| Valuation method | Value, $ | Upside, % |
|---|---|---|
| Artificial intelligence (AI) | 328.60 | 5145 |
| Intrinsic value (DCF) | 515.84 | 8134 |
| Graham-Dodd Method | n/a | |
| Graham Formula | n/a |
ImmunityBio, Inc. (NASDAQ: IBRX) is a clinical-stage biotechnology company pioneering next-generation immunotherapies and vaccines targeting cancers and infectious diseases. Headquartered in San Diego, California, the company leverages a diversified platform encompassing antibody cytokine fusion proteins, synthetic immunomodulators, natural killer (NK) cells, and T-cell therapies. Its pipeline includes Phase II/III candidates for bladder, pancreatic, and lung cancers, as well as infectious diseases like COVID-19 and HIV. ImmunityBio collaborates with leading institutions such as the National Cancer Institute and has strategic licensing agreements with CytRx Corporation and Sorrento Therapeutics. Operating in the high-growth $1.3T global biotech market, the company focuses on addressing unmet medical needs through innovative immune system modulation. With a market cap of ~$2.2B, ImmunityBio represents a compelling opportunity in oncology and infectious disease therapeutics, though its clinical-stage status warrants investor caution regarding trial outcomes and cash burn.
ImmunityBio presents high-risk, high-reward potential for growth-oriented investors. The company's diversified immunotherapy platform and late-stage cancer candidates (particularly for bladder cancer) offer significant upside if clinical trials succeed. However, with $413.6M in net losses (FY2023) and negative operating cash flow (-$391.2M), liquidity remains a concern despite $143.4M in cash. The stock's negative beta (-0.104) suggests low correlation to broader markets, potentially offering portfolio diversification. Key catalysts include Phase III data readouts and partnership developments, but dilution risk persists given the need for additional funding. Investors should weigh the substantial addressable markets in oncology (~$200B by 2025) against the binary nature of clinical-stage biotech investments.
ImmunityBio competes in the crowded immuno-oncology space by differentiating through its multi-platform approach combining innate (NK cell) and adaptive (T cell) immunity. Its lead candidate, Anktiva (N-803), is positioned as a potential best-in-class IL-15 superagonist with ongoing Phase III trials for BCG-unresponsive bladder cancer—a market dominated by Merck's Keytruda. The company's heterologous vaccine platform (hAd5) could provide an edge in infectious diseases, though it trails mRNA leaders like Moderna in commercialization capability. Unlike pure-play CAR-T or checkpoint inhibitor firms, ImmunityBio's vertical integration—from target discovery to cell therapy manufacturing—may reduce reliance on external partners. However, its small size relative to giants like Bristol-Myers Squibb limits commercial infrastructure, necessitating potential partnerships for late-stage commercialization. The company's collaboration network (including NCI) provides credibility but hasn't yet translated into revenue diversification (2023 revenue: $14.7M). Competitively, its strength lies in platform versatility, but cash constraints could hinder head-to-head competition with deep-pocketed peers in combination therapy trials.