Companies · Biotechnology

ImmunityBio, Inc.

SAN DIEGO · Biotechnology · https://immunitybio.com/

Diligence memoA one-page analyst read on ImmunityBio, Inc. — recommendation, valuation, rhythm, risks.
$640.1M
Total raised · real
8
Rounds
44.1×
Latest step-up
Top 1%
Sector rank · raised
Growth/Late
Latest stage · inferred · Mon Sep 11 2023 00:00:00 GMT+0000 (Coordinated Universal Time)

ImmunityBio, Inc. has raised $640M over 8 rounds; too few niche peers to rank its valuation yet.

Synthesized from the figures below est. — every claim rests on a number shown on this page. Valuation uses the biotech sector profile.

Analyst read est. — computed against this company's niche peers in the same era. Inputs shown; not a quoted figure.

At-risk
  • Last raise 2.8 yr ago; this sector typically re-raises about every 14 months.
  • Past due for a raise versus sector cadence — watch for distress or a bridge.
Leadership

No named principal in this company's public records yet — see all operators below.

Explore how these operators interlock with other companies in the operator network.

Where it sits in Biotechnology

ImmunityBio, Inc. is one of 4291 Biotechnology companies tracked from SAN DIEGO. By capital raised it ranks among the largest (ahead of 100% of sector peers), and among the largest by modeled valuation est..

Ranking is computed against this company's own sector cohort — reported capital is fact; valuation tiers are modeled.

AI analyst read est. — model-extracted from this company's public description, not a verified fact. 30%

operates a technology-led product inferred from public copy

Grounded in: “You are a venture analyst

We're dedicated to defeating cancer with therapies that target disease, not immune systems. Find our investigational immunotherapy and cell therapy products.

We're dedicated to defeating cancer with therapies that target disease, not immune systems. Find our investigational immunotherapy and cell therapy products. Reaffirming our Commitment to Advertising Compliance Read our Corrective Communication here. Materials presented during the March 3, 2026 call Learn More At ImmunityBio, we envision a day when we no longer fear cancer, but are able to conquer it, thanks to the biological wonder that is the human immune system. Our scientists are working to develop remarkable new therapies that harness that inherent power by amplifying both the innate and adaptive branches of the immune system, to facilitate the attack and elimination of cancerous or infected cells today while building immunological memory for tomorrow. The goal: to reprogram the patient’s immune system and treat the host rather than just the disease. ImmunityBio is developing immunotherapies that activate both innate and adaptive immune responses to treat cancer and infectious diseases. Our approach stimulates NK cells, T cells, macrophages, and dendritic cells to create a durable immune response, aiming to outperform treatments like CAR-T or checkpoint inhibitors. We are appl

biotechhealthtech
Find ImmunityBio, Inc. online

As reported in public records reported — not modeled.

US
Jurisdiction
Rule 506(b)
Reg D exemption
3
Investors (latest)
2023-09-11
First sale
Amount raised vs valuation, by round

Solid bars are reported offering amounts reported; hatched bars are the modeled post-money valuation est. — both on one shared scale so you can read raise-vs-worth at each round directly. Use the toggles to overlay data labels and the niche-peer / market average value lines.

Amount raised · realModeled valuation · estCumulative funded · real
$0$2.5B$5.0B$7.5B$10.0BPre-Seed · 2009-09-30 Raised $426K (real) Modeled valuation $24M (est)Pre-Seed2009Series A · 2014-04-02 Raised $6.5M (real) Modeled valuation $235M (est)Series A2014Series A · 2014-12-16 Raised $10M (real) Modeled valuation $362M (est)Series A2014Series C · 2014-12-23 Raised $47M (real) Modeled valuation $1.9B (est)Series C2014Series C · 2015-06-10 Raised $71M (real) Modeled valuation $2.9B (est)Series C2015Series C · 2015-06-10 Raised $78M (real) Modeled valuation $3.2B (est)Series C2015Series C · 2015-07-31 Raised $17M (real) Modeled valuation $696M (est)Series C2015Series C · 2022-07-09 Raised $11M (real) Modeled valuation $202M (est)Series C2022Growth/Late · 2023-09-11 Raised $470M (real) Modeled valuation $7.8B (est)Growth/Late2023+$6.5M+$10M+$47M+$71M+$78M+$17M+$11M+$470MCumulative $711M

The line shows cumulative reported funding over the period; + labels show new capital added between points when there is room. Toggle on-bar figures, plus the niche-peer and market averages, to read this company against its cohort. Benchmarks are modeled medians.

Financing ladder & sequence gaps
Pre-Seed$426K · 2009
Series A$6.5M · 2014no Seed on file
Series A extension$10.0M · 2014
Series C$47.5M · 2014no Series B on file
Series C extension$71.0M · 2015
Series C extension$78.0M · 2015
Series C extension$17.0M · 2015
Series C extension$10.7M · 2022
Growth/Late$470.0M · 2023no Series D+ on file

Stages are modeled from round size (public records carry no series label). No record for: Seed, Series B, Series D+ — the company may have raised it under a different exemption, merged it into an adjacent record, or skipped it. Sequence completeness: 57%.

Modeled valuation trajectory
$7.8B
Base estimate est.
$2.9B
Conservative case
$10.6B
Upside case
$4.7B
Modeled post-money

Round size and date are reported; the stage label is inferred from round size (latest is Growth/Latea round over $400M). Valuation is modeled from stage benchmarks scaled by the biotech sector profile. Directional, not a quoted figure.

Pre-Seed · modeled $23.5M · 2009-09-302009Series A · modeled $235.2M · 2014-04-02Series A · modeled $361.5M · 2014-12-16Series C · modeled $1.9B · 2014-12-23Series C · modeled $2.9B · 2015-06-10Series C · modeled $3.2B · 2015-06-10Series C · modeled $696.3M · 2015-07-31Series C · modeled $201.9M · 2022-07-09Growth/Late · modeled $7.8B · 2023-09-112023
Model inputs · modeled:benchmark-stage-stepup-v1
10%
Dilution assumption
Implied ownership sold in the financing.
72%
Survival probability
62% low · 78% high
1.34×/yr
Annual markup
1.46×/yr upside case
2.8 yr
Elapsed time used
2.8 yr actual, capped for stale marks
biotech
Sector profile
Adjusts growth and survival by industry.
Financing rhythm
21 mo
Avg between rounds
$45.9M/yr
Capital velocity
16.8 yr
On record since
2009
First round
9
Rounds on file
How it compares to the market

Benchmarked against 4291 companies in Biotechnology. Each bar is a median (the middle company, not an average — outliers don't skew it). Two yardsticks: real money raised (reported on Form D) and modeled value (our estimate est.). These are whole-sector medians across all stages, except the per-stage row.

Total raised — vs sector median (real $, all stages) 89× above median
This company$640.1M
Sector median$7.2M
Latest round — vs other Growth/Late rounds in sector (real $, this stage) 1.2× above median
This company$470.0M
Sector median$403.1M
Modeled value — vs sector median (estimate, all stages) 121× above median
This company$7.8B
Sector median$64.2M

Raised more than 100% of sector peers (real $). Modeled value above 100% of peers (estimate).

Niche peers — same stage & era

A tighter cohort than the sector chart above — only companies at the same stage (Growth/Late) that last raised in the same ~3-year era, ranked by modeled value est. (not money raised). This is the exact set the analyst read compares against, so a like-for-like cohort is what makes "over/under-valued" meaningful.

This companyCohort peer
$1.0B$10.0B$100.0M$1.0BCapital raised (log)Denali Therapeutics Inc. · Growth/Late Raised $499.7M · modeled $7.2B (est)Avidity Biosciences, Inc. · Growth/Late Raised $527.8M · modeled $5.7B (est)Inhibrx, Inc. · Growth/Late Raised $668.6M · modeled $3.3B (est)ImmunityBio, Inc. (this company) Raised $640.1M · modeled $7.8B (est)ImmunityBio, Inc.
CompanyStageRaised · realValue · estvs peer med.
ImmunityBio, Inc. this companyGrowth/Late$640.1M$7.8B1.20×
Denali Therapeutics Inc.Growth/Late$499.7M$7.2B1.11×
Avidity Biosciences, Inc.Growth/Late$527.8M$5.7B0.89×
Inhibrx, Inc.Growth/Late$668.6M$3.3B0.52×
Full financing history

Stage is inferred from round size est., not reported on the filing — a round's dollar size maps to a bucket: Pre-Seed <$1.0M · Seed $1.0M–$4.0M · Series A $4.0M–$15M · Series B $15M–$40M · Series C $40M–$100M · Series D+ $100M–$400M · Growth/Late >$400M.

StageAmount · realAnnouncedPost-money · estValue · estConf.
Pre-Seed$426K2009-09-30$2.4M$23.5M85%
Series A$6.5M2014-04-02$29.6M$235.2M85%
Series A$10.0M2014-12-16$45.5M$361.5M85%
Series C$47.5M2014-12-23$316.6M$1.9B85%
Series C$71.0M2015-06-10$473.4M$2.9B85%
Series C$78.0M2015-06-10$520.0M$3.2B85%
Series C$17.0M2015-07-31$113.3M$696.3M85%
Series C$10.7M2022-07-09$71.0M$201.9M90%
Growth/Late$470.0M2023-09-11$4.7B$7.8B90%
What happened at each round

Step-up, pace versus the sector's normal cadence, and revenue/exemption moves — read straight from the reported round facts reported.

  1. Pre-Seed$426K2009-09-30
    • First recorded raise — entered as Pre-Seed.
    • 14 investors on this round.
  2. Series A$6.5M2014-04-02
    • Raised again after 54 mo — slower than the ~14 mo sector norm.
    • Round 15.3× larger than the prior — scaling up.
    • Revenue band moved No revenue → $0–$1M.
    • Switched to Rule 506(b) (was Rule 06).
    • 48 investors on this round.
  3. Series A$10.0M2014-12-16
    • Raised 8 mo later, in step with the ~14 mo sector norm.
    • Round 1.5× larger than the prior — scaling up.
    • Revenue band moved $0–$1M → $5M–$25M.
    • 1 investor on this round.
  4. Series C$47.5M2014-12-23
    • Filed alongside the prior round (same month) — likely a tranche or amendment.
    • Round 4.7× larger than the prior — scaling up.
    • Revenue band moved $5M–$25M → $0–$1M.
    • 1 investor on this round.
  5. Series C$71.0M2015-06-10
    • Came back fast: 6 mo vs the ~14 mo sector norm.
    • Round 1.5× larger than the prior — scaling up.
    • 9 investors on this round.
  6. Series C$78.0M2015-06-10
    • Filed alongside the prior round (same month) — likely a tranche or amendment.
    • Round roughly the size of the prior one.
    • 11 investors on this round.
  7. Series C$17.0M2015-07-31
    • Came back fast: 2 mo vs the ~14 mo sector norm.
    • Round 4.6× smaller than the prior — bridge or down round.
    • 1 investor on this round.
  8. Series C$10.7M2022-07-09
    • Raised again after 83 mo — slower than the ~14 mo sector norm.
    • Round 1.6× smaller than the prior — bridge or down round.
    • 6 investors on this round.
  9. Growth/Late$470.0M2023-09-11
    • Raised 14 mo later, in step with the ~14 mo sector norm.
    • Round 44.1× larger than the prior — scaling up.
    • 3 investors on this round.
Intelligence
2025 ~Q2
Modeled next raise · ~21mo cadence
$1.4B
Modeled next size est.range $916.5M$2.3B
44.1×
Last step-up
$45.9M/yr
Capital velocity

Predictive signals are modeled est. from this company's own cadence and step-up, plus sector benchmarks — directional, not advice. Peer set and a CSV export live in your analyst workspace.

Key people & operators

Officers, directors and promoters named in this company's public recordsreported — the people who run it (not its investors). "Also runs" counts come from name-matching across all records, so verify before acting.

PersonRoleAlso runsTied since
Patrick Soon-Shiong15 other2022-07
John Brennan8 other2022-07
Wesley Clark6 other2022-07
David Sachs4 other2022-07
John C. Thomas, Jr.4 other2015-06
Barry Simon2 other2014-04
Cheryl Cohen2 other2022-07
Steve J. Gorlin2 other2015-06
Linda Maxwell1 other2022-07
Michael Blaszyk1 other2022-07
Patrick Soon-Shiong, M.D.1 other2015-06
Robert G Rosen1 other2014-12
Barry J Simon2009-09
Barry J. Simon, M.D.2015-06
Christobel Selecky2022-07
Hans C. Klingemann, M.D., Ph.D.2015-06
Hans G. Klingemann2014-12
Hans J Klingermann2009-09
Hans Klingemann2014-04
Henry G. Ji2014-12
Henry J. Ji, Ph.D.2015-06
John G. Potts2014-12
John G. Thomas2014-12
John T. Potts, Jr., M.D.2015-06
Registry & provenance

ImmunityBio, Inc. is an official record sourced from the U.S. Securities and Exchange Commission (SEC). U.S. data is aggregated from SEC Form D filings.

United States
Country of record
US
Jurisdiction
1326110
SEC CIK
Similar companies

Nearest neighbours across the whole database — matched on sector, stage and capital scale, and on shared operators (officers or directors named at both companies in public filings). A discovery shortlist, not a valuation cohort — verify before acting, the same way modeled figures are directional.

CompanySectorStageRaised · realValue · estWhy similar
Viracta Therapeutics, INC.BiotechnologySeries C$164.6M$2.1Bnetwork2 shared operators · same sector
Inhibrx, Inc.BiotechnologyGrowth/Late$668.6M$3.3Bsame sector · same stage
NantHealth, Inc.Other TechnologySeries D+$745.1M$3.8Bnetwork2 shared operators
Avidity Biosciences, Inc.BiotechnologyGrowth/Late$527.8M$5.7Bsame sector · same stage
Denali Therapeutics Inc.BiotechnologyGrowth/Late$499.7M$7.2Bsame sector · same stage
NantOmics, LLCBiotechnologySeries D+$260.9M$37.4Mnetwork1 shared operator · same sector
Atomwise Inc.BiotechnologySeries D+$238.6M$124.3Mnetwork1 shared operator · same sector
Juno Therapeutics, Inc.BiotechnologyGrowth/Late$1.1B$1.3Bsame sector · same stage
Semantically similar

Matched by meaning, not labels — a local language model reads each company's name, sector and description and ranks the closest in that learned space. This catches look-alikes that cross sector boundaries; the structured list above explains its matches, this one trusts the text. Directional, like every modeled signal here.

CompanySectorStageValue · estMatch
Guardian Bio
Dendritic cell-based platform for cancer therapy
Biotech81%
Modulari-T
We teach your immune system to attack and cure cancer
Biotech80%
Immune Therapeutics, Inc.BiotechnologySeries A$63.5M80%
Eris Biotech
Our drugs engage the immune system to fight tumors
Biotech78%
ImmuneXcite, Inc.BiotechnologySeries A$96.6M78%
Intervene Immune, Inc.BiotechnologyPre-Seed$26.0M78%
ImmuneID, Inc.BiotechnologySeries B$548.3M78%
Innate Immunity LlcBiotechnologyPre-Seed$6.5M78%
Frequently asked
How much funding has ImmunityBio, Inc. raised?
ImmunityBio, Inc. has raised approximately $640.1M in disclosed capital across 8 recorded financing rounds, aggregated from public filings.
What is ImmunityBio, Inc.'s estimated valuation?
Provath's modeled valuation for ImmunityBio, Inc. is approximately $7.8B (modeled range $2.9B–$10.6B). This is an algorithmic estimate derived from round sizes and same-niche peers — not a quoted or reported figure.
What funding stage is ImmunityBio, Inc. at?
ImmunityBio, Inc.'s latest modeled financing stage is Growth/Late. Its most recent recorded round closed around Mon Sep 11.
What does ImmunityBio, Inc. do and where is it based?
ImmunityBio, Inc. operates in the Biotechnology sector, based in SAN DIEGO. We're dedicated to defeating cancer with therapies that target disease, not immune systems. Find our investigational immunotherapy and cell therapy products.
Explore related

See where ImmunityBio, Inc. sits in the wider market — its sector, location and stage cohorts, each with their own leaderboards and capital-flow timelines.

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