IOVA

MKT CAP:$1B

Iovance Biotherapeutics, Inc.

Market Cap

$1B

Healthcare·Biotechnology·🇺🇸 United States·NASDAQ

Healthcare·Biotechnology·🇺🇸·NASDAQ

Stock Price

$3.70+$1.18 (+46.83%)

Apr 21, 2026

Company Details

Iovance Biotherapeutics, Inc., a clinical-stage biotechnology company, focuses on developing and commercializing cancer immunotherapy products to harness the power of a patient's immune system to eradicate cancer cells. It has six ongoing p...

CEO

Frederick G. Vogt

IPO Date

Oct 15, 2010

Website

www.iovance.com

Key Metrics TTM

Revenue

$264M

+60.6% YoY

Net Income

-$391M

EPS (Diluted)

-$1.09

Free Cash Flow

-$336M

Revenue / Share

$0.65

Gross Margin

97.2%

Operating Margin

-153.1%

Net Margin

-148.4%

FCF Margin

-127.6%

P/S

4.3x

P/E

—

Earnings Reports

Q1 2026

May 14, 2026

PENDING

FY 2025

Feb 24, 2026

$264M+60.6%EPS -$1.09

Q4 2025

Feb 24, 2026

$87M+17.7%EPS -$0.15

Q3 2025

Nov 6, 2025

$67M+15.2%EPS -$0.25

Q2 2025

Aug 7, 2025

$60M+92.7%EPS -$0.33

Revenue & Profitability

Quarter	Revenue	Gross Profit	Operating Income
Q1 22	$0	$0	-$92M
Q2 22	$0	$0	-$100M
Q3 22	$0	$0	-$100M
Q4 22	$0	$0	-$107M
Q1 23	$0	$0	-$111M
Q2 23	$238.0K	-$2M	-$110M
Q3 23	$469.0K	-$4M	-$118M
Q4 23	$482.0K	-$4M	-$121M
Q1 24	$715.0K	-$7M	-$118M
Q2 24	$31M	-$262.0K	-$102M
Q3 24	$59M	$19M	-$89M
Q4 24	$74M	$28M	-$87M
Q1 25	$49M	-$417.0K	-$121M
Q2 25	$60M	$3M	-$114M
Q3 25	$67M	$66M	-$95M
Q4 25	$87M	$187M	-$73M

Valuation

Quarter	P/S	P/E
Q1 22	—	—
Q2 22	—	—
Q3 22	—	—
Q4 22	—	—
Q1 23	—	—
Q2 23	4773.3x	—
Q3 23	1606.8x	—
Q4 23	955.5x	—
Q1 24	596.7x	—
Q2 24	34.7x	—
Q3 24	12.5x	—
Q4 24	6.9x	—
Q1 25	5.3x	—
Q2 25	4.7x	—
Q3 25	4.5x	—
Q4 25	4.3x	—

Operating Cash Flow

Quarter	Operating CF	Free CF
Q1 22	-$74M	-$85M
Q2 22	-$78M	-$82M
Q3 22	-$64M	-$65M
Q4 22	-$78M	-$81M
Q1 23	-$100M	-$105M
Q2 23	-$94M	-$103M
Q3 23	-$84M	-$88M
Q4 23	-$84M	-$87M
Q1 24	-$122M	-$126M
Q2 24	-$98M	-$99M
Q3 24	-$59M	-$61M
Q4 24	-$73M	-$77M
Q1 25	-$104M	-$110M
Q2 25	-$67M	-$75M
Q3 25	-$79M	-$90M
Q4 25	-$53M	-$62M

Capital Expenditures

Quarter	CapEx
Q1 22	$11M
Q2 22	$5M
Q3 22	$1M
Q4 22	$3M
Q1 23	$6M
Q2 23	$10M
Q3 23	$4M
Q4 23	$4M
Q1 24	$4M
Q2 24	$442.0K
Q3 24	$2M
Q4 24	$4M
Q1 25	$6M
Q2 25	$7M
Q3 25	$11M
Q4 25	$9M

CapEx

OpEx vs Revenue Growth (YoY)

Quarter	Revenue Growth	OpEx Growth
Q1 22	—	+21.4%
Q2 22	—	+22.5%
Q3 22	—	+16.4%
Q4 22	—	+7.6%
Q1 23	—	+20.9%
Q2 23	—	+10.6%
Q3 23	—	+18.4%
Q4 23	—	+13.7%
Q1 24	—	+6.8%
Q2 24	+12969.7%	+20.6%
Q3 24	+12384.9%	+24.2%
Q4 24	+15189.2%	+31.7%
Q1 25	+6798.5%	+44.0%
Q2 25	+92.7%	+30.6%
Q3 25	+15.2%	+10.0%
Q4 25	+17.7%	-0.0%

Stock-Based Compensation

Quarter	SBC ($)	% of Revenue
Q1 22	$22M	—
Q2 22	$0	—
Q3 22	$20M	—
Q4 22	$20M	—
Q1 23	$16M	—
Q2 23	$17M	7033.6%
Q3 23	$16M	3373.3%
Q4 23	$14M	2987.3%
Q1 24	$17M	2402.5%
Q2 24	$30M	97.9%
Q3 24	$31M	53.0%
Q4 24	$31M	42.0%
Q1 25	$23M	46.5%
Q2 25	$15M	24.9%
Q3 25	$0	0.0%
Q4 25	$12M	13.6%

OpEx Breakdown

Quarter	R&D	G&A	S&M	SG&A
Q1 22	$68M	$23M	—	—
Q2 22	$73M	$26M	—	—
Q3 22	$73M	$28M	—	—
Q4 22	$81M	$26M	—	—
Q1 23	$83M	$28M	—	—
Q2 23	$86M	—	—	$22M
Q3 23	$88M	—	—	$27M
Q4 23	$87M	—	—	$30M
Q1 24	$80M	$8M	$18M	—
Q2 24	$62M	—	—	$34M
Q3 24	$68M	$40M	—	—
Q4 24	$72M	—	—	$43M
Q1 25	$77M	$11M	$33M	—
Q2 25	$79M	—	—	$38M
Q3 25	$75M	—	—	$35M
Q4 25	$69M	—	—	$36M

Revenue by Geography

Quarter	Non-US	United States
Q4 23	$500.0K	—
Q1 24	$700.0K	—
Q2 24	$1M	$30M
Q3 24	$740.0K	$58M
Q1 25	$804.0K	$49M
Q2 25	$1M	$59M
Q3 25	$1M	$66M
Q4 25	$1M	$85M

War Chest

Quarter	Cash	Short-term Investments	Total
Q1 22	$92M	$390M	$482M
Q2 22	$108M	$316M	$424M
Q3 22	$118M	$242M	$360M
Q4 22	$232M	$240M	$472M
Q1 23	$543M	$83M	$626M
Q2 23	$230M	$21M	$251M
Q3 23	$268M	$94M	$361M
Q4 23	$115M	$165M	$280M
Q1 24	$134M	$222M	$356M
Q2 24	$229M	$184M	$413M
Q3 24	$164M	$233M	$397M
Q4 24	$116M	$208M	$324M
Q1 25	$172M	$188M	$360M
Q2 25	$132M	$169M	$301M
Q3 25	$158M	$143M	$301M
Q4 25	$163M	$134M	$297M

Shares Outstanding

Quarter	Shares (Diluted)	QoQ Change	YoY Change
Q1 22	157M	+0.1%	+6.6%
Q2 22	157M	+0.1%	+2.3%
Q3 22	158M	+0.3%	+1.5%
Q4 22	165M	+4.4%	+5.0%
Q1 23	214M	+29.7%	+36.0%
Q2 23	224M	+5.0%	+42.7%
Q3 23	246M	+9.5%	+55.8%
Q4 23	256M	+4.1%	+55.3%
Q1 24	266M	+4.0%	+24.6%
Q2 24	285M	+7.0%	+26.9%
Q3 24	303M	+6.5%	+23.4%
Q4 24	305M	+0.5%	+19.1%
Q1 25	323M	+5.9%	+21.3%
Q2 25	335M	+3.6%	+17.4%
Q3 25	364M	+8.8%	+20.0%
Q4 25	407M	+11.8%	+33.5%

Shares Outstanding

Revenue Per Employee

Period	Revenue/Employee	Employees
Q1 22	$0	319
Q2 22	$0	319
Q3 22	$0	319
Q4 22	$0	503
Q1 23	$0	503
Q2 23	$473	503
Q3 23	$932	503
Q4 23	$865	557
Q1 24	$1.3K	557
Q2 24	$55.8K	557
Q3 24	$105.1K	557
Q4 24	$87.9K	838
Q1 25	$58.9K	838
Q2 25	$71.5K	838
Q3 25	$80.5K	838
Q4 25	$89.0K	975

Revenue / Employee