is translating into durable value.

Summary

ImmunityBio is a high-innovation, high-risk biotech at the transition between pure development and early commercialization. Financially, it shows sustained large losses, a leveraged and negative-equity balance sheet, and ongoing cash burn, all of which underline its dependence on external funding and successful product ramp-up. Strategically, it benefits from a distinct first-in-class therapy, promising clinical results, in-house manufacturing capabilities, and a broad pipeline targeting major unmet needs in oncology and infectious disease. The key uncertainties revolve around execution: converting scientific and regulatory wins into stable revenue, managing debt and liquidity, and navigating intense competition in immuno-oncology as it scales from a single approved product toward a diversified commercial franchise.

NEWS

November 13, 2025 · 9:00 AM UTC

New Survey Reveals Non-Muscle Invasive Bladder Cancer Patients Seek More Care Conversations

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November 4, 2025 · 10:12 PM UTC

Driven by Strong Demand, ImmunityBio Reports 467% Year-to-Date Unit Growth and $75 Million in Sales Year-to-Date, Up 434% from Q3 2024

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September 8, 2025 · 8:30 AM UTC

ImmunityBio's ANKTIVA® Reverses Lymphopenia and Extends Overall Survival in Patients With Advanced Non-Small Cell Lung Cancer Resistant to Checkpoint Therapy

Read more