ImmunityBio
IBRX on Nasdaq. ImmunityBio sells ANKTIVA, a bladder cancer treatment, to doctors and patients. Market value $11.0bn.
Price checks use the past 12 months to June 2026. Quality checks use five annual reports, the latest for the year to December 2025.
We can't read total debt from the filing, so debt is left out.
Should I look at this?
Not a fit for our list right now
Why it could be worth it
See Health care stocks that passed both tests
This is not advice. Check the numbers below.
For every $100 of what the whole company costs, it produced $-2.62 of spare cash in the past 12 months. A savings account pays about $4.
The filings do not give us enough to work this out.
The filings do not give us enough to work this out.
Quality score: 30 of 100. Price score: 0 of 100. Our list needs 70 on quality and 60 on price.
$10.38 a share, 432% above its 1-year low
Over the past year the price has ranged from $1.95 to $12.43.
Pays no dividend
Prices from Monday’s close (5 October).
Five years of cash, in billions
| Revenue | |||||
| Revenue | $934,000 | $240,000 | $622,000 | $15m | $113m |
| Operating margin | |||||
| Operating margin | -35361.9% | -146374.2% | -58239.5% | -2334.2% | -226.0% |
| Debt to equity | |||||
| Debt to equity | n/a | n/a | n/a | n/a | n/a |
| Shares outstanding | |||||
| Shares outstanding | 0.40bn | 0.67bn | 0.70bn | 0.98bn | 1.06bn |
Health checks
- Free cash flow positive0 of 5 years
- Accounting looks honest (Beneish)Not enough data
- Financial strength (Piotroski)3 of 8 checks we could run
- Profit backed by cash (accruals)No
- DebtUnknown
- Revenue growth, five yearsStrong, 184.8% a year
- Buying back its own sharesNo, 165% more shares since 2021
The quarter to June 2026
How the business did, compared with the same quarter a year earlier.
- Sales: $51 million last quarter, up 94% on a year ago.
- A loss of $230 million, compared with a loss of $93 million a year ago.
- It loses 152 cents on each $1 of sales, compared with 504 cents a year earlier.
- Over the past 12 months it spent $289 million more cash than it brought in, compared with $357 million a year earlier.
- 18% more shares than a year ago. Each share owns a bit less of the company.
- Sales grew on a year ago in each of the last 4 quarters.
| Quarter to | Amount |
|---|---|
| September 2024 | $6m |
| December 2024 | $8m |
| March 2025 | $17m |
| June 2025 | $26m |
| September 2025 | $32m |
| December 2025 | $38m |
| March 2026 | $44m |
| June 2026 | $51m |
| Quarter to | Amount |
|---|---|
| September 2024 | -$86m |
| December 2024 | -$59m |
| March 2025 | -$130m |
| June 2025 | -$93m |
| September 2025 | -$67m |
| December 2025 | -$62m |
| March 2026 | -$633m |
| June 2026 | -$230m |
From the company's quarterly reports to the SEC.
Dates
- Next results (estimated)
- n/a
- Last annual report (10-K)
- 23 February 2026
- Next quarterly (estimated, 10-Q)
- 3 November 2026
Who owns it
2 long-term investors we follow own it, unchanged from 2 last quarter. 404 funds in all.
| Fund | Value | Share of that fund | Change |
|---|---|---|---|
| Gotham Asset ManagementJoel Greenblatt | $2m | <0.1% | Added |
| First Manhattan Co.First Manhattan partners | $87,550 | <0.1% | New |
Sold out this quarter
- Stilwell ValueJoseph StilwellSold out
Largest holders overall
- BlackRock$298mAdded
- State Street$187mAdded
- Vanguard Portfolio Management$156mAdded
- Vanguard Capital Management$137mAdded
- D. E. Shaw$101mCut
- TWO Sigma Investments, LP$97mAdded
- Geode Capital Management$86mAdded
- Millennium Management$49mAdded
- Northern Trust$31mAdded
- Morgan Stanley$30mCut
From 13F filings for the quarter ended 30 June 2026.
Big holders and activists
2 investors own more than 5%.
- Patrick Soon-ShiongInsider or founderat least 66.3%−2.6 pts(filed with 4 related holders)Since 23 February 2026
- Patrick Soon-ShiongInsider or founderat least 64.8%+39.3 pts(filed with 5 related holders)Since 31 July 2026
- NantMobile, LLCInsider or founderSold down below 5%Since 10 November 2025
| Holder | Stake | Since | |
|---|---|---|---|
Patrick Soon-Shiong Insider or founder | at least 66.3%−2.6 pts (filed with 4 related holders) | 23 February 2026 | |
Patrick Soon-Shiong Insider or founder | at least 64.8%+39.3 pts (filed with 5 related holders) | 31 July 2026 | |
NantMobile, LLC Insider or founder | Sold down below 5% | 10 November 2025 |
From Schedule 13D and 13G filings: anyone owning more than 5% must file one.
What insiders did
No insider bought shares on the open market in the last 12 months. 3 sold $8m, $8m of it under preset trading plans.
- Cohen CherylDirectorSoldunder a preset trading plan
- Date
- 2 July 2026
- Shares
- 131,210
- Price
- $9.50
- Value
- $1m
- Selecky ChristobelDirectorSoldunder a preset trading plan
- Date
- 1 July 2026
- Shares
- 159,478
- Price
- $9.02
- Value
- $1m
- Selecky ChristobelDirectorSoldunder a preset trading plan
- Date
- 30 June 2026
- Shares
- 1,000
- Price
- $9.00
- Value
- $9,000
- Selecky ChristobelDirectorSoldunder a preset trading plan
- Date
- 29 June 2026
- Shares
- 95,722
- Price
- $9.01
- Value
- $862,216
- Simon Barry J.DirectorSoldunder a preset trading plan
- Date
- 24 June 2026
- Shares
- 25,000
- Price
- $7.88
- Value
- $197,000
- Simon Barry J.DirectorSoldunder a preset trading plan
- Date
- 4 June 2026
- Shares
- 23,033
- Price
- $7.18
- Value
- $165,377
- Simon Barry J.DirectorSoldunder a preset trading plan
- Date
- 24 February 2026
- Shares
- 75,000
- Price
- $12.01
- Value
- $900,750
- Selecky ChristobelDirectorSoldunder a preset trading plan
- Date
- 23 February 2026
- Shares
- 25,000
- Price
- $10.00
- Value
- $250,000
- Simon Barry J.DirectorSoldunder a preset trading plan
- Date
- 23 February 2026
- Shares
- 165,000
- Price
- $10.25
- Value
- $2m
- Simon Barry J.DirectorSoldunder a preset trading plan
- Date
- 20 February 2026
- Shares
- 10,000
- Price
- $9.25
- Value
- $92,500
| Date | Who | Did | Shares | Price | Value |
|---|---|---|---|---|---|
| 2 July 2026 | Cohen Cheryl Director | Sold under a preset trading plan | 131,210 | $9.50 | $1m |
| 1 July 2026 | Selecky Christobel Director | Sold under a preset trading plan | 159,478 | $9.02 | $1m |
| 30 June 2026 | Selecky Christobel Director | Sold under a preset trading plan | 1,000 | $9.00 | $9,000 |
| 29 June 2026 | Selecky Christobel Director | Sold under a preset trading plan | 95,722 | $9.01 | $862,216 |
| 24 June 2026 | Simon Barry J. Director | Sold under a preset trading plan | 25,000 | $7.88 | $197,000 |
| 4 June 2026 | Simon Barry J. Director | Sold under a preset trading plan | 23,033 | $7.18 | $165,377 |
| 24 February 2026 | Simon Barry J. Director | Sold under a preset trading plan | 75,000 | $12.01 | $900,750 |
| 23 February 2026 | Selecky Christobel Director | Sold under a preset trading plan | 25,000 | $10.00 | $250,000 |
| 23 February 2026 | Simon Barry J. Director | Sold under a preset trading plan | 165,000 | $10.25 | $2m |
| 20 February 2026 | Simon Barry J. Director | Sold under a preset trading plan | 10,000 | $9.25 | $92,500 |
From Form 4 filings: insiders must report trades in their own company's shares within two days.
Warning signs in its filings
Problems the company itself reported to the SEC, in its own words.
None of the serious warning signs we check for were found. 2 things worth knowing.
We look for five warning signs: doubt it can keep going, weak checks on its own accounts, a notice that its past accounts can't be relied on, a change of auditor, and one customer bringing in a big share of sales. We don't check lawsuits, investigations or debt yet.
We checked the auditor's report, internal controls, restatement notices, auditor changes and big customers in the 10-K filed 23 Feb 2026, plus the 10-Q filed 4 Aug 2026 and 8 later 8-Ks.
Changed auditor
Worth knowingThe company changed its auditor (the firm that checks its books) in the last two years.
“On March 13, 2025, the Audit Committee of the Board of Directors (the “Audit Committee”) of ImmunityBio, Inc. (the “Company”), approved the dismissal of Ernst & Young LLP (“EY”) as the Company’s independent registered public accounting firm.”
From an 8-K filed 19 March 2025: Change of auditor. Read it in the filing
One big customer
Worth knowingOne customer brings in a big share of sales: 42% last year. Losing that customer would hurt.
“During the year ended December 31, 2025, approximately 96 % of our total gross revenue was from our top four customers, which accounted for 42 %, 19 %, 18 % and 17 % of our total revenue, respectively.”
From the 10-K filed 23 February 2026, Item 8. Financial Statements and Notes. Read it in the filing
A 10-K is the yearly report every US company files with the SEC. An 8-K is a short notice of a big event.
What could go wrong
- It owes more than it owns on paper (negative equity). Often that's from borrowing to buy back shares.
Whether the price already reflects the risks is what the deep dive is for.
The deep dive
Everything above is arithmetic on public filings. The deep dive reads the last ten years of annual reports, the proxy statements, and the earnings calls, then argues the case the way Buffett, Klarman, and Hohn would, and checks every claim against the source.
- What the business is worth, as a range, and the margin of safety at today’s price
- Prices to start buying, buy, and buy hard
- The three things that would make this a mistake
- Every number footnoted to the filing it came from
Your first deep dive is free.
Not advice. Numbers on this page come from SEC filings and are updated each night; prices are updated again after the US market closes. The five-year figures are rounded.