Two ImmunityBio Directors Sold Stock on Consecutive Days
ImmunityBio directors Selecky and Cohen sold $2.69M via separate March and February 2026 10b5-1 plans across two days at $9.02β$9.50. Selecky zeroed direct common balance. Cohen retains 125,386 shares plus 111,958 options.
π΄ Insider Activity Score: 85/100
Independent directors Christobel Selecky and Cheryl Cohen filed Form 4 disclosures across consecutive sessions: Selecky selling 159,478 shares on July 1 at a $9.02 volume-weighted average following option exercises at $2.98 and $2.99 for approximately $1,438,491 under a March 2026 plan, and Cohen selling 131,210 shares on July 2 at a $9.50 average following a 55,979-unit option conversion at $2.98 for approximately $1,246,495 under a February 2026 plan β combining for 290,688 shares and approximately $2,684,986. Selecky's direct common balance reaches zero following the distribution. Cohen retains 125,386 direct shares and 111,958 outstanding options. Two independent plans. Two consecutive sessions. One analytical distinction that separates them: the complete direct position zero.
The Two-Plan Architecture: March and February 2026
Selecky's March 2026 plan and Cohen's February 2026 plan β separated by approximately one month in adoption β are the independent program designs that produced consecutive-session executions into the same oncology biotech pricing environment.
Both plans predating the current multi-week technical testing period confirms neither director designed the execution parameters around the current $9.02 to $9.50 price range. The consecutive-session appearance reflects independent plan calendars triggering in the same window rather than coordinated directional selling β the same analytical framework this series applied to the Natera CLO/Clinical President two-plan same-period distribution.
The Selecky Zero: Complete Direct Position Cleared
The complete elimination of Selecky's direct common equity balance following the distribution is the specific analytical detail that distinguishes her transaction from Cohen's partial harvest β and it requires the same treatment this series applied to the Fairmount Spyre direct common zero.
A director whose plan-governed exercise-and-sale zeros her direct common balance has not retained any unhedged direct equity exposure through the distribution. The plan converted the full accumulated option spread to cash, leaving no residual direct position that maintains personal financial alignment with ImmunityBio's oncology platform through the direct account.
The zero direct balance does not mean Selecky has no ImmunityBio exposure β outstanding options or indirect holdings may remain β but the direct common account has been fully liquidated through the plan's complete execution. The contrast with Cohen's 125,386 retained direct shares is the specific comparative signal that the two distributions produce: one plan designed to fully liquidate the direct position, one designed to retain a meaningful residual.
The Option Exercise Component: $2.98 and $2.99 Vintage
Both directors' option exercises at $2.98 and $2.99 strike prices reflect the specific compensation vintage of director grants issued when ImmunityBio traded near those levels β the specific period when director equity compensation was priced at the early-stage oncology biotech's available market price.
The spread between $2.98 to $2.99 strikes and the $9.02 to $9.50 execution range β approximately $6.03 to $6.52 per share β represents the accumulated appreciation that the oncology platform has delivered since the director grants were issued. The exercise-and-sale is the standard compensation realization event: converting option spread accumulated since grant to cash proceeds through the plan's designated execution window.
Cohen's Retained Foundation: 125,386 Shares Plus Options
Cohen's 125,386 direct common shares and 111,958 outstanding options β retained following the February plan's 131,210-share exercise-and-sale β represent the ongoing direct personal financial alignment that distinguishes her distribution from Selecky's complete direct position clearance.
At $9.50, the retained 125,386 direct shares represent approximately $1.19 million in direct equity exposure, with the 111,958 outstanding options adding a substantial forward compensation pipeline whose value is entirely dependent on ImmunityBio's oncology platform appreciating further from the current level.
About ImmunityBio, Inc.
ImmunityBio, Inc. is a clinical-stage oncology biopharmaceutical company developing immunotherapy treatments for cancer, with its pipeline including bladder cancer, pancreatic cancer, and other solid tumor programs. Director Christobel Selecky zeroed her direct common equity balance following the completion of her March 2026 Rule 10b5-1 plan. Director Cheryl Cohen retains 125,386 direct common shares and 111,958 outstanding options following her February 2026 plan execution. ImmunityBio trades on the Nasdaq under the ticker IBRX.
How to Think About This
The two-director consecutive-session cluster scores 85/100 β two independent plan-governed option exercise-and-sales at a clinical-stage oncology biotech across consecutive sessions, with the Selecky direct position zero as the specific analytical detail that elevates the combined filing above routine dual-director compensation maintenance.
The February and March plans ran independent schedules. The consecutive sessions are calendar coincidence. But a director whose plan-governed execution zeros her direct common balance is a specific outcome that warrants acknowledgment β regardless of the plan's insulation β because the direct account now carries zero unhedged equity exposure to the oncology platform.
Cohen's 125,386 retained shares are the contrast. One director retained meaningful exposure. One did not. Both facts are in these filings.