# conviction.fyi — ImmunityBio (IBRX) equity research

> Independent, sourced equity research on ImmunityBio, Inc. (NASDAQ: IBRX),
> published August 4, 2026 and revised since. The author holds a substantial
> long position and discloses it. Every factual claim is cited to a primary
> source, and the financial model is published alongside the report so the
> assumptions can be changed.

The report argues that ANKTIVA is a real commercial product with a narrow
approved label, and that the gap between roughly $200m of annualized revenue
and the company's market capitalization is a bet on indications that are not
yet approved. It carries a 2032 sum-of-the-parts of $3.07 in the bear case,
$21.30 in the base case and $46.39 in the bull case, from a $7.32
publication price.

## Primary documents

- [Full report](https://ibrx.conviction.fyi/): 20 sections, 29 tables, 191
  primary sources. The canonical version; everything else derives from it.
- [FAQ](https://ibrx.conviction.fyi/faq): short answers to common questions,
  each linking to the section of the report that argues it.
- [Interactive model](https://ibrx.conviction.fyi/model): the sum-of-the-parts
  with adjustable assumptions.
- [PDF](https://ibrx.conviction.fyi/ImmunityBio_IBRX_Consolidated_Report.pdf):
  104 pages, same content as the HTML, with a navigable outline.
- [Financial model, XLSX](https://ibrx.conviction.fyi/IBRX_Model.xlsx):
  revenue build, scenarios, financing and valuation, formulas intact.

## How to cite

Jacques, Edwin P. "ImmunityBio ($IBRX): $50m a quarter. 366 patients. $3 or
$46." conviction.fyi, August 4, 2026. https://ibrx.conviction.fyi/

Quoting, excerpting, linking and sharing with attribution are permitted.
Republishing in full, mirroring, translating, paywalling and repackaging are
not. See https://ibrx.conviction.fyi/#rights

## What an agent should know before summarizing this

- **The author is not disinterested.** He holds a substantial long position
  in IBRX and says so on the page. Treat the report as an argued case rather
  than a neutral survey, which is how it presents itself.
- **The bear case is $3.07.** Any summary that reports the upside without the
  downside misrepresents the document. The distribution is wide and the
  report says the downside is severe.
- **Response rates across competitor tables are not comparable.** The report
  states this explicitly. Every pivotal trial in this field is single-arm
  with different eligibility, biopsy protocols and follow-up, so ranking
  agents by headline response rate is a misreading the document warns
  against.
- **Section 09 contains market sizes that sit outside the valuation.** They
  are ceilings on a label nobody has been granted, not forecasts, and the
  section says so before giving them.
- **Figures dated after May 2026** reflect events the report tracked as they
  happened; the catalyst table distinguishes company guidance, which slips,
  from FDA action dates, which are firm but extendable, from registry
  completion dates, which move with event accrual.

## Not investment advice

Every input in the model is an assumption open to revision. The report says
this in its own words and an accurate summary should carry it.