ImmunityBio

IBRX

Biotechnology · Healthcare

Price

$7.79

-0.05 (-0.64%)

Market Cap

$8.16B

Exchange

NASDAQ

Winston Score

–

No score yet — Winston is napping.

We couldn’t gather enough financial data to score this stock reliably.

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Share count rising — dilution

+136.3% over 4y

The company has issued more shares over this period, which dilutes each existing shareholder’s stake.

Diluted shares outstanding: 389.2M (2021) → 919.9M (2025)

Winston Score History

The full picture

ImmunityBio is a biotechnology company that develops cancer treatments using the body's own immune system. Its main product is Anktiva (N-803), a drug approved by the FDA in 2024 to treat a type of bladder cancer that hasn't responded to standard therapy. The company focuses on immunotherapy — medicines that train immune cells to fight tumors — and sells primarily to hospitals and cancer treatment centers in the United States.

ImmunityBio makes money by selling Anktiva to healthcare providers, and it also earns some revenue from contract manufacturing. The company is still in an early commercial stage, spending far more than it earns, which explains its deeply negative operating margin. It operates mainly in the US and is closely tied to its founder and chairman, Patrick Soon-Shiong, who provides significant financial backing. The key growth driver is expanding Anktiva's use into additional cancer types, but the main risk is whether the company can reach profitability before it needs to raise more cash.

Growth Profile

For growth stock investors

When traditional metrics don't capture the full picture, these are the signals growth stock investors use instead.

Revenue Growth

+93.9% YoY

YoY Growth Rate

Strong revenue growth

EPS Growth

-120.0% YoY

YoY Growth Rate

Earnings declining

R&D Spend

$208M/ year

↑ Rising (+9% vs prior year)

183.5% of revenue

10.2x the sector average (18%)

Investing heavily in future products and technology

Insider Activity

89.1%ownership

→ Flat

Insider ownership roughly steady over the past year

Cash Runway

~7 months

$357M cash & investments

Quarterly Free Cash Flow

→ Burn rate stable

Short runway — potential dilution ahead through share issuance

Strong grower

ImmunityBio is growing revenue at 94% year-over-year. The Winston Score penalises unprofitable companies, but revenue at this pace tells a different story — this is a company still in "build mode."

The Winston Score above measures business quality today. Growth stocks often score lower because they invest in the future rather than maximising current profits. These metrics show what matters most for evaluating that future.

Score breakdown

Every number that matters to educated investors.

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Quality

Profit per sale

Gross Margin

99.4%

Premium pricing power — 99.4% gross margin

Profit after running costs

Operating Margin

-120.4%

Losing money on operations — -120.4%

Return on the money invested

ROCE

N/A

Data not available

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Growth

Sales growth

Sales YoY

+192.9%

Fast-growing sales (+192.9% YoY)

Profit growth

EPS YoY

N/A

—

Data not available

How steady the profit is

EPS Consistency

6/8 quarters

Earnings grew in most of the last 8 quarters

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Cash Flow

Profit that turns into cash

Cash Conversion

N/A

—

Data not available

Spare cash per sale

FCF Margin

-220.5%

Burning cash (-220.5%)

Free cash flow is negative. They are burning cash, not generating it.

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Stability

What it owes vs what it owns

Debt / Equity

N/A

—

Data not available

Covers its interest

Interest Cover

N/A

Data not available

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Valuation

Price vs profit

P/E Ratio (TTM)

N/M

—

Negative earnings — P/E not meaningful

Cheaper or dearer next year

P/E vs Forward

N/A

not available

Data not available

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Dividends

Not applicable for this business.

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