ConvictioninImmunityBio:WhyWeOutperform

We remain remarkably bullish on ImmunityBio (IBRX), and our strategy provides yet another example of how we outperform the broader market.

As evidenced by our multiple, well-timed acquisitions of IBRX, we have long maintained a keen interest in the work of Dr. Patrick Soon-Shiong. I have followed his revolutionary vision with great interest and have consistently held investments in the company. Throughout this journey, Dr. Soon-Shiong has made bold scientific claims—claims that both regulatory authorities and the scientific community have demanded he substantiate with rigorous data.

In 2025, a wave of tremendous skepticism suppressed the stock price. For a time, even I found myself wondering if his "Immunotherapy 2.0" vision was more hype than substance. However, after observing unusual accumulation patterns in the stock in early December, I began aggressively building our portfolio position.

That conviction is now being rewarded. Newly released data demonstrates that Dr. Soon-Shiong is backing up his claims with extraordinary results across several clinical trials. While the stock may appear expensive by traditional metrics, ANKTIVA is effectively tracking to become a "super-blockbuster" drug. Despite this potential, the company maintained a minimal institutional following until only this past month, with insiders still controlling a commanding percentage of the common shares.