Iovance Biotherapeutics Inc
🔔 Watch stock
Assessment
Our Rating
A journalistic assessment by our editorial team at the time of the deep dive — it rates the company, not the entry point. Not investment advice and not a solicitation to buy or sell.
We found at least one documented issue that threatens the company itself — regardless of how the stock is currently valued.
Why this colour
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.
What the thesis turns on
Assessment: Opportunities & Risks
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.
Product & market position
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.
Forecast reliability
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 & manufacturing economics
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.
Balance sheet & financing
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.
Earnings power & valuation
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).
Worth Noting
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.
Stock Watch
This analysis is as of August 26, 2026. Stock Watch will tell you what's changed at IOVA since then.
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Price history
Chart
Interactive price chart (TradingView).
52-week range: 1.80 $ to 10.00 $ · Last price: 10.00 $ (As of: September 17, 2026)
Key figures
Key figures at a glance
Every figure we hold for this stock, grouped by topic. The question mark next to a label explains what the number means.
Basics
Performance
Technical Indicators
Calculated from the price history · as of 09/18/2026
Valuation
Profitability
Balance Sheet & Safety
Growth
Dividend
This stock currently pays no dividend.
Quality & Screener
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.
Comparison
Industry comparison
The stock alongside the largest companies in the same group. The median row is the middle value of the companies shown above — not of the whole industry.
Industry: Biotechnology
| Company | Market cap ($B) | P/E | EV/EBITDA | Gross Margin % | EBIT Margin % | Sales Growth (Year) % | Perf. 1Y % |
|---|---|---|---|---|---|---|---|
| Iovance Biotherapeutics Inc IOVA | 4.3 | – | -8.7 | 48.4 | – | 60.6 | 351.4 |
| Vertex Pharmaceuticals Inc VRTX | 130.6 | 31.3 | 24.5 | 55.0 | 38.1 | 9.6 | 33.4 |
| Regeneron Pharmaceuticals Inc REGN | 82.0 | 19.9 | 13.1 | 44.5 | 20.7 | 1.0 | 35.5 |
| Moderna Inc MRNA | 62.7 | – | 4.6 | -66.0 | -131.1 | -39.2 | 532.3 |
| argenx NV ARGX | 61.9 | 38.1 | 34.2 | 59.1 | 32.0 | 89.6 | 30.9 |
| Revolution Medicines Inc RVMD | 40.9 | – | -9.7 | -174,708.6 | 0.0 | -100.0 | 338.3 |
| BeiGene, Ltd. ONC | 40.0 | 63.1 | 34.1 | 88.9 | 19.1 | 40.2 | 6.4 |
| Alnylam Pharmaceuticals Inc ALNY | 32.6 | 61.8 | 28.4 | 79.7 | 23.0 | 65.2 | -48.1 |
| Royalty Pharma Plc RPRX | 32.5 | 31.8 | 19.6 | 95.8 | 100.3 | 5.1 | 68.6 |
| Median of companies shown | 40.9 | 34.9 | 19.6 | 55.0 | 21.8 | 9.6 | 35.5 |
Based on the most recently reported figures. Only stocks from the same trading venue are lined up, so the market caps are counted in one currency. Compare in a chart →
Fiscal years
Annual Figures
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.
Revenue, operating income and net income per fiscal year $M
Revenue Operating income Net income
| Fiscal Year | Revenue ($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 |
Quarters
Quarterly Figures
Each bar is one quarter, the last one is the most recent. Use the switch to step through the individual figures.
Revenue & Profit
Cash Flow
Balance Sheet
Margins
Per Share
Click the chart or tab into it, then use ← and → to step through the periods.
None of the selected stocks reports this metric. Pick another metric or switch between annual and quarterly.
· Total · per year
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The figures could not be loaded right now.
Source: fundamental data
| 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 |
| 2026: Q2 | -0.11 | 66.70 | 99 | 65.50 | -47.60 | -61 | -66 |
What Do These Terms Mean?
- 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.
Screening
Appears in These Scanners
This stock currently matches 17 of our scanner strategies — each hit links to the scanner.
Growth
Quality & Balance Sheet
Breakout & Setup
Momentum & Trend
- 21-EMA Trend
- Above 21-EMA Pullback
- Above the 50- & 200-SMA
- Gary Antonacci: Dual Momentum (Stock Adaptation)
- High ADR (≥5%)
- Mark Minervini: Trend Criteria — 1 Month
- Mike Webster: Swing Trading List
- Power Trend
- RS Leader (≥90)
- Richard Moglen: Top Performers 3/6 Month
- Stan Weinstein: Stage 2
Research
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
Outlook
Analysts & Price Target
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.
Distribution of Recommendations
Estimates by Fiscal Year
| Fiscal Year | EPS Estimate ($) | EPS Range ($) | Revenue Estimate ($M) | Expected Growth | Analysts |
|---|---|---|---|---|---|
| 12/31/2026 | -0.50 | -0.58 – -0.45 | 402 | 54.5% | 7 |
| 12/31/2027 | -0.29 | -0.42 – -0.20 | 557 | 42.0% | 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.
Valuation
What is priced in?
Free cash flow over the past twelve months is negative, which rules out a serious reverse calculation. Any growth rate only makes a negative cash flow more negative; no present value comes out of it. What the price reflects here is therefore not a stream of cash flows, but the expectation that there will be one at all.
A simplified model calculation — not a forecast and not a recommendation.
AI classification
AI Rating
Geprüft 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
Growth
Growth Score
Ten checks against the annual reports — each one passed counts a point.
- Revenue grows by more than 15% a year over three years 934.0%
- More than 10% revenue growth is expected for the coming year 37.1%
- Share count grows by less than 3% a year 30.9%
- Revenue growth plus cash-flow margin add up to at least 40 ("Rule of 40") -67.0%
- Gross margin at 40% or higher and without meaningful erosion 97.2%
- Goodwill from acquisitions does not grow faster than revenue 0.0%
- Net debt below twice EBITDA 249 m net cash
- Operating cash flow covers the profits of the last three years 190 m
- Return on capital at 15% or higher, or up versus two years ago -52.1%
- Insiders hold at least 10% or are net buyers 0.3%
A criterion without figures counts neither as passed nor as failed; a score is only produced from 7 judgeable criteria upwards. Source: fundamental data. All ten criteria in detail
Quality check
AAQS
4/10The AAQS (AlleAktien Quality Score) checks 10 quality criteria on growth, profitability, and balance-sheet strength — per the methodology developed and published by AlleAktien, calculated by us from our own fundamental data. A stock counts as a quality stock from 9 out of 10 points. Where a company has a shorter listing history, we calculate over the fiscal years available (at least five).
- Sales growth 10Y > 5% –
- Exp. sales growth 3Y > 5% 45.4%
- EBIT growth 10Y > 5% –
- Exp. EBIT growth 3Y > 5% 45.4%
- Net debt < 4x EBIT –
- EBIT positive, 10Y straight 0
- Max. EBIT decline < 50% –
- Return on equity > 15% -93.3%
- ROCE > 15% -52.1%
- Expected return > 10% 34.1%
View stocks with the full AAQS score · Read the methodology at AlleAktien
Source: fundamental data
Insiders
Insider Transactions
Reportable transactions by officers and major shareholders from SEC Form 4 filings. "Other" includes things like stock grants and option exercises without a buy/sell character.
| Date | Person | Role | Type | Shares | Price | Value |
|---|---|---|---|---|---|---|
| Sep 8, 2026 | Vogt Frederick G | Interim CEO & General Counsel | Other | 6,638 | 8.70 | 57,751 |
| Sep 8, 2026 | Vogt Frederick G | Interim CEO & General Counsel | Other | 15,626 | 0.00 | – |
| Sep 8, 2026 | Bilinsky Igor | Chief Operating Officer | Other | 3,976 | 8.70 | 34,591 |
| Sep 8, 2026 | Bilinsky Igor | Chief Operating Officer | Other | 7,813 | 0.00 | – |
| Sep 8, 2026 | Puri Raj K. | Chief Regulatory Officer | Other | 4,478 | 8.70 | 38,959 |
| Sep 8, 2026 | Puri Raj K. | Chief Regulatory Officer | Other | 9,766 | 0.00 | – |
| Sep 1, 2026 | Vogt Frederick G | Interim CEO & General Counsel | Other | 17,702 | 8.28 | 146,573 |
| Sep 1, 2026 | Vogt Frederick G | Interim CEO & General Counsel | Other | 41,669 | 0.00 | – |
| Sep 1, 2026 | Puri Raj K. | Chief Regulatory Officer | Other | 2,508 | 8.28 | 20,766 |
| Sep 1, 2026 | Puri Raj K. | Chief Regulatory Officer | Other | 5,470 | 0.00 | – |
The company
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
- 10/15/2010
- ISIN
- US4622601007
- Stock Split
- 1:100 on 09/26/2013
- Stock Split
- 23999:1000 on 05/26/2010
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.
Filings
Company Filings (8-K)
An 8-K is the filing a US company must use to disclose material events immediately — takeovers, changes at the top, major contracts or payment troubles, for instance. The links open the original document at the US Securities and Exchange Commission (SEC).
Data as of: September 17, 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.