IOVANCE BIOTHERAPEUTICS, INC. IOVA
We are a commercial-stage biopharmaceutical company pioneering a transformational approach to treating cancer. Our mission is to be the global leader in innovating, developing, and delivering tumor infiltrating lymphocyte, or TIL, cell therapies for patients with solid tumor cancers. TIL cell therapies harness the individual immune system's ability to recognize and destroy diverse cancer cells that are unique to each patient. These individualized therapies are manufactured using centralized, scalable, and proprietary manufacturing processes which rejuvenate and multiply each patient's polyclonal T cells into the billions.
Iovance was founded to build upon the promise of TIL cell therapy initially developed at academic research centers, including the National Cancer Institute, or the NCI. Our multi-center trials, scalable manufacturing, regulatory approvals and commercial infrastructure have transformed TIL cell therapy from a research product available to only a small number of patients, into a commercially viable treatment that is accessible for thousands of cancer patients.
Valuation FY2025 figures against the last close
Annual financial statements
Income statement
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $263.5M | $164.1M | $1.2M | — | — | — | — | $0 | $0 | $0 |
| Cost of revenue | $173.2M | $93.2M | $1.0M | — | — | — | — | — | — | — |
| Gross profit | $90.3M | $70.8M | $156.0K | — | — | — | — | — | — | — |
| R&D | $300.3M | $276.2M | $333.2M | $294.8M | $259.0M | $201.7M | $166.0M | $99.8M | $71.6M | $26.9M |
| SG&A | $152.3M | $152.3M | $106.1M | $104.1M | $83.7M | $60.2M | $40.8M | $28.4M | $21.3M | $26.7M |
| Total operating expenses | $666.9M | $559.3M | $461.7M | $398.9M | $342.7M | $261.9M | $206.9M | $128.3M | $92.9M | $53.6M |
| Operating income | -$403.4M | -$395.3M | -$460.6M | -$398.9M | -$342.7M | -$261.9M | -$206.9M | -$128.3M | -$92.9M | -$53.6M |
| Pre-tax income | -$393.0M | -$375.0M | -$447.5M | -$395.9M | -$342.3M | -$259.6M | -$197.6M | -$123.6M | -$92.1M | -$52.9M |
| Income tax | $2.1M | $2.8M | $3.5M | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Net income | -$391.0M | -$372.2M | -$444.0M | -$395.9M | -$342.3M | -$259.6M | -$197.6M | -$123.6M | -$92.1M | -$52.9M |
| EPS, basic | -1.09 | -1.28 | -1.89 | -2.49 | -2.23 | -1.88 | -1.59 | — | — | — |
| EPS, diluted | -1.09 | -1.28 | -1.89 | -2.49 | -2.23 | -1.88 | -1.59 | -1.27 | -1.41 | -1.85 |
| Shares, diluted (wtd. avg.) | $357.3K | $289.9K | $235.1K | $159.3K | $153.4K | $138.3K | $124.3K | — | — | — |
Balance sheet
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and equivalents | $163.1M | $115.7M | $114.9M | $238.2M | $84.3M | $72.9M | $19.4M | $82.2M | $145.4M | $106.7M |
| Short-term investments | $133.9M | $208.1M | $165.0M | $240.1M | $426.2M | $562.1M | $293.1M | $386.4M | — | — |
| Receivables | $82.4M | $69.3M | $151.0K | — | — | — | — | — | — | — |
| Inventory | $51.7M | $51.5M | $10.4M | — | — | — | — | — | — | — |
| Total current assets | $442.7M | $457.0M | $307.8M | $479.1M | $508.0M | $636.1M | $316.5M | $475.4M | $149.3M | $169.5M |
| Property, plant and equipment | $131.1M | $109.1M | $114.0M | $105.2M | $100.9M | $59.2M | $8.5M | $2.7M | $2.5M | $2.4M |
| Other intangibles | $279.3M | $282.4M | $229.3M | — | — | — | — | — | — | — |
| Total assets | $913.2M | $910.4M | $780.4M | $664.0M | $777.3M | $768.5M | $344.7M | $480.8M | $155.4M | $171.9M |
| Accounts payable | $22.2M | $27.5M | $33.1M | $26.6M | $27.4M | $13.5M | $15.6M | $2.7M | $1.2M | $863.0K |
| Total current liabilities | $138.4M | $122.3M | $110.3M | $91.5M | $89.2M | $54.9M | $39.1M | $14.4M | $9.6M | $5.0M |
| Total liabilities | $214.6M | $200.0M | $195.7M | $164.3M | $155.7M | $112.0M | $45.7M | $14.6M | $9.9M | — |
| Retained earnings | -$2.78B | -$2.38B | -$2.01B | -$1.57B | -$1.17B | -$830.2M | -$570.6M | -$372.8M | -$249.2M | -$157.1M |
| Total equity | $698.6M | $710.4M | $584.6M | $499.6M | $621.7M | $656.5M | $299.0M | $466.2M | $145.5M | $166.9M |
Cash flow
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | -$302.4M | -$353.0M | -$361.8M | -$292.8M | -$227.9M | -$205.1M | -$158.9M | -$101.2M | -$78.7M | -$32.7M |
| Depreciation and amortisation | $12.9M | $11.3M | $11.6M | $9.3M | $3.1M | $1.1M | $1.2M | $956.0K | $952.0K | $1.0M |
| Stock-based compensation | $61.6M | $109.6M | $62.6M | $84.0M | $69.8M | $40.9M | $24.3M | $20.0M | $12.0M | $18.9M |
| Capital expenditure | $33.8M | $11.1M | $22.3M | $20.4M | $37.6M | $46.8M | $6.9M | $1.2M | $1.0M | $1.5M |
| Investing cash flow | $47.5M | -$96.4M | -$155.2M | $256.5M | $132.0K | -$317.9M | $90.0M | -$386.3M | $58.7M | $8.9M |
| Financing cash flow | $300.8M | $390.7M | $463.0M | $190.2M | $239.3M | $576.4M | $6.1M | $424.3M | $58.7M | $96.9M |
Figures as tagged in each year's own filing, in US dollars. A year restated by a later filing shows the restated figure. Capital expenditure, dividends and buybacks are cash out, shown positive. A line the filer does not report is not listed. Latest from accession 0001104659-26-050458.
Others in SIC 2836
| Ticker | Company | Market cap | P/E | Revenue growth |
|---|---|---|---|---|
| AMGN | AMGEN INC | $236.38B | 30.7x | 10.0% |
| GILD | GILEAD SCIENCES, INC. | $187.23B | 22.3x | 2.4% |
| MRNA | Moderna, Inc. | $58.11B | — | -39.9% |
| RVMD | Revolution Medicines, Inc. | $45.01B | — | — |
| BIIB | BIOGEN INC. | $32.60B | 25.1x | 2.2% |
| SCNI | Scinai Immunotherapeutics Ltd. | $25.80B | — | 99.2% |
| NBIX | NEUROCRINE BIOSCIENCES INC | $15.82B | 33.3x | 21.4% |
| EXEL | EXELIXIS, INC. | $14.62B | 21.2x | 7.0% |