Persistent cash burn is evident in the 2026Q1 free cash flow margin of -174.5%, which necessitates ongoing reliance on external capital to support $146.1M in net PPE investments.
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 |
|---|
| Cash from Operations | -294.39M | -304.94M | -391.24M | -366.76M | -337.51M | -274.42M | -171.72M | -152.11M | -63.38M | -48.78M | -38.59M | -25.3M | -5.35M | -668K |
| Operating CF Margin % | - | -269.17% | -2653.35% | -58964.15% | -140628.75% | -29381.05% | -28384.13% | -353741.86% | -134853.19% | -108400% | -87711.36% | -10722.46% | -835.26% | -111.33% |
| Operating CF Growth % | 80.38% | 22.06% | -6.67% | -8.67% | -22.99% | -59.8% | -12.9% | -139.99% | -29.93% | -26.4% | -52.51% | -372.64% | -701.5% | - |
| Net Income | -854.53M | 0 | -413.64M | -583.85M | -416.57M | -346.79M | -224.19M | -160.16M | -96.23M | -96.42M | -120.81M | -236.88M | -6.21M | -2.05M |
| Depreciation & Amortization | 8.26M | 0 | 17.55M | 18.51M | 34.54M | 14.3M | 12.74M | 14.04M | 9.55M | 5.57M | 3.61M | 1.47M | 128K | 4K |
| Stock-Based Compensation | 9.65M | 0 | 34.43M | 49.16M | 40.18M | 57.18M | 2.19M | 3.42M | 2.04M | 37M | 73.85M | 211.22M | 0 | 0 |
| Deferred Taxes | 0 | 0 | 0 | 0 | 0 | 0 | -2.94M | -8K | -498K | -497K | -575K | -302K | 0 | 0 |
| Other Non-Cash Items | 500.75M | -250.61M | -10.15M | 145.44M | 20.34M | 16.29M | 24.11M | 6.23M | 44.55M | 50.33M | 81.67M | 212.36M | -61.05M | -365K |
| Working Capital Changes | -20.46M | -54.33M | -19.42M | 3.98M | -16M | -15.39M | 16.36M | -15.64M | -554K | 3.23M | 3.84M | 282K | 60.99M | 856K |
| Change in Receivables | -16.35M | -40.21M | -2.36M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -1.46M | 75K | 95K | -173K |
| Change in Inventory | -11.07M | -6.33M | -8.27M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Change in Payables | -1.34M | -190K | -3.17M | -6.48M | 0 | 0 | 2.57M | 1.19M | -1.1M | 150K | 888K | 627K | -347K | 700K |
| Cash from Investing | -185.58M | -149.8M | -12.25M | -30.47M | 27.3M | -84.89M | -19.81M | 18.55M | 57.1M | 99.55M | -113.67M | -175.22M | -299K | -3K |
| Capital Expenditures | -4.14M | -4.25M | -6.89M | -30.58M | -78.16M | -33.56M | -1.67M | -4.29M | -13.1M | -34.81M | -6.56M | -2.24M | -299K | -3K |
| CapEx % of Revenue | 2.94% | 3.75% | 46.71% | 4917.04% | 32567.5% | 3593.47% | 275.87% | 9969.77% | 27876.6% | 77366.67% | 14909.09% | 949.58% | 46.65% | 0.5% |
| Acquisitions | 0 | 0 | -1M | 0 | 0 | 0 | 8K | 200K | 412K | -32K | -137K | -1.82M | 0 | 0 |
| Investments | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Investing | -181.36M | 0 | -747K | 0 | 105.46M | -51.32M | -8K | -2.5M | 35.03M | 32K | 137K | -1.82M | 0 | 0 |
| Cash from Financing | 625.15M | 400.24M | 281.63M | 558.34M | 233.61M | 505.44M | 150.68M | 114.28M | -771K | -34.98M | -15.56M | 317.33M | 64.41M | 905K |
| Debt Issued (Net) | 1.78M | 1.72M | 96.89M | 258.62M | 174.07M | 338.5M | 63.7M | 47.67M | -477K | -19.93M | -32K | -132K | -53K | -1K |
| Equity Issued (Net) | 458.62M | 400.78M | 111.36M | 110.1M | -616K | -4.06M | 86.3M | 27.5M | -171K | -14.01M | -14.42M | 319.88M | 64.46M | 906K |
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Share Repurchases | 0 | 0 | 0 | 0 | -616K | -4.06M | 0 | -2.5M | -228K | -15.23M | -15.85M | -4.8M | 0 | 0 |
| Other Financing | 164.75M | -2.27M | 73.38M | 189.62M | 60.16M | 171.01M | 673K | 39.11M | -123K | -1.04M | -1.11M | -2.42M | 0 | 0 |
| Net Change in Cash | 145.15M | -54.48M | -121.88M | 160.82M | -76.31M | 146.19M | -40.89M | -19.3M | -7.05M | 15.79M | -167.82M | 116.8M | 58.75M | 234K |
| Free Cash Flow | -298.9M | -308.78M | -398.12M | -397.34M | -415.67M | -307.98M | -173.39M | -156.4M | -76.48M | -83.59M | -45.15M | -27.55M | -5.65M | -671K |
| FCF Margin % | -212.02% | -272.56% | -2700.06% | -63881.19% | -173196.25% | -32974.52% | -28660% | -363711.63% | -162729.79% | -185766.67% | -102620.45% | -11672.03% | -881.9% | -111.83% |
| FCF Growth % | 20.7% | 22.44% | -0.2% | 4.41% | -34.97% | -77.62% | -10.87% | -104.48% | 8.51% | -85.14% | -63.92% | -387.28% | -742.47% | - |
| FCF per Share | -0.29 | -0.34 | -0.57 | -0.78 | -1.04 | -0.79 | -0.45 | -0.41 | -0.24 | -0.26 | -0.14 | -0.08 | -0.02 | -0.00 |
| FCF Conversion (FCF/Net Income) | 0.35x | 0.87x | 0.95x | 0.63x | 0.81x | 0.79x | 0.77x | 2.31x | 0.66x | 0.51x | 0.32x | 0.11x | 0.86x | 0.33x |
| Interest Paid | 18.86M | 0 | 92.32M | 77.19M | 35.44M | 2.11M | 40K | 19K | 0 | 0 | 0 | 0 | 0 | 0 |
| Taxes Paid | 0 | 0 | 15K | 8K | 0 | 0 | 8K | 3K | 0 | 0 | 0 | 0 | 0 | 0 |
High cash burn dilution
As reported in recent financial statements, IBRX exhibits a persistent divergence between net income and operating cash flow, with the company reporting a net loss of $632.8M in 2026Q1 while operating cash burn remained relatively contained at $75.4M, suggesting significant non-cash accounting impacts on reported results.
The wide gap between net losses and cash outflows suggests that traditional earnings metrics are poor proxies for the company's actual liquidity consumption. Investors should monitor whether this disconnect is driven by non-cash charges or if it reflects an accounting structure that obscures the true cost of commercializing Anktiva.
Based on quarterly data, IBRX continues to experience a severe free cash flow deficit, with the 2026Q1 FCF margin reaching -174.5%, indicating that the company remains in a deep cash-burning phase despite the recent commercial launch of its primary immunotherapy product in the US market.
The trajectory of FCF shows little evidence of meaningful improvement, as the company continues to prioritize aggressive market penetration over near-term cash preservation. This trend suggests that the current commercialization strategy is highly capital-intensive and may require sustained external funding to bridge the gap to profitability.
According to historical filings, IBRX has maintained a variable capital expenditure profile, with CapEx/Revenue ratios fluctuating significantly from 4.0% in 2026Q1 to as high as 69.2% in 2024Q2, reflecting the lumpy nature of building out internal biologic manufacturing infrastructure to support long-term supply chain independence.
While the company's focus on internal manufacturing may provide a long-term competitive moat, the current capital intensity appears to be a significant drag on cash reserves. Analysts should evaluate whether these investments will eventually yield operating leverage or if they represent a permanent, high-maintenance cost burden.
As indicated by recent quarterly reports, IBRX has experienced erratic working capital fluctuations, including a notable $14.4M outflow in 2025Q4, which suggests that the company is struggling to optimize its cash conversion cycle during the early stages of its commercial product rollout.
The inconsistency in working capital management may reflect the complexities of managing cold-chain logistics and inventory for a novel biologic. Investors should monitor these swings as they may indicate potential bottlenecks in the distribution network or challenges in collecting payments from fragmented urology clinic customers.
Based on the provided financial data, IBRX utilizes stock-based compensation and founder-led financing to manage its liquidity, with SBC reaching $12.8M in 2023Q4, which effectively masks the true economic cost of operations and dilutes existing shareholders to sustain the company's ongoing clinical and commercial activities.
The reliance on non-cash compensation and related-party capital infusions warrants further investigation into the company's true cost of capital. These mechanisms appear to provide a temporary buffer against cash depletion but do not address the underlying structural deficit in the company's core operating model.
Quick answers to the most common questions about buying IBRX stock.
ImmunityBio, Inc. (IBRX) generated $-304.9M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
ImmunityBio, Inc. (IBRX) reported negative free cash flow of $308.8M in 2025, indicating capital requirements exceeded cash from operations.
ImmunityBio, Inc. (IBRX) spent $4.3M on capital expenditures in 2025. CapEx represents the cash invested in physical assets like property, plant, and equipment to maintain or grow the business.