What is Immunitybio Inc's earnings per share (EPS)?

Immunitybio Inc (IBRX) reported diluted earnings per share of $-0.38 for fiscal year 2025. This represents a 38.7% change compared to the previous fiscal year. EPS represents the portion of a company's net income allocated to each outstanding share of common stock and is widely used to evaluate profitability on a per-share basis.

Immunitybio Inc Financials

IBRX

Source SEC Filings (10-K/10-Q) Updated Dec 31, 2025 Currency USD FYE December

This page shows Immunitybio Inc (IBRX) financial statements, including the income statement, balance sheet, cash flow statement, and key financial ratios. View 13 years of annual fundamentals and quarterly data, with year-over-year growth rates and compound annual growth rates (CAGR). All figures are derived from SEC filings (10-K and 10-Q reports).

Financial Health Signals

Financial Profile 50/100

Based on FY2025 annual data. Scores normalized against common benchmarks. How we calculate these scores

Profitability

Immunitybio Inc has an operating margin of -226.0%, meaning the company retains $-226 of operating profit per $100 of revenue. This below-average margin results in a low score of 0/100, suggesting thin profitability after operating expenses. This is up from -2334.2% the prior year.

Growth

100

Immunitybio Inc's revenue surged 668.3% year-over-year to $113.3M, reflecting rapid business expansion. This strong growth earns a score of 100/100.

Liquidity

100

With a current ratio of 5.10, Immunitybio Inc holds $5.10 in current assets for every $1 of short-term obligations. This comfortable liquidity earns a score of 100/100.

Cash Flow

While Immunitybio Inc generated -$304.9M in operating cash flow, capex of $3.8M consumed most of it, leaving -$308.8M in free cash flow. This results in a low score of 0/100, reflecting heavy capital investment rather than weak cash generation.

Piotroski F-Score Neutral

4/9

Immunitybio Inc passes 4 of 9 financial strength tests. 2 of 4 profitability signals pass, 1 of 3 leverage/liquidity signals pass, 1 of 2 efficiency signals pass.

Earnings Quality Low Quality

0.87x

For every $1 of reported earnings, Immunitybio Inc generates $0.87 in operating cash flow (-$304.9M OCF vs -$351.4M net income). This low ratio suggests earnings are primarily driven by accounting accruals rather than cash generation, which may not be sustainable.

Interest Coverage At Risk

-4.2x

Immunitybio Inc earns $-4.2 in operating income for every $1 of interest expense (-$256.0M vs $60.9M). This narrow margin raises concern about the company's ability to service its debt if operating income declines.

Key Financial Metrics

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Earnings & Revenue

Revenue

$113.3M

YoY+668.3%

5Y CAGR+184.8%

10Y CAGR+85.4%

Immunitybio Inc generated $113.3M in revenue in fiscal year 2025. This represents an increase of 668.3% from the prior year.

EBITDA

-$240.5M

YoY+26.4%

Immunitybio Inc's EBITDA was -$240.5M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization. This represents an increase of 26.4% from the prior year.

Net Income

-$351.4M

YoY+15.0%

Immunitybio Inc reported -$351.4M in net income in fiscal year 2025. This represents an increase of 15.0% from the prior year.

EPS (Diluted)

$-0.38

YoY+38.7%

Immunitybio Inc earned $-0.38 per diluted share (EPS) in fiscal year 2025. This represents an increase of 38.7% from the prior year.

Cash & Balance Sheet

Free Cash Flow

-$308.8M

YoY+22.4%

Immunitybio Inc generated -$308.8M in free cash flow in fiscal year 2025, representing cash available after capex. This represents an increase of 22.4% from the prior year.

Cash & Debt

$88.3M

YoY-38.4%

5Y CAGR+20.4%

10Y CAGR-6.7%

Immunitybio Inc held $88.3M in cash against $0 in long-term debt as of fiscal year 2025.

Dividends Per Share

N/A

Shares Outstanding

1.01B

YoY+18.6%

5Y CAGR+21.5%

10Y CAGR+28.7%

Immunitybio Inc had 1.01B shares outstanding in fiscal year 2025. This represents an increase of 18.6% from the prior year.

Margins & Returns

Gross Margin

99.3%

YoY-0.7pp

Immunitybio Inc's gross margin was 99.3% in fiscal year 2025, indicating the percentage of revenue retained after direct costs. This is down 0.7 percentage points from the prior year.

Operating Margin

-226.0%

YoY+2108.2pp

5Y CAGR+36283.1pp

10Y CAGR+100992.6pp

Immunitybio Inc's operating margin was -226.0% in fiscal year 2025, reflecting core business profitability. This is up 2108.2 percentage points from the prior year.

Net Margin

-310.2%

YoY+2494.6pp

5Y CAGR+36359.4pp

10Y CAGR+100061.0pp

Immunitybio Inc's net profit margin was -310.2% in fiscal year 2025, showing the share of revenue converted to profit. This is up 2494.6 percentage points from the prior year.

Return on Equity

N/A

Capital Allocation

R&D Spending

N/A

Share Buybacks

N/A

Capital Expenditures

$3.8M

YoY-44.2%

5Y CAGR+18.2%

10Y CAGR+5.5%

Immunitybio Inc invested $3.8M in capex in fiscal year 2025, funding long-term assets and infrastructure. This represents a decrease of 44.2% from the prior year.

IBRX Income Statement

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Revenue	$113.3M+668.3%	$14.7M+2270.6%	$622K+159.2%	$240K-74.3%	$934K+54.4%	$605K
Cost of Revenue	$753K	$0	$0	$0	N/A	N/A
Gross Profit	$112.5M+663.2%	$14.7M+2270.6%	$622K+159.2%	$240K	N/A	N/A
R&D Expenses	N/A	$190.1M-18.2%	$232.4M-6.4%	$248.1M+26.6%	$196.0M+40.5%	$139.5M
SG&A Expenses	N/A	$168.8M+30.2%	$129.6M+26.2%	$102.7M-24.1%	$135.3M+89.7%	$71.3M
Operating Income	-$256.0M+25.6%	-$344.2M+5.0%	-$362.3M-3.1%	-$351.3M-6.4%	-$330.3M-49.5%	-$220.9M
Interest Expense	$60.9M-46.9%	$114.6M-11.1%	$128.8M+102.9%	$63.5M+327.7%	$14.8M+63.6%	$9.1M
Income Tax	-$135K	$0+100.0%	-$40K-217.6%	$34K+277.8%	$9K+100.5%	-$1.8M
Net Income	-$351.4M+15.0%	-$413.6M+29.1%	-$583.2M-40.0%	-$416.6M-20.1%	-$346.8M-56.3%	-$221.9M
EPS (Diluted)	$-0.38+38.7%	$-0.62+46.1%	$-1.15-10.6%	$-1.04-16.9%	$-0.89-50.8%	$-0.59

Metric	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24	Q1'24
Revenue	$38.3M+19.4%	$32.1M+21.3%	$26.4M+60.0%	$16.5M+118.7%	$7.6M+23.7%	$6.1M+483.2%	$1.0M+2517.5%	$40K
Cost of Revenue	$382K+115.8%	$177K+30.1%	$136K+134.5%	$58K	$0	$0	$0	$0
Gross Profit	$37.9M+18.9%	$31.9M+21.3%	$26.3M+59.7%	$16.5M+117.9%	$7.6M+23.7%	$6.1M+483.2%	$1.0M+2517.5%	$40K
R&D Expenses	N/A	N/A	N/A	N/A	$35.2M-30.2%	$50.4M-1.3%	$51.1M-4.2%	$53.4M
SG&A Expenses	N/A	N/A	N/A	N/A	$41.7M+16.2%	$35.9M-27.1%	$49.3M+17.6%	$41.9M
Operating Income	-$64.7M-16.3%	-$55.6M+22.0%	-$71.3M-10.6%	-$64.4M+7.2%	-$69.4M+13.5%	-$80.3M+19.2%	-$99.3M-4.3%	-$95.2M
Interest Expense	$14.8M-2.7%	$15.3M-1.4%	$15.5M+1.1%	$15.3M-41.2%	$26.0M-11.3%	$29.3M-1.6%	$29.8M+1.1%	$29.5M
Income Tax	-$135K-285.7%	-$35K-113.0%	$269K+215.0%	-$234K	$0	$0	$0	$0
Net Income	-$61.9M+7.9%	-$67.3M+27.3%	-$92.6M+28.6%	-$129.6M-119.1%	-$59.2M+31.0%	-$85.7M+36.3%	-$134.6M-0.3%	-$134.1M
EPS (Diluted)	N/A	$-0.07+30.0%	$-0.10+33.3%	$-0.15	N/A	$-0.14+30.0%	$-0.200.0%	$-0.20

IBRX Balance Sheet

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Total Assets	$501.9M+31.1%	$382.9M-24.1%	$504.5M+39.2%	$362.4M-22.7%	$468.9M+111.8%	$221.4M
Current Assets	$314.9M+70.6%	$184.6M-37.2%	$294.1M+109.2%	$140.6M-58.0%	$334.3M+199.3%	$111.7M
Cash & Equivalents	$88.3M-38.4%	$143.4M-46.0%	$265.5M+153.7%	$104.6M-42.2%	$181.1M+418.7%	$34.9M
Inventory	$910K-89.0%	$8.3M	$0	N/A	N/A	N/A
Accounts Receivable	$42.6M+1703.9%	$2.4M	$0	N/A	N/A	N/A
Goodwill	$910K0.0%	$910K	N/A	N/A	N/A	N/A
Total Liabilities	$1.0B+15.0%	$871.1M-20.1%	$1.1B+34.3%	$812.2M+13.9%	$712.8M+109.7%	$339.9M
Current Liabilities	$61.8M+12.4%	$54.9M-5.7%	$58.3M-88.4%	$500.9M+35.7%	$369.0M+441.6%	$68.1M
Long-Term Debt	N/A	N/A	N/A	N/A	N/A	N/A
Total Equity	-$500.5M-2.3%	-$489.1M+16.7%	-$587.0M-31.2%	-$447.3M-84.7%	-$242.2M-102.1%	-$119.8M
Retained Earnings	-$3.7B-10.4%	-$3.4B-14.0%	-$3.0B-24.5%	-$2.4B-21.2%	-$2.0B-21.5%	-$1.6B

Metric	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24	Q1'24
Total Assets	$501.9M-3.3%	$519.0M+29.1%	$402.1M+32.4%	$303.8M-20.7%	$382.9M+5.0%	$364.6M-17.9%	$444.3M+10.9%	$400.7M
Current Assets	$314.9M-4.4%	$329.5M+58.3%	$208.1M+90.7%	$109.2M-40.9%	$184.6M+13.1%	$163.2M-32.8%	$242.8M+24.1%	$195.7M
Cash & Equivalents	$88.3M+46.6%	$60.2M-56.2%	$137.7M+126.9%	$60.7M-57.7%	$143.4M+28.1%	$112.0M-13.9%	$130.1M-2.2%	$133.0M
Inventory	$910K-86.4%	$6.7M+0.9%	$6.6M-21.4%	$8.4M+2.1%	$8.3M+322.5%	$2.0M+8.1%	$1.8M	N/A
Accounts Receivable	$42.6M+33.0%	$32.0M+44.7%	$22.1M+29.9%	$17.0M+621.6%	$2.4M-43.5%	$4.2M+304.2%	$1.0M	N/A
Goodwill	$910K0.0%	$910K0.0%	$910K0.0%	$910K0.0%	$910K0.0%	$910K	N/A	N/A
Total Liabilities	$1.0B-3.9%	$1.0B+7.3%	$971.9M+8.7%	$894.2M+2.7%	$871.1M-21.4%	$1.1B-2.9%	$1.1B+4.6%	$1.1B
Current Liabilities	$61.8M+8.1%	$57.1M+12.8%	$50.6M+2.9%	$49.2M-10.4%	$54.9M-9.9%	$61.0M-1.9%	$62.1M+15.5%	$53.8M
Long-Term Debt	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Total Equity	-$500.5M+4.5%	-$524.3M+8.1%	-$570.7M+3.5%	-$591.4M-20.9%	-$489.1M+34.4%	-$745.1M-6.7%	-$698.4M-0.9%	-$692.0M
Retained Earnings	-$3.7B-1.7%	-$3.7B-1.9%	-$3.6B-2.6%	-$3.5B-3.8%	-$3.4B-1.8%	-$3.3B-2.7%	-$3.2B-4.3%	-$3.1B

IBRX Cash Flow Statement

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Operating Cash Flow	-$304.9M+22.1%	-$391.2M-6.7%	-$366.8M-8.7%	-$337.5M-23.0%	-$274.4M-59.8%	-$171.7M
Capital Expenditures	$3.8M-44.2%	$6.9M-77.5%	$30.6M-60.9%	$78.2M+132.9%	$33.6M+1911.0%	$1.7M
Free Cash Flow	-$308.8M+22.4%	-$398.1M-0.2%	-$397.3M+4.4%	-$415.7M-35.0%	-$308.0M-77.6%	-$173.4M
Investing Cash Flow	-$149.8M-1123.3%	-$12.2M+59.8%	-$30.5M-211.6%	$27.3M+132.2%	-$84.9M-328.5%	-$19.8M
Financing Cash Flow	$400.2M+42.1%	$281.6M-49.6%	$558.3M+139.0%	$233.6M-53.8%	$505.4M+235.5%	$150.7M
Dividends Paid	N/A	N/A	N/A	N/A	N/A	N/A
Share Buybacks	N/A	N/A	N/A	N/A	$0	$0

Metric	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24	Q1'24
Operating Cash Flow	-$70.4M-2.1%	-$68.9M+13.6%	-$79.7M+7.2%	-$85.9M-0.9%	-$85.1M+13.8%	-$98.8M+1.6%	-$100.3M+6.2%	-$107.0M
Capital Expenditures	$903K+21.9%	$741K-31.5%	$1.1M-3.6%	$1.1M-46.9%	$2.1M-24.4%	$2.8M+285.6%	$724K-42.6%	$1.3M
Free Cash Flow	-$71.3M-2.3%	-$69.6M+13.8%	-$80.8M+7.1%	-$87.0M+0.3%	-$87.3M+14.1%	-$101.6M-0.5%	-$101.1M+6.6%	-$108.2M
Investing Cash Flow	$43.6M+124.0%	-$181.4M-1023.5%	-$16.1M-490.9%	$4.1M-58.0%	$9.8M-84.9%	$65.0M+226.3%	-$51.5M-44.5%	-$35.6M
Financing Cash Flow	$54.9M-68.4%	$173.5M+0.4%	$172.8M+17697.8%	-$982K-100.9%	$106.9M+586.2%	$15.6M-89.5%	$148.9M+1356.2%	$10.2M
Dividends Paid	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Share Buybacks	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A

IBRX Financial Ratios

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Gross Margin	99.3%-0.7pp	100.0%0.0pp	100.0%0.0pp	100.0%	N/A	N/A
Operating Margin	-226.0%+2108.2pp	-2334.2%+55905.3pp	-58239.5%+88134.6pp	-146374.2%-111012.3pp	-35361.9%+1147.2pp	-36509.1%
Net Margin	-310.2%+2494.6pp	-2804.8%+90956.6pp	-93761.4%+79808.2pp	-173569.6%-136440.0pp	-37129.6%-460.0pp	-36669.6%
Return on Equity	N/A	N/A	N/A	N/A	N/A	N/A
Return on Assets	-70.0%+38.0pp	-108.0%+7.6pp	-115.6%-0.6pp	-115.0%-41.0pp	-74.0%+26.2pp	-100.2%
Current Ratio	5.10+1.7	3.36-1.7	5.05+4.8	0.28-0.6	0.91-0.7	1.64
Debt-to-Equity	-2.00-0.2	-1.78+0.1	-1.86-0.0	-1.82+1.1	-2.94-0.1	-2.84
FCF Margin	-272.6%+2427.5pp	-2700.1%+61181.1pp	-63881.2%+109315.1pp	-173196.3%-140221.7pp	-32974.5%-4314.5pp	-28660.0%

Metric	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24	Q1'24
Gross Margin	99.0%-0.5pp	99.5%-0.0pp	99.5%-0.2pp	99.7%-0.3pp	100.0%0.0pp	100.0%0.0pp	100.0%0.0pp	100.0%
Operating Margin	-168.9%+4.6pp	-173.5%+96.2pp	-269.8%+120.3pp	-390.1%+528.9pp	-919.0%+395.4pp	-1314.3%+8173.1pp	-9487.4%+228502.6pp	-237990.0%
Net Margin	-161.8%+48.0pp	-209.8%+140.5pp	-350.3%+434.7pp	-784.9%-1.5pp	-783.4%+620.6pp	-1404.0%+11448.3pp	-12852.3%+322420.2pp	-335272.5%
Return on Equity	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Return on Assets	-12.3%+0.6pp	-13.0%+10.1pp	-23.0%+19.7pp	-42.7%-27.2pp	-15.4%+8.1pp	-23.5%+6.8pp	-30.3%+3.2pp	-33.5%
Current Ratio	5.10-0.7	5.77+1.7	4.11+1.9	2.22-1.1	3.36+0.7	2.68-1.2	3.91+0.3	3.64
Debt-to-Equity	-2.00-0.0	-1.99-0.3	-1.70-0.2	-1.51+0.3	-1.78-0.3	-1.49+0.1	-1.63-0.1	-1.58
FCF Margin	-186.2%+31.1pp	-217.2%+88.6pp	-305.9%+221.0pp	-526.9%+628.5pp	-1155.4%+507.8pp	-1663.2%+7990.2pp	-9653.4%+260954.1pp	-270607.5%

Note: Shareholder equity is negative (-$500.5M), which causes debt-to-equity and return on equity ratios to appear negative or not meaningful. This can occur from accumulated losses or large share buyback programs.

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Frequently Asked Questions

What is Immunitybio Inc's annual revenue?

Immunitybio Inc (IBRX) reported $113.3M in total revenue for fiscal year 2025. This represents a 668.3% change compared to the previous fiscal year. Revenue measures the total income earned from the company's primary business operations before any expenses are deducted.

How fast is Immunitybio Inc's revenue growing?

Immunitybio Inc (IBRX) revenue grew by 668.3% year-over-year, from $14.7M to $113.3M in fiscal year 2025.

Is Immunitybio Inc profitable?

No, Immunitybio Inc (IBRX) reported a net income of -$351.4M in fiscal year 2025, with a net profit margin of -310.2%.

What is Immunitybio Inc's EBITDA?

Immunitybio Inc (IBRX) had EBITDA of -$240.5M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization.

What is Immunitybio Inc's gross margin?

Immunitybio Inc (IBRX) had a gross margin of 99.3% in fiscal year 2025, indicating the percentage of revenue retained after direct costs of goods sold.

What is Immunitybio Inc's operating margin?

Immunitybio Inc (IBRX) had an operating margin of -226.0% in fiscal year 2025, reflecting the profitability of core business operations before interest and taxes.

What is Immunitybio Inc's net profit margin?

Immunitybio Inc (IBRX) had a net profit margin of -310.2% in fiscal year 2025, representing the share of revenue converted into profit after all expenses.

What is Immunitybio Inc's free cash flow?

Immunitybio Inc (IBRX) generated -$308.8M in free cash flow during fiscal year 2025. This represents a 22.4% change compared to the previous fiscal year. Free cash flow represents the cash a company generates after accounting for capital expenditures, and is widely used to assess financial flexibility and shareholder value.

What is Immunitybio Inc's operating cash flow?

Immunitybio Inc (IBRX) generated -$304.9M in operating cash flow during fiscal year 2025, representing cash generated from core business activities.

What are Immunitybio Inc's total assets?

Immunitybio Inc (IBRX) had $501.9M in total assets as of fiscal year 2025, including both current and long-term assets.

What are Immunitybio Inc's capital expenditures?

Immunitybio Inc (IBRX) invested $3.8M in capital expenditures during fiscal year 2025, funding long-term assets and infrastructure.

How many shares does Immunitybio Inc have outstanding?

Immunitybio Inc (IBRX) had 1.01B shares outstanding as of fiscal year 2025.

What is Immunitybio Inc's current ratio?

Immunitybio Inc (IBRX) had a current ratio of 5.10 as of fiscal year 2025, which is generally considered healthy.

What is Immunitybio Inc's debt-to-equity ratio?

Immunitybio Inc (IBRX) had a debt-to-equity ratio of -2.00 as of fiscal year 2025, measuring the company's financial leverage by comparing total debt to shareholder equity.

What is Immunitybio Inc's return on assets (ROA)?

Immunitybio Inc (IBRX) had a return on assets of -70.0% for fiscal year 2025, measuring how efficiently the company uses its assets to generate profit.

What is Immunitybio Inc's cash runway?

Based on fiscal year 2025 data, Immunitybio Inc (IBRX) had $88.3M in cash against an annual operating cash burn of $304.9M. This gives an estimated cash runway of approximately 3 months at the current burn rate. Cash runway measures how long a company can continue operating before running out of cash, assuming no additional funding.

Why is Immunitybio Inc's debt-to-equity ratio negative or unusual?

Immunitybio Inc (IBRX) has negative shareholder equity of -$500.5M as of fiscal year 2025, which causes the debt-to-equity ratio to appear negative or not meaningful. This can occur when accumulated losses exceed invested capital, or after large share buyback programs. Other solvency metrics like the current ratio or interest coverage may be more informative.

What is Immunitybio Inc's Piotroski F-Score?

Immunitybio Inc (IBRX) has a Piotroski F-Score of 4 out of 9, indicating neutral financial health. The F-Score evaluates nine binary signals across profitability (positive ROA, positive cash flow, improving ROA, earnings quality), leverage (decreasing debt, improving liquidity, no share dilution), and operating efficiency (improving gross margin, improving asset turnover). Scores of 7–9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.

Are Immunitybio Inc's earnings high quality?

Immunitybio Inc (IBRX) has an earnings quality ratio of 0.87x, considered low quality (accrual-driven). This ratio compares operating cash flow to net income. A ratio above 1.0x means the company generates more cash than its reported earnings, indicating sustainable, cash-backed profits. Ratios below 1.0x suggest earnings rely on accounting accruals rather than actual cash generation. Learn more in our complete guide to financial health indicators.

Can Immunitybio Inc cover its interest payments?

Immunitybio Inc (IBRX) has an interest coverage ratio of -4.2x, meaning it can struggle to cover its interest obligations. This ratio divides operating income by interest expense. Ratios above 5x indicate strong debt-servicing ability, while ratios below 2x suggest the company may face difficulty meeting interest payments if earnings decline. Learn more in our complete guide to financial health indicators.

How financially healthy is Immunitybio Inc?

Immunitybio Inc (IBRX) scores 50 out of 100 on our Financial Profile, indicating moderate overall financial health. This composite score evaluates six dimensions: profitability (operating margin), revenue growth, leverage (debt-to-equity), liquidity (current ratio), cash flow quality (free cash flow margin), and shareholder returns (return on equity). Each dimension is normalized against standard financial benchmarks. Learn more in our complete guide to financial health indicators.