IBRX

ImmunityBio is an early-commercial immuno-oncology company whose financial profile is that of a speculative, capital-hungry biotech rather than an investable cash-generating business. Revenue grew sharply (+668.3% to $113M) as its lead product began to sell, but the company still lost $351M and burned $305M of operating cash in FY2025. The operating margin of -226% and net margin of -310% reflect a business spending far more than it earns, consistent with a multi-year history of large losses (net losses every year from -$347M in FY2021 onward).

The balance sheet is the central problem. Stockholders' equity is negative at -$500M and accumulated deficit stands at -$3.73B, with total liabilities of $1.00B exceeding total assets of $502M. Most critically, cash fell 38.4% to just $88.3M against a $305M annual operating cash burn — well under a year of runway at the current rate. The company has been funding itself by issuing shares (count up 20.5% to 1.03B), and continued dilution or new debt is all but certain. The negative-equity-driven 70.2% ROE and -2.00x liabilities/equity are meaningless distress artifacts, not signs of profitability.