Iovance Biotherp Financials
This page shows Iovance Biotherp (IOVA) financial statements, including the income statement, balance sheet, cash flow statement, and key financial ratios. View 18 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).
Iovance’s sales ramp is real, but cash needs still outrun commercialization, leaving equity funding as the operating bridge.
Between FY2024 and FY2025, revenue climbed from$164.1M to$263.5M , showing real commercial uptake. Yet operating cash burn remained at-$302.4M and cash was maintained only with$300.8M of financing inflow, which means commercial traction has not yet replaced external funding.
The balance sheet is equity-funded rather than debt-funded: total liabilities were only
Higher sales have not yet produced manufacturing or launch leverage: gross margin fell from
Financial Health Signals
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 Biotherp'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.
Iovance Biotherp scores 0.43, below the 1.81 distress threshold. The score is driven primarily by a large market capitalization ($2.0B) relative to total liabilities ($214.6M). This indicates elevated financial distress risk and warrants close attention to liquidity and debt levels.
Distress-screening estimate for non-financial companies. Not computed for banks or insurers, where the Altman model does not apply.
Iovance Biotherp 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.
For every $1 of reported earnings, Iovance Biotherp generates $0.77 in operating cash flow (-$302.4M OCF vs -$391.0M net income). This low ratio suggests earnings are primarily driven by accounting accruals rather than cash generation, which may not be sustainable.
Key Financial Metrics
Earnings & Revenue
Iovance Biotherp generated $263.5M in revenue in fiscal year 2025. This represents an increase of 60.6% from the prior year.
Iovance Biotherp's EBITDA was -$390.5M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization. This represents a decrease of 1.7% from the prior year.
Iovance Biotherp reported -$391.0M in net income in fiscal year 2025. This represents a decrease of 5.1% from the prior year.
Iovance Biotherp earned $-1.09 per diluted share (EPS) in fiscal year 2025. This represents an increase of 14.8% from the prior year.
Cash & Balance Sheet
Iovance Biotherp generated -$336.2M in free cash flow in fiscal year 2025, representing cash available after capex. This represents an increase of 7.6% from the prior year.
Iovance Biotherp held $163.1M in cash against $0 in long-term debt as of fiscal year 2025.
Iovance Biotherp had 412M shares outstanding in fiscal year 2025. This represents an increase of 35.0% from the prior year.
Margins & Returns
Iovance Biotherp's gross margin was 34.3% in fiscal year 2025, indicating the percentage of revenue retained after direct costs. This is down 8.9 percentage points from the prior year.
Iovance Biotherp's operating margin was -153.1% in fiscal year 2025, reflecting core business profitability. This is up 87.8 percentage points from the prior year.
Iovance Biotherp's net profit margin was -148.4% in fiscal year 2025, showing the share of revenue converted to profit. This is up 78.5 percentage points from the prior year.
Iovance Biotherp's ROE was -56.0% in fiscal year 2025, measuring profit generated per dollar of shareholder equity. This is down 3.6 percentage points from the prior year.
Capital Allocation
Iovance Biotherp invested $300.3M in research and development in fiscal year 2025. This represents an increase of 8.7% from the prior year.
Iovance Biotherp invested $33.8M in capex in fiscal year 2025, funding long-term assets and infrastructure. This represents an increase of 205.7% from the prior year.
IOVA Income Statement
| Metric | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 |
|---|---|---|---|---|---|---|---|---|
| Revenue | $71.4M-17.7% | $86.8M+28.6% | $67.5M+12.5% | $60.0M+21.5% | $49.3M-33.1% | $73.7M+25.9% | $58.6M+88.2% | $31.1M |
| Cost of Revenue | $42.5M+20.3% | $35.3M-8.2% | $38.5M-32.1% | $56.7M+32.7% | $42.7M+84.9% | $23.1M-26.7% | $31.5M+0.5% | $31.4M |
| Gross Profit | $28.9M-43.8% | $51.4M+77.5% | $29.0M+781.3% | $3.3M-50.2% | $6.6M-86.9% | $50.6M+87.1% | $27.0M+10419.5% | -$262K |
| R&D Expenses | $62.5M-10.4% | $69.8M-7.2% | $75.2M-5.3% | $79.4M+4.5% | $76.0M+12.8% | $67.3M+0.4% | $67.0M+8.0% | $62.1M |
| SG&A Expenses | $38.9M+7.4% | $36.3M+5.0% | $34.6M-8.3% | $37.7M-13.9% | $43.8M+4.4% | $42.0M+6.7% | $39.3M-0.6% | $39.6M |
| Operating Income | -$81.0M-10.3% | -$73.5M+22.6% | -$94.9M+16.6% | -$113.8M+6.1% | -$121.2M-40.0% | -$86.6M+2.8% | -$89.1M+12.6% | -$101.9M |
| Interest Expense | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Income Tax | -$665K-461.4% | $184K+107.7% | -$2.4M-221.0% | $2.0M+208.2% | -$1.8M-218.0% | $1.6M+202.5% | -$1.5M-4.3% | -$1.5M |
| Net Income | -$79.0M-9.9% | -$71.9M+21.2% | -$91.3M+18.3% | -$111.7M+3.9% | -$116.2M-47.8% | -$78.6M+5.9% | -$83.5M+14.0% | -$97.1M |
| EPS (Diluted) | $-0.19 | N/A | N/A | $-0.33+8.3% | $-0.36 | N/A | $-0.28+17.6% | $-0.34 |
IOVA Balance Sheet
| Metric | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 |
|---|---|---|---|---|---|---|---|---|
| Total Assets | $925.7M+1.4% | $913.2M+0.9% | $904.9M-0.3% | $907.4M-6.1% | $966.7M+6.2% | $910.4M-8.1% | $991.1M+2.8% | $964.3M |
| Current Assets | $466.5M+5.4% | $442.7M+3.2% | $429.1M+1.6% | $422.5M-17.6% | $512.6M+12.2% | $457.0M-8.3% | $498.6M+3.4% | $482.3M |
| Cash & Equivalents | $196.5M+20.5% | $163.1M+3.1% | $158.1M+19.4% | $132.5M-22.8% | $171.7M+48.4% | $115.7M-29.5% | $164.2M-28.2% | $228.7M |
| Inventory | $58.4M+13.0% | $51.7M-0.1% | $51.7M+3.8% | $49.8M-24.0% | $65.5M+27.2% | $51.5M+33.5% | $38.6M+38.5% | $27.9M |
| Accounts Receivable | $81.8M-0.8% | $82.4M+23.5% | $66.8M+11.4% | $59.9M-15.5% | $70.9M+2.3% | $69.3M+24.3% | $55.8M+76.5% | $31.6M |
| Goodwill | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Total Liabilities | $203.9M-5.0% | $214.6M+5.9% | $202.7M-3.0% | $208.9M+5.1% | $198.9M-0.6% | $200.0M-8.1% | $217.7M+11.2% | $195.8M |
| Current Liabilities | $129.4M-6.5% | $138.4M+10.0% | $125.8M-2.6% | $129.2M+5.3% | $122.7M+0.3% | $122.3M+3.6% | $118.1M+26.1% | $93.6M |
| Long-Term Debt | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Total Equity | $721.8M+3.3% | $698.6M-0.5% | $702.3M+0.5% | $698.5M-9.0% | $767.9M+8.1% | $710.4M-8.2% | $773.5M+0.6% | $768.5M |
| Retained Earnings | -$2.9B-2.8% | -$2.8B-2.7% | -$2.7B-3.5% | -$2.6B-4.5% | -$2.5B-4.9% | -$2.4B-3.4% | -$2.3B-3.8% | -$2.2B |
IOVA Cash Flow Statement
| Metric | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 |
|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | -$72.1M-37.1% | -$52.6M+33.2% | -$78.7M-16.7% | -$67.4M+35.0% | -$103.7M-41.5% | -$73.3M-24.3% | -$59.0M+40.1% | -$98.4M |
| Capital Expenditures | $6.6M-29.1% | $9.3M-14.1% | $10.8M+45.3% | $7.5M+20.1% | $6.2M+49.0% | $4.2M+82.2% | $2.3M+417.6% | $442K |
| Free Cash Flow | -$78.7M-27.1% | -$61.9M+30.9% | -$89.5M-19.5% | -$74.9M+31.8% | -$109.9M-41.9% | -$77.5M-26.4% | -$61.3M+38.0% | -$98.9M |
| Investing Cash Flow | $11.4M+1370.2% | $775K-95.4% | $17.0M+22.9% | $13.8M-12.8% | $15.9M-33.0% | $23.7M+148.5% | -$48.8M-221.3% | $40.2M |
| Financing Cash Flow | $94.3M+67.9% | $56.2M-36.2% | $88.1M+565.6% | $13.2M-90.8% | $143.3M+6106.8% | $2.3M-94.5% | $42.0M-72.5% | $152.8M |
| Dividends Paid | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Share Buybacks | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
IOVA Financial Ratios
| Metric | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 |
|---|---|---|---|---|---|---|---|---|
| Gross Margin | 40.5%-18.8pp | 59.3%+16.3pp | 43.0%+37.5pp | 5.5%-7.9pp | 13.4%-55.3pp | 68.7%+22.5pp | 46.2%+47.0pp | -0.8% |
| Operating Margin | -113.5%-28.8pp | -84.7%+56.0pp | -140.7%+49.1pp | -189.8%+56.0pp | -245.8%-128.3pp | -117.5%+34.6pp | -152.1%+175.5pp | -327.6% |
| Net Margin | -110.7%-27.8pp | -82.9%+52.4pp | -135.3%+51.0pp | -186.3%+49.3pp | -235.5%-128.9pp | -106.6%+36.0pp | -142.7%+169.5pp | -312.2% |
| Return on Equity | -10.9%-0.7pp | -10.3%+2.7pp | -13.0%+3.0pp | -16.0%-0.9pp | -15.1%-4.1pp | -11.1%-0.3pp | -10.8%+1.8pp | -12.6% |
| Return on Assets | -8.5%-0.7pp | -7.9%+2.2pp | -10.1%+2.2pp | -12.3%-0.3pp | -12.0%-3.4pp | -8.6%-0.2pp | -8.4%+1.6pp | -10.1% |
| Current Ratio | 3.60+0.4 | 3.20-0.2 | 3.41+0.1 | 3.27-0.9 | 4.18+0.4 | 3.74-0.5 | 4.22-0.9 | 5.15 |
| Debt-to-Equity | 0.28-0.0 | 0.31+0.0 | 0.29-0.0 | 0.30+0.0 | 0.26-0.0 | 0.280.0 | 0.28+0.0 | 0.25 |
| FCF Margin | -110.1%-38.8pp | -71.3%+61.4pp | -132.8%-7.8pp | -125.0%+97.9pp | -222.8%-117.7pp | -105.1%-0.5pp | -104.6%+213.2pp | -317.9% |
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Frequently Asked Questions
What is Iovance Biotherp's annual revenue?
Iovance Biotherp (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 Biotherp's revenue growing?
Iovance Biotherp (IOVA) revenue grew by 60.6% year-over-year, from $164.1M to $263.5M in fiscal year 2025.
Is Iovance Biotherp profitable?
No, Iovance Biotherp (IOVA) reported a net income of -$391.0M in fiscal year 2025, with a net profit margin of -148.4%.
What is Iovance Biotherp's EBITDA?
Iovance Biotherp (IOVA) had EBITDA of -$390.5M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization.
What is Iovance Biotherp's gross margin?
Iovance Biotherp (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 Biotherp's operating margin?
Iovance Biotherp (IOVA) had an operating margin of -153.1% in fiscal year 2025, reflecting the profitability of core business operations before interest and taxes.
What is Iovance Biotherp's net profit margin?
Iovance Biotherp (IOVA) had a net profit margin of -148.4% in fiscal year 2025, representing the share of revenue converted into profit after all expenses.
What is Iovance Biotherp's return on equity (ROE)?
Iovance Biotherp (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 Biotherp's free cash flow?
Iovance Biotherp (IOVA) generated -$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 Biotherp's operating cash flow?
Iovance Biotherp (IOVA) generated -$302.4M in operating cash flow during fiscal year 2025, representing cash generated from core business activities.
What are Iovance Biotherp's total assets?
Iovance Biotherp (IOVA) had $913.2M in total assets as of fiscal year 2025, including both current and long-term assets.
What are Iovance Biotherp's capital expenditures?
Iovance Biotherp (IOVA) invested $33.8M in capital expenditures during fiscal year 2025, funding long-term assets and infrastructure.
How much does Iovance Biotherp spend on research and development?
Iovance Biotherp (IOVA) invested $300.3M in research and development during fiscal year 2025.
What is Iovance Biotherp's current ratio?
Iovance Biotherp (IOVA) had a current ratio of 3.20 as of fiscal year 2025, which is generally considered healthy.
What is Iovance Biotherp's debt-to-equity ratio?
Iovance Biotherp (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 Biotherp's return on assets (ROA)?
Iovance Biotherp (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 Biotherp's cash runway?
Based on fiscal year 2025 data, Iovance Biotherp (IOVA) had $163.1M in cash against an annual operating cash burn of $302.4M. This gives an estimated cash runway of approximately 6 months at the current burn rate. Cash runway measures how long a company can continue operating before running out of cash, assuming no additional funding.
What is Iovance Biotherp's Altman Z-Score?
Iovance Biotherp (IOVA) has an Altman Z-Score of 0.43, placing it in the Distress Zone (elevated 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 Biotherp's Piotroski F-Score?
Iovance Biotherp (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 Biotherp's earnings high quality?
Iovance Biotherp (IOVA) has an earnings quality ratio of 0.77x, considered low quality (accrual-driven). 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 Biotherp?
Iovance Biotherp (IOVA) scores 60 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.