TakeoverPE & activists

IBRXImmunityBio, Inc.

Biological Products, (no Diagnostic Substances) · $8.7B market cap · 79,320 employees

0.7×

Less likely than average to be taken private

Top 26% of the Russell 3000 for a buyout by a private-equity firm, holdco or insiders. How it works

Takeover signals

What an activist or buyer would see: cheap, overpaid, diluted or under pressure.

3of 15 firedHow well they predict deals →
12 other checks
  • High CEO pay despite TSRNo
    $11M median
    Median CEO pay ≥ $15M while TSR trails
  • Earnings not backed by cashNo
    —
    Cash flow under 80% of net income
  • Payouts exceed cash flowNo
    0% of cash flow
    Buybacks + dividends over cash flow
  • Goodwill-heavyNo
    0% of assets
    Over 40% of assets
  • Shareholder dissentNo
    97% lowest support
    Any vote under 80% support
  • Quiet on AINo
    0.8 per 10K words · 29th pct
    Bottom quartile of AI mentions in 10-Ks
  • Net cashNo
    —
    More cash than debt, positive EBITDA
  • Buyout-sizedNo
    $8.7B market cap
    Market cap $500M–$5B
  • Recurring revenueNo
    2 of 10
    10-K business scored 7+ of 10 for recurring revenue
  • AI-rollup shapedNo
    0 of 10
    10-K business scored 5+ of 10 as an AI-rollup target
  • Active 13DNo
    0 filings
    Active-intent 13D in 18 months
  • Net insider sellingNo
    −$10M net
    Net sales over $10M in 12 months

Deal filings

FiledFormAcquirerPricePremium
Feb 2, 2021DEFM14ANantKwest, Inc.$10.2681.9%

Key numbers

Revenue
$113MFY2021: $934KFY2022: $240KFY2023: $622KFY2024: $15MFY2025: $113M
668% YoY
Operating margin
-226.0%FY2021: -35361.9%FY2022: -146374.2%FY2023: -58239.5%FY2024: -2334.2%FY2025: -226.0%
90% YoY
EBITDA
−$241MFY2021: −$316MFY2022: −$333MFY2023: −$344MFY2024: −$327MFY2025: −$241M
26% YoY
Net debt / EBITDA
—

Financials

MetricFY2021FY2022FY2023FY2024FY2025YoYTrend
Revenue$934K$240K$622K$15M$113M 668% FY2021: $934KFY2022: $240KFY2023: $622KFY2024: $15MFY2025: $113M
Operating income−$330M−$351M−$362M−$344M−$256M 26% FY2021: −$330MFY2022: −$351MFY2023: −$362MFY2024: −$344MFY2025: −$256M
Net income−$350M−$417M−$584M−$414M−$352M 15% FY2021: −$350MFY2022: −$417MFY2023: −$584MFY2024: −$414MFY2025: −$352M
Operating cash flow−$274M−$338M−$367M−$391M−$305M 22% FY2021: −$274MFY2022: −$338MFY2023: −$367MFY2024: −$391MFY2025: −$305M
Capex$34M$78M$31M$7M$4M 44% FY2021: $34MFY2022: $78MFY2023: $31MFY2024: $7MFY2025: $4M
Stock-based comp$57M$40M$49M$34M$37M 6.9% FY2021: $57MFY2022: $40MFY2023: $49MFY2024: $34MFY2025: $37M
Buybacks$0————

13D filers

FiledFilerFormStakeIntent
Aug 6, 2026Cambridge Equities, LPSCHEDULE 13D/A64.8%Passive
Feb 25, 2026Cambridge Equities, LPSCHEDULE 13D/A66.3%Passive
Nov 10, 2025Cambridge Equities, LPSCHEDULE 13D/A26.6%Passive
Jan 4, 2024Cambridge Equities, LPSC 13D/A39.0%Passive
Sep 21, 2023Cambridge Equities, LPSC 13D/A39.2%Passive
May 23, 2023Cambridge Equities, LPSC 13D/A60.0%Active
Dec 7, 2022Cambridge Equities, LPSC 13D/A65.4%Passive
Mar 12, 2021Cambridge Equities, LPSC 13D/A68.4%Passive
Dec 21, 2020Cambridge Equities, LPSC 13D/A37.4%Passive
Jun 29, 2020Cambridge Equities, LPSC 13D/A—Passive

Insider trading

−$10Mnet selling by insiders, open market, last 12 months
Bought $0 · 0 tradesSold $10M · 16 trades

Pay vs performance

YearCEO total compComp actually paidTSR (indexed)Peer TSR
FY2025$13M$6M15120
FY2024$11M$4M1991
FY2023$1M$262K3892
FY2022$4M$3M3889
FY2021$29M$10M4699