NEW YORK, July 18, 2026, 10:25 a.m. EDT
- Shares closed Friday at $7.68, up 3.1%, on 9.0 million shares.
- The latest disclosed 2023 warrant balance is 6.4 million. Expiry is July 24.
- Preliminary estimate: full exercise could raise $21.1 million and cause 0.61% dilution.
ImmunityBio, Inc. NASDAQ:IBRX enters next week with a warrant-expiry test. Up to 6.4 million new shares could emerge on Friday. That figure uses the March 31 balance.
At Friday’s $7.68 close, the warrants were deeply in the money. Their exercise price is $3.2946. Each carried about $4.39 of intrinsic value.
Preliminary estimates put full cash proceeds at $21.1 million. The resulting dilution would be about 0.61%. Yet the possible shares equal 70.9% of Friday’s turnover.
| Warrant-expiry measure | Value | Investor comparison |
|---|---|---|
| Friday closing price | $7.68 | $4.39 above exercise price |
| 2023 warrants disclosed | 6.399 million | 70.9% of Friday’s volume |
| Potential cash proceeds | $21.1 million | 5.5% of March liquidity |
| Potential dilution | 0.61% | Based on May 5 share count |
Preliminary calculations assume every March 31 warrant remains and is exercised for cash. Inputs use company filings and LSEG closing data.
The balance-sheet effect is modest. Estimated proceeds equal 5.5% of March liquidity. They cover 28.0% of first-quarter operating cash use.
This is mainly a trading-liquidity test.
Recent behavior makes the expiry more relevant. Holders exercised 17.2 million newer warrants during the first quarter. Those exercises raised $53.5 million.
The 2023 tranches showed no first-quarter exercises. Their disclosed balance stayed at 6.399 million through March 31.
Shares ended a choppy week below Monday’s close. Friday’s 3.1% rebound followed two lower sessions. The stock still lost 1.4% from Monday’s close.
| Session | Closing price | Volume |
|---|---|---|
| July 13 | $7.79 | 9.89 million |
| July 14 | $7.88 | 7.47 million |
| July 15 | $7.73 | 6.70 million |
| July 16 | $7.45 | 7.71 million |
| July 17 | $7.68 | 9.03 million |
Closing prices and volumes are from LSEG data published by ImmunityBio.
Friday volume reached 9.0 million shares, the week’s second-highest tally. That offers capacity. It does not guarantee smooth absorption.
Friday’s move came without a fresh company release. The investor site lists no press release after June 1. Its latest listed 8-K is dated June 10.
Commercial growth remains the core valuation support. First-quarter net product revenue rose 168% to $44.2 million. Cash and marketable securities totaled $380.9 million.
The warrant structure also distorts reported earnings. First-quarter GAAP loss was $632.8 million. A $530.9 million fair-value charge drove much of it.
Regulatory scrutiny still shadows Anktiva’s launch. Piper Sandler NYSE:PIPR analyst Edward Tenthoff said in March: “we believe ImmunityBio can comply with these requests and are not changing our Anktiva revenue forecast.” Reuters
Risks remain material. The warrant count may have fallen since March 31. FDA scrutiny or weaker Anktiva demand could outweigh any expiry effect.
U.S. markets were closed Saturday. Regular trading resumes Monday at 9:30 a.m. EDT. Investors will watch volume through Friday.
Fast exercise and selling could cap rallies. Quiet absorption would remove a dated overhang. The difference may matter more than the cash.
