ImmunityBio, Inc. (NASDAQ: IBRX)

Sector: Healthcare Industry: Biotechnology CIK: 0001326110
P/B -4.02
P/E -6.05
P/S 25.55
Market Cap 2.11 Bn
ROIC (Qtr) -86.05
Div Yield % 0.00
Rev 1y % (Qtr) 425.07
Total Debt (Qtr) 858.40 Mn
Debt/Equity (Qtr) -1.64

About

ImmunityBio, Inc., a clinical-stage biotechnology company, is dedicated to the discovery, development, and commercialization of next-generation immuno- and cellular therapies that strengthen the natural immune system to drive and sustain an immune response (ImmunityBio, Inc.). The company's proprietary platforms amplify both the innate and adaptive branches of the immune system, advancing novel therapies and vaccines aimed at defeating urologic and other cancers, as well as infectious diseases. ImmunityBio's main business activities revolve around...

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Analysis

Pros

  • Healthy cash reserves of 60.24M provide 8.23x coverage of short-term debt 7.32M, demonstrating strong liquidity position and minimal refinancing risk.
  • Operating cash flow of (319.70M) provides exceptional 4151.97x coverage of minority interest expenses (77000), showing strong core operations.
  • Short-term investments of 197.57M provide solid 4.53x coverage of other current liabilities 43.60M, indicating strong liquidity.
  • Tangible assets of 504.51M provide robust 11.57x coverage of other current liabilities 43.60M, indicating strong asset backing.
  • Retained earnings of (3.66B) represent substantial 6.99x of equity (524.32M), indicating strong internal capital generation.

Cons

  • Investment activities of (183.54M) provide weak support for R&D spending of 189.92M, which is -0.97x, suggesting potentially insufficient investment in innovation relative to other capital deployment.
  • Short-term investments of 197.57M significantly exceed cash reserves of 60.24M, which is 3.28x, indicating potentially excessive yield-seeking behavior at the expense of liquidity.
  • The company's operating cash flow of (319.70M) shows concerning coverage of stock compensation expenses of 37.10M, with a -8.62 ratio indicating potential earnings quality issues.
  • High receivables of 32.03M relative to inventory of 6.70M (4.78 ratio) suggests aggressive credit terms or collection difficulties, potentially masking revenue quality issues.
  • Free cash flow of (324.79M) provides weak coverage of capital expenditures of 5.09M, with a -63.83 ratio suggesting additional external financing needs for growth initiatives.

Peer Comparison

Companies in the Biotechnology
S.No. Ticker Company Market Cap P/E P/S Total Debt (Qtr)
1 SMMT Summit Therapeutics Inc. 1,349.40 Bn -1,464.17 0.00 0.01 Bn
2 ONC BeOne Medicines Ltd. 437.43 Bn 6,381.20 87.97 1.90 Bn
3 VRTX Vertex Pharmaceuticals Inc / Ma 116.09 Bn 31.59 9.90 1.83 Bn
4 REGN Regeneron Pharmaceuticals, Inc. 78.10 Bn 17.06 5.48 2.71 Bn
5 ALNY Alnylam Pharmaceuticals, Inc. 55.87 Bn 1,282.42 17.40 3.21 Bn
6 ARGX Argenx Se 52.85 Bn 35.08 27,559.65 -
7 BNTC Benitec Biopharma Inc. 41.75 Bn -998.33 0.00 0.00 Bn
8 INSM INSMED Inc 37.80 Bn -31.93 84.56 0.74 Bn

Industry Comparisons

Current Valuation

Metric Value Industry Percentile
EV to Assets 5.42 12.31
EV to Cash from Ops. -8.80 23.25
EV to Debt 3.28 738.44
EV to EBIT -12.47 -9.16
EV to EBITDA -11.79 6.95
EV to Free Cash Flow [EV/FCF] -8.66 21.90
EV to Market Cap 1.33 65.67
EV to Revenue 34.09 227.32
Price to Book Value [P/B] -4.02 22.34
Price to Earnings [P/E] -6.05 -11.77

Dividend Metrics

Metric Value Industry Percentile
Dividend Coverage Ratio 0.00 -11.94
Dividend Payout Ratio % 0.00 0.16
Dividend per Basic Share 0.00 0.01
FCF Dividend Payout Ratio % 0.00 -0.14
Interest Coverage -1.84 841.00

Growth Metrics

Metric Value Industry Percentile
Capex Growth (1y) % 60.04 -27.13
Cash and Equivalents Growth (1y) % -46.20 734.65
Dividend Growth (1y) % 0.00 0.01
EBIAT Growth (1y) % 48.58 -46.93
EBITDA Growth (1y) % 29.13 -1.68
EBIT Growth (1y) % 48.58 -56.45
EBT Growth (1y) % 40.69 -12.70
EPS Growth (1y) % 56.67 -28.31
FCF Growth (1y) % 25.18 -31.90
Gross Profit Growth (1y) % 1,020.89 226.84

Liquidity Ratios

Metric Value Industry Percentile
Asset Utilization Ratio 0.16 0.14
Cash Payout Ratio 0.00 0.00
Cash Ratio 1.05 3.85
Current Ratio 5.77 7.27
Debt to Equity Ratio -1.64 0.40
Interest Cover Ratio -1.84 841.00
Times Interest Earned -1.84 841.00

Profitability

Metric Value Industry Percentile
EBITDA Margin % -246.60 -18,234.31
EBIT Margin % -273.40 -18,580.80
EBT Margin % -422.28 -19,488.74
Gross Margin % 99.60 -7.59
Net Profit Margin % -422.30 -19,439.22