Forensic Analysis · Healthcare / Pharmaceuticals / Biotech · as of Aug 11, 2026
Immunitybio, Inc. (IBRX)
A forensic read on Immunitybio, Inc. built from its complete SEC filings — financial-health screens, earnings quality, red flags and a price-aware rating. Reproducible math, not opinion.
C · Mixed — selective
Forensic grade
Distress
Financial health
-16.0
Distress distance
Watch
Earnings quality
4
Forensic signals
-7.7
P / E (ttm)
$7.9B
Market cap
0.00%
Dividend yield
668.3%
Revenue growth
This free snapshot doesn't read filing or proxy text, so the auditor-quality and governance checks that can lower a grade were not evaluated (red flags, auditor quality, say on pay, board independence). Those checks only ever lower a grade, so the full analysis can land below the grade above but never above it — treat it as the most favourable reading, not the settled one.
Immunitybio, Inc. earns a C (Mixed — selective) forensic quality grade, and its balance-sheet distress test reads -16.0, placing it in the Distress zone. 4 forensic signals were flagged in its latest SEC filings, led by receivables vs revenue.
What the filings flag
137d DSO
FY2024→FY2025
Receivables vs revenue.Days sales outstanding moved from 58 to 137 days FY2024→FY2025 (receivables +1704% vs revenue +668%). Receivables are outrunning sales — a flag for aggressive revenue recognition or slipping collections. There's no FY2023 figure on file for receivables, so FY2024 has no opening balance to average against — both figures are measured on period-end balances rather than the beginning-plus-ending average, since averaging only the current year would make the move track balance-sheet growth rather than the business.
+32.0%/yr
FY2022–FY2025
Share-count dilution.Diluted share count changed +130% over the last 3 years to FY2025 (+32.0%/yr). The count is growing: more stock was issued than repurchased over this window, so aggregate results grew faster than their per-share equivalents. That's ~32.0% shaved off per-share growth every year — total profit has to grow that much just to keep earnings-per-share flat, and a stake held since FY2022 has been diluted ~57%.
stopped
FY2019→FY2021
Shareholder returns — halted.Capital returns have STOPPED — $3M of buybacks + dividends in FY2019, but ~$0 in FY2021. A halt usually means the company is conserving cash.
32% of rev
FY2025
Stock-based comp load.Stock-based compensation ran 32% of revenue in FY2025 — about $0.04 per diluted share. The cost of it is not in the cash flow — no cash left the business — it is in the count, and there it has run at about 32.1% a year and is falling.
Key fundamentals
Latest Revenue$113.3M
Revenue Growth YoY+668.3%
Revenue CAGR (3yr)+678.3%
Net Margin-310.2%
Free Cash Flow-$308.8M
The forensic grade and screens above are free — no account needed. Want the AI investment read on top — the 0–100 rating, thesis, bull-vs-bear, red flags and the 12-month scenario, written from Immunitybio, Inc.'s actual 10-K/10-Q/8-K filings?