Financial Analysis
Filing-based analysis. Market pricing is not included. Fundamentals from SEC filings; economic data from FRED and the BLS. About our data
Filing evidence summary
Mixed evidenceCoverage 4/5 core metricsLatest reported free cash flow was -$309M.
Backward-looking filed evidence under visible rules - not a rating, forecast or investment advice. Missing data is never scored.
Evidence signals
- Free cash flow was negative
Latest reported free cash flow was -$309M.
Why this surfaced
Free cash flow = operating cash flow minus capital expenditures; positive is supporting evidence, not a valuation conclusion. Period end 2025-12-31.
- Shareholders' equity was non-positive
Debt/equity is shown as not meaningful rather than as a negative leverage ratio.
Why this surfaced
Same-period reported shareholders' equity was zero or negative; review the balance sheet and capital structure. Period end 2025-12-31.
- 5 filing risk checks flagged
Flagged areas: Earnings quality, Solvency & liquidity, Dilution.
Why this surfaced
The full financial analysis shows each value, threshold, and sector limitation.
- Revenue expanded
Latest reported annual revenue changed +668.3% from the prior reported annual observation.
Why this surfaced
Direction threshold: above +2% constructive; below -2% caution; otherwise monitor. This is not labeled one-year growth when filing periods have a gap. Period end 2025-12-31.
- Operating margin improved
Operating margin changed +2108.2 percentage points from the prior annual period.
Why this surfaced
Direction threshold: more than +1 percentage point constructive; below -1 point caution. Period end 2025-12-31.
Core trend metrics
Hover a tile for its exact definition; the Statements tab carries per-cell filing citations.
Where to look next
Risk checks
- Earnings quality
- Solvency & liquidity
- Dilution
Financial movement
- Cash→ flat
- Long-term debt→ flat
- Inventory→ flat
- Receivables→ flat
- Current assets→ flat
Source & freshness
- Source
- SEC EDGAR XBRL
- Fetched
- 2026-09-06
- Latest period end
- 2025-12-31
- Filings
- EDGAR ↗
Reported segment mix
figures as filed · share of the filed sum · change vs the prior period in the same filing- Reportable Segment$113M100.0%+668.3% yoy
Members sum to the consolidated $113M for this period.
- Reportable Segment-$256M100.0%-25.6% yoy
Members sum to the consolidated -$256M for this period.
- Product$113M99.7%+698.5% yoy
- Product And Service Other$306K0.3%-48.6% yoy
Members sum to the consolidated $113M for this period.
- United States$113M99.8%+695.1% yoy
- Europe$278K0.2%-47.6% yoy
Members sum to the consolidated $113M for this period.
- Reportable Segment$44.2M100.0%+167.6% yoy
Change is against the same quarter a year earlier, as reported in the same 10-Q.
Source: SEC DERA Financial Statement and Notes data sets. Dimensional XBRL facts on the business-segment, product/service and geographic axes; the engine keeps the accession of every figure. Descriptive and educational, not advice.
Peer percentiles
latest fiscal year ending 2025-12-31 · among 4,122 US-listed filers · 797 in Materials| Metric | Value | vs all filers | vs sector |
|---|---|---|---|
Revenue latest fiscal-year revenue as filed | $113M | 29thof 3,301 bottom third | 47thof 522 middle third |
Revenue growth latest fiscal-year revenue vs the prior fiscal year | 668.3% | 99thof 3,135 top third | 96thof 473 top third |
Operating margin operating income ÷ revenue | -226.0% | 12thof 2,819 bottom third | 33rdof 483 middle third |
Net margin net income ÷ revenue | -310.2% | 9thof 3,263 bottom third | 27thof 518 bottom third |
Free-cash-flow margin (operating cash flow − |capex|) ÷ revenue | -272.6% | 8thof 2,679 bottom third | 26thof 433 bottom third |
Interest coverage operating income ÷ interest expense (interest expense > 0) | -4.2× | 29thof 819 bottom third | 55thof 155 middle third |
Stock comp ÷ revenue stock-based compensation ÷ revenue · lower is ranked higher | 32.5% | 12thof 2,895 bottom third | 31stof 476 bottom third |
Days sales outstanding receivables ÷ revenue × 365 · lower is ranked higher | 137 days | 6thof 2,398 bottom third | 11thof 387 bottom third |
Cash-flow accrual ratio (net income − operating cash flow) ÷ average total assets · lower is ranked higher | -10.5% | 76thof 3,577 top third | 68thof 673 top third |
Balance-sheet accrual ratio change in net operating assets ÷ average net operating assets · lower is ranked higher | -7.2% | 72ndof 3,059 top third | 61stof 593 middle third |
Each filer's latest fiscal year as stored by the nightly crawl; fiscal year ends differ across the universe. A metric ranks only filers for which it is computable from filed facts. Ties split; a rank reads "better than N% of filers" in the metric's own direction. Descriptive and educational, not a rating.
Earnings quality
latest fiscal year ending 2025-12-31 · accruals and cash conversion as filedPer fiscal year from filed facts: cash conversion = operating cash flow / net income (net income > 0); cash-flow accrual ratio = (net income - operating cash flow) / average total assets; balance-sheet accrual ratio = change in net operating assets / average net operating assets, NOA = (assets - cash) - (liabilities - debt). Descriptive; a missing input yields a missing ratio. High accrual ratios and cash conversion well below one are the measures the accruals literature associates with less persistent earnings; they are screens to read the cash-flow statement with, not conclusions. The per-year series is part of Pro risk analysis.
Point-in-time ledger
first-reported vs latest filing · periods since 2020-01-01 · 23 changed periods| Line item | Period | First reported | Latest filing | Change | Filings |
|---|---|---|---|---|---|
| Total liabilities Liabilities | balance at 2020-12-31 | $34.5M 10-K 2021-03-04 | $340M 10-K 2022-03-01 | +886.1% | first · latest · 5 filings carry it |
| Cash CashAndCashEquivalentsAtCarryingValue | balance at 2020-03-31 | $17M 10-Q 2020-05-11 | $58.7M 10-Q 2021-05-14 | +246.0% | first · latest |
| Cash CashAndCashEquivalentsAtCarryingValue | balance at 2020-09-30 | $27.7M 10-Q 2020-11-09 | $84.7M 10-Q 2021-11-12 | +205.8% | first · latest |
| Cash CashAndCashEquivalentsAtCarryingValue | balance at 2020-12-31 | $11.4M 10-K 2021-03-04 | $34.9M 10-K 2023-03-01 | +205.2% | first · latest · 6 filings carry it |
| Stockholders' equity StockholdersEquity | balance at 2020-12-31 | $117M 10-K 2021-03-04 | -$120M 10-K 2022-03-01 | -202.1% | first · latest · 5 filings carry it |
| Net income NetIncomeLoss | quarter 2020-09-30 | -$21.8M 10-Q 2020-11-09 | -$65.6M 10-Q 2021-11-12 | -201.3% | first · latest · 3 filings carry it |
| Operating income OperatingIncomeLoss | quarter 2020-09-30 | -$21.9M 10-Q 2020-11-09 | -$65.9M 10-Q 2021-11-12 | -200.4% | first · latest · 3 filings carry it |
| Net income NetIncomeLoss | quarter 2020-06-30 | -$20.1M 10-Q 2020-08-07 | -$51.4M 10-Q 2021-08-12 | -156.0% | first · latest · 3 filings carry it |
| Operating income OperatingIncomeLoss | quarter 2020-06-30 | -$20.2M 10-Q 2020-08-07 | -$50.9M 10-Q 2021-08-12 | -151.7% | first · latest · 3 filings carry it |
| Operating cash flow NetCashProvidedByUsedInOperatingActivities | quarter 2020-03-31 | -$12.6M 10-Q 2020-05-11 | -$31.1M 10-Q 2021-05-14 | -147.0% | first · latest |
| Operating cash flow NetCashProvidedByUsedInOperatingActivities | fiscal year 2020-12-31 | -$70.5M 10-K 2021-03-04 | -$172M 10-K 2023-03-01 | -143.7% | first · latest · 3 filings carry it |
| Operating income OperatingIncomeLoss | fiscal year 2020-12-31 | -$91.6M 10-K 2021-03-04 | -$221M 10-K 2023-03-01 | -141.1% | first · latest · 3 filings carry it |
| Net income NetIncomeLoss | fiscal year 2020-12-31 | -$92.4M 10-K 2021-03-04 | -$222M 10-K 2023-03-01 | -140.1% | first · latest · 3 filings carry it |
| Capital expenditure PaymentsToAcquirePropertyPlantAndEquipment | quarter 2020-03-31 | $146K 10-Q 2020-05-11 | $315K 10-Q 2021-05-14 | +115.8% | first · latest |
| Net income NetIncomeLoss | quarter 2020-03-31 | -$18.4M 10-Q 2020-05-11 | -$37M 10-Q 2021-05-14 | -101.5% | first · latest · 3 filings carry it |
| Operating income OperatingIncomeLoss | quarter 2020-03-31 | -$18.6M 10-Q 2020-05-11 | -$36.7M 10-Q 2021-05-14 | -97.5% | first · latest · 3 filings carry it |
| Depreciation and amortization DepreciationDepletionAndAmortization | quarter 2020-03-31 | $2.22M 10-Q 2020-05-11 | $3.46M 10-Q 2021-05-14 | +56.1% | first · latest |
| Total assets Assets | balance at 2020-12-31 | $152M 10-K 2021-03-04 | $221M 10-K 2022-03-01 | +45.8% | first · latest · 5 filings carry it |
| Depreciation and amortization DepreciationDepletionAndAmortization | fiscal year 2020-12-31 | $9.15M 10-K 2021-03-04 | $12.7M 10-K 2023-03-01 | +39.3% | first · latest · 3 filings carry it |
| Capital expenditure PaymentsToAcquirePropertyPlantAndEquipment | fiscal year 2020-12-31 | $2.64M 10-K 2021-03-04 | $1.67M 10-K 2023-03-01 | -36.8% | first · latest · 3 filings carry it |
| Cash CashAndCashEquivalentsAtCarryingValue | balance at 2020-06-30 | $103M 10-Q 2020-08-07 | $115M 10-Q 2021-08-12 | +12.1% | first · latest |
| Stock-based compensation ShareBasedCompensation | quarter 2020-03-31 | $445K 10-Q 2020-05-11 | $480K 10-Q 2021-05-14 | +7.9% | first · latest |
| Stock-based compensation ShareBasedCompensation | fiscal year 2020-12-31 | $2.14M 10-K 2021-03-04 | $2.19M 10-K 2023-03-01 | +2.2% | first · latest · 3 filings carry it |
First filing reporting each period vs the latest filing carrying it (10-K and 10-Q only, periods since 2020, the extractor's winning tag per concept); a change under 0.5% is treated as rounding. A change can be a restatement, a reclassification or a re-tagging in a later comparative column; the two filings are linked so the reader can see which. Descriptive, not a verdict.
Notes by disclosure type
Not available for IBRX yet: no footnote text blocks on file for this filer in the ingested DERA files.
Fundamentals from SEC EDGAR. Scores, the DCF, and every model shown are educational analysis, not investment advice or price predictions.