What is Iovance Biotherapeutics, Inc.'s earnings per share (EPS)?

Iovance Biotherapeutics, Inc. (IOVA) reported diluted earnings per share of -$1.09 for fiscal year 2025. This represents a 14.8% change compared to the previous fiscal year. EPS represents the portion of a company's net income allocated to each outstanding share of common stock and is widely used to evaluate profitability on a per-share basis.

Iovance Biotherapeutics, Inc. (IOVA) Financials

IOVA

Trailing 12 months to June 30, 2026

Revenue $325.0M +34.5% YoY

Net Income -$289.5M +25.7% YoY

EPS (Diluted) -$1.09 FY2025 annual

Free Cash Flow -$296.4M +8.4% YoY

Market Cap $6.6B as of Oct 13, 2026

Price / Sales 20.2x on $325.0M revenue, trailing 12 months to June 30, 2026

Price / Earnings n/m net loss, so no earnings multiple, trailing 12 months to June 30, 2026

Price / Book 8.9x on $736.0M equity, Q2 FY2026

A multiple compares the market's price with a filed figure; it says what the market pays, not how the business is doing. The market capitalization is the vendor's as of Oct 13, 2026; every other figure is from the SEC filings on this page. Not financial advice.

Source SEC Filings (10-K/10-Q) Latest period Q2 FY2026, ended Jun 30, 2026 Reported Aug 6, 2026 Currency USD FYE December

Newest figures come from the 10-Q for Q2 FY2026, filed Aug 6, 2026. Each column of the statement tables below links to the filing it was taken from, and every filing is listed on the IOVA SEC filings page.

Iovance Biotherapeutics, Inc. (IOVA) reported $325.0M in revenue over the twelve months to Jun 30, 2026, up 34.5% from the prior twelve months. This page shows its income statement, balance sheet, cash flow statement, and key financial ratios. View 15 years of annual fundamentals and quarterly data, with year-over-year growth rates and compound annual growth rates (CAGR). All figures are derived from SEC filings (10-K and 10-Q reports).

Rhea AI IOVA FY2025 2026-10-04

Revenue is becoming meaningful, but persistent operating losses and equity financing show a business still converting scale into investment.

The key earnings-quality shift is that FY2025 operating cash flow improved to -$302M even as net loss widened to $391M, meaning reported losses are not worsening in lockstep with cash consumption. Free cash flow was -$336M despite capital expenditures rising to $34M, suggesting the cash improvement came mainly from operations rather than simply lower reinvestment.

Revenue reached $264M in FY2025, making commercial activity material rather than merely developmental. Gross margin fell to 34.3% from 43.2% in FY2024, so added volume has not produced a consistent margin step-up. R&D was $300M in FY2025, a spending base larger than gross profit; that structure explains why positive gross profit has not yet reached operating income.

The funding pattern is equity-led: FY2025 financing cash flow was $301M while operating cash flow was -$302M, so external capital was roughly the size of annual operating cash use. Total liabilities of $215M against $699M of equity indicate a balance sheet funded predominantly by equity rather than debt. Reported liquidity equaled 11.8 months of the latest annual operating outflow, adding context to financing's central role.

Financial Health Signals

Financial Health Score 61/100

Scored as: Emerging companies peer group

Scored against emerging companies for FY2025. Each of the six dimensions is a percentile rank within that peer group; the overall is their average, with missing dimensions counted as zero out of six. A high score means strong standing among peers, not absolute cross-industry strength. How this score is calculated →

Health score ≠ stock price. This rates the quality of Iovance Biotherapeutics, Inc.'s business: profitability, growth, balance sheet strength. It doesn't tell you whether the stock is a good buy at today's price. Not financial advice. Use it alongside valuation analysis and your own research.

Cash Runway

Iovance Biotherapeutics, Inc. held $297.0M in cash, cash equivalents and investments at the end of fiscal year 2025, and its operations used $302.4M of cash that year. Cash Runway ranks emerging companies on the size of that balance against the outflow behind it, and Iovance Biotherapeutics, Inc. scores 33/100 among other emerging companies.

Dilution

Iovance Biotherapeutics, Inc. had 412M shares outstanding at the end of fiscal year 2025, against 328M in fiscal year 2024. Dilution ranks emerging companies on how fast that count has grown over three years, where a slower rise is the better one, and Iovance Biotherapeutics, Inc. scores 34/100 among other emerging companies.

R&D Intensity

Iovance Biotherapeutics, Inc. spent $300.3M on research and development in fiscal year 2025, which was 45.0% of its operating costs that year. R&D Intensity ranks emerging companies on the share of operating costs that goes into research, and Iovance Biotherapeutics, Inc. scores 75/100 among other emerging companies.

Revenue Progress

Iovance Biotherapeutics, Inc. reported revenue of $263.5M in fiscal year 2025, against $164.1M in fiscal year 2024. Revenue Progress ranks emerging companies on the three-year path of that line, and Iovance Biotherapeutics, Inc. scores 99/100 among other emerging companies.

Burn Trend

Iovance Biotherapeutics, Inc.'s operations used $302.4M of cash in fiscal year 2025, against $353.0M used in fiscal year 2024. Burn Trend ranks emerging companies on which way that figure has moved over three years, and Iovance Biotherapeutics, Inc. scores 55/100 among other emerging companies.

Balance Sheet

Iovance Biotherapeutics, Inc.'s cash, cash equivalents and investments came to $297.0M at the end of fiscal year 2025, against $214.6M of total liabilities. Balance Sheet ranks emerging companies on that comparison, and Iovance Biotherapeutics, Inc. scores 67/100 among other emerging companies.

Altman Z-Score Safe

13.35

Iovance Biotherapeutics, Inc. scores 13.35, well above the 2.99 safe threshold. The score is driven primarily by a large market capitalization ($6.6B) relative to total liabilities ($214.6M). This indicates low bankruptcy risk based on profitability, leverage, and asset efficiency.

Distress-screening estimate for non-financial companies. Not computed for banks or insurers, where the Altman model does not apply.

Piotroski F-Score Partial

2/8

Iovance Biotherapeutics, Inc. passes 2 of 8 computable financial strength tests (1 of the nine could not be computed from available data). 1 of 4 profitability signals pass, no leverage/liquidity signals pass (rising debt, declining liquidity, or share dilution), 1 of 2 efficiency signals pass.

Earnings Quality No Cash Backing

N/A

Iovance Biotherapeutics, Inc. reported a net loss of $391.0M while operations used $302.4M of cash. With neither figure positive, the ratio between the two carries no quality signal.

Key Financial Metrics

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Earnings & Revenue

Revenue

$99.3M

YoY+65.7%

QoQ+39.0%

Iovance Biotherapeutics, Inc. generated $99.3M in revenue in Q2 2026. This represents an increase of 65.7% from the same quarter a year earlier. Against the prior quarter it is up 39.0%.

EBITDA

-$42.4M

YoY+61.6%

QoQ+45.8%

Iovance Biotherapeutics, Inc.'s EBITDA was -$42.4M in Q2 2026, measuring earnings before interest, taxes, depreciation, and amortization. This represents an increase of 61.6% from the same quarter a year earlier. Against the prior quarter it is up 45.8%.

Net Income

-$47.3M

YoY+57.6%

QoQ+40.1%

Iovance Biotherapeutics, Inc. reported -$47.3M in net income in Q2 2026. This represents an increase of 57.6% from the same quarter a year earlier. Against the prior quarter it is up 40.1%.

EPS (Diluted)

-$0.11

YoY+66.7%

QoQ+42.1%

Iovance Biotherapeutics, Inc. earned -$0.11 per diluted share (EPS) in Q2 2026. This represents an increase of 66.7% from the same quarter a year earlier. Against the prior quarter it is up 42.1%.

Cash & Balance Sheet

Free Cash Flow

-$66.3M

YoY+11.5%

QoQ+15.8%

Iovance Biotherapeutics, Inc. recorded an outflow of $66.3M in free cash flow in Q2 2026, representing a cash shortfall after capex. This represents an increase of 11.5% from the same quarter a year earlier. Against the prior quarter it is up 15.8%.

Cash & Debt

$110.8M

YoY-16.4%

QoQ-43.6%

5Y CAGR+6.0%

10Y CAGR-0.9%

Iovance Biotherapeutics, Inc. held $110.8M in cash as of Q2 2026; long-term debt is not reported for that period.

Shares Outstanding

453M

YoY+25.2%

QoQ+1.4%

5Y CAGR+3033.3%

10Y CAGR+22.7%

Iovance Biotherapeutics, Inc. had 453M shares outstanding in Q2 2026. This represents an increase of 25.2% from the same quarter a year earlier. Against the prior quarter it is up 1.4%.

Dividends Per Share

Not reported for Q2 2026.

Margins & Returns

Gross Margin

56.1%

YoY+37.6pp

QoQ+15.6pp

Iovance Biotherapeutics, Inc.'s gross margin was 56.1% in Q2 2026, indicating the percentage of revenue retained after direct costs. This is up 37.6 percentage points from the same quarter a year earlier. Against the prior quarter it is up 15.6 percentage points.

Operating Margin

-52.3%

Iovance Biotherapeutics, Inc.'s operating margin was -52.3% in Q2 2026, reflecting core business profitability. No change is given against Q2 2025: its reported ratio is below -100.0% of revenue, so it does not read as a share of revenue.

Net Margin

-47.6%

Iovance Biotherapeutics, Inc.'s net profit margin was -47.6% in Q2 2026, showing the share of revenue converted to profit. No change is given against Q2 2025: its reported ratio is below -100.0% of revenue, so it does not read as a share of revenue.

Return on Equity

-6.4%

YoY+9.6pp

QoQ+4.5pp

Iovance Biotherapeutics, Inc.'s ROE was -6.4% in Q2 2026, measuring profit generated per dollar of shareholder equity. This is up 9.6 percentage points from the same quarter a year earlier. Against the prior quarter it is up 4.5 percentage points.

Capital Allocation

R&D Spending

$58.9M

YoY-24.5%

QoQ-5.8%

Iovance Biotherapeutics, Inc. invested $58.9M in research and development in Q2 2026. This represents a decrease of 24.5% from the same quarter a year earlier. Against the prior quarter it is down 5.8%.

Capital Expenditures

$5.4M

YoY-27.1%

QoQ-17.7%

5Y CAGR-10.8%

10Y CAGR+58.6%

Iovance Biotherapeutics, Inc. invested $5.4M in capex in Q2 2026, funding long-term assets and infrastructure. This represents a decrease of 27.1% from the same quarter a year earlier. Against the prior quarter it is down 17.7%.

Share Buybacks

Not reported for Q2 2026.

IOVA Income Statement

Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.

IOVA quarterly income statement

Metric	TTM	FY2510-K	FY2410-K	FY2310-K	FY22DEF 14A	FY21DEF 14A	FY2010-K	FY1910-K	FY1810-K	FY1710-K	FY1610-K	FY1510-K	FY1410-K	FY1310-K	FY1210-K	FY1110-K
Revenue	$325.0M	$263.5M+60.6%	$164.1M+13699.0%	$1.2M	N/A	N/A	N/A	N/A	$0	$0	$0	$0	$0	$0	$0	$0
Cost of Revenue	$167.7M	$173.2M+85.7%	$93.2M+8926.9%	$1.0M	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Gross Profit	$157.3M	$90.3M+27.5%	$70.8M+45298.7%	$156K	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
R&D Expenses	$267.7M	$300.3M+8.7%	$276.2M-17.1%	$333.2M+13.0%	$294.8M+13.8%	$259.0M+28.4%	$201.7M+21.5%	$166.0M+66.3%	$99.8M+39.4%	$71.6M+165.8%	$26.9M+74.1%	$15.5M+301.9%	$3.8M+78.7%	$2.2M	N/A	$1.8M
SG&A Expenses	$149.2M	$152.3M0.0%	$152.3M+43.5%	$106.1M+1.9%	$104.1M+24.4%	$83.7M+39.0%	$60.2M+47.4%	$40.8M+43.7%	$28.4M+33.7%	$21.3M-20.4%	$26.7M+115.5%	$12.4M+51.2%	$8.2M+113.8%	$3.8M	N/A	N/A
Operating Income	-$301.3M	-$403.4M-2.0%	-$395.3M+14.2%	-$460.6M-15.5%	-$398.9M-16.4%	-$342.7M-30.8%	-$261.9M-26.6%	-$206.9M-61.3%	-$128.3M-38.1%	-$92.9M-73.2%	-$53.6M-92.5%	-$27.9M-131.4%	-$12.0M+46.8%	-$22.6M	N/A	N/A
EBITDA	N/A	-$390.5M-1.7%	-$384.0M+14.5%	-$449.0M-15.3%	-$389.6M-14.7%	-$339.6M-30.2%	-$260.8M-26.8%	-$205.7M-61.6%	-$127.3M-38.5%	-$91.9M-74.6%	-$52.7M-96.1%	-$26.9M-124.7%	-$12.0M+47.2%	-$22.6M	N/A	N/A
Interest Expense	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	$200K+3633.6%	-$6K-101.3%	$445K	N/A	$152K
Income Tax	-$4.3M	-$2.1M+26.8%	-$2.8M+18.7%	-$3.5M	$0	$0	$0	$0	$0	$0	$0	$0	$0	N/A	N/A	N/A
Net Income	-$289.5M	-$391.0M-5.1%	-$372.2M+16.2%	-$444.0M-12.1%	-$395.9M-15.7%	-$342.3M-31.9%	-$259.6M-31.4%	-$197.6M-59.9%	-$123.6M-34.2%	-$92.1M-74.1%	-$52.9M-91.2%	-$27.7M-129.8%	-$12.0M+52.6%	-$25.4M	N/A	N/A
EPS (Basic)	N/A	-$1.09+14.8%	-$1.28+32.3%	-$1.89+24.1%	-$2.49-11.7%	-$2.23-18.6%	-$1.88-18.2%	-$1.59	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
EPS (Diluted)	—	-$1.09+14.8%	-$1.28+32.3%	-$1.89+24.1%	-$2.49-11.7%	-$2.23-18.6%	-$1.88-18.2%	-$1.59	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Diluted Shares (Avg)	N/A	357,345+23.3%	289,877+23.3%	235,131+47.6%	159,259+3.8%	153,406+10.9%	138,301+11.2%	124,336	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A

Metric	Q2'2610-Q	Q1'2610-Q	Q4'2510-Q	Q3'2510-Q	Q2'2510-Q	Q1'2510-Q	Q4'2410-K	Q3'2410-Q
Revenue	$99.3M+65.7%	$71.4M+44.8%	$86.8M+17.7%	$67.5M+15.2%	$60.0M+92.7%	$49.3M+6798.5%	$73.7M	$58.6M+12385.1%
Cost of Revenue	$43.6M-10.8%	$42.5M-0.5%	$43.1M+86.6%	$38.5M+22.1%	$48.9M+55.8%	$42.7M+488.3%	$23.1M	$31.5M+626.2%
Gross Profit	$55.7M+403.3%	$28.9M+337.8%	$43.7M-13.7%	$29.0M+7.2%	$11.1M+4325.6%	$6.6M+201.0%	$50.6M	$27.0M+798.5%
R&D Expenses	$58.9M-24.5%	$62.5M-17.7%	$71.2M+5.8%	$75.2M+12.1%	$77.9M+25.5%	$76.0M-4.8%	$67.3M	$67.0M-23.4%
SG&A Expenses	$39.3M+4.5%	$38.9M-11.1%	$36.4M-13.3%	$34.6M-12.2%	$37.6M-5.1%	$43.8M+39.5%	$42.0M	$39.3M+45.9%
Operating Income	-$51.9M+54.4%	-$81.0M+33.1%	-$73.5M+15.1%	-$94.9M-6.6%	-$113.8M-11.6%	-$121.2M-3.0%	-$86.6M	-$89.1M+24.8%
EBITDA	-$42.4M+61.6%	-$78.2M+34.1%	-$75.6M+10.3%	-$85.9M+0.2%	-$110.4M-11.6%	-$118.7M-3.4%	-$84.3M	-$86.1M+25.5%
Income Tax	-$1.4M-169.1%	-$665K+63.8%	$184K-88.2%	-$2.4M-58.2%	$2.0M+236.4%	-$1.8M-30.5%	$1.6M	-$1.5M-22.3%
Net Income	-$47.3M+57.6%	-$79.0M+32.0%	-$71.9M+8.5%	-$91.3M-9.2%	-$111.7M-15.0%	-$116.2M-2.8%	-$78.6M	-$83.5M+26.6%
EPS (Basic)	-$0.11+66.7%	-$0.19+47.2%	-$0.15+40.0%	-$0.25+10.7%	-$0.33+2.9%	-$0.36+14.3%	-$0.25+44.4%	-$0.28+39.1%
EPS (Diluted)	-$0.11+66.7%	-$0.19+47.2%	N/A	N/A	-$0.33+2.9%	-$0.36+14.3%	-$0.25+44.4%	-$0.28+39.1%
Diluted Shares (Avg)	450,189+34.6%	418,511+29.6%	N/A	N/A	334,511+17.4%	322,868+21.3%	N/A	303,269+23.4%

Not reported in any period shown, so not listed: Interest Expense.

IOVA Balance Sheet

IOVA quarterly balance sheet

Metric	FY2510-K	FY2410-K	FY2310-K	FY22DEF 14A	FY21DEF 14A	FY2010-K	FY1910-K	FY1810-K	FY1710-K	FY1610-K	FY1510-K	FY1410-K	FY1310-K	FY1210-K	FY1110-K
Total Assets	$913.2M+0.3%	$910.4M+16.7%	$780.4M+17.5%	$664.0M-14.6%	$777.3M+1.2%	$768.5M+123.0%	$344.7M-28.3%	$480.8M+209.5%	$155.4M-9.6%	$171.9M+62.7%	$105.7M+127.2%	$46.5M+134.0%	$19.9M+67467.6%	$29K-94.8%	$568K
Current Assets	$442.7M-3.1%	$457.0M+48.5%	$307.8M-35.7%	$479.1M-5.7%	$508.0M-20.1%	$636.1M+101.0%	$316.5M-33.4%	$475.4M+218.4%	$149.3M-11.9%	$169.5M+63.0%	$104.0M+131.2%	$45.0M+126.6%	$19.8M+272695.8%	$7K-98.6%	$524K
Cash & Equivalents	$163.1M+41.0%	$115.7M+0.7%	$114.9M-50.4%	$231.7M+196.2%	$78.2M+16.2%	$67.3M+382.0%	$14.0M-83.0%	$82.2M-43.5%	$145.4M+36.2%	$106.7M+217.7%	$33.6M-25.2%	$44.9M+128.3%	$19.7M	$0-100.0%	$510K
Short-Term Investments	$133.9M-35.7%	$208.1M+26.1%	$165.0M-31.3%	$240.1M-43.7%	$426.2M-24.2%	$562.1M+91.8%	$293.1M-24.1%	$386.4M	$0-100.0%	$59.8M-14.8%	$70.1M	$0	$0	$0	$0
Inventory	$51.7M+0.3%	$51.5M+396.7%	$10.4M	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Accounts Receivable	$82.4M+18.9%	$69.3M+45820.5%	$151K	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Long-Term Investments	$0	$0	$0	$0-100.0%	$91.6M	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0
Total Liabilities	$214.6M+7.3%	$200.0M+2.2%	$195.7M+19.1%	$164.3M+5.6%	$155.7M+39.0%	$112.0M+145.1%	$45.7M+212.3%	$14.6M+47.9%	$9.9M+99.1%	$5.0M+204.8%	$1.6M-1.9%	$1.7M-26.8%	$2.3M-80.0%	$11.3M-15.0%	$13.3M
Current Liabilities	$138.4M+13.1%	$122.3M+10.9%	$110.3M+20.6%	$91.5M+2.6%	$89.2M+62.6%	$54.9M+40.4%	$39.1M+171.5%	$14.4M+50.1%	$9.6M+93.1%	$5.0M+204.8%	$1.6M-1.9%	$1.7M-26.8%	$2.3M-80.0%	$11.3M-15.0%	$13.3M
Non-Current Liabilities	$76.2M-1.9%	$77.7M-9.1%	$85.4M+17.3%	$72.9M+9.6%	$66.5M+16.4%	$57.1M+765.0%	$6.6M+2769.6%	$230K-22.6%	$297K	$0	$0	$0-100.0%	$717+250.6%	-$476	$0
Total Equity	$698.6M-1.7%	$710.4M+21.5%	$584.6M+17.0%	$499.6M-19.6%	$621.7M-5.3%	$656.5M+119.6%	$299.0M-35.9%	$466.2M+220.4%	$145.5M-12.8%	$166.9M+60.5%	$104.0M+132.0%	$44.8M+154.8%	$17.6M+255.5%	-$11.3M+11.4%	-$12.8M
Retained Earnings	-$2.8B-16.4%	-$2.4B-18.5%	-$2.0B-28.3%	-$1.6B-33.8%	-$1.2B-41.2%	-$830.2M-45.5%	-$570.6M-53.1%	-$372.8M-49.6%	-$249.2M-58.6%	-$157.1M-50.8%	-$104.2M-36.1%	-$76.6M-18.7%	-$64.5M-110.3%	-$30.7M-12.1%	-$27.4M

Metric	Q2'2610-Q	Q1'2610-Q	Q4'2510-Q	Q3'2510-Q	Q2'2510-Q	Q1'2510-Q	Q4'2410-K	Q3'2410-Q
Total Assets	$915.5M+0.9%	$925.7M-4.2%	$913.2M+0.3%	$904.9M-8.7%	$907.4M-5.9%	$966.7M+11.1%	$910.4M+16.7%	$991.1M+16.3%
Current Assets	$464.3M+9.9%	$466.5M-9.0%	$442.7M-3.1%	$429.1M-13.9%	$422.5M-12.4%	$512.6M+33.0%	$457.0M+48.5%	$498.6M+30.3%
Cash & Equivalents	$110.8M-16.4%	$196.5M+14.5%	$163.1M+41.0%	$158.1M-3.7%	$132.5M-42.1%	$171.7M+27.9%	$115.7M+0.7%	$164.2M-38.7%
Short-Term Investments	$186.9M+10.8%	$116.9M-37.8%	$133.9M-35.7%	$142.7M-38.8%	$168.7M-8.2%	$188.0M-15.3%	$208.1M+26.1%	$233.3M+149.1%
Inventory	$55.6M+11.6%	$58.4M-10.9%	$51.7M+0.3%	$51.7M+34.0%	$49.8M+78.9%	$65.5M+272.1%	$51.5M+396.7%	$38.6M+319.6%
Accounts Receivable	$102.1M+70.4%	$81.8M+15.3%	$82.4M+18.9%	$66.8M+19.7%	$59.9M+89.7%	$70.9M+30215.4%	$69.3M+45820.5%	$55.8M
Long-Term Investments	$0	$0	$0	$0	$0	$0	$0	$0
Total Liabilities	$179.5M-14.1%	$203.9M+2.5%	$214.6M+7.3%	$202.7M-6.9%	$208.9M+6.7%	$198.9M+4.8%	$200.0M+2.2%	$217.7M+22.1%
Current Liabilities	$106.8M-17.3%	$129.4M+5.5%	$138.4M+13.1%	$125.8M+6.5%	$129.2M+37.9%	$122.7M+47.4%	$122.3M+10.9%	$118.1M+29.8%
Non-Current Liabilities	$72.6M-9.0%	$74.5M-2.2%	$76.2M-1.9%	$76.9M-22.8%	$79.8M-21.9%	$76.2M-28.5%	$77.7M-9.1%	$99.6M+14.0%
Total Equity	$736.0M+5.4%	$721.8M-6.0%	$698.6M-1.7%	$702.3M-9.2%	$698.5M-9.1%	$767.9M+12.9%	$710.4M+21.5%	$773.5M+14.8%
Retained Earnings	-$2.9B-11.1%	-$2.9B-14.2%	-$2.8B-16.4%	-$2.7B-17.2%	-$2.6B-17.5%	-$2.5B-17.7%	-$2.4B-18.5%	-$2.3B-21.6%

Not reported in any period shown, so not listed: Goodwill, Long-Term Debt.

IOVA Cash Flow Statement

IOVA quarterly cash flow statement

Metric	TTM	FY2510-K	FY2410-K	FY2310-K	FY22DEF 14A	FY21DEF 14A	FY2010-K	FY1910-K	FY1810-K	FY1710-K	FY1610-K	FY1510-K	FY1410-K	FY1310-K	FY1210-K	FY1110-K
Operating Cash Flow	-$264.2M	-$302.4M+14.3%	-$353.0M+2.4%	-$361.8M-23.6%	-$292.8M-28.4%	-$227.9M-11.1%	-$205.1M-29.1%	-$158.9M-56.9%	-$101.2M-28.6%	-$78.7M-140.9%	-$32.7M-77.7%	-$18.4M-312.9%	$8.6M+335.7%	-$3.7M	N/A	N/A
Depreciation & Amortization	N/A	$12.9M+14.3%	$11.3M-2.7%	$11.6M+24.3%	$9.3M+199.3%	$3.1M+172.9%	$1.1M-2.5%	$1.2M+22.3%	$956K+0.4%	$952K-2.7%	$978K-2.1%	$999K+1035.2%	$88K+1157.1%	$7K+12.7%	$6K+129.7%	$3K
Stock-Based Compensation	N/A	$61.6M-43.8%	$109.6M+75.1%	$62.6M-25.5%	$84.0M+20.4%	$69.8M+70.6%	$40.9M+68.4%	$24.3M+21.2%	$20.0M+67.3%	$12.0M-36.7%	$18.9M+121.8%	$8.5M+123.5%	$3.8M+38.7%	$2.8M+8.8%	$2.5M-82.7%	$14.6M
Capital Expenditures	$32.2M	$33.8M+205.7%	$11.1M-50.3%	$22.3M+9.1%	$20.4M-45.6%	$37.6M-19.7%	$46.8M+576.5%	$6.9M+477.4%	$1.2M+16.5%	$1.0M-32.4%	$1.5M+33.1%	$1.1M-28.2%	$1.6M+12146.2%	$13K	$0-100.0%	$31K
Free Cash Flow	-$296.4M	-$336.2M+7.6%	-$364.0M+5.2%	-$384.1M-22.6%	-$313.2M-18.0%	-$265.5M-5.4%	-$251.9M-51.9%	-$165.8M-61.8%	-$102.4M-28.5%	-$79.7M-133.2%	-$34.2M-75.1%	-$19.5M-377.3%	$7.0M+291.6%	-$3.7M	N/A	N/A
Investing Cash Flow	-$44.9M	$47.5M+149.3%	-$96.4M+37.9%	-$155.2M-160.5%	$256.5M+194184.1%	$132K+100.0%	-$317.9M-453.1%	$90.0M+123.3%	-$386.3M-758.3%	$58.7M+559.7%	$8.9M+112.5%	-$71.2M	N/A	-$13K	$0+100.0%	-$81K
Financing Cash Flow	$287.9M	$300.8M-23.0%	$390.7M-15.6%	$463.0M+143.5%	$190.2M-20.5%	$239.3M-58.5%	$576.4M+9301.8%	$6.1M-98.6%	$424.3M+623.0%	$58.7M-39.4%	$96.9M+23.8%	$78.3M	N/A	$23.3M	N/A	N/A

Metric	Q2'2610-Q	Q1'2610-Q	Q4'2510-Q	Q3'2510-Q	Q2'2510-Q	Q1'2510-Q	Q4'2410-K	Q3'2410-Q
Operating Cash Flow	-$60.8M+9.8%	-$72.1M+30.5%	-$52.6M+28.3%	-$78.7M-33.5%	-$67.4M+31.5%	-$103.7M+15.2%	-$73.3M+12.7%	-$59.0M+29.9%
Depreciation & Amortization	$9.5M+179.4%	$2.8M+9.8%	$3.7M+13.7%	$9.0M+200.2%	$3.4M+13.3%	$2.6M-13.7%	$3.3M+11.1%	$3.0M+3.4%
Stock-Based Compensation	$11.7M-21.5%	$11.3M-50.8%	N/A	$11.9M-61.6%	$14.9M	$22.9M+33.4%	N/A	$31.0M
Capital Expenditures	$5.4M-27.1%	$6.6M+6.4%	$9.3M+123.6%	$10.8M+374.0%	$7.5M+1588.0%	$6.2M+48.9%	$4.2M+18.1%	$2.3M-36.0%
Free Cash Flow	-$66.3M+11.5%	-$78.7M+28.4%	-$61.9M+20.1%	-$89.5M-46.2%	-$74.9M+24.2%	-$109.9M+13.1%	-$77.5M+11.5%	-$61.3M+30.1%
Investing Cash Flow	-$74.0M-635.0%	$11.4M-28.2%	$775K-96.7%	$17.0M+134.9%	$13.8M-65.6%	$15.9M+114.2%	$23.7M+132.5%	-$48.8M+38.2%
Financing Cash Flow	$49.3M+272.5%	$94.3M-34.2%	$56.2M+2332.7%	$88.1M+109.9%	$13.2M-91.3%	$143.3M-26.0%	$2.3M+140.0%	$42.0M-79.3%

Not reported in any period shown, so not listed: Dividends Paid, Share Buybacks.

IOVA Financial Ratios

Margins and returns are percentages; the remaining ratios are unitless multiples. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.

IOVA quarterly financial ratios

Metric	FY2510-K	FY2410-K	FY2310-K	FY22DEF 14A	FY21DEF 14A	FY2010-K	FY1910-K	FY1810-K	FY1710-K	FY1610-K	FY1510-K	FY1410-K	FY1310-K	FY1210-K	FY1110-K
Gross Margin	34.3%-8.9pp	43.2%+30.0pp	13.1%	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Operating Margin	-153.1%	-240.9%	-38735.0%	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Net Margin	-148.4%	-226.8%	-37342.3%	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Return on Equity	-56.0%-3.6pp	-52.4%+23.6pp	-75.9%+3.3pp	-79.2%-24.2pp	-55.1%-15.5pp	-39.5%+26.5pp	-66.1%-39.6pp	-26.5%+36.8pp	-63.3%-31.6pp	-31.7%-5.1pp	-26.6%+0.3pp	-26.8%+117.3pp	-144.2%	N/A	N/A
Return on Assets	-42.8%-1.9pp	-40.9%+16.0pp	-56.9%+2.7pp	-59.6%-15.6pp	-44.0%-10.3pp	-33.8%+23.5pp	-57.3%-31.6pp	-25.7%+33.6pp	-59.3%-28.5pp	-30.8%-4.6pp	-26.2%-0.3pp	-25.9%+101.8pp	-127.7%	N/A	N/A
Current Ratio	3.20-0.5x	3.74+0.9x	2.79-2.4x	5.24-0.5x	5.69-5.9x	11.59+3.5x	8.10-24.9x	33.02+17.5x	15.56-18.6x	34.12-29.7x	63.79+36.7x	27.06+18.3x	8.74+8.7x	0.000.0x	0.04
Debt-to-Equity	0.310.0x	0.28-0.1x	0.330.0x	0.33+0.1x	0.25+0.1x	0.170.0x	0.15+0.1x	0.030.0x	0.070.0x	0.030.0x	0.020.0x	0.04-0.1x	0.13	N/A	N/A
Asset Turnover	0.29+0.1x	0.18+0.2x	0.00	N/A	N/A	N/A	N/A	0.000.0x	0.000.0x	0.000.0x	0.000.0x	0.000.0x	0.000.0x	0.000.0x	0.00
FCF Margin	-127.6%	-221.9%	-32305.3%	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A

Metric	Q2'2610-Q	Q1'2610-Q	Q4'2510-Q	Q3'2510-Q	Q2'2510-Q	Q1'2510-Q	Q4'2410-K	Q3'2410-Q
Gross Margin	56.1%+37.6pp	40.5%+27.1pp	50.3%-18.3pp	43.0%-3.2pp	18.5%+19.3pp	13.4%	68.7%	46.2%
Operating Margin	-52.3%	-113.5%	-84.7%	-140.7%	-189.8%	-245.8%	-117.5%	-152.1%
Net Margin	-47.6%	-110.7%	-82.9%	-135.3%	-186.3%	-235.5%	-106.6%	-142.7%
Return on Equity	-6.4%+9.6pp	-10.9%+4.2pp	-10.3%+0.8pp	-13.0%-2.2pp	-16.0%-3.4pp	-15.1%+1.5pp	-11.1%	-10.8%+6.1pp
Return on Assets	-5.2%+7.1pp	-8.5%+3.5pp	-7.9%+0.8pp	-10.1%-1.7pp	-12.3%-2.2pp	-12.0%+1.0pp	-8.6%	-8.4%+4.9pp
Current Ratio	4.34+1.1x	3.60-0.6x	3.20-0.5x	3.41-0.8x	3.27-1.9x	4.18-0.5x	3.74+0.9x	4.220.0x
Debt-to-Equity	0.24-0.1x	0.280.0x	0.310.0x	0.290.0x	0.300.0x	0.260.0x	0.28-0.1x	0.280.0x
Asset Turnover	0.110.0x	0.080.0x	0.100.0x	0.070.0x	0.070.0x	0.05+0.1x	0.08	0.06+0.1x
FCF Margin	-66.7%	-110.1%	-71.3%	-132.8%	-125.0%	-222.8%	-105.1%	-104.6%

Reported as filed but not readable as a share of revenue in the periods where the ratio runs further from zero than a revenue base allows; no change figure is given where either compared period is one of those: Operating Margin, Net Margin, FCF Margin.

Similar Companies

Newest fiscal year on record for each company. The health score is the peer-relative Financial Health Score for that year; a dash means no score is published for it.

Company	Fiscal year	Revenue	Net income	Net margin	Market cap	Health score
Iovance Biotherapeutics, Inc. IOVA	FY2025	$263.5M	-$391.0M	N/A	$6.6B	61/100
Sana Biotechnology, Inc. SANA	FY2025	N/A	-$244.2M	N/A	$784.3M	—
Immunome, Inc. IMNM	FY2025	$6.9M	-$212.4M	N/A	$2.3B	49/100
EyePoint, Inc. EYPT	FY2025	$31.4M	-$232.0M	N/A	$286.2M	46/100
Nektar Therapeutics NKTR	FY2025	$55.2M	-$164.0M	N/A	$1.4B	56/100
UroGen Pharma Ltd. URGN	FY2025	$109.8M	-$153.5M	N/A	$1.9B	42/100

Where Iovance Biotherapeutics, Inc. Ranks

Frequently Asked Questions

What is Iovance Biotherapeutics, Inc.'s annual revenue?

Iovance Biotherapeutics, Inc. (IOVA) reported $263.5M in total revenue for fiscal year 2025. This represents a 60.6% change compared to the previous fiscal year. Revenue measures the total income earned from the company's primary business operations before any expenses are deducted.

How fast is Iovance Biotherapeutics, Inc.'s revenue growing?

Iovance Biotherapeutics, Inc. (IOVA) revenue grew by 60.6% year-over-year, from $164.1M to $263.5M in fiscal year 2025.

Is Iovance Biotherapeutics, Inc. profitable?

No, Iovance Biotherapeutics, Inc. (IOVA) reported a net income of -$391.0M in fiscal year 2025.

What is Iovance Biotherapeutics, Inc.'s EBITDA?

Iovance Biotherapeutics, Inc. (IOVA) had EBITDA of -$390.5M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization.

What is Iovance Biotherapeutics, Inc.'s gross margin?

Iovance Biotherapeutics, Inc. (IOVA) had a gross margin of 34.3% in fiscal year 2025, indicating the percentage of revenue retained after direct costs of goods sold.

What is Iovance Biotherapeutics, Inc.'s return on equity (ROE)?

Iovance Biotherapeutics, Inc. (IOVA) has a return on equity of -56.0% for fiscal year 2025, measuring how efficiently the company generates profit from shareholder equity.

What is Iovance Biotherapeutics, Inc.'s free cash flow?

Iovance Biotherapeutics, Inc. (IOVA) recorded an outflow of $336.2M in free cash flow during fiscal year 2025. This represents a 7.6% change compared to the previous fiscal year. Free cash flow represents the cash a company generates after accounting for capital expenditures, and is widely used to assess financial flexibility and shareholder value.

What is Iovance Biotherapeutics, Inc.'s operating cash flow?

Iovance Biotherapeutics, Inc. (IOVA) recorded an outflow of $302.4M in operating cash flow during fiscal year 2025, representing cash used by core business activities.

What are Iovance Biotherapeutics, Inc.'s total assets?

Iovance Biotherapeutics, Inc. (IOVA) had $913.2M in total assets as of fiscal year 2025, including both current and long-term assets.

What are Iovance Biotherapeutics, Inc.'s capital expenditures?

Iovance Biotherapeutics, Inc. (IOVA) invested $33.8M in capital expenditures during fiscal year 2025, funding long-term assets and infrastructure.

How much does Iovance Biotherapeutics, Inc. spend on research and development?

Iovance Biotherapeutics, Inc. (IOVA) invested $300.3M in research and development during fiscal year 2025.

How many shares does Iovance Biotherapeutics, Inc. have outstanding?

Iovance Biotherapeutics, Inc. (IOVA) had 412M shares outstanding as of fiscal year 2025.

What is Iovance Biotherapeutics, Inc.'s current ratio?

Iovance Biotherapeutics, Inc. (IOVA) had a current ratio of 3.20 as of fiscal year 2025, which is generally considered healthy.

What is Iovance Biotherapeutics, Inc.'s debt-to-equity ratio?

Iovance Biotherapeutics, Inc. (IOVA) had a debt-to-equity ratio of 0.31 as of fiscal year 2025, measuring the company's financial leverage by comparing total debt to shareholder equity.

What is Iovance Biotherapeutics, Inc.'s return on assets (ROA)?

Iovance Biotherapeutics, Inc. (IOVA) had a return on assets of -42.8% for fiscal year 2025, measuring how efficiently the company uses its assets to generate profit.

What is Iovance Biotherapeutics, Inc.'s P/E ratio?

Iovance Biotherapeutics, Inc. (IOVA) has no price-to-earnings ratio at the moment: net loss, so no earnings multiple (trailing 12 months to June 30, 2026). The market capitalization is $6.6B as of Oct 13, 2026; a multiple compares that price with a filed figure and says nothing about the quality of the business.

What is Iovance Biotherapeutics, Inc.'s price-to-sales ratio?

Iovance Biotherapeutics, Inc. (IOVA) trades at 20.2x sales, its market capitalization divided by revenue of $325.0M revenue, trailing 12 months to June 30, 2026. The market capitalization is $6.6B as of Oct 13, 2026; a multiple compares that price with a filed figure and says nothing about the quality of the business.

How does Iovance Biotherapeutics, Inc.'s liquidity compare with its operating cash outflow?

At the end of fiscal year 2025, Iovance Biotherapeutics, Inc. (IOVA) held $297.0M in cash, cash equivalents and investments, and reported an operating cash outflow of $302.4M over that year. Dividing the one by the other, the reported balance equals about 12 months of the outflow reported that year. This is arithmetic over figures already filed, not a projection: it assumes nothing about future spending, financing or operations.

What is Iovance Biotherapeutics, Inc.'s Altman Z-Score?

Iovance Biotherapeutics, Inc. (IOVA) has an Altman Z-Score of 13.35, placing it in the Safe Zone (low bankruptcy risk). The Z-Score combines five financial ratios (working capital, retained earnings, EBIT, market capitalization, and revenue relative to total assets) to predict the likelihood of bankruptcy. Scores above 2.99 indicate financial safety while scores below 1.81 suggest financial distress. Learn more in our complete guide to financial health indicators.

What is Iovance Biotherapeutics, Inc.'s Piotroski F-Score?

Iovance Biotherapeutics, Inc. (IOVA) has a Piotroski F-Score of 2 out of 8 computable signals; 1 of the nine could not be computed from available data, so the full-scale strength rating is not shown. The F-Score evaluates nine binary signals across profitability (positive ROA, positive cash flow, improving ROA, earnings quality), leverage (decreasing debt, improving liquidity, no share dilution), and operating efficiency (improving gross margin, improving asset turnover). Scores of 7 to 9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.

Are Iovance Biotherapeutics, Inc.'s earnings high quality?

Iovance Biotherapeutics, Inc. (IOVA) reported a net loss of $391.0M while operations used $302.4M of cash. With neither figure positive, the ratio between the two carries no quality signal. This ratio compares operating cash flow to net income. A ratio above 1.0x means the company generates more cash than its reported earnings, indicating sustainable, cash-backed profits. Ratios below 1.0x suggest earnings rely on accounting accruals rather than actual cash generation. Learn more in our complete guide to financial health indicators.

How financially healthy is Iovance Biotherapeutics, Inc.?

Iovance Biotherapeutics, Inc. (IOVA) scores 61 out of 100 on our Financial Health Score, indicating moderate standing within its emerging companies peer group. The score is a 0-100 composite of six dimensions (Cash Runway, Dilution, R&D Intensity, Revenue Progress, Burn Trend, Balance Sheet), each ranked as a percentile relative to companies in the same scoring family (banks against banks, REITs against REITs, and so on) rather than across all industries. It rates the quality of the business, not whether the stock is fairly priced, and is not financial advice. Learn more in our complete guide to financial health indicators.