IBRXImmunityBio, Inc.
Biological Products, (no Diagnostic Substances)
- Revenue
- $113M
- 668% YoY
- Operating margin
- -226.0%
- 90% YoY
- EBITDA
- −$241M
- 26% YoY
- Market cap
- $8.7B
- Employees
- 79,320
- $1K revenue each
- Net debt / EBITDA
- —
- AI in 10-K
- 0.8
- mentions per 10K words
Takeover score 3 of 13
Fixable underperformance 2 of 7
- TSR below peersYes5 of 5 years3+ of last 5 years
- High CEO pay despite TSRNo$11M medianMedian CEO pay ≥ $15M while TSR trails
- Earnings not backed by cashNo—Cash flow under 80% of net income
- Dilutive SBCYes32% of revenueOver 10% of revenue
- Payouts exceed cash flowNo0% of cash flowBuybacks + dividends over cash flow
- Goodwill-heavyNo0% of assetsOver 40% of assets
- Shareholder dissentNo97% lowest supportAny vote under 80% support
Buyer economics 1 of 4
- Low revenue per employeeYes$1K · 12th pctBottom quartile of its SIC industry
- Quiet on AINo0.8 per 10K words · 29th pctBottom quartile of AI mentions in 10-Ks
- Net cashNo—More cash than debt, positive EBITDA
- Buyout-sizedNo$8.7B market capMarket cap $500M–$5B
Catalysts 0 of 2
- Active 13DNo0 filingsActive-intent 13D in 18 months
- Net insider sellingNo−$10M netNet sales over $10M in 12 months
Financials
| Metric | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | YoY |
|---|---|---|---|---|---|---|
| Revenue | $934K | $240K | $622K | $15M | $113M | 668% |
| Operating income | −$330M | −$351M | −$362M | −$344M | −$256M | 26% |
| Net income | −$350M | −$417M | −$584M | −$414M | −$352M | 15% |
| Operating cash flow | −$274M | −$338M | −$367M | −$391M | −$305M | 22% |
| Capex | $34M | $78M | $31M | $7M | $4M | 44% |
| Stock-based comp | $57M | $40M | $49M | $34M | $37M | 6.9% |
| Buybacks | $0 | — | — | — | — |
Deal filings
| Filed | Form | Acquirer | Price | Premium |
|---|---|---|---|---|
| Feb 2, 2021 | DEFM14A | NantKwest, Inc. | $10.26 | 81.9% |
13D filers
| Filed | Filer | Form | Stake | Intent |
|---|---|---|---|---|
| Aug 6, 2026 | Cambridge Equities, LP | SCHEDULE 13D/A | 64.8% | Passive |
| Feb 25, 2026 | Cambridge Equities, LP | SCHEDULE 13D/A | 66.3% | Passive |
| Nov 10, 2025 | Cambridge Equities, LP | SCHEDULE 13D/A | 26.6% | Passive |
| Jan 4, 2024 | Cambridge Equities, LP | SC 13D/A | 39.0% | Passive |
| Sep 21, 2023 | Cambridge Equities, LP | SC 13D/A | 39.2% | Passive |
| May 23, 2023 | Cambridge Equities, LP | SC 13D/A | 60.0% | Active |
| Dec 7, 2022 | Cambridge Equities, LP | SC 13D/A | 65.4% | Passive |
| Mar 12, 2021 | Cambridge Equities, LP | SC 13D/A | 68.4% | Passive |
| Dec 21, 2020 | Cambridge Equities, LP | SC 13D/A | 37.4% | Passive |
| Jun 29, 2020 | Cambridge Equities, LP | SC 13D/A | — | Passive |
Insider trading
- Open-market buys, 12 mo
- $0 · 0
- Open-market sells, 12 mo
- $10M · 16
- Net
- −$10M
Pay vs performance
| Year | CEO total comp | Comp actually paid | TSR (indexed) | Peer TSR |
|---|---|---|---|---|
| FY2025 | $13M | $6M | 15 | 120 |
| FY2024 | $11M | $4M | 19 | 91 |
| FY2023 | $1M | $262K | 38 | 92 |
| FY2022 | $4M | $3M | 38 | 89 |
| FY2021 | $29M | $10M | 46 | 99 |