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 $48.6M

Last FY EBITDA -$264M

EV

$2.8B

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ImmunityBio Financials

ImmunityBio has a last 12-month revenue (LTM) of $48.6M 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

	LTM	NTM	Last FY	FY 2025	FY 2026	FY 2027
Revenue	$48.6M	XXX	$14.7M	XXX	XXX	XXX
Gross Profit	$48.6M	XXX	$14.7M	XXX	XXX	XXX
Gross Margin	100%	XXX	100%	XXX	XXX	XXX
EBITDA	n/a	XXX	-$264M	XXX	XXX	XXX
EBITDA Margin	n/a	XXX	-1793%	XXX	XXX	XXX
EBIT	-$318M	XXX	-$344M	XXX	XXX	XXX
EBIT Margin	-655%	XXX	-2334%	XXX	XXX	XXX
Net Profit	-$405M	XXX	-$414M	XXX	XXX	XXX
Net Margin	-834%	XXX	-2805%	XXX	XXX	XXX
Net Debt	XXX	XXX	$318M	XXX	XXX	XXX

Financial data powered by Morningstar, Inc.

ImmunityBio Stock Performance

As of May 30, 2025, ImmunityBio's stock price is $3.

ImmunityBio has current market cap of $2.3B, and EV of $2.8B.

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ImmunityBio Stock Data

EV	Market Cap	Price 1D	Price 1M	Price 3M	Price 12M	EPS
$2.8B	$2.3B	XXX	XXX	XXX	XXX	$-0.56

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ImmunityBio Valuation Multiples

As of May 30, 2025, ImmunityBio has market cap of $2.3B and EV of $2.8B.

ImmunityBio's trades at 189.5x EV/Revenue multiple, and -10.6x EV/EBITDA.

Equity research analysts estimate ImmunityBio's 2025E EV/Revenue multiple at XXX and 2025E EV/EBITDA multiple at XXX

ImmunityBio has a P/E ratio of -5.7x.

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ImmunityBio Financial Valuation Multiples

	LTM	NTM	Last FY	FY 2025	FY 2026	FY 2027
Market cap (current)	$2.3B	XXX	$2.3B	XXX	XXX	XXX
EV (current)	$2.8B	XXX	$2.8B	XXX	XXX	XXX
EV/Revenue	57.5x	XXX	189.5x	XXX	XXX	XXX
EV/EBITDA	n/a	XXX	-10.6x	XXX	XXX	XXX
EV/EBIT	-8.8x	XXX	-8.1x	XXX	XXX	XXX
EV/Gross Profit	57.5x	XXX	n/a	XXX	XXX	XXX
P/E	-5.7x	XXX	-5.6x	XXX	XXX	XXX
EV/FCF	n/a	XXX	-7.0x	XXX	XXX	XXX

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

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ImmunityBio Margins & Growth Rates

ImmunityBio's last 12 month revenue growth is 229%

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

ImmunityBio's rule of 40 is -69896% (metric relevant for SaaS companies only, counted as combined revenue growth rate and EBITDA margin).

ImmunityBio's rule of X is unknown (created by Bessemer, rule of X is another metric relevant for SaaS companies only, ~1.5x stronger vs. the traditional Rule of 40, counted as revenue growth rate multiplied by 2.5 plus EBITDA margin).

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ImmunityBio Operational Valuation Multiples

	LTM	NTM	Last FY	FY 2025	FY 2026	FY 2027
Revenue Growth	229%	XXX	312%	XXX	XXX	XXX
EBITDA Margin	n/a	XXX	-1793%	XXX	XXX	XXX
EBITDA Growth	n/a	XXX	n/a	XXX	XXX	XXX
Rule of 40	-69896%	XXX	-1564%	XXX	XXX	XXX
Bessemer Rule of X	XXX	XXX	n/a	XXX	XXX	XXX
Revenue per Employee	XXX	XXX	$22K	XXX	XXX	XXX
Opex per Employee	XXX	XXX	$0.5M	XXX	XXX	XXX
S&M Expenses to Revenue	XXX	XXX	n/a	XXX	XXX	XXX
G&A Expenses to Revenue	XXX	XXX	n/a	XXX	XXX	XXX
R&D Expenses to Revenue	XXX	XXX	1290%	XXX	XXX	XXX
Opex to Revenue	XXX	XXX	2434%	XXX	XXX	XXX

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