ImmunityBio, Inc.
IBRX · Biological Products, (No Diagnostic Substances) · 1.05B shares · +9%/yr ↑ shares · EDGAR filings ↗
Net buyback after stock comp: -$47M (gross $3M, SBC $49M)
Reference price $7.88 · est. market cap ~$8.2B — last insider sale, 2026-06-24 (estimated from the dated SEC Form 4 price × shares outstanding — not a live quote)
Grade
D44Commercial-stage immuno-oncology company with one approved product (ANKTIVA) but severe cash burn and a near-term runway problem.
Strengths
- ANKTIVA approved and ramping (product revenue +698% to $113M); gross margin 99% (94th pct)
- Large current/quick ratios (~5.1) provide short-term liquidity cushion
- Differentiated IL-15 superagonist franchise with multiple label-expansion shots
Risks
- Cash runway only ~3.1 quarters (19th pct) against -$309M FCF (10th pct) — financing/dilution risk is acute
- Deeply negative margins (net -310%) and a litany of terminated/negative legacy NANT trials
- Heavy debt/revenue-interest liabilities and going-concern-adjacent burn
Notable findings
- No interest coverageInterest coverage -4.21 (cannot cover interest)
- Net lossNet loss (net margin -310.2%)
- Cash burnNegative free cash flow (-308.8M)
- Negative equityNegative book equity (debt/equity -0.00)
- Fund exitedNotable fund(s) exited this quarter: VANGUARD GROUP INC, RENAISSANCE TECHNOLOGIES LLC
- Chronic dilutionShare count +9%/yr over 4y (dilution)
- Insider sellingInsider selling — 10 open-market sale(s) by 2 insider(s) (cluster of 2 insiders, ~$5M, last 6mo) Form 4 ↗
- Notable holderHeld by 4 notable fund(s): STATE STREET CORP, CITADEL ADVISORS LLC, GOLDMAN SACHS GROUP INC +1 more (as of 2026-03-31)
- Trial readout soonUpcoming trial readout ~2026-07 — PHASE2 · Long COVID
Quarterly revenue
Last 4 quarters · from SEC filings.
Key metrics
Gross margin
99.3%
Operating margin
-226.0%
Net margin
-310.2%
Return on equity
70.2%
Return on assets
-70.0%
Revenue growth (QoQ)
15.5%
Debt / equity
-0.0×
Interest coverage
-4.2×
Current ratio
5.1×
Free cash flow
-$309M
EBITDA
-$241M
Tangible book value
-$514M
Cash & investments
$243M
Cash runway
3q
Stock comp / revenue
32.5%
Insider transactions · last 18 months
| Date | Insider | Type | Shares | Price |
|---|---|---|---|---|
| 2026-06-24 | Simon Barry J. | Sell | 25K | $7.88 |
| 2026-06-04 | Simon Barry J. | Sell | 23K | $7.18 |
| 2026-03-31 | SOON-SHIONG PATRICK | Conversion | 4.6M | $5.43 |
| 2026-02-24 | Simon Barry J. | Sell | 75K | $12.01 |
| 2026-02-23 | Selecky Christobel | Sell | 25K | $10.00 |
| 2026-02-23 | Selecky Christobel | Option exercise | 25K | $2.98 |
| 2026-02-23 | Simon Barry J. | Sell | 165K | $10.25 |
| 2026-02-22 | Sachs David C. | Tax withheld | 21K | $8.70 |
| 2026-02-22 | Adcock Richard | Tax withheld | 78K | $8.70 |
| 2026-02-22 | Simon Barry J. | Option exercise | 15K | — |
| 2026-02-22 | Simon Barry J. | Tax withheld | 6.0K | $8.70 |
| 2026-02-22 | Sachs David C. | Option exercise | 41K | — |
| 2026-02-22 | LAUER REGAN J | Option exercise | 4.1K | — |
| 2026-02-22 | LAUER REGAN J | Tax withheld | 1.7K | $8.70 |
| 2026-02-22 | SOON-SHIONG PATRICK | Option exercise | 114K | — |
| 2026-02-22 | SOON-SHIONG PATRICK | Tax withheld | 58K | $8.70 |
| 2026-02-22 | Adcock Richard | Option exercise | 152K | — |
| 2026-02-20 | Simon Barry J. | Sell | 10K | $9.25 |
| 2026-02-10 | Sachs David C. | Tax withheld | 43K | $6.93 |
| 2026-02-10 | Adcock Richard | Option exercise | 274K | — |
| 2026-02-10 | Adcock Richard | Tax withheld | 140K | $6.93 |
| 2026-02-10 | LAUER REGAN J | Option exercise | 5.5K | — |
| 2026-02-10 | LAUER REGAN J | Tax withheld | 2.3K | $6.93 |
| 2026-02-10 | SOON-SHIONG PATRICK | Option exercise | 274K | — |
| 2026-02-10 | Sachs David C. | Option exercise | 82K | — |
| 2026-02-10 | SOON-SHIONG PATRICK | Tax withheld | 119K | $6.93 |
| 2026-01-20 | Simon Barry J. | Sell | 77K | $6.54 |
| 2026-01-20 | Selecky Christobel | Option exercise | 25K | $2.98 |
| 2026-01-20 | Selecky Christobel | Sell | 25K | $7.51 |
| 2026-01-20 | Simon Barry J. | Sell | 75K | $7.88 |
| 2026-01-16 | Selecky Christobel | Option exercise | 50K | $2.98 |
| 2026-01-16 | Selecky Christobel | Sell | 50K | $5.00 |
| 2025-12-31 | Sachs David C. | Tax withheld | 15K | $1.98 |
| 2025-12-31 | Adcock Richard | Option exercise | 34K | — |
| 2025-12-31 | Adcock Richard | Tax withheld | 18K | $1.98 |
| 2025-12-31 | Sachs David C. | Option exercise | 30K | — |
| 2025-02-22 | LAUER REGAN J | Option exercise | 4.1K | — |
| 2025-02-22 | SOON-SHIONG PATRICK | Option exercise | 114K | — |
| 2025-02-22 | SOON-SHIONG PATRICK | Tax withheld | 42K | $3.42 |
| 2025-02-22 | Sachs David C. | Option exercise | 41K | — |
| 2025-02-22 | Sachs David C. | Tax withheld | 16K | $3.42 |
| 2025-02-22 | Adcock Richard | Option exercise | 152K | — |
| 2025-02-22 | Adcock Richard | Tax withheld | 78K | $3.42 |
| 2025-02-22 | Simon Barry J. | Option exercise | 15K | — |
| 2025-02-22 | Simon Barry J. | Tax withheld | 5.5K | $3.42 |
| 2025-02-22 | LAUER REGAN J | Tax withheld | 1.7K | $3.42 |
| 2025-01-22 | Simon Barry J. | Option exercise | 110K | $2.00 |
| 2024-12-31 | Adcock Richard | Option exercise | 34K | — |
| 2024-12-31 | Adcock Richard | Tax withheld | 17K | $2.56 |
| 2024-12-31 | Sachs David C. | Option exercise | 30K | — |
| 2024-12-31 | Sachs David C. | Tax withheld | 15K | $2.56 |
All non-derivative Form 4 activity (SEC), newest first.
Clinical trials
| Trial | Title | Phase | Status | Primary completion |
|---|---|---|---|---|
| NCT05981131 ↗ | Follow up of Intravesical N-803 Plus BCG in BCG-Naive Non-Muscle Invasive Bladder Cancer (NMIBC) Non Muscle Invasive Bladder Cancer | — | Active Not Recruiting | 2033-08-30 |
| NCT06061809 ↗ | N-803 and PD-L1 t-haNK Combined With Bevacizumab for Recurrent or Progressive Glioblastoma Glioblastoma | PHASE2 | Recruiting | 2029-12-31 |
| NCT03228667 ↗ | QUILT-3.055: A Study of Combination Immunotherapies in Patients Who Have Previously Received Treatment With Immune Checkpoint Inhibitors Non-Small Cell Lung Cancer, Small Cell Lung Cancer | PHASE2 | Active Not Recruiting | 2029-08-31 |
| NCT07556757 ↗ | A Safety and Efficacy Study of CD-19 t-haNK in Patients With B-cell Acute Lymphoblastic Leukemia B-ALL, Leukemia | PHASE1 | Recruiting | 2028-12-01 |
| NCT06745908 ↗ | Clinical Trial of N-803 Plus Tislelizumab or Prior Failed Immune Checkpoint Inhibitor and Docetaxel Versus Docetaxel Monotherapy in Participants With Advanced or Metastatic Non-Small Cell Lung Cancer Who Have Acquired Resistance to Immune Checkpoint In NSCLC Stage IV | PHASE3 | Recruiting | 2028-09-01 |
| NCT06334991 ↗ | Study for Subjects With Relapsed/Refractory Non-Hodgkin Lymphoma Non-Hodgkin Lymphoma Refractory/ Relapsed | PHASE1 | Recruiting | 2028-03-01 |
| NCT06800963 ↗ | ResQ133A-NMIBC: Intravesical Recombinant Mycobacterium (rMBCG) in Participants With NMIBC Eligible to Receive Intravesical Tice BCG NMIBC | PHASE1/PHASE2 | Recruiting | 2028-02-01 |
| NCT05976828 ↗ | IBRX-042 In Participants With HPV-Associated Tumors HPV-Related Carcinoma | PHASE1 | Active Not Recruiting | 2027-09-02 |
| NCT07125872 ↗ | Study of Relapsed/ Refractory B-cell Non- Hodgkin Lymphoma Relapsed B-Cell Non Hodgkin Lymphoma | PHASE2 | Recruiting | 2027-05-25 |
| NCT06710288 ↗ | A Phase 2, Open-label, Single-arm Study Of Autologous M-CENK Adoptive Cell Therapy And N-803 (IL-15 Superagonist) In Combination With Gemcitabine In Participants With Recurrent Platinum-Resistant High-Grade Ovarian Cancer Platinum-resistant Ovarian Cancer | PHASE2 | Recruiting | 2027-05-01 |
| NCT07108036 ↗ | A Study to Assess Anktiva in Patients With Long Covid-19. Long COVID | PHASE2 | Recruiting | 2026-10-01 |
| NCT02138734 ↗ | A Study of Intravesical BCG in Combination With ALT-803 in Patients With Non-Muscle Invasive Bladder Cancer Non-muscle Invasive Bladder Cancer | PHASE1/PHASE2 | Active Not Recruiting | 2026-09-30 |
| NCT07123727 ↗ | A Study to Examine Anktiva for the Treatment of COVID-19. Long COVID, Long COVID Syndrome | PHASE2 | Recruiting | 2026-07-01 |
| NCT04898543 ↗ | QUILT-3.076: Study of Autologous M-CENK in Subjects With Locally Advanced or Metastatic Solid Tumors Metastatic Solid Tumor | PHASE1 | Active Not Recruiting | 2026-05-31 |
| NCT05618925 ↗ | Study for Subjects With Relapsed/Refractory Non- Hodgkin Lymphoma Non Hodgkin's Lymphoma Refractory/Relapsed | PHASE1 | Recruiting | 2026-05-15 |
| NCT04390399 ↗ | Combination Immunotherapy Plus Standard-of-Care Chemotherapy Versus Standard-of-Care Chemotherapy for the Treatment of Locally Advanced or Metastatic Pancreatic Cancer Pancreatic Cancer | PHASE2 | Active Not Recruiting | 2025-10-13 |
| NCT03022825 ↗ | QUILT-3.032: A Multicenter Clinical Trial of Intravesical Bacillus Calmette-Guerin (BCG) in Combination With ALT-803 (N-803) in Patients With BCG Unresponsive High Grade Non-Muscle Invasive Bladder Cancer Bladder Cancer | PHASE2/PHASE3 | Active Not Recruiting | 2024-10-01 |
| NCT07551544 ↗ | ANKTIVA Plus BCG Versus BCG Monotherapy In Participants With BCG-Naïve/BCG-Exposed High-Grade Non-Muscle Invasive Papillary Bladder Cancer NMIBC | PHASE3 | Withdrawn | 2032-05-01 |
| NCT06765954 ↗ | Immunotherapy With N 803, ETBX-071, and M-CENK in Combination With Radiation for Participants With High-Risk Prostate Cancer. High-risk Prostate Cancer | PHASE2 | Withdrawn | 2031-01-31 |
| NCT06765902 ↗ | Immunotherapy Before and After Surgery High-risk Prostate Cancer | PHASE2 | Withdrawn | 2031-01-31 |
Source: ClinicalTrials.gov (U.S. NIH) · active studies first.
Notable events (8-K)
| Date | Items | |
|---|---|---|
| 2026-06-10 | Shareholder voteExhibits | filing ↗ |
| 2026-05-18 | Material agreementReg FDExhibits | filing ↗ |
| 2026-05-07 | ResultsExhibits | filing ↗ |
| 2026-04-09 | ResultsExhibits | filing ↗ |
| 2026-04-06 | Reg FDExhibits | filing ↗ |
| 2026-03-31 | Material agreementDebt obligationReg FDOtherExhibits | filing ↗ |
| 2026-02-23 | ResultsExhibits | filing ↗ |
| 2026-02-18 | OtherExhibits | filing ↗ |
Recent filings
| Form | Filed | Period | Accession |
|---|---|---|---|
| 8-K | 2026-06-10 | 2026-06-09 | 0001326110-26-000064 ↗ |
| 8-K | 2026-05-18 | 2026-05-14 | 0001193125-26-229153 ↗ |
| 10-Q | 2026-05-07 | 2026-03-31 | 0001326110-26-000059 ↗ |
| 8-K | 2026-05-07 | 2026-05-07 | 0001326110-26-000057 ↗ |
| 8-K | 2026-04-09 | 2026-04-09 | 0001326110-26-000036 ↗ |
| 8-K | 2026-04-06 | 2026-04-06 | 0001193125-26-142932 ↗ |
| 8-K | 2026-03-31 | 2026-03-30 | 0001193125-26-133363 ↗ |
| 10-K | 2026-02-23 | 2025-12-31 | 0001326110-26-000030 ↗ |
| 8-K | 2026-02-23 | 2026-02-23 | 0001326110-26-000025 ↗ |
| 8-K | 2026-02-18 | 2026-02-18 | 0001326110-26-000018 ↗ |
| 8-K | 2026-01-26 | 2026-01-23 | 0001326110-26-000014 ↗ |
| 8-K | 2026-01-15 | 2026-01-15 | 0001326110-26-000008 ↗ |