ImmunityBio
IBRX · NasdaqBiological Products, (No Diagnostic Substances) · Fiscal year ends Dec 31
ImmunityBio reported revenue of $113M in the fiscal year ended Dec 2025, up 668.3% from the year before. Operating income was −$256M, an operating margin of −226.0%, and net income was −$351M. Operating cash flow of −$305M less capital expenditure of $4M left free cash flow of −$309M.
Last 5 fiscal years
Revenue and net income
Income statement
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue | $934,000 | $240,000 | $622,000 | $15M | $113M |
| Cost of revenue | – | $0 | $0 | $0 | $753,000 |
| Gross profit | – | $240,000 | $622,000 | $15M | $113M |
| Research & development | $196M | $248M | $232M | $190M | – |
| Selling, general & admin | $135M | $103M | $130M | $169M | – |
| Operating income | −$330M | −$351M | −$362M | −$344M | −$256M |
| Interest expense | $15M | $64M | $129M | $115M | $61M |
| Pre-tax income | −$350M | −$417M | −$584M | −$414M | −$352M |
| Income tax | $9,000 | $34,000 | −$40,000 | $0 | −$135,000 |
| Net income | −$347M | −$417M | −$583M | −$414M | −$351M |
| Diluted EPS | −0.89 | −1.04 | −1.15 | −0.62 | −0.38 |
| Diluted shares | 389M | 400M | 509M | 700M | 920M |
Balance sheet
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Cash & equivalents | $181M | $105M | $265M | $143M | $88M |
| Receivables | – | – | $0 | $2M | $43M |
| Inventory | – | – | $0 | $8M | $910,000 |
| Current assets | $334M | $141M | $294M | $185M | $315M |
| Net PP&E | $83M | $144M | $146M | $137M | $114M |
| Goodwill | – | – | – | $910,000 | $910,000 |
| Total assets | $469M | $362M | $504M | $383M | $502M |
| Payables | $11M | $21M | – | – | – |
| Current liabilities | $369M | $501M | $58M | $55M | $62M |
| Short-term debt | – | – | – | $1M | $2M |
| Total liabilities | $713M | $812M | $1.1B | $871M | $1B |
| Shareholders' equity | −$242M | −$447M | −$587M | −$489M | −$500M |
Cash flow
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Operating cash flow | −$274M | −$338M | −$367M | −$391M | −$305M |
| Capital expenditure | $34M | $78M | $31M | $7M | $4M |
| Free cash flow | −$308M | −$416M | −$397M | −$398M | −$309M |
| Depreciation & amortisation | $14M | $18M | $19M | $18M | $16M |
| Stock-based compensation | $57M | $40M | $49M | $34M | $37M |
| Share buybacks | $0 | – | – | – | – |
Key ratios
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue growth (YoY) | – | −74.3% | 159.2% | 2270.6% | 668.3% |
| Gross margin | – | 100.0% | 100.0% | 100.0% | 99.3% |
| Operating margin | −35361.9% | −146374.2% | −58239.5% | −2334.2% | −226.0% |
| Net margin | −37129.6% | −173569.6% | −93761.4% | −2804.8% | −310.2% |
| ROCEEBIT ÷ (assets − current liabilities) | −330.6% | 253.6% | −81.2% | −104.9% | −58.2% |
| Free cash flow margin | −32974.5% | −173196.3% | −63881.2% | −2700.1% | −272.6% |
| Cash conversion (CFO ÷ net income) | 0.79x | 0.81x | 0.63x | 0.95x | 0.87x |
| Receivable days | – | – | 0 | 58 | 137 |
| Inventory days | – | – | – | – | 441 |
| Interest cover | −22.2x | −5.53x | −2.81x | −3.00x | −4.21x |
| Current ratio | 0.91x | 0.28x | 5.05x | 3.36x | 5.10x |
Recent filings
More in Biological Products, (No Diagnostic Substances)
Standardised figures from the company's XBRL filings with the SEC (10-K, 10-Q). Line items follow US GAAP tags, so a company's own statement layout may differ and some lines show “–” where the company does not report that item. Ratios are calculated from these figures. For education only; not investment advice or a recommendation.