IBRX vs RLMD: Which Is the Better Buy in 2026?
Last updated October 2026
Short answer
IBRX is the larger of the two ($11.08B market cap): the incumbent the market prices for continued execution (-82.54x forward earnings, beta 0.14). RLMD is the smaller challenger ($361.61M), priced similarly on forward earnings (-8.27x): more room to run, but more to prove. The real question is which set of drivers you believe, and whether owning one (or both) leaves you over-concentrated.
IBRX vs RLMD: the tie-breaker metrics
Same yardstick, side by side (as of October 2026). Valuation lined up like this is most meaningful for two names in the same corner of the market, which these are. Figures are approximate; verify before investing.
| Metric | IBRX | RLMD | What it tells you |
|---|---|---|---|
| Market cap | $11.08B | $361.61M | Size. The larger name is the incumbent; the smaller has more room to grow and more to prove. |
| Forward P/E | -82.54 | -8.27 | Valuation on next year's expected earnings, the same yardstick for both. Lower is cheaper for that growth; higher means the market is paying up. |
| Beta | 0.14 | 0.51 | Volatility vs the market. Above 1 swings harder than the index; below 1 is steadier. Higher beta means bigger drawdowns to hold through. |
| Price vs 52-week range | 81% of range | 26% of range | Where today's price sits between the 52-week low and high. Near the high is momentum with less margin of safety; near the low is out of favor or a discount, depending on why. |
Before you buy: how IBRX and RLMD affect your concentration
The metrics above tell you which is the marginally better business. The bigger risk for most people is not picking the slightly worse stock, it is over-concentrating. IBRX and RLMD share themes, so owning both, or adding either to what you already hold, can quietly push a large share of your portfolio into one bet.
This is the part a generic comparison page cannot answer, because it depends on what you own. Connect your brokerage and Walnut shows your real, combined IBRX and RLMD exposure, flags overlap with your existing positions, and tells you if adding one would tip you past a concentration you are comfortable with, read-only by default, with your login staying at your broker. Walnut is not an investment adviser.
What does ImmunityBio (IBRX) do?
ImmunityBio (IBRX) is a clinical- and commercial-stage immunotherapy company built around Anktiva (nogapendekin alfa inbakicept), an IL-15 receptor agonist immunotherapy. Its lead approved use is in combination with BCG for BCG-unresponsive non-muscle invasive bladder cancer (NMIBC), and the company is pushing label expansions into BCG-naive bladder cancer and lung cancer while building out global commercial partnerships across roughly 33 to 34 countries. The founder and largest shareholder, Patrick Soon-Shiong, remains central to the story and its strategy.
What does Relmada Therapeutics, Inc. (RLMD) do?
Relmada Therapeutics, Inc. is a clinical-stage biotechnology company based in Coral Gables, Florida, incorporated in Nevada and listed on the Nasdaq Capital Market. It has no approved products and has never generated revenue. Its two programs are NDV-01, a sustained-release formulation of the chemotherapy drugs gemcitabine and docetaxel that is placed directly into the bladder to treat non-muscle invasive bladder cancer (NMIBC), and sepranolone, a neurosteroid being developed first for Prader-Willi syndrome (PWS), with Tourette syndrome and essential tremor as possible later uses. It had 17 employees at the end of 2025 and relies on contract research and manufacturing firms.
IBRX vs RLMD: how do they differ?
Both fit overlapping themes, but they are not interchangeable. The useful comparison is which set of drivers and risks you want exposure to.
- IBRX drivers: Anktiva revenue ramp; Label and indication expansion.
- RLMD drivers: NDV-01's Phase 2 results; The IND filing and Phase 3 RESCUE start.
Which fits which kind of investor
A faster-growing, richer-valued name usually swings harder, so it suits a longer horizon and a higher tolerance for volatility; a steadier, more cash-generative business suits a more conservative or income-minded investor. The honest test is which set of risks you could hold through a drawdown: IBRX carries the full risk profile of an unprofitable commercial-stage biotech. For RLMD, the biggest risk is clinical: NDV-01's Phase 2 data come from 48 patients at a single site in Israel with no control arm, and response rates in small open-label studies often fall in larger multi-center trials.
IBRX or RLMD: which should you pick?
Growth-minded investors who believe the theme has years to run tend to accept the richer multiple for more upside; value-minded investors lean toward the cheaper forward earnings and steadier profile. Pick IBRX if you believe its drivers more; RLMD if you believe its. Many investors hold both, but since they share themes, that is a concentrated bet, not diversification. Decide deliberately and check overlap. For the full detail, see the IBRX and RLMD guides.
IBRX vs RLMD: the full fundamentals
IBRX. The valuation is striking: a multi-billion-dollar market value against roughly ~$113M of trailing revenue implies a very high price-to-sales multiple and prices in significant future growth. The company is not profitable and funds ongoing losses partly through financing, so cash runway and dilution are central to the story. These figures are as of JULY 2026 and shift with each quarterly report and any capital raise.
RLMD. With no revenue, the usual earnings ratios do not apply. The useful comparison is market value against cash: at ~$362 million versus ~$218 million of cash and investments, the market assigns roughly $145 million to NDV-01, sepranolone and the team. Quarterly losses of ~$13 million are modest for a company preparing a Phase 3 program, and interest income is offsetting part of the spend. That premium was far larger in spring 2026, when the shares traded above $7. The next quarterly report, expected in November based on last year's calendar, should show whether spending is ramping as planned.
Headline figures (approximate, JULY 2026): IBRX shows revenue (fy2025) ~$113M net product revenue, revenue growth (q1 2026 yoy) ~168%, q1 2026 net product revenue ~$44M, cash and marketable securities (mar 31, 2026) ~$381M; RLMD shows revenue (ttm) $0 (no approved products), net loss (h1 2026) ~$32.0 million, net loss (fy 2025) ~$57.4 million, cash + short-term investments (jun 30, 2026) ~$217.7 million.
The bottom line: IBRX vs RLMD
IBRX and RLMD are related but distinct: same themes, different businesses and risks. Neither wins in the abstract; the right pick is whichever thesis you actually believe, sized so you are not over-concentrated in one theme. Walnut can show your combined IBRX and RLMD exposure against your real portfolio. It is not an investment adviser.
Wondering how IBRX or RLMD fits the portfolio you already own? Walnut is an AI investing app that connects your brokerage read-only and answers questions like that about your actual holdings: overlap, concentration, and how each position tracks the S&P 500. Compare the best AI portfolio analyzers or see the best AI investing apps in 2026.
Investing in ImmunityBio with AI
Connect the broker you already use and ask Walnut's AI how IBRX fits what you actually hold: whether you own it already through a fund, what it would do to your concentration, and how it has tracked the S&P 500. Read-only by default, and you approve anything before it reaches your broker.
FAQ
What is the difference between IBRX and RLMD?
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ImmunityBio (IBRX) is a clinical- and commercial-stage immunotherapy company built around Anktiva (nogapendekin alfa inbakicept), an IL-15 receptor agonist immunotherapy. Relmada Therapeutics, Inc. They show up together because they share investment themes, but they are different businesses, so the better fit depends on which thesis you are expressing.
Is IBRX or RLMD the better stock?
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Neither is universally better. IBRX is the larger incumbent; RLMD is the smaller challenger and looks pricier on forward earnings. Walnut is informational, not investment advice. Compare what each does, the tie-breaker metrics above, and the risks, then decide which fits your thesis and what you already own.
Which is cheaper, IBRX or RLMD?
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On forward P/E (as of October 2026), IBRX trades at -82.54x and RLMD at -8.27x, so IBRX is the cheaper of the two on next year's expected earnings. A lower multiple is not automatically the better buy: a richer valuation can be justified by faster growth, and a lower one can reflect real risk. Weigh the multiple against how fast each business is compounding.
Should you own both IBRX and RLMD?
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Because they share themes, owning both concentrates you in that theme. That can be intentional (a focused bet) or accidental (less diversification than it looks). Walnut can show your combined exposure across both, and whether adding either over-concentrates you, before you buy.
What are the risks of IBRX vs RLMD?
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IBRX: IBRX carries the full risk profile of an unprofitable commercial-stage biotech. It reported large net losses (a Q1 2026 net loss of roughly ~$633M versus about ~$130M a year earlier, inflated by non-cash items, with an adjusted net loss near ~$86M) and burns roughly ~$75M of operating cash per quarter, which repeatedly requires financing that can dilute existing shareholders. Its market value (about ~$8.7B) is very large relative to trailing revenue (~$113M), so any slowdown in adoption, a negative regulatory decision, competitive pressure, or a difficult capital raise could move the stock sharply. Single-drug concentration and dependence on continued Anktiva execution compound these risks. RLMD: The biggest risk is clinical: NDV-01's Phase 2 data come from 48 patients at a single site in Israel with no control arm, and response rates in small open-label studies often fall in larger multi-center trials. Timelines have already slipped, since the March 2026 10-K expected initial Phase 3 data by year-end 2026 while the August 2026 update targets only the IND filing by then, and manufacturing a novel sustained-release product is the step management itself flags as the gating item. The bladder cancer market is getting crowded, with approved or late-stage options from Johnson & Johnson, ImmunityBio, Ferring, CG Oncology and UroGen competing for the same urologists, so even an approved NDV-01 would need to win on convenience and durability. Relmada has no revenue, an accumulated deficit of ~$698 million at the end of 2025, and expects losses for the foreseeable future; any future raise would dilute holders, as the 2025 and 2026 financings already did, taking shares outstanding from about 33 million to about 107 million. Leadership turnover matters for a 17-person company, and the Chief Medical Officer for urology left in September 2026. Sepranolone's Tourette result missed statistical significance (p=0.051), and PWS has proven difficult for drug developers. Finally, RLMD is a small-cap stock that traded between ~$1.80 and $8.00 over the past year, so moves of 10% or more on little news are common.
Walnut is informational, not investment advice. This page is descriptive and not a recommendation to buy or sell IBRX or RLMD; figures are approximate and dated (as of October 2026). Verify current data before investing.