What is Iovance Biotherapeutics' operating income?

Iovance Biotherapeutics' total operating income in 2025 was -$403.36 million, based on the following breakdown: Total Gross Profit: $90.32 million Total Operating Expenses: $493.67 million

Iovance Biotherapeutics (IOVA) Financials

$8.43 -0.27 (-3.10%)

Closing price 09/9/2026 04:00 PM Eastern

Extended Trading

$8.48 +0.04 (+0.53%)

As of 04:02 AM Eastern

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Annual Income Statements for Iovance Biotherapeutics

This table shows Iovance Biotherapeutics' income and expenses over time, based on annual financial data. All values are USD millions unless otherwise specified.

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Period end date	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025
Net Income / (Loss) Attributable to Common Shareholders	-28	-102	-92	-124	-198	-260	-342	-396	-444	-372	-391
Consolidated Net Income / (Loss)	-28	-53	-92	-124	-198	-260	-342	-396	-444	-372	-391
Net Income / (Loss) Continuing Operations	-28	-53	-92	-124	-198	-260	-342	-396	-444	-372	-391
Total Pre-Tax Income	-28	-53	-92	-124	-198	-260	-342	-396	-448	-375	-393
Total Operating Income	-28	-54	-93	-128	-207	-262	-343	-399	-461	-395	-403
Total Gross Profit	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.16	71	90
Total Revenue	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	1.19	164	264
Operating Revenue	0.00	0.00	-	-	-	-	0.00	0.00	1.19	164	264
Total Cost of Revenue	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	1.03	93	173
Operating Cost of Revenue	-	-	-	-	-	-	0.00	0.00	1.03	93	173
Total Operating Expenses	28	54	93	128	207	262	343	399	461	466	494
Selling, General & Admin Expense	12	27	21	28	41	60	84	104	106	152	152
Research & Development Expense	15	27	72	100	166	202	259	295	333	276	300
Depreciation Expense	-	-	-	-	-	-	-	-	21	38	36
Restructuring Charge	-	-	-	-	-	-	-	-	0.00	0.00	5.14
Total Other Income / (Expense), net	0.20	0.75	0.81	4.68	9.32	2.36	0.45	2.99	13	20	10
Interest & Investment Income	0.20	0.75	0.81	4.68	9.32	2.36	0.45	2.99	13	20	10
Income Tax Expense	-	-	-	-	-	-	0.00	0.00	-3.48	-2.83	-2.07
Basic Earnings per Share	($0.62)	($1.85)	($1.41)	($1.27)	($1.59)	($1.88)	($2.23)	($2.49)	($1.89)	($1.28)	($1.09)
Weighted Average Basic Shares Outstanding	44.41M	55.27M	65.24M	97.28M	124.34M	138.30M	153.41M	159.26M	235.13M	289.88M	357.35M
Diluted Earnings per Share	($0.62)	($1.85)	($1.41)	($1.27)	($1.59)	($1.88)	($2.23)	($2.49)	($1.89)	($1.28)	($1.09)
Weighted Average Diluted Shares Outstanding	44.41M	55.27M	65.24M	97.28M	124.34M	138.30M	153.41M	159.26M	235.13M	289.88M	357.35M
Weighted Average Basic & Diluted Shares Outstanding	44.41M	55.27M	65.24M	97.28M	124.34M	138.30M	157.17M	224.24M	279.31M	327.88M	411.96M

This table shows Iovance Biotherapeutics' income and expenses over time, based on quarterly financial data. All values are USD millions unless otherwise specified.

Metric	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026	Q2 2026
Period end date	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025	9/30/2025	12/31/2025	3/31/2026	6/30/2026
Net Income / (Loss) Attributable to Common Shareholders	-116	-113	-97	-84	-79	-116	-112	-91	-72	-79	-47
Consolidated Net Income / (Loss)	-116	-113	-97	-84	-79	-116	-112	-91	-72	-79	-47
Net Income / (Loss) Continuing Operations	-116	-113	-97	-84	-79	-116	-112	-91	-72	-79	-47
Total Pre-Tax Income	-118	-114	-99	-85	-77	-118	-110	-94	-72	-80	-49
Total Operating Income	-121	-118	-102	-89	-87	-121	-114	-95	-73	-81	-52
Total Gross Profit	-3.88	-6.55	-0.26	27	28	6.61	11	29	58	29	56
Total Revenue	0.48	0.72	31	59	74	49	60	67	87	71	99
Operating Revenue	0.48	0.72	31	59	74	49	60	67	87	71	99
Total Cost of Revenue	4.37	7.26	31	32	46	43	49	38	28	42	44
Operating Cost of Revenue	4.37	7.26	31	32	46	43	49	38	28	42	44
Total Operating Expenses	117	111	102	116	115	128	125	124	132	110	108
Selling, General & Admin Expense	30	31	40	39	43	44	38	35	36	39	39
Research & Development Expense	87	80	62	67	72	76	78	75	69	62	59
Depreciation Expense	-	-	-	9.73	-	8.07	9.35	9.01	-	8.54	9.50
Total Other Income / (Expense), net	3.12	3.34	3.36	4.01	9.58	3.22	4.10	1.24	1.74	1.33	3.22
Interest & Investment Income	3.12	3.34	3.36	4.01	9.58	3.22	4.10	1.24	1.74	1.33	3.22
Income Tax Expense	-1.76	-1.41	-1.46	-1.52	1.56	-1.84	1.99	-2.41	0.18	-0.67	-1.37
Basic Earnings per Share	($0.46)	($0.42)	($0.34)	($0.28)	($0.24)	($0.36)	($0.33)	($0.25)	($0.15)	($0.19)	($0.11)
Weighted Average Basic Shares Outstanding	235.13M	266.22M	284.82M	303.27M	289.88M	322.87M	334.51M	364.04M	357.35M	418.51M	450.19M
Diluted Earnings per Share	($0.46)	($0.42)	($0.34)	-	($0.24)	($0.36)	($0.33)	-	-	($0.19)	($0.11)
Weighted Average Diluted Shares Outstanding	235.13M	266.22M	284.82M	304.78M	289.88M	322.87M	334.51M	396.97M	357.35M	418.51M	450.19M
Weighted Average Basic & Diluted Shares Outstanding	279.31M	279.83M	303.51M	304.78M	327.88M	333.93M	361.85M	396.97M	411.96M	446.50M	452.97M

This table details how cash moves in and out of Iovance Biotherapeutics' business through operations, investing, and financing, using annual figures. All values are USD millions unless otherwise specified.

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Period end date	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025
Net Change in Cash & Equivalents	-11	73	39	-63	-63	53	11	154	-57	-59	47
Net Cash From Operating Activities	-18	-33	-79	-101	-159	-205	-228	-293	-362	-353	-302
Net Cash From Continuing Operating Activities	-18	-33	-79	-101	-159	-205	-227	-293	-362	-353	-302
Net Income / (Loss) Continuing Operations	-28	-53	-92	-124	-198	-260	-342	-396	-444	-372	-391
Consolidated Net Income / (Loss)	-28	-53	-92	-124	-198	-260	-342	-396	-444	-372	-391
Depreciation Expense	1.00	0.98	0.95	0.96	1.17	1.14	3.11	9.31	12	11	13
Amortization Expense	0.00	-0.07	0.02	-1.33	3.53	9.44	17	12	18	27	27
Non-Cash Adjustments To Reconcile Net Income	8.52	19	12	20	18	29	70	84	63	99	75
Changes in Operating Assets and Liabilities, net	-0.24	0.42	0.42	2.67	16	14	25	-2.89	-10	-118	-26
Net Cash From Investing Activities	-71	8.89	59	-386	90	-318	0.13	256	-155	-96	47
Net Cash From Continuing Investing Activities	-71	8.89	59	-386	90	-318	0.13	256	-155	-96	47
Purchase of Property, Plant & Equipment	-1.14	-1.52	-1.03	-1.20	-6.92	-47	-38	-20	-22	-11	-34
Acquisitions	-	-	-	-	-	-	0.00	0.00	-213	-53	0.00
Purchase of Investments	-141	-110	-	-426	-418	-948	-725	-246	-206	-461	-319
Sale and/or Maturity of Investments	71	121	60	41	515	677	763	523	286	428	400
Net Cash From Financing Activities	78	97	59	424	6.13	576	239	190	463	391	301
Net Cash From Continuing Financing Activities	78	97	59	424	6.13	576	239	190	463	391	301
Issuance of Common Equity	68	96	-	399	0.00	567	205	191	466	400	308
Other Financing Activities, net	9.96	1.22	59	26	6.13	9.38	34	-1.01	-2.73	-9.59	-7.04
Effect of Exchange Rate Changes	-	-	-	-	-	-	0.00	0.00	-2.74	-0.54	1.14

This table details how cash moves in and out of Iovance Biotherapeutics' business through operations, investing, and financing, using quarterly figures. All values are USD millions unless otherwise specified.

Metric	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026	Q2 2026
Period end date	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025	9/30/2025	12/31/2025	3/31/2026	6/30/2026
Net Change in Cash & Equivalents	-153	-41	94	-65	-48	56	-40	26	4.96	33	-86
Net Cash From Operating Activities	-84	-122	-98	-59	-73	-104	-67	-79	-53	-72	-61
Net Cash From Continuing Operating Activities	-84	-122	-98	-59	-73	-104	-67	-79	-53	-72	-61
Net Income / (Loss) Continuing Operations	-116	-113	-97	-84	-79	-116	-112	-91	-72	-79	-47
Consolidated Net Income / (Loss)	-116	-113	-97	-84	-79	-116	-112	-91	-72	-79	-47
Depreciation Expense	2.95	2.98	2.99	3.03	2.98	2.57	3.36	2.99	3.72	2.82	3.78
Amortization Expense	5.04	4.59	5.38	5.46	5.94	6.22	6.57	6.98	7.58	6.47	5.21
Non-Cash Adjustments To Reconcile Net Income	12	14	33	31	21	23	21	19	15	9.20	14
Changes in Operating Assets and Liabilities, net	13	-31	-43	-15	-24	-19	14	-17	-7.11	-12	-36
Net Cash From Investing Activities	-73	-112	40	-49	24	16	14	17	0.78	11	-74
Net Cash From Continuing Investing Activities	-73	-112	40	-49	24	16	14	17	0.78	11	-74
Purchase of Property, Plant & Equipment	-3.53	-4.17	-0.44	-2.29	-4.17	-6.21	-7.46	-11	-9.32	-6.61	-5.44
Purchase of Investments	-108	-142	-74	-157	-88	-98	-69	-92	-60	-56	-130
Sale and/or Maturity of Investments	38	87	115	110	116	120	90	120	70	74	61
Net Cash From Financing Activities	0.96	194	153	42	2.31	143	13	88	56	94	49
Net Cash From Continuing Financing Activities	0.96	194	153	42	2.31	143	13	88	56	94	49
Issuance of Common Equity	1.14	198	153	48	1.39	149	14	89	57	99	50
Other Financing Activities, net	-0.18	-4.34	-0.61	-5.56	0.92	-5.63	-0.50	-0.47	-0.45	-4.18	-1.14
Effect of Exchange Rate Changes	3.02	-0.49	-0.13	1.25	-1.18	0.51	0.74	-0.68	0.58	-0.21	-0.12

This table presents Iovance Biotherapeutics' assets and liabilities at the end of each period, using annual balance sheet data. All values are USD millions unless otherwise specified.

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Period end date	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025
Total Assets	106	172	155	481	345	768	777	664	780	910	913
Total Current Assets	104	170	149	475	316	636	508	479	308	457	443
Cash & Equivalents	34	107	145	82	14	67	78	232	115	116	163
Short-Term Investments	70	60	0.00	386	293	562	426	240	165	208	134
Accounts Receivable	-	-	-	-	-	-	-	0.00	0.15	69	82
Inventories, net	-	-	-	-	-	-	-	0.00	10	52	52
Prepaid Expenses	0.28	3.04	3.92	6.85	9.41	6.66	3.55	7.27	17	12	12
Plant, Property, & Equipment, net	1.68	2.37	2.45	2.68	8.54	59	101	105	114	109	131
Total Noncurrent Assets	0.00	0.00	3.63	2.76	20	73	71	73	358	344	339
Intangible Assets	-	-	-	-	-	-	-	0.00	229	282	279
Other Noncurrent Operating Assets	-	0.00	3.63	2.76	20	73	71	73	129	62	60
Total Liabilities & Shareholders' Equity	106	172	155	481	345	768	777	664	780	910	913
Total Liabilities	1.63	4.97	9.89	15	46	112	156	164	196	200	215
Total Current Liabilities	1.63	4.97	9.60	14	39	55	89	91	110	122	138
Short-Term Debt	-	-	-	-	-	-	-	-	-	0.00	1.00
Accounts Payable	0.96	0.86	1.23	2.74	16	14	27	27	33	28	22
Accrued Expenses	0.67	4.11	8.36	12	16	35	57	52	69	82	111
Other Current Liabilities	-	-	-	-	7.25	6.28	5.06	13	7.78	13	4.04
Total Noncurrent Liabilities	0.00	0.00	0.30	0.23	6.60	57	66	73	85	78	76
Noncurrent Deferred & Payable Income Tax Liabilities	-	-	-	-	-	-	-	0.00	17	32	32
Other Noncurrent Operating Liabilities	-	-	-	0.23	6.60	57	65	72	67	44	44
Commitments & Contingencies	0.00	0.00	0.00	-	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Equity & Noncontrolling Interests	104	167	145	466	299	656	622	500	585	710	699
Total Preferred & Common Equity	104	167	145	466	299	656	622	500	585	710	699
Preferred Stock	-	-	-	0.01	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Common Equity	104	167	145	466	299	656	622	500	585	710	699
Common Stock	208	324	395	839	869	1,487	1,795	2,069	2,594	3,096	3,458
Retained Earnings	-104	-157	-249	-373	-571	-830	-1,172	-1,568	-2,012	-2,385	-2,776
Accumulated Other Comprehensive Income / (Loss)	0.05	0.03	0.00	-0.04	0.22	0.02	-0.60	-0.90	2.53	-1.05	16

This table presents Iovance Biotherapeutics' assets and liabilities at the end of each period, using quarterly balance sheet data. All values are USD millions unless otherwise specified.

Metric	Q1 2023	Q2 2023	Q3 2023	Q1 2024	Q2 2024	Q3 2024	Q1 2025	Q2 2025	Q3 2025	Q1 2026	Q2 2026
Period end date	3/31/2023	6/30/2023	9/30/2023	3/31/2024	6/30/2024	9/30/2024	3/31/2025	6/30/2025	9/30/2025	3/31/2026	6/30/2026
Total Assets	825	757	852	870	964	991	967	907	905	926	916
Total Current Assets	638	275	383	386	482	499	513	423	429	467	464
Cash & Equivalents	543	230	268	134	229	164	172	132	158	197	111
Short-Term Investments	83	21	94	222	184	233	188	169	143	117	187
Accounts Receivable	-	0.03	-	0.23	32	56	71	60	67	82	102
Inventories, net	-	9.72	9.20	18	28	39	66	50	52	58	56
Prepaid Expenses	11	14	12	11	10	6.74	16	12	9.82	13	8.87
Plant, Property, & Equipment, net	110	113	113	112	111	113	112	122	127	131	131
Total Noncurrent Assets	71	303	357	366	371	380	343	362	349	328	320
Intangible Assets	-	236	224	294	295	307	285	296	285	269	264
Other Noncurrent Operating Assets	71	68	133	72	76	73	57	66	64	59	56
Total Liabilities & Shareholders' Equity	825	757	852	870	964	991	967	907	905	926	916
Total Liabilities	158	179	178	190	196	218	199	209	203	204	179
Total Current Liabilities	87	89	91	83	94	118	123	129	126	129	107
Short-Term Debt	-	-	-	-	-	-	1.00	1.00	1.00	1.00	0.00
Accounts Payable	32	31	19	26	20	32	28	32	31	37	26
Accrued Expenses	43	47	61	46	62	75	85	89	87	88	78
Other Current Liabilities	13	11	10	11	11	12	8.50	7.07	6.28	2.90	2.67
Total Noncurrent Liabilities	71	90	87	107	102	100	76	80	77	74	73
Noncurrent Deferred & Payable Income Tax Liabilities	-	20	18	33	32	32	32	35	32	31	29
Other Noncurrent Operating Liabilities	70	69	68	72	69	66	44	45	45	44	43
Commitments & Contingencies	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Equity & Noncontrolling Interests	667	579	674	680	769	773	768	698	702	722	736
Total Preferred & Common Equity	667	579	674	680	769	773	768	698	702	722	736
Preferred Stock	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Common Equity	667	579	674	680	769	773	768	698	702	722	736
Common Stock	2,343	2,360	2,579	2,805	2,990	3,063	3,262	3,290	3,390	3,564	3,625
Retained Earnings	-1,676	-1,782	-1,896	-2,125	-2,222	-2,306	-2,501	-2,612	-2,704	-2,855	-2,902
Accumulated Other Comprehensive Income / (Loss)	-0.13	0.33	-9.10	0.12	0.53	16	6.29	21	16	13	13

This table displays calculated financial ratios and metrics derived from Iovance Biotherapeutics' official financial filings.

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Period end date	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025
Growth Metrics	-	-	-	-	-	-	-	-	-	-	-
Revenue Growth	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	13,698.99%	60.60%
EBITDA Growth	-124.72%	-96.33%	-74.28%	-39.96%	-57.17%	-24.33%	-28.39%	-16.91%	-14.25%	16.03%	-1.61%
EBIT Growth	-131.38%	-92.53%	-73.15%	-38.09%	-61.29%	-26.62%	-30.83%	-16.39%	-15.46%	14.17%	-2.04%
NOPAT Growth	-131.38%	-92.53%	-73.15%	-38.09%	-61.29%	-26.62%	-30.83%	-16.39%	-15.46%	14.17%	-2.04%
Net Income Growth	-129.83%	-91.23%	-74.05%	-34.23%	-59.86%	-31.40%	-31.85%	-15.67%	-12.16%	16.18%	-5.05%
EPS Growth	-29.17%	-198.39%	23.78%	9.93%	-25.20%	-18.24%	-18.62%	-11.66%	24.10%	32.28%	14.84%
Operating Cash Flow Growth	-112.92%	-77.73%	-140.94%	-28.64%	-56.93%	-29.11%	-11.12%	-28.44%	-23.59%	2.44%	14.33%
Free Cash Flow Firm Growth	-90.63%	-89.41%	-71.67%	-35.05%	-59.18%	-57.18%	-6.81%	-20.39%	-115.58%	40.81%	17.08%
Invested Capital Growth	604.69%	38.70%	-75.89%	-2,257.41%	-248.07%	433.67%	-23.96%	8.68%	1,267.20%	26.78%	3.86%
Revenue Q/Q Growth	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	68.18%	80.58%	5.22%
EBITDA Q/Q Growth	-14.33%	-16.50%	-12.47%	-8.25%	-12.59%	18.77%	-41.10%	-2.12%	-2.69%	8.96%	3.84%
EBIT Q/Q Growth	-14.89%	-16.11%	-12.27%	-7.43%	-17.07%	17.49%	-35.56%	-1.93%	-3.19%	8.07%	3.15%
NOPAT Q/Q Growth	-14.89%	-16.11%	-12.27%	-7.43%	-17.07%	17.49%	-35.56%	-1.93%	-3.19%	8.07%	3.15%
Net Income Q/Q Growth	-14.45%	-16.08%	-12.41%	-5.75%	-18.61%	-1.90%	-9.94%	-1.54%	-2.55%	9.22%	1.67%
EPS Q/Q Growth	-21.57%	-8.82%	-2.17%	7.30%	-18.66%	2.59%	-8.78%	-0.40%	9.13%	14.67%	0.00%
Operating Cash Flow Q/Q Growth	-21.60%	-20.60%	-12.60%	-11.68%	-16.30%	-4.52%	3.73%	-8.86%	-1.77%	2.94%	6.42%
Free Cash Flow Firm Q/Q Growth	46.70%	-203.80%	-7.57%	-15.43%	-13.29%	3.62%	-4.24%	-9.16%	-1.31%	1.57%	6.22%
Invested Capital Q/Q Growth	-98.37%	396.69%	-94.76%	60.10%	-19.07%	1,273.00%	-53.90%	-20.51%	-2.52%	2.83%	0.03%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-	-
Gross Margin	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	-804.54%	24.43%	34.28%
EBITDA Margin	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	-36,252.06%	-220.60%	-137.85%
Operating Margin	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	-38,734.99%	-240.92%	-153.08%
EBIT Margin	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	-38,734.99%	-240.92%	-153.08%
Profit (Net Income) Margin	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	-37,345.42%	-226.84%	-148.38%
Tax Burden Percent	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	99.22%	99.25%	99.47%
Interest Burden Percent	99.28%	98.61%	99.12%	96.35%	95.50%	99.10%	99.87%	99.25%	97.17%	94.87%	97.44%
Effective Tax Rate	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Return on Invested Capital (ROIC)	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	-196.51%	-79.81%	-71.46%
ROIC Less NNEP Spread (ROIC-NNEP)	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	-164.34%	-48.07%	-36.35%
Return on Net Nonoperating Assets (RNNOA)	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	114.61%	22.33%	15.96%
Return on Equity (ROE)	-37.16%	-39.04%	-58.94%	-40.41%	-51.64%	-54.34%	-53.55%	-70.61%	-81.91%	-57.48%	-55.50%
Cash Return on Invested Capital (CROIC)	-6,157.59%	-9,772.32%	-23,263.99%	0.00%	0.00%	-807.53%	-979.92%	-1,308.81%	-369.25%	-103.43%	-75.25%
Operating Return on Assets (OROA)	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	-63.77%	-46.76%	-44.24%
Return on Assets (ROA)	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	-61.49%	-44.02%	-42.88%
Return on Common Equity (ROCE)	-37.16%	-39.04%	-58.94%	-40.41%	-51.64%	-54.34%	-53.55%	-70.61%	-81.91%	-57.48%	-55.50%
Return on Equity Simple (ROE_SIMPLE)	-26.59%	-31.69%	-63.28%	-26.51%	-66.08%	-39.54%	-55.05%	-79.24%	-75.95%	-52.39%	0.00%
Net Operating Profit after Tax (NOPAT)	-20	-38	-65	-90	-145	-183	-240	-279	-322	-277	-282
NOPAT Margin	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	-27,114.49%	-168.64%	-107.15%
Net Nonoperating Expense Percent (NNEP)	-10.98%	-11.36%	-17.35%	-11.01%	-13.60%	-16.28%	-16.64%	-21.64%	-32.18%	-31.74%	-35.11%
Return On Investment Capital (ROIC_SIMPLE)	-	-	-	-	-	-	-	-55.77%	-55.05%	-38.89%	-40.36%
Cost of Revenue to Revenue	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	904.54%	75.57%	65.72%
SG&A Expenses to Revenue	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	8,992.09%	93.26%	57.81%
R&D to Revenue	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	28,938.35%	172.08%	113.95%
Operating Expenses to Revenue	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	37,930.45%	265.35%	187.35%
Earnings before Interest and Taxes (EBIT)	-28	-54	-93	-128	-207	-262	-343	-399	-461	-395	-403
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	-27	-53	-92	-129	-202	-251	-323	-377	-431	-362	-363
Valuation Ratios	-	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	3.55	2.59	3.99	2.34	11.68	10.37	4.82	2.02	3.56	3.17	1.55
Price to Tangible Book Value (P/TBV)	3.55	2.59	3.99	2.34	11.68	10.37	4.82	2.02	5.86	5.27	2.58
Price to Revenue (P/Rev)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	1,749.89	13.75	4.11
Price to Earnings (P/E)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Dividend Yield	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Earnings Yield	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Enterprise Value to Invested Capital (EV/IC)	822.22	591.59	4,034.16	0.00	0.00	228.26	121.10	23.76	5.89	4.99	1.96
Enterprise Value to Revenue (EV/Rev)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	1,515.35	11.78	2.99
Enterprise Value to EBITDA (EV/EBITDA)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Enterprise Value to EBIT (EV/EBIT)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Enterprise Value to NOPAT (EV/NOPAT)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Enterprise Value to Operating Cash Flow (EV/OCF)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Enterprise Value to Free Cash Flow (EV/FCFF)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-	-
Debt to Equity	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Long-Term Debt to Equity	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Financial Leverage	-1.00	-1.00	-1.00	-1.00	-1.01	-0.98	-0.96	-0.96	-0.70	-0.46	-0.44
Leverage Ratio	1.02	1.02	1.05	1.04	1.08	1.17	1.21	1.29	1.33	1.31	1.29
Compound Leverage Factor	1.01	1.01	1.04	1.00	1.03	1.15	1.21	1.28	1.29	1.24	1.26
Debt to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.16%	0.20%	0.17%	0.14%	0.14%
Short-Term Debt to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.14%
Long-Term Debt to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.16%	0.20%	0.17%	0.14%	0.00%
Preferred Equity to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Noncontrolling Interests to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Common Equity to Total Capital	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	99.84%	99.80%	99.83%	99.86%	99.86%
Debt to EBITDA	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Net Debt to EBITDA	0.00	0.00	0.00	0.00	0.00	0.00	1.56	1.27	0.65	0.89	0.81
Long-Term Debt to EBITDA	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Debt to NOPAT	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Net Debt to NOPAT	0.00	0.00	0.00	0.00	0.00	0.00	2.10	1.71	0.87	1.17	1.05
Long-Term Debt to NOPAT	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Altman Z-Score	134.84	50.95	32.11	43.90	42.54	34.75	8.62	-0.91	1.13	2.29	-1.99
Noncontrolling Interest Sharing Ratio	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-	-
Current Ratio	63.79	34.12	15.56	33.02	8.10	11.59	5.69	5.24	2.79	3.74	3.20
Quick Ratio	63.62	33.51	15.15	32.54	7.86	11.47	5.65	5.16	2.54	3.21	2.74
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	-20	-38	-65	-87	-139	-219	-233	-281	-606	-359	-297
Operating Cash Flow to CapEx	-1,608.14%	-2,147.80%	-7,656.52%	-8,451.50%	-2,297.08%	-438.40%	-606.65%	-1,433.33%	-1,623.24%	-3,188.88%	-893.75%
Free Cash Flow to Firm to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Operating Cash Flow to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Operating Cash Flow Less CapEx to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-	-
Asset Turnover	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.19	0.29
Accounts Receivable Turnover	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	4.72	3.47
Inventory Turnover	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	4.01	3.36
Fixed Asset Turnover	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.01	1.47	2.19
Accounts Payable Turnover	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.36	4.09	6.97
Days Sales Outstanding (DSO)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	77.30	105.13
Days Inventory Outstanding (DIO)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	91.09	108.75
Days Payable Outstanding (DPO)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	1,013.48	89.24	52.34
Cash Conversion Cycle (CCC)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	-1,013.48	79.15	161.54
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-	-
Invested Capital	0.32	0.45	0.11	-2.33	-8.11	27	21	22	306	388	403
Invested Capital Turnover	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.01	0.47	0.67
Increase / (Decrease) in Invested Capital	0.39	0.13	-0.34	-2.44	-5.78	35	-6.48	1.79	283	82	15
Enterprise Value (EV)	266	265	436	622	3,186	6,177	2,492	531	1,802	1,933	788
Market Capitalization	369	432	581	1,090	3,493	6,806	2,995	1,009	2,081	2,255	1,084
Book Value per Share	$2.17	$2.69	$2.00	$3.78	$2.37	$4.48	$3.96	$3.17	$2.28	$2.33	$1.76
Tangible Book Value per Share	$2.17	$2.69	$2.00	$3.78	$2.37	$4.48	$3.96	$3.17	$1.39	$1.40	$1.06
Total Capital	104	167	145	466	299	656	623	501	586	711	700
Total Debt	0.00	0.00	0.00	0.00	0.00	0.00	1.00	1.00	1.00	1.00	1.00
Total Long-Term Debt	0.00	0.00	0.00	0.00	0.00	0.00	1.00	1.00	1.00	1.00	0.00
Net Debt	-104	-166	-145	-469	-307	-629	-503	-477	-279	-323	-296
Capital Expenditures (CapEx)	1.14	1.52	1.03	1.20	6.92	47	38	20	22	11	34
Debt-free, Cash-free Net Working Capital (DFCFNWC)	-1.35	-1.93	-5.68	-7.55	-30	-48	-86	-91	-82	11	8.35
Debt-free Net Working Capital (DFNWC)	102	165	140	461	277	581	419	388	198	335	305
Net Working Capital (NWC)	102	165	140	461	277	581	419	388	198	335	304
Net Nonoperating Expense (NNE)	8.16	15	27	34	53	76	102	117	122	95	109
Net Nonoperating Obligations (NNO)	-104	-166	-145	-469	-307	-629	-601	-477	-279	-323	-296
Total Depreciation and Amortization (D&A)	1.00	0.90	0.97	-0.38	4.70	11	20	22	30	33	40
Debt-free, Cash-free Net Working Capital to Revenue	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	-6,923.89%	6.64%	3.17%
Debt-free Net Working Capital to Revenue	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	16,614.13%	203.98%	115.87%
Net Working Capital to Revenue	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	16,614.13%	203.98%	115.49%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	($0.62)	($1.85)	($1.41)	($1.27)	($1.59)	($1.88)	($2.23)	($2.49)	($1.89)	($1.28)	($1.09)
Adjusted Weighted Average Basic Shares Outstanding	48.57M	62.31M	89.45M	123.42M	126.50M	146.98M	153.41M	159.26M	235.13M	289.88M	357.35M
Adjusted Diluted Earnings per Share	($0.62)	($1.85)	($1.41)	($1.27)	($1.59)	($1.88)	($2.23)	($2.49)	($1.89)	($1.28)	($1.09)
Adjusted Weighted Average Diluted Shares Outstanding	48.57M	62.31M	89.45M	123.42M	126.50M	146.98M	153.41M	159.26M	235.13M	289.88M	357.35M
Adjusted Basic & Diluted Earnings per Share	($0.62)	($1.85)	($1.41)	($1.27)	($1.59)	($1.88)	$0.00	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	44.41M	55.27M	65.24M	97.28M	124.34M	138.30M	157.17M	224.24M	279.31M	327.88M	411.96M
Normalized Net Operating Profit after Tax (NOPAT)	-20	-38	-65	-90	-145	-183	-240	-279	-322	-277	-279
Normalized NOPAT Margin	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	-27,114.49%	-168.64%	-105.79%
Pre Tax Income Margin	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	-37,638.02%	-228.56%	-149.16%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
NOPAT to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
EBIT Less CapEx to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
NOPAT Less CapEx to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Payout Ratios	-	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Augmented Payout Ratio	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

This table displays calculated financial ratios and metrics derived from Iovance Biotherapeutics' official financial filings.

Metric	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026	Q2 2026
Period end date	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025	9/30/2025	12/31/2025	3/31/2026	6/30/2026
DEI Shares Outstanding	-	-	-	-	-	-	-	-	-	411,961,607.00	446,502,396.00
DEI Adjusted Shares Outstanding	-	-	-	-	-	-	-	-	-	411,961,607.00	446,502,396.00
DEI Earnings Per Adjusted Shares Outstanding	-	-	-	-	-	-	-	-	-	-0.19	-0.11
Growth Metrics	-	-	-	-	-	-	-	-	-	-	-
Revenue Growth	0.00%	0.00%	12,969.75%	12,385.07%	15,189.21%	6,798.46%	92.73%	15.20%	17.75%	44.82%	65.65%
EBITDA Growth	-11.07%	-3.78%	8.39%	26.42%	31.44%	-1.95%	-11.00%	-4.11%	13.89%	36.19%	58.56%
EBIT Growth	-13.29%	-6.19%	7.42%	24.75%	28.60%	-2.97%	-11.64%	-6.55%	15.15%	33.14%	54.38%
NOPAT Growth	-13.29%	-6.19%	7.42%	24.75%	28.60%	-2.97%	-11.64%	-6.55%	15.15%	33.14%	54.38%
Net Income Growth	-10.50%	-5.22%	8.85%	26.56%	32.50%	-2.82%	-14.99%	-9.23%	8.47%	31.95%	57.63%
EPS Growth	29.23%	16.00%	27.66%	39.13%	47.83%	14.29%	2.94%	0.00%	0.00%	47.22%	66.67%
Operating Cash Flow Growth	-8.11%	-22.51%	-4.77%	29.86%	12.71%	15.20%	31.48%	-33.45%	28.28%	30.49%	9.79%
Free Cash Flow Firm Growth	-380.06%	-424.93%	42.77%	65.88%	61.31%	52.13%	27.10%	26.84%	53.40%	67.18%	36.87%
Invested Capital Growth	1,267.20%	805.60%	36.10%	20.19%	26.78%	28.33%	11.59%	6.77%	3.86%	0.18%	10.06%
Revenue Q/Q Growth	2.77%	48.34%	4,250.49%	88.24%	25.85%	-33.07%	21.55%	12.52%	28.64%	-17.68%	39.04%
EBITDA Q/Q Growth	-3.43%	2.75%	15.07%	13.87%	3.61%	-44.61%	7.54%	18.21%	26.82%	-15.43%	40.19%
EBIT Q/Q Growth	-2.45%	2.91%	13.43%	12.61%	2.80%	-40.02%	6.14%	16.59%	22.59%	-10.32%	35.95%
NOPAT Q/Q Growth	-2.45%	2.91%	13.43%	12.61%	2.80%	-40.02%	6.14%	16.59%	22.59%	-10.32%	35.95%
Net Income Q/Q Growth	-2.30%	2.92%	14.05%	13.96%	5.96%	-47.87%	3.88%	18.27%	21.20%	-9.93%	40.14%
EPS Q/Q Growth	0.00%	8.70%	19.05%	17.65%	14.29%	-50.00%	8.33%	0.00%	0.00%	0.00%	42.11%
Operating Cash Flow Q/Q Growth	0.13%	-45.62%	19.50%	40.09%	-24.29%	-41.47%	34.96%	-16.69%	33.21%	-37.11%	15.59%
Free Cash Flow Firm Q/Q Growth	0.02%	0.71%	54.60%	24.30%	-13.37%	-22.86%	30.86%	24.02%	27.78%	13.48%	-32.99%
Invested Capital Q/Q Growth	-2.52%	4.14%	12.10%	5.62%	2.83%	5.41%	-2.52%	1.05%	0.03%	1.67%	7.10%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-	-
Gross Margin	-805.60%	-915.52%	-0.84%	31.99%	38.20%	-0.85%	5.48%	42.96%	67.38%	40.50%	56.10%
EBITDA Margin	-23,499.79%	-15,405.59%	-300.74%	-137.60%	-105.38%	-227.68%	-173.20%	-125.91%	-71.63%	-100.45%	-43.21%
Operating Margin	-25,156.85%	-16,464.62%	-327.63%	-152.11%	-117.48%	-245.76%	-189.78%	-140.69%	-84.66%	-113.46%	-52.26%
EBIT Margin	-25,156.85%	-16,464.62%	-327.63%	-152.11%	-117.48%	-245.76%	-189.78%	-140.69%	-84.66%	-113.46%	-52.26%
Profit (Net Income) Margin	-24,145.02%	-15,800.84%	-312.16%	-142.67%	-106.60%	-235.51%	-186.25%	-135.28%	-82.87%	-110.66%	-47.64%
Tax Burden Percent	98.51%	98.77%	98.52%	98.21%	102.02%	98.44%	101.81%	97.43%	100.26%	99.17%	97.18%
Interest Burden Percent	97.43%	97.16%	96.71%	95.50%	88.94%	97.34%	96.39%	98.69%	97.63%	98.36%	93.80%
Effective Tax Rate	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Return on Invested Capital (ROIC)	-127.63%	-124.13%	-24.28%	-28.02%	-38.92%	-100.66%	-84.97%	-63.28%	-39.52%	-55.47%	-28.42%
ROIC Less NNEP Spread (ROIC-NNEP)	-119.30%	-117.98%	-17.20%	-22.42%	-32.95%	-91.97%	-75.97%	-56.15%	-32.90%	-48.82%	-24.75%
Return on Net Nonoperating Assets (RNNOA)	83.20%	87.01%	9.29%	11.72%	15.31%	45.79%	36.86%	26.49%	14.45%	22.02%	10.31%
Return on Equity (ROE)	-44.43%	-37.12%	-14.98%	-16.30%	-23.61%	-54.86%	-48.11%	-36.79%	-25.07%	-33.45%	-18.11%
Cash Return on Invested Capital (CROIC)	-369.25%	-345.31%	-134.42%	-105.50%	-103.43%	-101.61%	-87.08%	-81.35%	-75.25%	-62.34%	-60.00%
Operating Return on Assets (OROA)	-41.42%	-37.00%	-12.47%	-14.99%	-22.80%	-56.92%	-48.98%	-37.16%	-24.47%	-34.25%	-18.63%
Return on Assets (ROA)	-39.75%	-35.51%	-11.88%	-14.06%	-20.69%	-54.55%	-48.06%	-35.73%	-23.95%	-33.40%	-16.99%
Return on Common Equity (ROCE)	-44.43%	-37.12%	-14.98%	-16.30%	-23.61%	-54.86%	-48.11%	-36.79%	-25.07%	-33.45%	-18.11%
Return on Equity Simple (ROE_SIMPLE)	0.00%	-66.12%	-57.28%	-53.01%	0.00%	-48.88%	0.00%	0.00%	0.00%	0.00%	0.00%
Net Operating Profit after Tax (NOPAT)	-85	-82	-71	-62	-61	-85	-80	-66	-51	-57	-36
NOPAT Margin	-17,609.79%	-11,525.23%	-229.34%	-106.47%	-82.24%	-172.04%	-132.84%	-98.48%	-59.26%	-79.42%	-36.58%
Net Nonoperating Expense Percent (NNEP)	-8.33%	-6.16%	-7.08%	-5.60%	-5.97%	-8.69%	-9.00%	-7.13%	-6.62%	-6.64%	-3.67%
Return On Investment Capital (ROIC_SIMPLE)	-14.49%	-	-	-	-8.52%	-11.04%	-11.39%	-9.45%	-7.35%	-7.85%	-4.94%
Cost of Revenue to Revenue	905.60%	1,015.52%	100.84%	68.01%	61.80%	100.85%	94.52%	57.04%	32.62%	59.50%	43.90%
SG&A Expenses to Revenue	6,203.94%	4,390.63%	127.20%	67.55%	57.68%	89.05%	62.88%	51.23%	41.65%	54.53%	39.54%
R&D to Revenue	18,147.30%	11,158.46%	199.59%	116.55%	98.01%	155.87%	132.38%	111.44%	79.35%	87.48%	59.26%
Operating Expenses to Revenue	24,351.24%	15,549.09%	326.79%	184.10%	155.68%	244.92%	195.26%	183.65%	152.04%	153.96%	108.37%
Earnings before Interest and Taxes (EBIT)	-121	-118	-102	-89	-87	-121	-114	-95	-73	-81	-52
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	-113	-110	-94	-81	-78	-112	-104	-85	-62	-72	-43
Valuation Ratios	-	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	3.56	5.58	2.92	3.68	3.17	1.42	0.82	1.12	1.55	2.00	2.52
Price to Tangible Book Value (P/TBV)	5.86	9.83	4.74	6.11	5.27	2.26	1.43	1.88	2.58	3.19	3.93
Price to Revenue (P/Rev)	1,749.89	1,991.97	68.48	31.37	13.75	5.13	2.38	3.14	4.11	5.06	5.72
Price to Earnings (P/E)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Dividend Yield	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Earnings Yield	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Enterprise Value to Invested Capital (EV/IC)	5.89	10.78	5.13	6.51	4.99	1.79	0.69	1.21	1.96	2.77	3.56
Enterprise Value to Revenue (EV/Rev)	1,515.35	1,802.04	55.92	27.00	11.78	3.44	1.14	1.94	2.99	3.97	4.80
Enterprise Value to EBITDA (EV/EBITDA)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Enterprise Value to EBIT (EV/EBIT)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Enterprise Value to NOPAT (EV/NOPAT)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Enterprise Value to Operating Cash Flow (EV/OCF)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Enterprise Value to Free Cash Flow (EV/FCFF)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-	-
Debt to Equity	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Long-Term Debt to Equity	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Financial Leverage	-0.70	-0.74	-0.54	-0.52	-0.46	-0.50	-0.49	-0.47	-0.44	-0.45	-0.42
Leverage Ratio	1.33	1.26	1.28	1.27	1.31	1.27	1.28	1.28	1.29	1.27	1.27
Compound Leverage Factor	1.30	1.22	1.24	1.22	1.16	1.23	1.23	1.27	1.26	1.25	1.19
Debt to Total Capital	0.17%	0.15%	0.13%	0.13%	0.14%	0.13%	0.14%	0.14%	0.14%	0.14%	0.00%
Short-Term Debt to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.13%	0.14%	0.14%	0.14%	0.14%	0.00%
Long-Term Debt to Total Capital	0.17%	0.15%	0.13%	0.13%	0.14%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Preferred Equity to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Noncontrolling Interests to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Common Equity to Total Capital	99.83%	99.85%	99.87%	99.87%	99.86%	99.87%	99.86%	99.86%	99.86%	99.86%	100.00%
Debt to EBITDA	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Net Debt to EBITDA	0.65	0.83	0.97	1.00	0.89	0.99	0.80	0.79	0.81	0.97	0.00
Long-Term Debt to EBITDA	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Debt to NOPAT	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Net Debt to NOPAT	0.87	1.11	1.28	1.32	1.17	1.29	1.04	1.03	1.05	1.23	0.00
Long-Term Debt to NOPAT	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Altman Z-Score	2.56	8.54	3.82	4.85	3.41	-0.04	-2.14	-1.53	-0.80	0.39	2.41
Noncontrolling Interest Sharing Ratio	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-	-
Current Ratio	2.79	4.63	5.15	4.22	3.74	4.18	3.27	3.41	3.20	3.60	4.35
Quick Ratio	2.54	4.28	4.74	3.84	3.21	3.51	2.80	2.92	2.74	3.05	3.74
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	-368	-366	-166	-126	-142	-175	-121	-92	-66	-57	-76
Operating Cash Flow to CapEx	-2,379.43%	-2,931.65%	-22,269.00%	-2,577.49%	-1,758.54%	-1,669.52%	-903.99%	-725.77%	-564.00%	-1,090.71%	-1,118.20%
Free Cash Flow to Firm to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Operating Cash Flow to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Operating Cash Flow Less CapEx to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-	-
Asset Turnover	0.00	0.00	0.04	0.10	0.19	0.23	0.26	0.26	0.29	0.30	0.36
Accounts Receivable Turnover	0.00	0.00	2.07	0.00	4.72	5.98	5.28	4.09	3.47	3.74	4.01
Inventory Turnover	0.00	0.00	2.52	3.47	4.01	4.00	4.94	4.40	3.36	2.79	3.18
Fixed Asset Turnover	0.01	0.02	0.29	0.81	1.47	1.90	2.07	2.09	2.19	2.35	2.56
Accounts Payable Turnover	0.36	0.63	1.84	3.25	4.09	6.14	7.32	6.32	6.97	5.25	5.76
Days Sales Outstanding (DSO)	0.00	0.00	176.18	0.00	77.30	61.07	69.17	89.29	105.13	97.57	91.01
Days Inventory Outstanding (DIO)	0.00	0.00	144.87	105.28	91.09	91.17	73.93	82.91	108.75	130.75	114.74
Days Payable Outstanding (DPO)	1,013.48	580.16	198.84	112.30	89.24	59.41	49.89	57.78	52.34	69.57	63.36
Cash Conversion Cycle (CCC)	-1,013.48	-580.16	122.21	-7.02	79.15	92.83	93.22	114.42	161.54	158.75	142.39
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-	-
Invested Capital	306	318	357	377	388	409	398	402	403	409	438
Invested Capital Turnover	0.01	0.01	0.11	0.26	0.47	0.59	0.64	0.64	0.67	0.70	0.78
Increase / (Decrease) in Invested Capital	283	283	95	63	82	90	41	26	15	0.72	40
Enterprise Value (EV)	1,802	3,431	1,833	2,454	1,933	733	274	485	788	1,134	1,560
Market Capitalization	2,081	3,793	2,244	2,850	2,255	1,092	574	785	1,084	1,446	1,857
Book Value per Share	$2.28	$2.55	$2.75	$2.55	$2.33	$2.34	$2.09	$1.94	$1.76	$1.75	$1.65
Tangible Book Value per Share	$1.39	$1.45	$1.69	$1.54	$1.40	$1.47	$1.20	$1.15	$1.06	$1.10	$1.06
Total Capital	586	681	770	774	711	769	699	703	700	723	736
Total Debt	1.00	1.00	1.00	1.00	1.00	1.00	1.00	1.00	1.00	1.00	0.00
Total Long-Term Debt	1.00	1.00	1.00	1.00	1.00	0.00	0.00	0.00	0.00	0.00	0.00
Net Debt	-279	-362	-412	-396	-323	-359	-300	-300	-296	-312	-298
Capital Expenditures (CapEx)	3.53	4.17	0.44	2.29	4.17	6.21	7.46	11	9.32	6.61	5.44
Debt-free, Cash-free Net Working Capital (DFCFNWC)	-82	-60	-24	-17	11	31	-6.84	3.50	8.35	25	60
Debt-free Net Working Capital (DFNWC)	198	302	389	381	335	391	294	304	305	338	357
Net Working Capital (NWC)	198	302	389	381	335	390	293	303	304	337	357
Net Nonoperating Expense (NNE)	31	31	26	21	18	31	32	25	20	22	11
Net Nonoperating Obligations (NNO)	-279	-362	-412	-396	-323	-359	-300	-300	-296	-312	-298
Total Depreciation and Amortization (D&A)	7.99	7.57	8.37	8.49	8.92	8.92	9.94	9.97	11	9.30	8.99
Debt-free, Cash-free Net Working Capital to Revenue	-6,923.89%	-3,167.33%	-73.23%	-18.67%	6.64%	14.43%	-2.83%	1.40%	3.17%	8.63%	18.38%
Debt-free Net Working Capital to Revenue	16,614.13%	15,878.10%	1,185.82%	418.81%	203.98%	183.82%	121.87%	121.52%	115.87%	118.37%	109.98%
Net Working Capital to Revenue	16,614.13%	15,878.10%	1,185.82%	418.81%	203.98%	183.35%	121.46%	121.12%	115.49%	118.02%	109.98%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	($0.46)	($0.42)	($0.34)	($0.28)	($0.24)	($0.36)	($0.33)	($0.25)	($0.15)	($0.19)	($0.11)
Adjusted Weighted Average Basic Shares Outstanding	235.13M	266.22M	284.82M	303.27M	289.88M	322.87M	334.51M	364.04M	357.35M	418.51M	450.19M
Adjusted Diluted Earnings per Share	($0.46)	($0.42)	($0.34)	($0.28)	($0.24)	($0.36)	($0.33)	$0.00	$0.00	($0.19)	($0.11)
Adjusted Weighted Average Diluted Shares Outstanding	235.13M	266.22M	284.82M	303.27M	289.88M	322.87M	334.51M	396.97M	357.35M	418.51M	450.19M
Adjusted Basic & Diluted Earnings per Share	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	279.31M	279.83M	303.51M	304.78M	327.88M	333.93M	361.85M	396.97M	411.96M	446.50M	452.97M
Normalized Net Operating Profit after Tax (NOPAT)	-85	-82	-71	-62	-61	-85	-80	-63	-51	-57	-36
Normalized NOPAT Margin	-17,609.79%	-11,525.23%	-229.34%	-106.47%	-82.24%	-172.04%	-132.84%	-93.14%	-59.26%	-79.42%	-36.58%
Pre Tax Income Margin	-24,509.96%	-15,997.76%	-316.85%	-145.27%	-104.49%	-239.24%	-182.93%	-138.85%	-82.65%	-111.59%	-49.02%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
NOPAT to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
EBIT Less CapEx to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
NOPAT Less CapEx to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Payout Ratios	-	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Augmented Payout Ratio	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Financials Breakdown Chart

Key Financial Trends

Iovance Biotherapeutics’ latest results show improving commercial momentum, but the company remains heavily dependent on external financing. Revenue reached $99.3 million in Q2 2026, up from $71.4 million in Q1 2026 and $59.9 million in Q2 2025. This continues a significant improvement from the sub-$1 million quarterly revenue reported in 2023 and early 2024.

Profitability also improved sequentially. Gross profit increased to $55.7 million, representing a 56.1% gross margin, compared with $28.9 million in Q1 2026 and $11.1 million in Q2 2025. However, Iovance still reported a $47.3 million net loss and a $51.9 million operating loss. The net loss has narrowed from $79.0 million in Q1 2026 and $111.7 million in Q2 2025, but the company has not yet reached profitability.

Revenue growth is accelerating. Q2 2026 revenue rose approximately 39% from Q1 2026 and 66% year over year from Q2 2025, indicating stronger commercial traction.
Gross margins have improved substantially. The 56.1% Q2 2026 gross margin was well above the 40.5% reported in Q1 2026 and the 18.5% reported in Q2 2025, although quarterly margins may fluctuate as manufacturing volumes change.
Operating losses and cash burn are trending lower. The Q2 2026 operating loss of $51.9 million was significantly below the $81.0 million loss in Q1 2026 and the $113.8 million loss in Q2 2025. Operating cash outflow also improved to $60.8 million from $72.1 million in Q1 2026 and $67.4 million in Q2 2025.
The balance sheet remains relatively liquid and lightly leveraged. Iovance held $110.8 million in cash and $186.9 million in short-term investments at June 30, 2026. Current assets of $464.3 million exceeded current liabilities of $106.8 million by a wide margin, while short-term debt was zero.
Investment activity is materially affecting reported cash changes. Iovance purchased $129.6 million of investments and sold or received maturities of $61.0 million in Q2 2026. As a result, investing activities used $74.1 million, but much of this activity reflects changes in its investment portfolio rather than operating expansion alone.
Iovance continues to consume significant cash. Net cash from operating activities was negative in every reported quarter, including outflows of $103.7 million in Q1 2025, $72.1 million in Q1 2026 and $60.8 million in Q2 2026. Sustained positive operating cash flow remains an important milestone.
Research and development spending remains high relative to revenue. Q2 2026 R&D expense was $58.9 million, while selling, general and administrative expense was $39.3 million. Together, these expenses exceeded gross profit by approximately $42.5 million.
Shareholder dilution has been substantial. Weighted-average basic shares outstanding increased from 213.7 million in Q1 2023 to 450.2 million in Q2 2026. The company issued $50.4 million of common equity in Q2 2026 after issuing $98.5 million in Q1, allowing it to fund operations but reducing each existing shareholder’s ownership percentage.
Retained losses remain very large. Retained earnings were negative $2.9 billion at June 30, 2026, reflecting years of accumulated losses. Iovance also carried $263.9 million of intangible assets, making continued execution and commercial growth important to supporting the balance sheet’s reported equity value.
Quarterly profitability remains volatile and dependent on scale. Despite rising revenue, Q2 2026 still produced a $0.11 basic loss per share. The company must continue increasing product sales and controlling manufacturing, research and administrative costs before revenue growth can translate into sustainable earnings.

Overall, the financial statements point to a company moving from development toward commercialization: revenue and gross margins are improving, and losses are narrowing. Nevertheless, persistent operating cash burn, ongoing equity issuance and continued net losses remain substantial risks for IOVA shareholders.

09/10/26 01:30 AM ETAI Generated. May Contain Errors.

Iovance Biotherapeutics Financials - Frequently Asked Questions

According to the most recent income statement we have on file, Iovance Biotherapeutics' financial year ends in December. Their financial year 2025 ended on December 31, 2025.

Iovance Biotherapeutics' net income appears to be on an upward trend, with a most recent value of -$390.98 million in 2025, rising from -$27.66 million in 2015. The previous period was -$372.18 million in 2024. View Iovance Biotherapeutics' forecast to see where analysts expect Iovance Biotherapeutics to go next.

Iovance Biotherapeutics' total operating income in 2025 was -$403.36 million, based on the following breakdown:

Total Gross Profit: $90.32 million
Total Operating Expenses: $493.67 million

Over the last 10 years, Iovance Biotherapeutics' total revenue changed from $0.00 in 2015 to $263.50 million in 2025, a change of 26,350,200,000.0%.

Iovance Biotherapeutics' total liabilities were at $214.59 million at the end of 2025, a 7.3% increase from 2024, and a 13,064.8% increase since 2015.

In the past 10 years, Iovance Biotherapeutics' cash and equivalents has ranged from $13.97 million in 2019 to $231.73 million in 2022, and is currently $163.08 million as of their latest financial filing in 2025.

Over the last 10 years, Iovance Biotherapeutics' book value per share changed from 2.17 in 2015 to 1.76 in 2025, a change of -19.1%.

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Financial statements for NASDAQ:IOVA last updated on 8/6/2026 by MarketBeat.com Staff. New filings and market data are monitored continuously.

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Iovance Biotherapeutics (IOVA) Financials

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Iovance Biotherapeutics (IOVA) Financials

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