ImmunityBio, Inc. (IBRX) Stock Price & How to Invest
Last updated July 2026
Short answer
IBRX is ImmunityBio, a commercial-stage immunotherapy company whose FDA-approved bladder-cancer drug Anktiva is ramping revenue fast but off a small base, so the stock trades like a high-expectations story bet rather than a settled business. Investors typically access it as a single volatile biotech position (its own shares or via biotech and healthcare ETFs), sizing it small given the wide range of outcomes.
IBRX stock price
As of 2026-07-10, ImmunityBio, Inc. (IBRX) last closed at $8.22, up 192.5% over the past year. Over the past 52 weeks it has traded between $1.98 and $11.55.
Prices are daily closing prices from Yahoo Finance and may be delayed. For the live quote, check your broker or ImmunityBio, Inc.'s investor relations page. Walnut is informational, not investment advice.
What does ImmunityBio, Inc. (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.
The investment picture is a classic early-commercial biotech: revenue is growing very quickly but from a small base, the company is still deeply unprofitable, and it burns cash each quarter, which has historically been funded through equity and financing that dilutes existing holders. As of JULY 2026 the market value (roughly ~$8.7B) is large relative to trailing revenue (~$113M for full-year 2025), so the price embeds substantial expectations for future label expansions and adoption. That combination of approved-product traction plus a big valuation on small sales makes IBRX a high-variance name whose outcome hinges on execution, regulatory decisions, and access to capital.
What's driving ImmunityBio, Inc. (IBRX)?
1. Anktiva revenue ramp
Net product revenue grew roughly 700% in full-year 2025 to about ~$113M, and Q1 2026 revenue rose about 168% year over year to roughly ~$44M. Continued physician uptake in BCG-unresponsive NMIBC is the core near-term growth engine. The base is still small, so percentage growth can stay high while absolute dollars remain modest.
2. Label and indication expansion
ImmunityBio is pursuing expansion into BCG-naive NMIBC, with a pivotal trial reported as fully enrolled and an sBLA submission targeted for 2026, plus early data in lung cancer. Each additional approved use widens the addressable population. These expansions are also the main justification for the current valuation, so timing and outcomes matter a great deal.
3. Global commercial partnerships
The company has signed distribution and approval arrangements spanning roughly 33 to 34 countries across multiple regulatory jurisdictions. International approvals can add revenue without ImmunityBio bearing the full commercial cost. Execution across many geographies and partners adds complexity and uncertainty.
4. Broader immunotherapy pipeline
Beyond Anktiva monotherapy combinations, ImmunityBio is exploring NK-cell therapy and other immunotherapy combinations across solid tumors. A wider pipeline offers optionality if additional programs advance. Most of these remain early and unproven, so they are potential upside rather than current value.
What are the risks to ImmunityBio, Inc. (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.
How is ImmunityBio, Inc. (IBRX) valued? (approximate, JULY 2026)
A simple financial snapshot. These are approximations and refresh quarterly; for current figures see ImmunityBio, Inc.'s investor relations page or your broker.
- 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
- Quarterly operating cash burn: ~$75M
- Market capitalization: ~$8.7B
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.
Who competes with ImmunityBio, Inc. (IBRX)?
Bladder cancer (NMIBC) therapies
Anktiva competes directly with other NMIBC treatments including nadofaragene firadenovec (Adstiladrin, from Ferring), Johnson & Johnson's TAR-200 gemcitabine intravesical system, and checkpoint inhibitors such as pembrolizumab (Keytruda, from Merck), alongside standard BCG. These set the efficacy, safety, and convenience bar Anktiva is measured against.
Large-cap immuno-oncology
In the broader immunotherapy market, ImmunityBio operates alongside deep-pocketed players such as Merck, Bristol Myers Squibb, and other checkpoint-inhibitor and cell-therapy developers. These firms have far larger commercial infrastructure and R&D budgets, which shapes competitive dynamics as Anktiva expands into lung and other cancers.
Emerging biotech and NK/cell therapy peers
Smaller clinical-stage and commercial-stage immunotherapy companies pursuing IL-15, NK-cell, and combination approaches represent longer-term competition for the pipeline. Like IBRX, many are unprofitable and capital-dependent, so competition also plays out in trial data readouts and access to funding.
How to invest in ImmunityBio, Inc. (IBRX)
There are three common ways to get IBRX exposure. Buy shares (or fractional shares) directly at any major broker. Hold an ETF that includes it, which spreads the position across many companies. Or build it into a focused thematic basket, so IBRX sits alongside other stocks that express the same thesis.
Walnut takes the basket route. Describe a thesis where IBRX fits (for example “AI infrastructure” or “dividend-growth large-caps”) and the AI proposes 5 to 6 constituents with target weights. You review the plan and fund it through your own broker when you're ready.
The bottom line on ImmunityBio, Inc. (IBRX)
IBRX pairs real approved-drug revenue growth with a large market value, ongoing losses, and cash-burn-driven dilution risk, so it reads as a speculative pre-scale biotech rather than an established earner.
More on ImmunityBio, Inc. (IBRX)
Whether IBRX is worth buying today depends more on your time horizon and what you already hold than on any single call. We walk through valuation, what would have to go right, and the risks in is IBRX a buy?, and where the stock could go from here in the IBRX stock forecast.
For income investors, whether IBRX pays a dividend and how the payout looks is covered in does IBRX pay a dividend?
Build a basket around IBRX with Walnut
Use ImmunityBio, Inc. as one constituent in a thematic basket Walnut's AI helps you assemble. Describe a thesis you believe in, the AI proposes the holdings and weights, and you approve before any broker order.
FAQ
What does ImmunityBio (IBRX) do?
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ImmunityBio is a commercial-stage immunotherapy company. Its lead product, Anktiva, is an FDA-approved IL-15 receptor agonist immunotherapy used with BCG for BCG-unresponsive non-muscle invasive bladder cancer, and the company is pursuing additional cancer indications.
Is IBRX profitable?
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No. As of JULY 2026 ImmunityBio is unprofitable and reports large net losses while it invests in commercialization and trials. It burns roughly ~$75M of operating cash per quarter, which it has funded partly through financing that can dilute shareholders.
How fast is Anktiva revenue growing?
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Very fast off a small base. Full-year 2025 net product revenue rose about 700% to roughly ~$113M, and Q1 2026 revenue grew about 168% year over year to roughly ~$44M. High percentage growth reflects the early stage of the launch.
Why is IBRX's market cap so large versus its revenue?
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The market value (about ~$8.7B as of JULY 2026) is large relative to trailing revenue (~$113M), which implies a very high price-to-sales multiple. That reflects investor expectations for future label expansions and adoption rather than current earnings.
What are the main risks with IBRX?
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Key risks include ongoing losses, cash burn that may require dilutive financing, dependence on a single lead drug, regulatory outcomes for new indications, competition from larger drugmakers, and a valuation that prices in substantial future growth. The stock can be highly volatile.
How much cash does ImmunityBio have?
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As of March 31, 2026 the company reported roughly ~$381M in cash, cash equivalents, and marketable securities. Given quarterly operating burn near ~$75M, cash runway and future capital raises are important factors to monitor.
Who competes with Anktiva in bladder cancer?
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In non-muscle invasive bladder cancer, Anktiva competes with nadofaragene firadenovec (Adstiladrin), Johnson & Johnson's TAR-200, checkpoint inhibitors such as pembrolizumab (Keytruda), and standard BCG. Comparative efficacy and convenience shape adoption.
How can someone invest in IBRX?
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IBRX trades on the Nasdaq, so it can be bought as an individual stock through a brokerage account, or held indirectly via biotech and healthcare ETFs. Given its volatility and speculative profile, many investors size such a position small. Walnut is not an investment adviser and this is descriptive, not a recommendation.
Walnut is informational, not investment advice. Financial figures on this page are approximations; always verify current numbers with ImmunityBio, Inc.'s investor relations page or your broker before making investment decisions.