Iovance Biotherapeutics Inc (IOVA)
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symbol.quality_heading
We found at least one documented issue that threatens the company itself — regardless of how the stock is currently valued.
This traffic light judges the substance of the company, not the share price — and here the cash position decides it. As of March 31, 2026, $319.4 million of cash stood against $72.1 million of quarterly operating outflow plus $6.6 million of capital expenditure: roughly four quarters on paper without fresh money, with the outflow continuing. That is exactly the threshold at which we assign red, and in a borderline case our rule requires the more cautious grade. Added to that is a documented dependence on the equity market: in 2025, $302.4 million of operating cash burn was matched almost to the dollar by $306.3 million raised from new shares; the Jefferies sale agreement is drawn down by $260.3 million of $350.0 million (June 18, 2026), and on June 10, 2026 stockholders had to lift the authorized share count from 500 million to 650 million to keep that route open. In fairness, a good deal argues the other way: there is no going-concern warning, shareholders' equity is clearly positive at $721.8 million, there is effectively no financial debt and therefore no interest burden and no maturity wall, the loss is shrinking, and the company itself expects a runway well into 2028 — though expressly including anticipated revenue and anticipated savings, not on the existing cash alone. Hence red: as a judgment on substance and on the dependence on continuing share sales, not on the price of the stock, and certainly not on whether the therapy works. The decision is yours.
symbol.quality_note
Amtagvi is real medicine: doctors take a piece of your tumor, harvest the immune cells that already found the cancer, grow them into the billions and infuse them back — and in the real world, more than every second patient in earlier treatment lines responds. That is exactly what makes Iovance (Nasdaq: IOVA) the cleanest test of an uncomfortable question: does a therapy that works automatically make a company that works? We read the annual report (10-K) for 2025 and the quarterly report (10-Q) as of March 31, 2026: revenue grew 61 percent to $263.5 million — but the company reaffirmed $450 to $475 million for that same year and cut it to $250 to $300 million ten weeks later, the gross margin fell to 34 percent against its own 70 percent promise, and 101.9 million new shares paid for the year. Not investment advice — just an honest look at what a cure costs to manufacture.
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Stock Watch
This analysis is as of July 16, 2026. Stock Watch will tell you what's changed at IOVA since then.
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Appears in These Scanners
This stock currently matches 14 of our scanner strategies — each hit links to the scanner.
Only genuine hits from verified scanners count; pure ranking metrics (P/E, P/S, and similar, which just sort the whole universe) don't count as a hit. View all scanners
Trading Day
Key levels of the most recently completed trading day — not a live quote.
52-Week Range
Current price 4.10 $ — 62% of the range above the low.
Lowest and highest closing price over the last 52 weeks. The marker shows where the current price sits within that range: close to the high speaks for strength, close to the low for weakness.
Basics
Performance
Technical Indicators
Calculated from the price history · as of 08/03/2026
Valuation
Profitability
Balance Sheet & Safety
Growth
Dividend
This stock currently pays no dividend.
Quality & Screener
AI Rating
NeutralGeprüft am 16.07.2026 gegen die Geschäftsberichte (10-K) 2025 (eingereicht 24.02.2026) und 2024 (27.02.2025) sowie die vier jüngsten Quartalsberichte (10-Q): In den ausgewerteten SEC-Filings von Iovance Biotherapeutics findet sich kein wesentlicher KI-Bezug. Der 10-K 2024 enthält überhaupt keine Erwähnung von „artificial intelligence“ oder „AI“. Im 10-K 2025 und im 10-Q zum 31.03.2026 steht KI ausschließlich als generischer, konditionaler Regulierungs-Risikofaktor in Item 1A („We, directly or through our third-party service providers, may adopt, use or incorporate artificial intelligence, or AI, technology and capabilities into the information technology systems or software that we use in our business and operations“ — deutsch: „Wir könnten, direkt oder über unsere Drittdienstleister, künstliche Intelligenz (KI) in die IT-Systeme oder Software übernehmen, nutzen oder einbauen, die wir in unserem Geschäft und Betrieb verwenden“), gefolgt von einer Darstellung des EU AI Act und der SEC-Aufsicht gegen „AI-washing“. Das ist eine Möglichkeitsform („may adopt“) ohne belegten operativen Einsatz — nach Regel 3 des Kriterienkatalogs eine Boilerplate-Floskel und damit weder „nutzt“ noch „bedroht“. Iovance verkauft Zelltherapien (Amtagvi/lifileucel, Proleukin); Umsatzquelle ist ausschließlich der Produktverkauf (Produktumsatz 2025: 263,5 Mio. $), keinerlei KI-Produkt oder -Dienst. Der Herstellprozess (TIL-Expansion in Bioreaktoren über 22 Tage) wird in Item 1 ohne KI-, Machine-Learning- oder Algorithmus-Bezug beschrieben. Ergebnis: dokumentierter Negativ-Befund → neutral.
View the full file — quotes, sources, reviewed filings
Filings Reviewed: 10-Q 2026-05-07 · 10-Q 2025-11-06 · 10-Q 2025-08-07 · 10-Q 2025-05-08 · 10-K 2026-02-24 · 10-K 2025-02-27
Rated on July 16, 2026 · How the Rating Is Built
Highlighted are things our editorial team noticed: green = stands out as strong, red = deserves a closer look. No single metric is a verdict on its own — always read it in context.
Analysts & Price Target
The price target sits 100.5% above the current price.
- Consensus
- Sell
- Analyst Ratings
- 12
Combined picture of the price targets and recommendations of every analyst covering the stock. Price targets are expectations for the next 12 months, not promises — and they often follow the price rather than predict it.
Estimates by Fiscal Year
| Fiscal Year | EPS Estimate ($) | EPS Range ($) | Revenue Estimate ($M) | Expected Growth | Analysts |
|---|---|---|---|---|---|
| 12/31/2026 | -0.57 | -0.72 – -0.46 | 362 | 47.3% | 7 |
| 12/31/2027 | -0.32 | -0.46 – -0.23 | 497 | 44.1% | 7 |
Average of the analyst estimates for the coming fiscal years. The range shows how far the most optimistic and the most cautious estimate sit apart — the wider it is, the less certain the expectation.
Next Reporting Date
- Expected Earnings per Share
- -0.17 $
Expected date of the next quarterly or annual figures. Dates do shift occasionally — only the invitation issued by the company is binding.
Revenue & Profit
Cash Flow
Balance Sheet
Margins
Per Share
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· Total · per year
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The figures could not be loaded right now.
Source: fundamental data
Quarterly Figures
| Quarter | EPS (Earnings Per Share) | EPS YoY (%) | Sales ($M) | Sales YoY (%) | Net Margin (%) | OCF ($M) | FCF ($M) |
|---|---|---|---|---|---|---|---|
| 2024: Q4 | -0.26 | – | 74 | 15,189.20 | -106.60 | -73 | -78 |
| 2025: Q1 | -0.36 | – | 49 | 6,798.50 | -235.50 | -104 | -110 |
| 2025: Q2 | -0.33 | – | 60 | 92.70 | -186.20 | -67 | -75 |
| 2025: Q3 | -0.25 | – | 68 | 15.20 | -135.30 | -79 | -90 |
| 2025: Q4 | -0.18 | – | 87 | 17.70 | -82.90 | -53 | -62 |
| 2026: Q1 | -0.19 | – | 71 | 44.80 | -110.70 | -72 | -79 |
- EPS (Earnings Per Share):
- Quarterly profit divided by the total share count — how much of the profit works out to a single share.
- YoY (Year over Year):
- Change versus the same quarter a year ago — this is how you compare without seasonal distortion (e.g. the holiday shopping season).
- Sales:
- All revenue for the quarter, before any costs are deducted — the top line of the income statement.
- Net Margin:
- What percentage of sales is left over as profit in the end. Negative means the company is posting a loss.
- OCF (Operating Cash Flow):
- The cash that actually flows into the till from the core business during the quarter — harder to dress up than book profit.
- FCF (Free Cash Flow):
- Operating cash flow minus capital expenditures — the money that's genuinely free to use, say for paying down debt, buybacks, or dividends.
Annual Figures
| Fiscal Year | Revenue ($M) | EBIT ($M) | Net Income ($M) | EPS ($) | Operating Cash Flow ($M) | Equity ($M) | Total Assets ($M) |
|---|---|---|---|---|---|---|---|
| 2016 | 0 | -54 | -53 | -0.96 | -33 | 167 | 172 |
| 2017 | 0 | -93 | -92 | -1.41 | -79 | 145 | 155 |
| 2018 | 0 | -128 | -124 | -1.27 | -101 | 466 | 481 |
| 2019 | 0 | -207 | -187 | -1.50 | -159 | 299 | 345 |
| 2020 | 0 | -262 | -260 | -1.88 | -205 | 657 | 768 |
| 2021 | 0 | -343 | -328 | -2.14 | -228 | 622 | 777 |
| 2022 | 0 | -399 | -390 | -2.45 | -293 | 500 | 664 |
| 2023 | 1 | -461 | -444 | -1.89 | -362 | 585 | 780 |
| 2024 | 164 | -395 | -372 | -1.28 | -353 | 710 | 910 |
| 2025 | 264 | -403 | -391 | -1.09 | -302 | 699 | 913 |
Fiscal years from the audited annual reports, oldest first. EBIT is the operating profit before interest and taxes; total assets are everything the company owns.
Assessment: Opportunities & Risks
Amtagvi is the first TIL cell therapy approved for a solid tumor (February 2024) and has no directly approved competitor in its class: real-world objective response rates of 52 percent in patients with two or fewer prior lines, a median duration of response of about three years in five-year follow-up, and a treatment network of more than 90 ATCs (as of May 7, 2026). Revenue grew from $1.2 million (2023) to $263.5 million (2025); on June 4, 2026 Australia's Therapeutic Goods Administration added a marketing authorization.
On February 27, 2025 the company reaffirmed 2025 revenue guidance of $450 to $475 million; on May 8, 2025 it cut the range to $250 to $300 million, citing slower ATC ramp-up. The year ended at $263.5 million — roughly 43 percent below the February figure, decided a quarter into the year being forecast. Guidance for 2026 ($350 to $370 million) comes from the same process.
Gross margin fell from 43.2 percent (2024) to 34.3 percent (2025) as cost of sales grew 86 percent against 61 percent revenue growth — against the company's own repeated target to "surpass 70%". Bespoke doses that miss specification or cannot be infused are destroyed and expensed as cost of sales anyway ($18.1 million of additional period costs in 2025, after $26.3 million in 2024). The first quarter of 2026 shows the first real turn: cost of sales flat at $42.5 million on 45 percent more revenue, margin 40.5 percent.
Clean for a loss-maker: $319.4 million of cash and no meaningful debt (March 31, 2026), no interest burden, no covenants, no going-concern warning, funded "well into 2028". The price is dilution: 101,899,334 new shares for $306.3 million net in 2025 against $302.4 million of operating cash burn; the share count rose 35 percent to 411,938,061 (December 31, 2025) and stood at 446,502,396 on April 15, 2026. The Jefferies sale agreement is drawn down by $260.3 million of $350.0 million (June 18, 2026), and on June 10, 2026 stockholders lifted the authorized share count from 500,000,000 to 650,000,000.
A $391.0 million net loss in 2025 — larger than 2024's — on a $2.8 billion accumulated deficit; the year's gross profit of about $90.3 million did not cover a third of the $300.3 million research budget. At roughly $1.8 billion of market value the stock trades at about 6.3 times trailing revenue and 5 times the 2026 guidance midpoint, with no P/E possible; our scanner finds it 13 times — ten of them momentum or trend lists and not one a valuation or earnings list — with an Altman-Z of minus 3.27 and a fundamental rating of C (data as of July 8, 2026).
Iovance is the cleanest test of a question investors rarely separate: the therapy works, but does the company? Amtagvi is a genuine first — an approved TIL cell therapy for a solid tumor, with documented multi-year responses — and revenue grew from $1.2 million to $263.5 million in two years. But every dose is a bespoke manufacturing run for one named patient, and that is where the economics break: a 34.3 percent gross margin in 2025 against the company's own 70 percent promise, a 2025 forecast reaffirmed at $450 to $475 million in February and cut to $250 to $300 million in May, a $391.0 million net loss on a $2.8 billion accumulated deficit, and 101.9 million new shares that funded the year. The first quarter of 2026 delivered the first genuine margin evidence — flat cost of sales on 45 percent more revenue. Not investment advice.
- IOVA reached our research list via the Reddit hype scanner (ApeWisdom, 3 mentions in 24 hours, as of July 16, 2026) — the silence is itself notable: a stock up about 140 percent in twelve months with almost no forum traffic. The 13 hits in our in-house stock scanner carry the July 8, 2026 data cut-off and rotate daily.
- Ten of the 13 scanner hits sit in the "Momentum & Trend" block, the other three being one growth, one balance-sheet and one breakout list; Iovance appears in no valuation or earnings list, because a company without earnings supplies no P/E, PEG, EV/EBITDA or margin figures to rank. The Altman-Z of minus 3.27 and the fundamental rating of C are computed from trailing twelve-month figures and reflect the young margin turn only with a lag.
- Gross margins in this analysis are calculated from product revenue and cost of sales exactly as reported; cost of sales excludes depreciation and amortization, which the company reports on a separate line ($35.9 million in 2025). Including it, the margins would be lower still.
- Price and valuation figures are dated to July 8, 2026 (about $4.20, market value roughly $1.8 billion). The filing-anchored cross-check is the last reported sale price named by the company in its own prospectus of June 18, 2026 — $3.93 on June 17, 2026; times 446,502,396 shares that is about $1.75 billion, which confirms the order of magnitude. Analyses are evergreen, daily prices are not a buy argument.
- The filing dates behind this analysis are December 31, 2025 (annual report 10-K, filed 02/24/2026) and March 31, 2026 (quarterly report 10-Q, filed 05/07/2026). Everything filed afterwards was reviewed as well: the S-3ASR prospectus of 06/18/2026, the S-8 employee plans of 06/18/2026, a State Street Schedule 13G of 05/12/2026 covering 17,448,108 shares, or 4.2 percent (16,532,266 of them with sole voting power), the Form 4 insider filings of 05/13, 06/03, 06/09 and 06/18/2026 — all grants, option exercises and tax withholdings, no open-market sale — and the Form 8-K filings of 06/10/2026 and 07/02/2026. No share count later than April 15, 2026 has been published; the prospectus of 06/18/2026 carries the older figure of 438,106,537 shares as of 03/31/2026.
About the Company
Iovance Biotherapeutics, Inc., ein biopharmazeutisches Unternehmen in der Vermarktungsphase, entwickelt und vermarktet Zelltherapien auf Basis autologer tumorinfiltrierender Lymphozyten zur Behandlung von metastasiertem Melanom und anderen soliden Tumoren in den USA und international.
| Employees | 975 |
|---|---|
| Headquarters | San Carlos, CA |
| Address | 825 Industrial Road, 94070 San Carlos, United States |
| Phone | 650 260 7120 |
| Website | iovance.com |
| IPO Date | 15. Oct 2010 |
| ISIN | US4622601007 |
| Stock Split | 1:100 on 09/26/2013 |
Management
| Name | Title | Birth Year |
|---|---|---|
| Frederick G. Vogt Esq., J.D., Ph.D. | Interim CEO, President, General Counsel, Corporate Secretary & Director | 1974 |
| Corleen M. Roche | Chief Financial Officer | 1966 |
| Igor P. Bilinsky Ph.D. | Chief Operating Officer | 1973 |
| Raj K. Puri M.D., Ph.D. | Chief Regulatory Officer | 1956 |
| Daniel G. Kirby | Chief Commercial Officer | 1972 |
| Sara Pellegrino | Senior Vice President of Investor Relations & Corporate Communications | – |
| Tracy Winton | Executive Vice President of Human Resources | – |
| Howard B. Johnson M.B.A. | Chief Business Officer | 1960 |
| Kevin Smyth | Executive Vice President of Quality | – |
| Brian Gastman M.D. | Executive Vice President of Translational Medicine & Research | – |
Executives per the latest required filings; titles kept in their original language. Source: fundamental data.
Chart
Interactive price chart (TradingView).
Data as of: July 31, 2026 · Source: fundamental data & SEC filings (annual and quarterly reports, 10-K/10-Q)
Note: pure fact-based analysis, not investment advice and not a solicitation to buy or sell. All figures without guarantee.