# ImmunityBio, Inc. (IBRX)

> Source: Nexqual · https://nexqual.com/IBRX · data as of 2026-10-22 20:00 UTC · cite as "Nexqual, ImmunityBio, Inc. (IBRX), nexqual.com/IBRX" · informational, not investment advice.

**Price:** USD 8.31 (-3.82% on the day) · last close of Oct 22, 2026; US market pre market, not a live price. Prev close 8.64 · day 8.02–8.84 · 52w 1.95–12.43 · market cap $8.81B · NMS

## Key facts
- Last four reported quarters (through Jun 30, 2026): revenue $166M, net income -$992M (-598.6% margin), free cash flow -$288M (SEC filings).
- Insider open-market sales, last ~7 months: 7 Form 4 filings, $5.0M; 0 not under a Rule 10b5-1 plan ($0K); 0 by opportunistic insiders, 0 by routine insiders (three-year test, Cohen, Malloy & Pomorski 2012).
- Analysts: Buy (mean 1.75 on a 1–5 scale) (4 analysts), mean target USD 14.25 (range 12–16).
- Total return with dividends: 1Y +247.7% vs S&P 500 +14.9%; 5Y +0.5% vs S&P 500 +80.3%.
- Next earnings: 2026-11-03, EPS estimate USD -0.05, revenue estimate $59.2M.

## Financials (SEC 10-K; TTM = last four 10-Q/10-K quarters)
| USD | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | TTM |
|---|---|---|---|---|---|---|
| Revenue | $934K | $240K | $622K | $14.7M | $113M | $166M |
| Gross profit | — | $240K | $622K | $14.7M | $113M | — |
| Operating income | -$330M | -$351M | -$362M | -$344M | -$256M | -$252M |
| Net income | -$347M | -$417M | -$583M | -$414M | -$351M | -$992M |
| EPS (diluted) | -$0.89 | -$1.04 | -$1.15 | -$0.62 | -$0.38 | — |
| Free cash flow | -$308M | -$416M | -$397M | -$398M | -$309M | -$288M |
| Gross margin | — | 100.0% | 100.0% | 100.0% | 99.3% | — |
| Operating margin | -35361.9% | -146374.2% | -58239.5% | -2334.2% | -226.0% | -151.9% |
| Net margin | -37129.6% | -173569.6% | -93761.4% | -2804.8% | -310.2% | -598.6% |
| Revenue growth | +54.4% | -74.3% | +159.2% | +2270.6% | +668.3% | — |
| Cash + short-term investments | $317M | $107M | $266M | $150M | $243M | — |
| Total debt | — | $241M | $577M | $1.2M | — | — |
Fiscal years end Dec. EPS is split-adjusted.

## Valuation (price ÷ last four quarters, through Jun 30, 2026)
P/S 53.1x · FCF yield -3.27% · Earnings yield -11.27%

## Insider sales (SEC Form 4, open-market, last ~7 months)
7 of 7 under a Rule 10b5-1 trading plan (scheduled in advance). Unplanned sales were timed by the insider.
| Trade date | Insider | Role | Shares | Value | % of holdings sold | 10b5-1 plan | Insider type |
|---|---|---|---|---|---|---|---|
| 2026-10-05 | Simon Barry J. | Director | 25,000 | $269K | 0.9% | Yes (adopted December 18, 2025) | Too little history (no open-market trades in 2023–2025) |
| 2026-10-02 | Cohen Cheryl | Director | 81,056 | $851K | 44.7% | Yes | Too little history (no open-market trades in 2023–2025) |
| 2026-07-02 | Cohen Cheryl | Director | 131,210 | $1.2M | 51.1% | Yes | Too little history (no open-market trades in 2023–2025) |
| 2026-07-01 | Selecky Christobel | Director | 159,478 | $1.4M | 100% | Yes (adopted March 13, 2026) | Too little history (no open-market trades in 2023–2025) |
| 2026-06-29…2026-06-30 | Selecky Christobel | Director | 96,722 | $871K | 100% | Yes (adopted March 13, 2026) | Too little history (no open-market trades in 2023–2025) |
| 2026-06-24 | Simon Barry J. | Director | 25,000 | $197K | 0.9% | Yes (adopted December 18, 2025) | Too little history (no open-market trades in 2023–2025) |
| 2026-06-04 | Simon Barry J. | Director | 23,033 | $165K | 0.8% | Yes (adopted December 18, 2025) | Too little history (no open-market trades in 2023–2025) |
% of holdings sold = shares sold ÷ (shares sold + all holdings the insider reported on that Form 4, direct and through trusts).
Insider type follows Cohen, Malloy & Pomorski (Journal of Finance, 2012). An insider who traded the stock in the same calendar month in each of the past three years is a routine trader; one who traded in each of those years without such a pattern is an opportunistic trader. In their study, trades by opportunistic insiders predicted future returns and trades by routine insiders did not. Counts open-market purchases and sales only (SEC Form 4 codes P and S) by that insider in that company. Not investment advice.

## Analysts
Consensus Buy (mean 1.75 on a 1–5 scale), 4 analysts; mean target USD 14.25 (low 12, high 16).
Rating changes, last 120 days:
| Date | Firm | Action | Rating | Price target |
|---|---|---|---|---|
| 2026-10-15 | Jefferies | Target raised | Buy | $12 → $14 |
| 2026-10-15 | HC Wainwright & Co. | Reiterated | Buy | $15 |

## Total return (dividends reinvested)
|  | 1Y (from 2025-10-23) | 5Y (from 2021-10-18) |
|---|---|---|
| Total return | +247.7% | +0.5% |
| S&P 500 (SPY) | +14.9% | +80.3% |
| Per year | +249.2% | +0.1% |
| Volatility (annualized) | 101.4% | 115.4% |
| Max drawdown | -42.3% (Feb 2026→Mar 2026) | -84.6% (Nov 2021→Sep 2023) |

## Peers (Biotechnology)
CYTK (Cytokinetics, Incorporated) USD 62.33 -0.84% · CAI (Caris Life Sciences, Inc.) USD 31.71 -1.98% · TWST (Twist Bioscience Corporation) USD 135.47 -9.16% · SYRE (Spyre Therapeutics, Inc.) USD 92.33 -0.67% · PTGX (Protagonist Therapeutics, Inc.) USD 139.53 +1.05% · KYMR (Kymera Therapeutics, Inc.) USD 110.85 -1.58%

## More
Full page: https://nexqual.com/IBRX · Free keyless MCP server with the same data and citations: https://mcp.nexqual.com/mcp · Guide for agents: https://nexqual.com/agents · https://nexqual.com/llms.txt

## Supply chain and relationships (SEC annual reports)

Named in IBRX's own 10-K filed 2026-02-23 (https://www.sec.gov/Archives/edgar/data/1326110/000132611026000030/ibrx-20251231.htm):

| Relationship | Company | Sentence in the filing |
|---|---|---|
| Supplier | Merck (MRK) | "This addresses a significant supply challenge: TICE BCG (Merck) has been the sole supplier of BCG product in the U.S. since 2012, and rationing has been ongoing since 2019." |
| Partner | NantWorks | "While we and our shared services partner, NantWorks, have invested, and continue to invest, in the protection of our data, systems, and infrastructure, there can be no assurance that our efforts, or the efforts of our pa…" |
| Partner | 3M (MMM) | "3M IPC and AAHI License Agreement" |

Other companies that name IBRX in their own reports (relationship from IBRX's side):

| Relationship | Company | Their filing | Sentence |
|---|---|---|---|
| partner | HCW Biologics Inc. (HCWB) | 10-K 2026-03-31 | "The Company agreed to provide ImmunityBio with a right of first refusal to enter a licensing agreement for oncology indications for HCW9206." |

## Revenue by product line (quarter ended 2026-06-30)

| Line | Revenue | Share | YoY |
|---|---|---|---|
| Product revenue, net | $50.7M | 98.9% | +91.8% |
| Other revenues | $568,000 | 1.1% | +14100.0% |
| Total revenue | $51.2M | 100% | — |

## Revenue by region (quarter ended 2026-06-30)

| Line | Revenue | Share | YoY |
|---|---|---|---|
| United States | $50.7M | 99.0% | +91.9% |
| Europe | $518,000 | 1.0% | — |
| Total revenue | $51.2M | 100% | — |

## Customer concentration

Period ended 2026-06-30: 42%, 22%, 16%, 10% of revenue from unnamed direct customers (10-Q, filed 2026-08-04).

## Analyst estimates and revisions

| Period | EPS est. | 90d ago | Change | Revenue est. | Analysts |
|---|---|---|---|---|---|
| Current quarter (ends 2026-09-30) | $-0.05 | $-0.07 | -28.6% | $59.2M | 3 |
| Next quarter (ends 2026-12-31) | $-0.04 | $-0.05 | -13.3% | $72.0M | 3 |
| Current fiscal year (ends 2026-12-31) | $-0.92 | $0.00 | — | $226.6M | 2 |
| Next fiscal year (ends 2027-12-31) | $-0.07 | $0.06 | -222.2% | $471.9M | 3 |

## Options: expected move (Cboe, 15-min delayed)

Expected move by 2026-11-06 (includes earnings 2026-11-03): ±15.6%; earnings reaction alone ±9.1%; last 8 reports averaged ±17.3%.

| Expiration | Days | ATM IV | Expected move |
|---|---|---|---|
| 2026-10-30 | 7 | 79.0% | ±9.6% |
| 2026-11-06 | 14 | 95.1% | ±15.6% |
| 2026-11-13 | 21 | 106.3% | ±21.0% |
| 2026-11-20 | 28 | 119.5% | ±27.0% |
| 2026-11-27 | 35 | 138.1% | ±34.5% |
| 2026-12-18 | 56 | 101.7% | ±31.2% |
| 2027-01-15 | 84 | 101.4% | ±40.5% |
| 2027-03-19 | 147 | 91.6% | ±45.1% |