ImmunityBio - Public Comps and Valuation Multiples

ImmunityBio Overview

About ImmunityBio

ImmunityBio Inc is an integrated clinical-stage biotechnology company discovering, developing, and commercializing next-generation immuno- and cellular therapies that bolster the natural immune system to drive and sustain an immune response. Its platforms for the development of biologic product candidates include (i) antibody-cytokine fusion proteins, (ii) DNA, RNA, and recombinant protein vaccines, and (iii) cell therapies. Its focus includes bladder, lung, and colorectal cancers and GBM and its product candidate Anktiva is an IL-15 superagonist antibody-cytokine fusion protein. It has two geographical segments: the United States and Europe. Key revenue is generated from the United States.

Founded

2014

HQ

Employees

680

Website

immunitybio.com

Sectors

Drug Development & Therapeutics
Vaccines & Immunotherapies
BioTech

Financials

LTM Revenue $40.8M

LTM EBITDA n/a

EV

$2.9B

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ImmunityBio Financials

ImmunityBio has a last 12-month revenue of $40.8M and a last 12-month EBITDA of n/a.

In the most recent fiscal year, ImmunityBio achieved revenue of $14.7M and an EBITDA of -$264M.

ImmunityBio expects next 12-month revenue of XXX and NTM EBITDA of XXX

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ImmunityBio P&L

	FY 2023	FY 2024	FY 2025	LTM	NTM
Revenue	$0.6M	$14.7M	XXX	XXX	XXX
Gross Profit	n/a	n/a	XXX	XXX	XXX
Gross Margin	NaN%	NaN%	XXX	XXX	XXX
EBITDA	-$436M	-$264M	XXX	XXX	XXX
EBITDA Margin	-70126%	-1793%	XXX	XXX	XXX
Net Profit	-$417M	-$583M	XXX	XXX	XXX
Net Margin	-66972%	-3955%	XXX	XXX	XXX
Net Debt	$569M	$416M	XXX	XXX	XXX

Financial data powered by Morningstar, Inc.

ImmunityBio Stock Performance

As of April 15, 2025, ImmunityBio's stock price is $3.

ImmunityBio has current market cap of $2.6B, and EV of $2.9B.

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ImmunityBio Stock Data

EV	Market Cap	Price 1D	Price 1M	Price 3M	Price 12M	EPS
$2.9B	$2.6B	XXX	XXX	XXX	XXX	$-0.62

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ImmunityBio Valuation Multiples

As of April 15, 2025, ImmunityBio has market cap of $2.6B and EV of $2.9B.

ImmunityBio's trades at 71.2x LTM EV/Revenue multiple, and n/a LTM EBITDA.

Analysts estimate ImmunityBio's 2025E EV/Revenue multiple at XXX and 2025E EV/EBITDA multiple at XXX

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ImmunityBio Financial Valuation Multiples

	FY 2024	FY 2025E	FY 2026E	FY 2027E
EV	$2.9B	XXX	XXX	XXX
EV/Revenue	197.0x	XXX	XXX	XXX
EV/EBITDA	-11.0x	XXX	XXX	XXX
P/E	-6.2x	XXX	XXX	XXX
P/E/Growth	n/a	XXX	XXX	XXX
EV/FCF	-7.3x	XXX	XXX	XXX

Valuation data powered by FactSet, Inc. and Morningstar, Inc.

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ImmunityBio Valuation Multiples

ImmunityBio's NTM/LTM revenue growth is 294%

ImmunityBio's revenue per employee for the last fiscal year averaged $22K, while opex per employee averaged $0.5M for the same period.

Over next 12 months, ImmunityBio's ratio of sales and marketing spend to revenue is estimated to be XXX , while its R&D spend to revenue to be XXX .

Analysts estimate ImmunityBio's 2025E EV/Revenue multiple at XXX and 2025E EV/EBITDA multiple at XXX

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ImmunityBio Operational Valuation Multiples

	FY 2024	NTM	FY 2025E	FY 2026E	FY 2027E
Revenue Growth	2271%	XXX	XXX	XXX	XXX
EBITDA Margin	-1793%	XXX	XXX	XXX	XXX
EBITDA Growth	-39%	XXX	XXX	XXX	XXX
Rule of 40 (SaaS-only)	-1499%	XXX	XXX	XXX	XXX
Revenue per Employee	$22K	XXX	XXX	XXX	XXX
Opex per Employee	$0.5M	XXX	XXX	XXX	XXX
S&M Expenses to Revenue	n/a	XXX	XXX	XXX	XXX
G&A Expenses to Revenue	n/a	XXX	XXX	XXX	XXX
R&D Expenses to Revenue	1290%	XXX	XXX	XXX	XXX
Opex to Revenue	2434%	XXX	XXX	XXX	XXX

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