vs
Side-by-side financial comparison of GRAIL, Inc. (GRAL) and ImmunityBio, Inc. (IBRX). Click either name above to swap in a different company.
GRAIL, Inc. is the larger business by last-quarter revenue ($43.6M vs $38.3M, roughly 1.1× ImmunityBio, Inc.). ImmunityBio, Inc. runs the higher net margin — -161.8% vs -227.5%, a 65.7% gap on every dollar of revenue. On growth, ImmunityBio, Inc. posted the faster year-over-year revenue change (407.0% vs 14.0%). GRAIL, Inc. produced more free cash flow last quarter ($-63.9M vs $-71.3M).
GRAIL, Inc. is an American biotechnology company based in Menlo Park, California founded in 2015 seeking to develop an early cancer screening test for people who do not have symptoms. As a startup it was a subsidiary of Illumina, which bought it outright in 2021.
ImmunityBio, Inc. is a clinical-stage biotechnology company focused on developing next-generation immunotherapies and vaccine candidates targeting multiple cancer types and infectious diseases. It operates mainly in the U.S. market, with core R&D segments including cell therapy, antibody therapeutics, and targeted vaccine platforms designed to enhance patient treatment outcomes.
GRAL vs IBRX — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $43.6M | $38.3M |
| Net Profit | $-99.2M | $-61.9M |
| Gross Margin | — | 99.0% |
| Operating Margin | -285.4% | -169.0% |
| Net Margin | -227.5% | -161.8% |
| Revenue YoY | 14.0% | 407.0% |
| Net Profit YoY | -2.2% | -4.7% |
| EPS (diluted) | $-2.37 | $-0.06 |
Green = leading value per metric. Periods may differ when fiscal calendars don't align.
8-Quarter Revenue & Profit Trend
Side-by-side quarterly history. Quarters aligned by calendar period so offset fiscal years line up.
| Q4 25 | $43.6M | $38.3M | ||
| Q3 25 | $36.2M | $32.1M | ||
| Q2 25 | $35.5M | $26.4M | ||
| Q1 25 | $31.8M | $16.5M | ||
| Q4 24 | $38.3M | $7.6M | ||
| Q3 24 | $28.7M | $6.1M | ||
| Q2 24 | $32.0M | — | ||
| Q1 24 | $26.7M | — |
| Q4 25 | $-99.2M | $-61.9M | ||
| Q3 25 | $-89.0M | $-67.3M | ||
| Q2 25 | $-114.0M | $-92.6M | ||
| Q1 25 | $-106.2M | $-129.6M | ||
| Q4 24 | $-97.1M | $-59.2M | ||
| Q3 24 | $-125.7M | $-85.7M | ||
| Q2 24 | $-1.6B | — | ||
| Q1 24 | $-218.9M | — |
| Q4 25 | — | 99.0% | ||
| Q3 25 | — | 99.4% | ||
| Q2 25 | — | 99.5% | ||
| Q1 25 | — | 99.6% | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
| Q4 25 | -285.4% | -169.0% | ||
| Q3 25 | -346.2% | -173.5% | ||
| Q2 25 | -446.9% | -269.8% | ||
| Q1 25 | -482.5% | -390.1% | ||
| Q4 24 | -358.0% | -919.0% | ||
| Q3 24 | -640.5% | -1314.3% | ||
| Q2 24 | -5133.8% | — | ||
| Q1 24 | -851.1% | — |
| Q4 25 | -227.5% | -161.8% | ||
| Q3 25 | -245.8% | -209.8% | ||
| Q2 25 | -320.7% | -350.3% | ||
| Q1 25 | -333.6% | -784.9% | ||
| Q4 24 | -253.8% | -783.4% | ||
| Q3 24 | -438.7% | -1404.0% | ||
| Q2 24 | -4958.8% | — | ||
| Q1 24 | -819.3% | — |
| Q4 25 | $-2.37 | $-0.06 | ||
| Q3 25 | $-2.46 | $-0.07 | ||
| Q2 25 | $-3.18 | $-0.10 | ||
| Q1 25 | $-3.10 | $-0.15 | ||
| Q4 24 | $-1.49 | $-0.08 | ||
| Q3 24 | $-3.94 | $-0.14 | ||
| Q2 24 | $-51.06 | — | ||
| Q1 24 | $-7.05 | — |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | $249.7M | $242.8M |
| Total DebtLower is stronger | — | — |
| Stockholders' EquityBook value | $2.6B | $-500.5M |
| Total Assets | $2.9B | $501.9M |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $249.7M | $242.8M | ||
| Q3 25 | $126.9M | $257.8M | ||
| Q2 25 | $127.4M | $153.7M | ||
| Q1 25 | $133.9M | $61.6M | ||
| Q4 24 | $214.2M | $149.8M | ||
| Q3 24 | $853.6M | $130.4M | ||
| Q2 24 | $958.8M | — | ||
| Q1 24 | $199.7M | — |
| Q4 25 | $2.6B | $-500.5M | ||
| Q3 25 | $2.2B | $-524.3M | ||
| Q2 25 | $2.3B | $-570.7M | ||
| Q1 25 | $2.4B | $-591.4M | ||
| Q4 24 | $2.5B | $-489.1M | ||
| Q3 24 | $2.6B | $-745.1M | ||
| Q2 24 | $2.7B | — | ||
| Q1 24 | — | — |
| Q4 25 | $2.9B | $501.9M | ||
| Q3 25 | $2.6B | $519.0M | ||
| Q2 25 | $2.7B | $402.1M | ||
| Q1 25 | $2.8B | $303.8M | ||
| Q4 24 | $3.0B | $382.9M | ||
| Q3 24 | $3.1B | $364.6M | ||
| Q2 24 | $3.3B | — | ||
| Q1 24 | — | — |
Cash Flow & Capital Efficiency
How much cash each business actually produces after reinvestment. Cash flow is harder to manipulate than net income.
| Metric | | |
|---|---|---|
| Operating Cash FlowLast quarter | $-63.8M | $-70.4M |
| Free Cash FlowOCF − Capex | $-63.9M | $-71.3M |
| FCF MarginFCF / Revenue | -146.5% | -186.2% |
| Capex IntensityCapex / Revenue | 0.2% | 2.4% |
| Cash ConversionOCF / Net Profit | — | — |
| TTM Free Cash FlowTrailing 4 quarters | $-299.9M | $-308.8M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $-63.8M | $-70.4M | ||
| Q3 25 | $-63.2M | $-68.9M | ||
| Q2 25 | $-77.0M | $-79.7M | ||
| Q1 25 | $-95.0M | $-85.9M | ||
| Q4 24 | — | $-85.1M | ||
| Q3 24 | $-104.6M | $-98.8M | ||
| Q2 24 | $-171.8M | — | ||
| Q1 24 | $-207.3M | — |
| Q4 25 | $-63.9M | $-71.3M | ||
| Q3 25 | $-63.6M | $-69.6M | ||
| Q2 25 | $-77.3M | $-80.8M | ||
| Q1 25 | $-95.1M | $-87.0M | ||
| Q4 24 | — | $-87.3M | ||
| Q3 24 | $-105.6M | $-101.6M | ||
| Q2 24 | $-173.2M | — | ||
| Q1 24 | $-209.8M | — |
| Q4 25 | -146.5% | -186.2% | ||
| Q3 25 | -175.8% | -217.2% | ||
| Q2 25 | -217.6% | -305.9% | ||
| Q1 25 | -298.6% | -526.9% | ||
| Q4 24 | — | -1155.4% | ||
| Q3 24 | -368.4% | -1663.2% | ||
| Q2 24 | -541.7% | — | ||
| Q1 24 | -785.3% | — |
| Q4 25 | 0.2% | 2.4% | ||
| Q3 25 | 1.1% | 2.3% | ||
| Q2 25 | 1.0% | 4.1% | ||
| Q1 25 | 0.2% | 6.8% | ||
| Q4 24 | — | 28.0% | ||
| Q3 24 | 3.4% | 45.7% | ||
| Q2 24 | 4.3% | — | ||
| Q1 24 | 9.5% | — |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
GRAL
| Screening Revenue | $42.3M | 97% |
| Developmental Services Revenue | $1.3M | 3% |
IBRX
Segment breakdown not available.
