IBRX

MKT CAP:$8B

ImmunityBio, Inc.

Market Cap

$8B

Healthcare·Biotechnology·🇺🇸 United States·NASDAQ

Healthcare·Biotechnology·🇺🇸·NASDAQ

Stock Price

$8.19+$6.17 (+305.45%)

Apr 23, 2026

Company Details

ImmunityBio, Inc., a clinical-stage biotechnology company, develops therapies and vaccines to treat cancers and infectious diseases. It offers immunotherapy and cell therapy platforms, including antibody cytokine fusion proteins, synthetic ...

CEO

Richard Gerald Adcock

IPO Date

Jul 28, 2015

Website

immunitybio.com

Key Metrics TTM

Revenue

$83M

+1026.0% YoY

Net Income

-$349M

EPS (Diluted)

-$0.41

Free Cash Flow

-$324M

Revenue / Share

$0.09

Gross Margin

94.8%

Operating Margin

-315.8%

Net Margin

-422.3%

FCF Margin

-392.5%

P/S

93.0x

P/E

—

Earnings Reports

Q4 2025

May 11, 2026

PENDING

Q3 2025

Nov 4, 2025

$32M+425.1%EPS -$0.07

Q2 2025

Aug 5, 2025

$26M+2423.9%EPS -$0.10

Q1 2025

May 12, 2025

$17M+41192.5%EPS -$0.15

Q4 2024

Mar 3, 2025

$8M+5333.1%EPS -$0.09

Revenue & Profitability

Quarter	Revenue	Gross Profit	Operating Income
Q4 21	$390.0K	$390.0K	-$79M
Q1 22	$14.0K	-$5M	-$96M
Q2 22	$35.0K	-$6M	-$80M
Q3 22	$118.0K	-$6M	-$91M
Q4 22	$73.0K	-$7M	-$84M
Q1 23	$360.0K	-$6M	-$112M
Q2 23	$41.0K	$41.0K	-$85M
Q3 23	$82.0K	$82.0K	-$80M
Q4 23	$139.0K	$139.0K	-$85M
Q1 24	$40.0K	$40.0K	-$95M
Q2 24	$1M	$1M	-$99M
Q3 24	$6M	$6M	-$80M
Q4 24	$8M	$8M	-$69M
Q1 25	$17M	$16M	-$64M
Q2 25	$26M	$26M	-$71M
Q3 25	$32M	$28M	-$56M

Valuation

Quarter	P/S	P/E
Q4 21	2940.2x	—
Q1 22	2580.4x	—
Q2 22	2000.2x	—
Q3 22	3753.8x	—
Q4 22	7603.8x	—
Q1 23	1336.3x	—
Q2 23	2306.7x	—
Q3 23	1846.1x	—
Q4 23	4835.3x	—
Q1 24	12101.0x	—
Q2 24	3335.8x	—
Q3 24	372.0x	—
Q4 24	133.3x	—
Q1 25	70.7x	—
Q2 25	39.8x	—
Q3 25	27.7x	—

Operating Cash Flow

Quarter	Operating CF	Free CF
Q4 21	-$72M	-$82M
Q1 22	-$75M	-$102M
Q2 22	-$91M	-$107M
Q3 22	-$81M	-$97M
Q4 22	-$91M	-$110M
Q1 23	-$84M	-$93M
Q2 23	-$80M	-$88M
Q3 23	-$87M	-$93M
Q4 23	-$115M	-$123M
Q1 24	-$107M	-$108M
Q2 24	-$100M	-$101M
Q3 24	-$99M	-$102M
Q4 24	-$85M	-$87M
Q1 25	-$86M	-$87M
Q2 25	-$80M	-$81M
Q3 25	-$69M	-$69M

Capital Expenditures

Quarter	CapEx
Q4 21	$10M
Q1 22	$27M
Q2 22	$16M
Q3 22	$16M
Q4 22	$19M
Q1 23	$8M
Q2 23	$9M
Q3 23	$6M
Q4 23	$8M
Q1 24	$1M
Q2 24	$724.0K
Q3 24	$3M
Q4 24	$2M
Q1 25	$1M
Q2 25	$1M
Q3 25	$0

CapEx

OpEx vs Revenue Growth (YoY)

Quarter	Revenue Growth	OpEx Growth
Q4 21	-10.6%	+55.1%
Q1 22	-90.7%	+45.4%
Q2 22	-74.8%	-7.8%
Q3 22	-65.2%	+5.4%
Q4 22	-81.3%	+5.8%
Q1 23	+2471.4%	+16.6%
Q2 23	+17.1%	+6.9%
Q3 23	-30.5%	-11.8%
Q4 23	+90.4%	+1.5%
Q1 24	-88.9%	-14.9%
Q2 24	+2453.7%	+17.8%
Q3 24	+7346.3%	+7.7%
Q4 24	+5333.1%	-10.0%
Q1 25	+41192.5%	-15.0%
Q2 25	+2423.9%	-2.7%
Q3 25	+425.1%	+1.5%

Stock-Based Compensation

Quarter	SBC ($)	% of Revenue
Q4 21	$10M	2610.3%
Q1 22	$10M	71600.0%
Q2 22	$10M	29071.4%
Q3 22	$11M	9008.5%
Q4 22	$9M	12808.2%
Q1 23	$11M	3021.7%
Q2 23	$11M	26980.5%
Q3 23	$14M	17620.7%
Q4 23	$13M	9189.9%
Q1 24	$8M	20665.0%
Q2 24	$10M	920.6%
Q3 24	$7M	122.6%
Q4 24	$9M	119.7%
Q1 25	$10M	57.7%
Q2 25	$10M	36.5%
Q3 25	$0	0.0%

OpEx Breakdown

Quarter	R&D	SG&A
Q4 21	$52M	$28M
Q1 22	$51M	$39M
Q2 22	$59M	$15M
Q3 22	$67M	$18M
Q4 22	$53M	$25M
Q1 23	$79M	$27M
Q2 23	$53M	$32M
Q3 23	$48M	$32M
Q4 23	$52M	$33M
Q1 24	$53M	$42M
Q2 24	$51M	$49M
Q3 24	$50M	$36M
Q4 24	$35M	$42M
Q1 25	$48M	$33M
Q2 25	$55M	$42M
Q3 25	$51M	$33M

Revenue Segments

Quarter	Product	Product and Service, Other
Q2 24	$990.0K	$57.0K
Q3 24	$6M	$152.0K
Q1 25	$17M	$8.0K
Q2 25	$26M	$4.0K
Q3 25	$32M	$281.0K

Revenue by Geography

Quarter	United States	Europe
Q1 25	$17M	—
Q2 25	$26M	—
Q3 25	$32M	$262.0K

War Chest

Quarter	Cash	Short-term Investments	Total
Q1 22	$36M	$156M	$192M
Q2 22	$62M	$21M	$83M
Q3 22	$104M	$7M	$111M
Q4 22	$105M	$3M	$107M
Q1 23	$88M	$3M	$91M
Q2 23	$44M	$2M	$46M
Q3 23	$178M	$12M	$190M
Q4 23	$265M	$1M	$266M
Q1 24	$133M	$37M	$170M
Q2 24	$130M	$88M	$218M
Q3 24	$112M	$18M	$130M
Q4 24	$143M	$6M	$150M
Q1 25	$61M	$931.0K	$62M
Q2 25	$138M	$16M	$154M
Q3 25	$60M	$198M	$258M
Q4 25	$88M	$154M	$243M

Shares Outstanding

Quarter	Shares (Diluted)	QoQ Change	YoY Change
Q4 21	397M	+3.2%	+3.6%
Q1 22	398M	+0.2%	+3.8%
Q2 22	398M	+0.0%	+4.0%
Q3 22	400M	+0.5%	+4.0%
Q4 22	404M	+0.9%	+1.6%
Q1 23	428M	+6.1%	+7.7%
Q2 23	437M	+2.1%	+9.9%
Q3 23	498M	+13.9%	+24.6%
Q4 23	591M	+18.5%	+46.4%
Q1 24	673M	+13.9%	+57.1%
Q2 24	687M	+2.1%	+57.0%
Q3 24	698M	+1.6%	+40.0%
Q4 24	735M	+5.2%	+24.3%
Q1 25	853M	+16.1%	+26.8%
Q2 25	888M	+4.1%	+29.3%
Q3 25	947M	+6.6%	+35.6%

Shares Outstanding

Revenue Per Employee

Period	Revenue/Employee	Employees
Q4 21	$664	587
Q1 22	$24	587
Q2 22	$60	587
Q3 22	$201	587
Q4 22	$101	725
Q1 23	$497	725
Q2 23	$57	725
Q3 23	$113	725
Q4 23	$221	628
Q1 24	$64	628
Q2 24	$1.7K	628
Q3 24	$9.7K	628
Q4 24	$11.1K	680
Q1 25	$24.3K	680
Q2 25	$38.9K	680
Q3 25	$47.1K	680

Revenue / Employee